Fudan-Zhangjiang(SH:688505)2022-03-28 16:00Financial Performance - The company's operating revenue for 2021 reached RMB 1,140,313,088, representing a year-on-year increase of 36.76%[28]. - Net profit attributable to shareholders for 2021 was RMB 213,295,758, up 29.53% compared to the previous year[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 35.96% to RMB 173,169,675 in 2021[28]. - The net cash flow from operating activities surged by 137.96% to RMB 268,899,775 in 2021[28]. - The company's total assets at the end of 2021 were RMB 2,781,172,268, reflecting an 11.22% increase from the end of 2020[28]. - The company's revenue for the reporting period reached RMB 1,140,313,088, representing a year-on-year increase of 36.76% compared to RMB 833,802,693 in the previous year[120]. - The operating costs increased to RMB 80,955,367, up 24.91% from RMB 64,811,766, primarily due to improved sales performance[120]. - The company reported a significant increase in sales expenses, which rose by 41.12% to RMB 599,696,956, attributed to improved sales conditions and the inclusion of share-based payment expenses[120]. Research and Development - Research and development expenses accounted for 21.76% of operating revenue in 2021, an increase of 3.17 percentage points from the previous year[28]. - The total R&D investment for the year reached ¥248,153,842, a significant increase of 60.13% compared to the previous year[84]. - The proportion of R&D investment to operating revenue increased to 21.76%, up from 18.59% in the previous year, reflecting a 3.18% rise[84]. - The company has developed PEGylated liposomal doxorubicin, which has shown improved efficacy and reduced cardiac toxicity compared to traditional formulations[63]. - The company is currently conducting Phase I clinical trials for multiple innovative drug candidates, including anti-CD30 antibody conjugate DM1 and anti-Trop2 antibody conjugate SN38, both of which are at the international leading level[95]. - The company has established a gene engineering technology platform, focusing on the development of cytokine, fusion protein, monoclonal antibody, and antibody-drug conjugate products, with plans to enhance clinical research and registration for gene drugs[71]. - The company has completed bioequivalence studies for obeticholic acid, targeting a significant market in China for liver and biliary diseases, and has received clinical approval for confirmatory studies[174]. Product Development and Innovation - The company reported a significant focus on the development of anthracycline drugs, including doxorubicin, epirubicin, and pirarubicin, which are widely used for treating various malignancies[20]. - The company is engaged in the research and development of liposomal formulations, which enhance drug targeting and reduce toxicity[20]. - The company emphasizes the importance of bioequivalence (BE) studies to ensure that generic drugs meet the quality and efficacy standards of original drugs[20]. - The main product, Aira® (Ammonium Pentanoate), is the world's first photodynamic drug for treating genital warts, significantly reducing recurrence rates compared to traditional therapies[41]. - The company launched Aira® in 2007, which has been included in clinical treatment guidelines and textbooks since 2013, highlighting its effectiveness in treating subclinical and latent infections[42]. - The company introduced Revmeda® (Heimofen) in 2017, the first photodynamic drug for treating port-wine stains, showing high cure rates and low recurrence compared to traditional methods[43]. - The company is focusing on innovative drug development in areas such as photodynamic therapy for skin diseases and tumors, and antibody-drug conjugates for cancer treatment[159]. Market and Sales Strategy - The company employs a distribution model for sales, with its own team marketing photodynamic drugs while using a CSO for its anti-tumor product[48]. - The company’s revenue model primarily relies on sales from its pharmaceutical products, with a focus on self-developed products[45]. - The company is focusing on academic promotion as a primary marketing strategy, utilizing a WeChat platform for clinical communication and case sharing[115]. - The company is actively pursuing the internationalization of its core products, particularly through the successful registration of Heimofen in the U.S. market[87]. - The company is exploring new sales models through its WeChat platform, which facilitates academic exchanges among dermatologists and addresses common issues faced by patients[100]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from PwC Zhong Tian[8]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[12]. - The company has not reported any violations of decision-making procedures for external guarantees[12]. - The company is committed to maintaining a transparent and accountable management structure to protect shareholder interests[49]. - The company has not ventured into new industries, new business models, or new formats during the reporting period[68]. Risks and Challenges - The company faces risks related to the lengthy and costly drug development process, which can take over ten years and involves significant uncertainty[105]. - The company is at risk of losing core technical personnel, which could impact its competitive advantage and stability in R&D and production services[106]. - The company faced risks related to potential declines in sales revenue and net profit due to competitive bidding outcomes for its drugs[155]. - The company is exposed to product concentration risk, as its main products are subject to competition and regulatory changes[108]. - The company faces risks related to a lack of actual controlling shareholder, which may affect governance and decision-making efficiency[107]. Investment and Financial Position - The investment cash flow net amount was negative at RMB -355,671,109, primarily due to capital contributions and equity transfer payments totaling RMB 266 million[123]. - The company has made a significant equity investment of RMB 325 million, reflecting a growth of 430.13%[199]. - The company acquired a 39.5663% stake in Shanghai Handu through an investment of RMB 266 million during the reporting period[200]. - Long-term equity investments surged by 430.13% to 325,816,669, representing 11.72% of total assets[143]. - The company has overseas assets totaling 15,038,439, which accounts for 0.54% of total assets[146].