派林生物(000403) - 2020 Q4 - 年度财报

Important Notice, Table of Contents, and Definitions The company's board, supervisors, and senior management guarantee the accuracy and completeness of the annual report, with no dividend distribution planned for 2020 - The company's Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report, assuming legal responsibility for its content[2] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the 2020 fiscal year[2] Company Profile and Key Financial Indicators This section provides an overview of the company's core business in blood products and presents its key financial performance and indicators for the reporting period Company Information and Registration Changes The company's principal business is the research, development, production, and sale of blood products, with its controlling shareholder changing to Hangzhou Zemin Investment Tianhong Investment Partnership (Limited Partnership) in 2018 - The company's principal business has changed to the research, development, production, and sale of blood products[8] - The company's controlling shareholder changed to Hangzhou Zemin Investment Tianhong Investment Partnership (Limited Partnership) in 2018[8] Key Accounting Data and Financial Indicators In 2020, the company achieved operating revenue of CNY 1.05 billion, a 14.67% year-on-year increase, and net profit attributable to parent company shareholders of CNY 186 million, up 15.90%, demonstrating robust growth with total assets increasing by 29.96% and a strong fourth quarter performance Key Financial Indicators 2018-2020 | Indicator | 2020 | 2019 | Year-on-year Change | 2018 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,049,937,691.40 | 915,656,568.55 | 14.67% | 859,843,304.64 | | Net Profit Attributable to Parent Company Shareholders (Yuan) | 185,965,308.33 | 160,448,038.94 | 15.90% | 79,982,796.95 | | Net Cash Flow from Operating Activities (Yuan) | 194,839,665.96 | 190,843,307.13 | 2.09% | 116,634,762.45 | | Basic Earnings Per Share (Yuan/share) | 0.3797 | 0.3280 | 15.76% | 0.1635 | | Total Assets (Yuan) | 1,652,617,170.83 | 1,271,642,145.71 | 29.96% | 1,319,619,913.52 | | Net Assets Attributable to Parent Company Shareholders (Yuan) | 965,316,161.64 | 800,222,049.18 | 20.63% | 639,774,010.24 | Key Quarterly Financial Indicators 2020 (Unit: Yuan) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 210,486,077.76 | 216,643,380.37 | 234,995,044.48 | 387,813,188.79 | | Net Profit Attributable to Parent Company Shareholders | 24,986,719.12 | 37,953,601.21 | 40,824,319.28 | 82,200,668.72 | - In 2020, the company's total non-recurring gains and losses amounted to CNY 25.16 million, primarily from funds occupation fees received from non-financial enterprises (CNY 17.11 million) and government grants (CNY 4.65 million) recognized in current profit or loss[15] Business Overview This section outlines the company's principal business, product portfolio, and operational strategies within the blood products industry, highlighting its competitive advantages and market positioning Principal Business, Main Products, and Operating Model The company's principal business involves the research, development, production, and sale of blood products, with 7 main varieties including human albumin and intravenous immunoglobulin, expanding to 10 after the 2021 acquisition of Pasifico, utilizing diverse sales channels such as clinical academic promotion, direct sales to CDC, and provincial/municipal agencies - The company's main products include human albumin, intravenous human immunoglobulin (pH4), human immunoglobulin, hepatitis B human immunoglobulin, tetanus human immunoglobulin, rabies human immunoglobulin, and human coagulation factor VIII[17] - Following the acquisition of Pasifico in January 2021, the company's product portfolio will expand to 10 varieties, enhancing comprehensive plasma utilization and profitability[17][18] - The company employs diversified sales models for different products, including clinical academic promotion for core products like human albumin, direct sales to CDC and hospitals for rabies human immunoglobulin, and provincial/municipal agency or distribution models for other varieties[19] Industry Development and Core Competitiveness The Chinese blood products industry is in an undersupplied growth phase with significant market potential, and the company has rapidly ascended to the industry's top tier by combining organic growth with external acquisitions (Pasifico restructuring, Xinjiang Deyuan cooperation) to expand plasma collection and product variety, underpinned by core competencies in quality management, plasma scale, product R&D, brand influence, and management team - Through strategic restructuring of Pasifico and strategic cooperation with Xinjiang Deyuan, the company has significantly increased its plasma collection scale and rapidly expanded its product range, quickly entering the first tier of the blood products industry[22] - The company's core competencies include: - Quality Management: 100% batch release qualification rate for products - Plasma Scale: Rapid increase in plasma stations through organic and inorganic growth, with plasma collection volume expected to exceed 1,000 tons - Product R&D: A total of 10 product varieties and multiple patents, with leading domestic R&D capabilities - Brand Effect: "Shuanglin" and "Pasifico" brands hold significant industry influence - Management Team: Experienced core team with strong R&D, production, sales, and capital operation capabilities[24][25][26][27][28][29] Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, financial position, investment activities, and strategic outlook for future development Overview In 2020, despite challenges from the COVID-19 pandemic and production halts for expansion, the company achieved record high operating revenue and profit through a combination of organic growth and external expansion, actively contributing to epidemic control by ensuring intravenous human immunoglobulin supply and completing strategic restructuring of Pasifico and cooperation with Xinjiang Deyuan, laying a foundation for future leapfrog development 2020 Operating Performance | Indicator | 2020 Amount (Ten Thousand Yuan) | Year-on-year Growth | | :--- | :--- | :--- | | Operating Revenue | 104,993.77 | 14.67% | | Operating Profit | 22,029.59 | 22.36% | | Net Profit Attributable to Parent Company Shareholders | 18,596.53 | 15.90% | - The company's intravenous human immunoglobulin (pH4) was listed as a reserve drug by the Ministry of Industry and Information Technology, with over 200,000 units supplied to the anti-epidemic front lines and over CNY 6 million worth of medicines donated during the pandemic[31] - The company made significant progress in external expansion: the share issuance for acquiring Pasifico was approved by the CSRC, and a strategic cooperation with Xinjiang Deyuan was established, securing a supply of no less than 900 tons of qualified plasma over the next five years[36] Principal Business Analysis In 2020, the company's principal business in pharmaceuticals (blood products) generated CNY 1.042 billion in revenue, a 14.82% year-on-year increase, accounting for 99.29% of total revenue, while operating costs rose by 23.13%, leading to a 3.48 percentage point decrease in gross margin to 48.45%, and financial expenses significantly decreased by 94.85% due to interest income from Xinjiang Deyuan cooperation funds Principal Business (Blood Products) Revenue and Cost Analysis | Indicator | 2020 Amount (Yuan) | 2019 Amount (Yuan) | Year-on-year Change | | :--- | :--- | :--- | | Operating Revenue | 1,042,498,319.02 | 907,967,631.18 | 14.82% | | Operating Cost | 537,357,955.72 | 436,412,432.00 | 23.13% | | Gross Margin | 48.45% | 51.93% | -3.48% | 2020 Expense Situation | Expense Item | 2020 Amount (Yuan) | 2019 Amount (Yuan) | Year-on-year Change | Main Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 158,623,570.23 | 144,641,849.66 | 9.67% | - | | Administrative Expenses | 117,533,638.19 | 111,904,311.87 | 5.03% | - | | Financial Expenses | 1,069,322.15 | 20,753,442.38 | -94.85% | Primarily due to interest income from Xinjiang Deyuan this period | | R&D Expenses | 10,996,253.91 | 14,732,483.98 | -25.36% | - | 2020 Cash Flow Situation | Item | 2020 Amount (Yuan) | 2019 Amount (Yuan) | Year-on-year Change | Main Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 194,839,665.96 | 190,843,307.13 | 2.09% | - | | Net Cash Flow from Investing Activities | -302,807,381.38 | -29,795,105.25 | -916.30% | Primarily due to payment for Xinjiang Deyuan cooperation funds this period | | Net Cash Flow from Financing Activities | 96,661,499.63 | -204,770,410.42 | 147.20% | Primarily due to increased bank borrowings this period | Analysis of Assets and Liabilities As of the end of 2020, the company's total assets reached CNY 1.653 billion, a 29.96% increase from the beginning of the year, with construction in progress significantly growing by 286.42% due to technological upgrades and capacity expansion, while short-term borrowings increased by 202.19% to support business development - Construction in progress increased by 286.42% from the beginning of the year, primarily due to technological upgrades and capacity expansion during the period[23][53] - Short-term borrowings increased by 202.19% from the beginning of the year (from CNY 110 million to CNY 332 million), primarily due to new short-term bank borrowings to support the company's business development[53] Investment Status During the reporting period, the company's most significant investment activity was the planning and advancement of the major asset restructuring of Pasifico, involving the acquisition of 100% equity through share issuance and cash payment, which was approved by the China Securities Regulatory Commission on December 17, 2020, and completed industrial and commercial transfer on January 19, 2021 - The company acquired 100% equity of Pasifico through share issuance and cash payment, with this major asset restructuring approved by the CSRC and completed transfer in January 2021[55] - The company was approved to issue shares to raise supporting funds of no more than CNY 1.6 billion, with approximately CNY 1.6 billion actually raised as of February 3, 2021, and funds in place and managed in a special account[58] Outlook on Company's Future Development The company believes the blood products industry, characterized by high entry barriers, strict full-process regulation, and scarce raw materials with long-term undersupply, offers significant future market growth and increasing industry concentration, aiming to become a leading biotechnology enterprise through a "product optimization, scale breakthrough, operational excellence" strategy combining organic and inorganic growth, with 2021 operational plans focusing on integration, plasma supply enhancement, R&D innovation, market sales, quality safety, and operational excellence - Industry Trends: The blood products industry has high entry barriers, long-term undersupply, significant market potential, and increasing industry concentration[62][65][66][67] - Company Development Strategy: Committed to becoming a leading biotechnology enterprise, adhering to both organic growth and external expansion to strengthen and expand the company[69] - 2021 Operating Plan: - Promote the restructuring and integration with Pasifico to leverage synergies - Strengthen blood source management, utilize raised funds to accelerate new plasma station construction, and rapidly increase plasma supply - Increase R&D innovation, striving for early market launch of new products - Deepen marketing reform and strengthen market sales capabilities - Strengthen GMP management and strictly adhere to production quality and safety - Enhance operational excellence and accelerate informatization construction[71][72][73][74][75][76] - The main risks faced by the company include national regulatory policy risks, raw material supply shortage risks, product R&D risks, and intensified market competition risks[77][78][79][80] Significant Matters This section details the company's profit distribution plans, equity incentive schemes, significant contracts, resolution of major litigations, and its commitment to social responsibility Profit Distribution and Equity Incentives The company did not distribute profits for the 2020 fiscal year, contrasting with the 2019 plan of a CNY 1.21 cash dividend, 4 bonus shares, and 4 converted shares per 10 shares, and in 2020, it implemented a stock option and restricted stock incentive plan, granting 1.815 million stock options and 1.795 million restricted shares to 41 incentive recipients to establish a long-term incentive mechanism - The 2020 annual profit distribution plan proposes no cash dividends, no bonus shares, and no capital increase from capital reserves[84] - The 2019 annual profit distribution plan was based on a total share capital of 272,577,599 shares, distributing a cash dividend of CNY 1.21 (tax inclusive) per 10 shares, 4 bonus shares (tax inclusive) per 10 shares, and converting 4 shares from capital reserves per 10 shares[84] - In 2020, the company implemented an equity incentive plan, initially granting 1.815 million stock options and 1.795 million restricted shares to 41 incentive recipients, including directors, senior management, and core technical (business) personnel[97][98] Major Contracts and Litigation During the reporting period, the company signed a Plasma Supply Cooperation Agreement and a Strategic Cooperation Agreement with Xinjiang Deyuan to expand plasma sources, while historical major litigation and arbitration matters, including debt disputes with Cinda Shenzhen, guarantee matters for Kunming Baima, and securities misrepresentation liability cases, have all been concluded - The company signed a Plasma Supply Cooperation Agreement and a Strategic Cooperation Agreement with Xinjiang Deyuan to expand plasma sources and increase plasma stations[110] - During the reporting period, the company's historical major litigation matters have been concluded, including: - Historical debts with Cinda Shenzhen have been fully repaid, and litigation enforcement is complete - Guarantee obligations for Kunming Baima have been released - All securities misrepresentation liability dispute cases have been judged and payments completed[94] Social Responsibility The company actively fulfills its social responsibilities, making achievements in protecting shareholder, employee, and customer/supplier rights, as well as environmental protection, notably ensuring product supply as a key producer of epidemic prevention materials and donating over CNY 6 million worth of anti-epidemic medicines to affected areas during the early 2020 COVID-19 outbreak - During the early 2020 COVID-19 pandemic, the company supplied over 200,000 units of intravenous human immunoglobulin (IVIG) to various anti-epidemic front lines and donated over CNY 6 million worth of anti-epidemic medicines to designated hospitals in affected areas[117] Changes in Shares and Shareholder Information This section outlines the changes in the company's share capital and provides detailed information regarding its shareholders and the absence of a single actual controller Changes in Shares During the reporting period, the company's total share capital increased from 273 million shares to 492 million shares, primarily due to the grant of 1.795 million restricted shares under the equity incentive plan and the 2019 equity distribution of approximately 7.95 bonus and converted shares per 10 shares Share Capital Changes | Item | Quantity Before Change | Increase/Decrease in This Change | Quantity After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,173,500 | +4,098,266 | 5,271,766 | | II. Unrestricted Shares | 271,404,099 | +215,758,801 | 487,162,900 | | III. Total Shares | 272,577,599 | +219,857,067 | 492,434,666 | - The main reasons for the increase in total shares were: 1) the grant of 1,795,000 restricted shares; and 2) the implementation of the 2019 equity distribution, totaling 218,062,067 bonus shares and capital reserve conversions[124][125] Shareholders and Actual Controller Information As of the end of the reporting period, the company had 15,115 common shareholders, with Hangzhou Zemin Investment Tianhong Investment Partnership (Limited Partnership) as the controlling shareholder holding 27.31%, acting in concert with Zhejiang Private Enterprise United Investment Co., Ltd. and Hangzhou Zemin Investment Industrial Co., Ltd., collectively holding 31.22%, and the company has no actual controller Top Ten Shareholders' Holdings at Report End | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Hangzhou Zemin Investment Tianhong Investment Partnership (Limited Partnership) | 27.31% | 134,464,531 | | Shenzhen Shipping Health Technology Co., Ltd. | 18.57% | 91,468,779 | | Zhejiang Private Enterprise United Investment Co., Ltd. | 2.38% | 11,718,671 | | China Cinda Asset Management Co., Ltd. | 1.79% | 8,800,000 | | Tianjin Honghan Technology Co., Ltd. | 1.66% | 8,157,212 | - The company has no actual controller because the ultimate controlling party of the controlling shareholder, Zemin Investment Tianhong, has a dispersed equity structure with no single shareholder capable of exercising control[136] Preferred Shares Related Information This section confirms that the company did not have any preferred shares during the reporting period Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[141] Convertible Corporate Bonds Related Information This section confirms that the company did not have any convertible corporate bonds during the reporting period Convertible Bonds Information The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[142] Directors, Supervisors, Senior Management, and Employees This section details the shareholding changes and compensation of the company's directors, supervisors, and senior management, along with a comprehensive overview of its employee structure Changes in Holdings and Compensation of Directors, Supervisors, and Senior Management During the reporting period, the company's directors, supervisors, and senior management increased their shareholdings due to the equity incentive plan, with their total annual pre-tax compensation amounting to CNY 12.9484 million in 2020, including CNY 2.8678 million for Chairman Huang Lingmou and CNY 2.3422 million for General Manager Zhu Guangzu - During the reporting period, several directors and senior management personnel increased their shareholdings due to participation in the 2020 equity incentive plan[143][144] 2020 Compensation for Selected Directors, Supervisors, and Senior Management (Unit: Ten Thousand Yuan) | Name | Position | Total Pre-tax Compensation Received from the Company | | :--- | :--- | :--- | | Huang Lingmou | Chairman | 286.78 | | Zhu Guangzu | General Manager | 234.22 | | Wang Zhibo | Deputy General Manager, CFO | 204.30 | | Yang Bin | Deputy General Manager | 198.00 | | Zhao Yulin | Board Secretary | 191.31 | | Total | -- | 1,294.84 | Employee Information As of the end of the reporting period, the company had a total of 902 active employees, with technical personnel constituting the largest professional group at 60.86% (549 employees), and employees with college degrees or higher accounting for 69.29% (625 employees) of the educational breakdown Employee Professional Structure and Educational Background | Category | Number of People | Percentage | | :--- | :--- | :--- | | Professional Structure | | | | Production Personnel | 132 | 14.63% | | Sales Personnel | 48 | 5.32% | | Technical Personnel | 549 | 60.86% | | Financial Personnel | 32 | 3.55% | | Administrative Personnel | 60 | 6.65% | | Other Personnel | 81 | 8.98% | | Total | 902 | 100.00% | | Educational Background | | | | Bachelor's Degree and Above | 289 | 32.04% | | College Degree | 336 | 37.25% | | Other | 277 | 30.71% | | Total | 902 | 100.00% | Corporate Governance This section provides an overview of the company's corporate governance practices, confirming compliance with regulatory requirements and independence from its controlling shareholder Overview of Corporate Governance During the reporting period, the company operated strictly in accordance with laws and regulations such as the Company Law and Securities Law, with its corporate governance practices meeting regulatory requirements, maintaining independence from its controlling shareholder in business, personnel, assets, organization, and finance, with no horizontal competition, and holding one annual general meeting and six extraordinary general meetings in 2020 - The company's actual corporate governance situation does not materially differ from the normative documents on corporate governance issued by the China Securities Regulatory Commission[162] - The company and its controlling shareholder are independent in terms of personnel, assets, finance, organization, and business, each maintaining independent accounting and bearing their own responsibilities and risks[163] - During the reporting period, the company held a total of 7 shareholder meetings, including 1 annual general meeting and 6 extraordinary general meetings[165][166] Corporate Bonds Related Information This section confirms that the company did not have any publicly issued and listed corporate bonds that were outstanding or fully unpaid during the reporting period Corporate Bonds Information During the reporting period, the company had no publicly issued and listed corporate bonds that were outstanding or not fully repaid by the approval date of the annual report - The company had no publicly issued and listed corporate bonds that were outstanding or not fully repaid by the approval date of the annual report[175] Financial Report This section presents the audited financial statements, including the balance sheet, income statement, and cash flow statement, along with detailed notes on accounting policies and significant transactions Audit Report Da Hua Certified Public Accountants issued a standard unqualified audit opinion on the company's 2020 financial report, affirming that the financial statements were prepared in all material respects in accordance with enterprise accounting standards, fairly reflecting the company's financial position, operating results, and cash flows, with key audit matters being revenue recognition and accounts receivable - The audit opinion type is a standard unqualified opinion[176] - Key audit matters include revenue recognition and accounts receivable[179][180] Financial Statements As of the end of 2020, the company's total assets were CNY 1.653 billion, total liabilities CNY 686 million, and owners' equity attributable to the parent company CNY 965 million, with total operating revenue of CNY 1.05 billion, net profit of CNY 183 million, and net profit attributable to the parent company of CNY 186 million, and net cash flow from operating activities of CNY 195 million for the 2020 fiscal year Consolidated Financial Statement Core Data (Unit: Yuan) | Item | As of 2020 Year-end/For 2020 Fiscal Year | As of 2019 Year-end/For 2019 Fiscal Year | | :--- | :--- | :--- | | Balance Sheet | | | | Total Assets | 1,652,617,170.83 | 1,271,642,145.71 | | Total Liabilities | 685,710,569.76 | 470,038,108.82 | | Total Owners' Equity Attributable to Parent Company | 965,316,161.64 | 800,222,049.18 | | Income Statement | | | | Total Operating Revenue | 1,049,937,691.40 | 915,656,568.55 | | Net Profit | 182,683,577.11 | 157,837,609.64 | | Cash Flow Statement | | | | Net Cash Flow from Operating Activities | 194,839,665.96 | 190,843,307.13 | | Net Cash Flow from Investing Activities | -302,807,381.38 | -29,795,105.25 | | Net Cash Flow from Financing Activities | 96,661,499.63 | -204,770,410.42 | Notes to Financial Statements The notes to the financial statements detail the company's accounting policies, changes in accounting estimates, and provide explanations for key items in the consolidated financial statements, including the adoption of new revenue standards from January 1, 2020, the 15% high-tech enterprise income tax preferential rate for subsidiary Guangdong Shuanglin, and a significant plasma supply cooperation agreement with Xinjiang Deyuan involving no less than 900 tons of plasma over the next five years and related financing arrangements - The company adopted new revenue standards from January 1, 2020, retrospectively adjusting opening balance sheet items and reclassifying advances from customers to contract liabilities and other current liabilities[351][353] - Subsidiary Guangdong Shuanglin was recognized as a high-tech enterprise, enjoying a 15% preferential corporate income tax rate in 2020[359] - The company signed a significant cooperation agreement with Xinjiang Deyuan, where Xinjiang Deyuan committed to supplying no less than 180 tons of qualified plasma annually to Guangdong Shuanglin for 5 years, with the company providing financing arrangements of no more than CNY 640 million for this purpose[495] Documents for Inspection This section lists the documents available for inspection, including the signed accounting statements, the original audited report, and all publicly disclosed company documents from the reporting period Documents for Inspection The documents for inspection for this report include accounting statements signed by the legal representative, the original audit report stamped by the accounting firm, and the originals of all publicly disclosed company documents and announcements during the reporting period - Documents for inspection include: - 1. Accounting statements signed and stamped by the legal representative and CFO - 2. Original audit report stamped by the accounting firm and signed and stamped by the certified public accountant - 3. Originals of all company documents and announcements publicly disclosed in "Securities Times" during the reporting period[524]