亿帆医药(002019) - 2021 Q1 - 季度财报

Financial Performance - The company's revenue for Q1 2021 was ¥1,200,337,373.23, a decrease of 9.38% compared to ¥1,324,671,355.00 in the same period last year[2] - Net profit attributable to shareholders was ¥132,244,842.10, down 59.11% from ¥323,421,676.21 year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥112,814,160.06, a decline of 64.37% compared to ¥316,651,209.86 in the previous year[2] - The net cash flow from operating activities was ¥148,929,731.56, which is 27.85% lower than ¥206,403,850.00 in the same period last year[2] - Basic and diluted earnings per share were both ¥0.11, down 57.69% from ¥0.26 year-on-year[2] - Total operating revenue for Q1 2021 was CNY 1,200,337,373.23, a decrease from CNY 1,324,631,355.00 in the previous period[31] - Net profit for Q1 2021 was CNY 118,221,831.34, down from CNY 315,515,221.75 in the previous period[33] - The company reported a decrease in investment income, with a loss of CNY 6,777,267.48 compared to a loss of CNY 1,270,020.55 in the previous period[32] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,113,330,125.44, an increase of 4.09% from ¥11,637,239,651.30 at the end of the previous year[2] - Current assets totaled ¥3,758,782,438.15, up from ¥3,506,076,845.16, indicating an increase of about 7.2%[24] - Total liabilities were reported at ¥3,233,203,697.61, up from ¥2,907,012,425.23, which is an increase of approximately 11.2%[26] - The company's long-term borrowings rose to ¥789,646,866.40 from ¥447,626,159.43, showing a significant increase of about 76.4%[26] - Total liabilities rose to CNY 2,074,050,594.42 from CNY 1,761,296,673.46[30] - Current liabilities reached CNY 2,128,945,704.81, showing a slight increase from CNY 2,128,617,919.36[46] Government Subsidies - The company received government subsidies amounting to ¥27,029,674.72 during the reporting period[3] - The company received government subsidies amounting to ¥12,315,047.46, an increase of 48.33% compared to the previous year[9] - The company reported a significant increase in other income, which rose by 3289.46% to ¥14,879,379.40, mainly due to increased government subsidies received during the reporting period[10] Research and Development - R&D expenses decreased by 31.45% to ¥40,513,368.64, primarily due to reduced expenses for the development of macromolecular and small molecular drugs[9] - The company obtained clinical trial approval for F-899 on March 12, 2021, to conduct trials related to growth hormone deficiency in children and adults[12] - The company submitted a Biologics License Application (BLA) for F-627 to the FDA on March 30, 2021, with a response expected within 60 days[12] - The company provided detailed updates on two R&D products, F-627 and F-652, during investor communications[23] - The company is currently assessing the market and technical risks associated with ongoing R&D projects, leading to strategic adjustments[19] Project Investments and Adjustments - The annual production capacity of the fully biodegradable new material (PBS) project is 20,000 tons, with a committed investment amount of CNY 236 million, and a cumulative investment of CNY 134.29 million, achieving a progress rate of 56.90%[16] - The project for producing 6,000 tons of pantothenic acid lactone and 3,000 tons of hydroxyacetic acid has a total committed investment of CNY 115.27 million, with a cumulative investment of CNY 115.27 million, achieving a 100% investment progress[17] - The high-end pharmaceutical formulation project has a total committed investment of CNY 600 million, with a cumulative investment of CNY 390.31 million, achieving an investment progress of 101.08%[17] - The company decided to terminate the PBS project due to insufficient market demand and the project's low contribution to overall revenue, which was only 2.49% of total revenue in 2019[18] - The hydroxyacetic acid project has been suspended since 2010, resulting in no benefits, while the pantothenic acid lactone project has been affected by fluctuating prices of vitamin B5, leading to inconsistent profitability[18] - The company plans to focus on integrating and innovating within its core pharmaceutical and raw material drug businesses, moving away from the PBS project to enhance operational efficiency[18] - The total investment in committed projects amounts to CNY 2.11 billion, with a cumulative investment of CNY 1.48 billion, resulting in realized benefits of CNY 15.29 million[17] - The company has faced challenges in achieving expected benefits from several projects due to external market conditions and internal operational issues[18] - The company will permanently supplement its working capital with the remaining funds from terminated projects, ensuring better allocation of resources[18] - The company has acknowledged the need for strategic adjustments in response to changing market dynamics and competitive pressures in the industry[18] - The company decided to terminate three R&D projects, resulting in a negative impact on net profit of CNY 34.20 million for 2020[19] - The total amount of raised funds for the "High-end Pharmaceutical Formulation Project" was reduced from CNY 600 million to CNY 386.15 million due to project adjustments[19] - The company approved the temporary use of CNY 500 million of idle raised funds to supplement working capital, with a usage period not exceeding 12 months[20] - As of the report date, the company has CNY 60 million of idle raised funds for temporary working capital, with a usage period until February 24, 2022[20] - The company has invested a total of CNY 164.30 million in various projects prior to the arrival of raised funds, with CNY 70.68 million specifically for the acquisition of 53.80% equity in DHY&CO.LTD[19] Cash Flow and Financial Management - Cash flow from operating activities totaled ¥148.93 million, a decrease from ¥206.40 million in the previous year[40] - Cash inflow from investment activities was ¥656.88 million, compared to ¥258.55 million in the same period last year, showing a strong increase[40] - Cash outflow from investment activities was ¥874.81 million, up from ¥469.20 million in the previous year, indicating increased investment activity[40] - The company reported a net cash flow from investment activities of -¥217.93 million, slightly worse than -¥210.66 million in the previous year[40] - The company reported a decrease in financial expenses, with interest expenses at ¥14.50 million, down from ¥17.22 million in the previous year[36] - Total cash inflow from financing activities was CNY 1,993,510,513.66, compared to CNY 724,243,786.35 in the prior period, indicating a significant increase[43] - The net cash flow from financing activities was CNY 568,543,358.80, up from CNY 114,442,255.87 in the previous period[43] - The ending balance of cash and cash equivalents was CNY 141,543,802.40, down from CNY 377,473,580.86 at the end of the previous period[43] - Cash flow from investing activities resulted in a net outflow of CNY 600,352,350.00, compared to a smaller outflow of CNY 65,560.00 in the prior period[43] - The company received CNY 1,733,510,513.66 from other financing activities, a substantial increase from CNY 614,243,786.35 in the previous period[43] - The total cash outflow from financing activities was CNY 1,424,967,154.86, compared to CNY 609,801,530.48 in the prior period[43] - The cash and cash equivalents increased by CNY 159,909,183.97 during the period, compared to an increase of CNY 191,884,206.72 in the previous period[41] - The company reported a total cash inflow of CNY 103,858,120.46 from operating activities, a significant increase from CNY 6,805,993.83 in the prior period[42] Compliance and Governance - There were no violations regarding external guarantees during the reporting period[22] - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[22]