双鹭药业(002038) - 2019 Q4 - 年度财报

Financial Performance - In 2019, the company's operating revenue was CNY 2,029,703,659.83, a decrease of 6.36% compared to CNY 2,167,471,668.54 in 2018[24]. - The net profit attributable to shareholders was CNY 486,783,623.39, down 14.82% from CNY 571,449,518.61 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was CNY 410,635,591.82, a decline of 25.88% compared to CNY 554,019,112.91 in 2018[24]. - Basic earnings per share decreased by 43.22% to CNY 0.4738 from CNY 0.8344 in the previous year[24]. - The operating profit for 2019 was CNY 56,090.10 million, down 17.71% year-on-year[66]. - The net profit for 2019 was CNY 47,949.82 million, representing a decline of 14.89% compared to the previous year[66]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was CNY 41,063.56 million, down 25.88% year-on-year[66]. Cash Flow and Assets - The net cash flow from operating activities increased by 37.23% to CNY 665,826,611.98 from CNY 485,173,510.50 in 2018[24]. - Total assets at the end of 2019 were CNY 5,224,966,177.85, an increase of 4.74% from CNY 4,988,274,393.14 at the end of 2018[24]. - The company’s cash and cash equivalents increased by 130.78% to ¥83,911,251.46, compared to a decrease in the previous year[98]. - The total assets include cash of ¥1,260,863,772.22, which is 24.13% of total assets, and accounts receivable of ¥603,837,203.61, which is 11.56% of total assets[101]. Research and Development - The main business focus is on the research and development of gene engineering and related drugs, with key products including recombinant human granulocyte colony-stimulating factor and recombinant human interleukin-2[37]. - The company has developed multiple innovative products, including rhG-CSF and rhIL-11, which have received national recognition and awards, indicating strong market potential[38]. - The company is actively involved in the development of new therapies for various cancers, including non-small cell lung cancer and metastatic breast cancer[38]. - The R&D model combines independent research, technology introduction, and project investment, supported by a national-level enterprise technology center and various research platforms[44]. - The company has a strong talent pool, including many core technical experts and foreign specialists, contributing to its innovative capabilities in biopharmaceuticals[57]. Market and Sales Strategy - The company primarily sells its products in the domestic market while gradually expanding into international markets[37]. - The company adopts a sales model primarily based on distribution, supplemented by direct sales, with a focus on expanding market share through regional management and partnerships with strong distributors[45]. - The company is focusing on enhancing its internal production and quality systems while expanding its marketing team and strengthening its marketing framework[66]. - The company is committed to improving its internal management and talent development to support its expanding operations[121]. Dividend Policy - The company plans to distribute a cash dividend of CNY 2 per 10 shares to all shareholders[8]. - The cash dividend represents 42.21% of the net profit attributable to ordinary shareholders, which was 486,783,623.39 yuan for 2019[136]. - The company has a stable cash dividend policy, distributing 3 RMB per 10 shares and issuing 5 bonus shares for the 2018 fiscal year, totaling 205.47 million RMB in cash dividends[132]. - The remaining undistributed profits as of December 31, 2019, amount to 3,184,078,171.32 yuan, which will be carried forward to the next fiscal year[140]. Regulatory and Compliance - The company has maintained its accounting firm, Da Hua Accounting Firm, for 18 consecutive years, with an audit fee of 650,000 CNY for the current period[155]. - The company executed new financial instruments and revenue recognition standards starting in 2019, impacting asset composition[101]. - The company reported no significant accounting errors requiring retrospective restatement during the reporting period[151]. - The company did not face any major litigation or arbitration matters during the reporting period[158]. Strategic Partnerships and Investments - The company signed a licensing and cooperation agreement with GEMPHIRE THERAPEUTICS INC for the exclusive development of Gemcabene in China, enhancing its cardiovascular product portfolio[71]. - The company has established a joint venture, DIAPIN THERAPEUTICS, LLC, in the US to develop new anti-diabetic compounds and cardiovascular drugs, holding 30% rights in overseas markets[54]. - The company is investing in industrial hemp cultivation and processing through the establishment of Haibu Biotechnology (Yunnan) Co., Ltd., focusing on the medicinal value of CBD[71]. Challenges and Future Outlook - The ongoing COVID-19 pandemic presents significant uncertainties that could impact the company's sales and overall performance[121]. - The company is focusing on the development of long-acting diabetes treatments and other key projects in the biopharmaceutical field[117]. - In 2020, the company aims to improve its profitability channels and enhance its ability to withstand various risks amid the challenges posed by the COVID-19 pandemic[120].