Bohui Innovation(SZ:300318)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was ¥738,717,388.06, representing a 17.57% increase compared to ¥628,340,031.11 in 2019[18]. - The net profit attributable to shareholders for 2020 was ¥7,503,976.45, a significant increase of 195.11% from ¥2,542,755.03 in 2019[18]. - The net cash flow from operating activities improved to ¥86,137,577.29, a 339.09% increase from -¥36,027,044.31 in 2019[18]. - The total assets at the end of 2020 reached ¥3,715,242,196.65, marking a 37.88% increase from ¥2,694,604,343.18 at the end of 2019[18]. - The net assets attributable to shareholders increased by 26.04% to ¥1,299,959,538.30 from ¥1,031,395,597.18 in 2019[18]. - The basic earnings per share for 2020 was ¥0.0092, up 196.77% from ¥0.0031 in 2019[18]. - The weighted average return on net assets was 0.72% for 2020, an increase from 0.22% in 2019[18]. - The company reported a net profit excluding non-recurring gains and losses of ¥3,859,539.32, compared to a loss of -¥11,324,129.26 in 2019, reflecting a 134.08% improvement[18]. - The company achieved a total revenue of CNY 738.72 million in 2020, representing a year-on-year growth of 17.57%[67]. - Net profit attributable to shareholders reached CNY 7.50 million, a significant increase of 195.11% compared to the previous year[59]. Revenue and Sales - The company's operating revenue for 2020 was CNY 139.51 million, a decrease from CNY 227.96 million in 2019, representing a decline of approximately 38.8%[21]. - The net profit attributable to shareholders was a loss of CNY 13.45 million in 2020, compared to a profit of CNY 21.65 million in 2019, indicating a significant downturn[21]. - The in vitro diagnostic business saw a revenue decline of 8.77%, totaling CNY 282.09 million, with reagent sales down by 12.26%[67]. - The biopharmaceutical business reported a revenue of CNY 441.09 million, marking a 43.98% increase, driven by the consolidation of Zhongke Biology and increased vaccine sales[61]. - The company’s blood product sales model includes both distribution and direct sales, targeting hospitals and pharmaceutical distribution enterprises[34]. - The company’s human rabies vaccine is sold directly to disease prevention and control centers nationwide[34]. - The company reported a gross margin of 39.19% for its biopharmaceutical business, an increase of 10.08% year-on-year[70]. Market and Industry Insights - The global in vitro diagnostics (IVD) market was valued at $64 billion in 2019, with a year-on-year growth of 5%[38]. - The Chinese IVD market exceeded RMB 115 billion (over $17 billion) in 2019, growing approximately 15% year-on-year[39]. - The domestic market for molecular diagnostics is one of the fastest-growing segments, accounting for about 20% of the overall IVD market[40]. - The market share of domestic products in the immunology sector is approximately 25%-30%, while biochemical diagnostics exceed 50%[41]. - The blood products industry is experiencing consolidation, with the top five companies holding 80%-85% of the market share globally[45]. - The domestic IVD industry is characterized by a low concentration, with over 600 companies, and the top 20 companies holding only about 30% market share[42]. - The blood products industry in China has high barriers to entry and strict regulations, with significant oversight on plasma collection and product quality[46]. - The domestic market for blood products has substantial growth potential, with the average consumption of immunoglobulin and coagulation factor products in developed countries far exceeding that of China[47]. Research and Development - The company has developed over 20 patents related to its unique microfluidic nucleic acid chip technology, which is a key driver for its HPV testing products[29]. - The company is actively involved in the research and development of vaccines, including human rabies vaccines, expanding its product offerings in the biological products sector[33]. - The company has initiated the development of a new qPCR platform that enhances detection sensitivity and reduces testing time[82]. - The company has completed the prototype manufacturing of a new atomic fluorescence spectrometer, meeting all acceptance criteria[84]. - The company is expanding its product line with new nucleic acid testing kits, including those for COVID-19 and respiratory pathogens, expected to launch in the next two to three years[85]. - The company has invested approximately 36.18 million yuan in the research and development of blood products during the reporting period[86]. - The company aims to enhance the comprehensive utilization of plasma resources to improve product competitiveness[86]. - The R&D investment as a percentage of operating revenue for the past three years indicates a consistent commitment to innovation and product development[87]. - The company reported a significant increase in R&D spending compared to previous years, with a total of ¥76,140,363.67 in 2020[88]. Cash Flow and Financing - The net cash flow from operating activities increased by 339.09% to ¥86,137,577.29 compared to a net outflow of ¥36,027,044.31 in the previous year[94]. - Total cash inflow from operating activities was ¥788,361,005.62, reflecting a year-on-year increase of 13.37%[94]. - Cash inflow from financing activities rose by 192.75% to ¥2,953,185,035.69, primarily due to a prepayment of ¥1.122 billion from a development company[95]. - The net cash flow from financing activities also increased by 207.00% to ¥288,773,772.76[94]. - Investment activities saw a significant cash inflow increase of 37,043.93% to ¥769,510,828.12, attributed to cash recovered from short-term financial management[95]. - The company reported a net increase in cash and cash equivalents of ¥13,176,556.93, a turnaround from a decrease of ¥72,502,275.21 in the previous year, marking an increase of 118.17%[94]. Corporate Governance and Compliance - The company guarantees that all information provided during the transaction process is true, accurate, and complete, with no false records or misleading statements[144]. - The company has fulfilled its legal disclosure and reporting obligations, with no undisclosed contracts, agreements, arrangements, or other matters[145]. - The company has not been subject to any major administrative penalties or criminal sanctions in the last thirty-six months[146]. - The company has committed to providing true, accurate, and complete original written materials to all intermediary institutions involved in the transaction[145]. - The company has not participated in any major asset restructuring that is prohibited by regulations in the last thirty-six months[145]. - The company has undertaken to bear all legal responsibilities for any economic losses or claims arising from violations of the commitments made[146]. Future Outlook and Strategic Plans - The company provided a future outlook, projecting a revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion strategies[147]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[147]. - The company aims to enhance its core competitiveness through increased R&D investment in its testing and detection business[143]. - The company plans to continue increasing its market development efforts alongside R&D for new products[140]. - The company aims to implement a new customer engagement strategy, which is projected to improve customer retention rates by 30%[147]. Asset Management and Investments - The company has entrusted RMB 752.5 million in bank wealth management products, with no overdue amounts reported[189]. - The company plans to use up to RMB 580 million of idle funds for cash management through bank wealth management products[196]. - The company approved a total credit limit of up to RMB 580 million for comprehensive financing from banks and financial institutions[197]. - The company signed a comprehensive credit contract with Beijing Bank for a maximum credit limit of RMB 30 million[198]. Rental Income and Property Management - The company reported rental income of 2.047 million yuan from properties located in Beijing during the reporting period[178]. - The company generated rental income of 7.1275 million yuan from temporarily idle properties in Beijing during the reporting period[178]. - The total rental income from the properties contributed over 10% to the company's total profit for the reporting period[178]. - The company has a lease agreement with Zhongguancun Life Science Park Development Co., Ltd. for office space, generating a rental income of 3.1442 million yuan[178].