博腾股份(300363) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was ¥1,551,298,762.27, representing a 30.93% increase from ¥1,184,863,256.32 in 2018[55]. - The net profit attributable to shareholders for 2019 was ¥185,550,375.49, a 49.04% increase compared to ¥124,494,102.44 in 2018[55]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥162,088,354.80, which is a 124.97% increase from ¥72,047,777.52 in 2018[55]. - The net cash flow from operating activities for 2019 was ¥351,373,889.80, an increase of 81.48% from ¥193,617,828.06 in 2018[55]. - The basic earnings per share for 2019 was ¥0.35, up 34.62% from ¥0.26 in 2018[55]. - The total assets at the end of 2019 were ¥3,955,481,924.55, a decrease of 9.58% from ¥4,374,440,875.14 at the end of 2018[55]. - The net assets attributable to shareholders at the end of 2019 were ¥3,066,684,114.86, reflecting a 6.37% increase from ¥2,883,151,787.64 at the end of 2018[55]. - The weighted average return on equity increased by 0.46 percentage points to 6.25% in 2019 from 5.79% in 2018[55]. - The company reported quarterly revenues of ¥469,803,730.21 in Q4 2019, showing a consistent growth trend throughout the year[56]. Revenue Breakdown - The CRO business generated revenue of 491 million yuan, a year-on-year increase of 65.86%, accounting for 31.67% of total revenue[102]. - The CMO business reported revenue of 1.027 billion yuan, growing by 21.05% year-on-year, making up 66.19% of total revenue[97]. - Revenue from chemical drug research and production services accounted for 97.36% of total revenue, amounting to approximately ¥1.51 billion, which is a 32.59% increase from the previous year[126]. - The early-stage clinical business generated revenue of ¥491,289,239.04, achieving a gross margin of 36.41%, which is an increase of 4.40 percentage points compared to the previous year[129]. - The revenue from late-stage and commercialization business was ¥1,026,775,654.96, with a gross margin of 40.79%, reflecting a year-over-year increase of 6.05 percentage points[129]. - Revenue from international markets amounted to ¥1,282,078,218.07, with a gross margin of 38.44%, marking a year-over-year increase of 6.38 percentage points[129]. - Revenue from the Chinese market was ¥269,220,544.20, with a gross margin of 35.00%, showing a decrease of 3.50 percentage points year-over-year[129]. Investment and R&D - The company maintained a high R&D investment of ¥123 million, which is 7.90% of total revenue, and this investment grew by 60.84% compared to 2018[118]. - The number of R&D personnel increased to 393 in 2019, representing 18.92% of the total workforce[144]. - The company has established a comprehensive R&D and production capability covering preclinical to commercialization, providing solutions from gram to ton scale[87]. - The company plans to expand its R&D team to 500 members and enhance its laboratory capabilities and technical service toolbox[174]. - The company has raised a net amount of RMB 146,202.76 million, with no funds utilized for investment projects in 2019[156]. Business Development and Strategy - The company is focused on expanding its CDMO services across the entire drug development lifecycle, integrating global resources[9]. - The company has implemented three major initiatives: marketing transformation, product upgrades, and the development of process chemistry CRO to reduce customer and product concentration[24]. - The company is actively developing its strategic new businesses, including formulation CDMO and biological CDMO services, aiming to build a professional international team and clear operational strategies[66]. - The company has established a decision-making committee for asset investment to ensure prudent investment and comprehensive project evaluation[25]. - The company is focusing on developing new customers to mitigate the risks associated with high customer concentration, which may lead to bad debts if credit assessments are inaccurate[30]. Compliance and Quality Assurance - The company has passed over 300 quality audits and more than 60 EHS inspections, ensuring compliance with international standards[7]. - The company emphasizes EHS (Environment, Health, and Safety) as a core competitive advantage, conducting annual training and improving process technology to minimize risks[28]. - The company achieved a revenue of 1.551 billion yuan in 2019, representing a year-on-year growth of 30.93%, with CMO and CRO businesses growing approximately 21% and 66% respectively[76]. - The company has built a strong reputation in compliance and delivery, with a solid track record of passing 56 quality audits in 2019[85]. Market Trends and Outlook - The global CDMO market is projected to grow at a compound annual growth rate (CAGR) of 12% from 2015 to 2020, surpassing the global average growth rate of 7%[171]. - The Chinese CMO market size is expected to reach 8.5 billion USD in 2020, increasing its share of the global market to around 9%[171]. - The average annual compound growth rate for China's small molecule CMO/CDMO enterprises is projected to be 20.7% from 2018 to 2023, surpassing the global industry average growth rate of 12%[76]. Shareholder and Dividend Information - The profit distribution plan approved by the board is to distribute a cash dividend of 1.04 RMB (including tax) for every 10 shares based on a total share capital of 536,232,520 RMB[33]. - The company approved a cash dividend of RMB 0.47 per share for 2018, totaling RMB 55,768,182.08, which represents 30.90% of the distributable profit[180]. - The total cash dividend for 2019, including other methods, is RMB 57,334,988.08, which is 30.90% of the total profit distribution[183]. - The company has maintained a minimum cash dividend ratio of 20% during its growth phase with significant capital expenditures[180]. Employee and Workforce Development - The company employs 2,077 people globally, with 393 in R&D, of which 63% hold master's or doctoral degrees[7]. - The company added 435 employees in 2019, bringing the total workforce to 2,077, with 29% of the new hires being R&D personnel and 20% holding master's degrees or higher[123]. - The company launched a stock incentive plan in July 2019 to attract and retain high-performance talent, aligning their interests with the long-term goals of the company[122].