赛升药业(300485) - 2020 Q1 - 季度财报

Important Notice This section confirms the company's management and accounting personnel's assurance of the quarterly report's accuracy and completeness, along with their legal responsibilities Board of Directors' Statement The company's Board of Directors, Supervisory Board, and senior management collectively affirm the truthfulness, accuracy, and completeness of this quarterly report and assume legal responsibility - The company's management (Board of Directors, Supervisory Board, and senior executives) jointly guarantee the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal responsibilities[4] - The company's principal officer, the person in charge of accounting, and the head of the accounting department all declare to guarantee the truthfulness, accuracy, and completeness of the financial statements[5] Company Profile This section details the company's Q1 2020 financial performance, including revenue and profit declines, strong operating cash flow, and key shareholder information Key Accounting Data and Financial Indicators The company experienced a Q1 2020 revenue decline of 14.32% and net profit drop of 43.19%, yet operating cash flow significantly increased by 299.18% Key Financial Indicators for Q1 2020 | Item | Current Period | Prior Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (Yuan) | 167,249,354.70 | 195,202,444.15 | -14.32% | | Net Profit Attributable to Shareholders (Yuan) | 25,443,560.16 | 44,784,087.10 | -43.19% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan) | 21,433,615.30 | 40,500,251.33 | -47.08% | | Net Cash Flow from Operating Activities (Yuan) | 35,097,216.95 | 8,792,310.69 | 299.18% | | Basic Earnings Per Share (Yuan/share) | 0.050 | 0.090 | -44.44% | | Weighted Average Return on Net Assets | 0.95% | 1.74% | -0.79% | Non-recurring Gains and Losses for Q1 2020 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Entrusted Investments or Asset Management | 1,799,613.50 | | Fair Value Change Gains/Losses from Financial Assets Held for Trading | 3,192,905.66 | | Other Non-operating Income and Expenses | -274,936.97 | | Income Tax Impact | -707,637.33 | | Total | 4,009,944.86 | Shareholder Information The company had 24,882 common shareholders, with controlling shareholder Ma Biao and related family members holding a significant combined stake - At the end of the reporting period, the company had a total of 24,882 common shareholders[12] Top Three Shareholders' Holdings | Shareholder Name | Shareholder Type | Holding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Ma Biao | Domestic Natural Person | 49.25% | 238,464,000 | | Ma Li | Domestic Natural Person | 11.18% | 54,125,791 | | Liu Shuqin | Domestic Natural Person | 2.41% | 11,664,000 | - The top three shareholders, Ma Biao, Ma Li, and Liu Shuqin, have related party relationships: Ma Biao and Ma Li are siblings, and Liu Shuqin is their mother[14] Significant Events This section details significant financial changes, including asset and profit shifts, the impact of COVID-19 on business, and the status of raised funds utilization Significant Changes in Key Financial Data and Their Reasons Significant financial changes include a 928.68% increase in fixed assets, a 258.06% surge in R&D expenses, a 45.44% drop in operating profit, and a 299.18% rise in operating cash flow - Balance Sheet Item Changes: - Fixed Assets: Increased by 928.68% year-over-year, primarily due to the capitalization of construction in progress projects - Construction in Progress: Decreased by 93.51% year-over-year, due to conversion to fixed assets - Financial Assets Held for Trading: Increased by 51.33% year-over-year, mainly due to increased short-term bank wealth management investments[18] - Income Statement Item Changes: - Research and Development Expenses: Increased by 258.06% year-over-year, due to the company's increased R&D investment - Operating Profit: Decreased by 45.44% year-over-year, primarily impacted by reduced sales revenue and increased R&D investment - Net Profit Attributable to Parent Company Shareholders: Decreased by 43.19% year-over-year, mainly due to reduced sales revenue[22] - Cash Flow Statement Item Changes: - Net Cash Flow from Operating Activities: Increased by 299.18% year-over-year, primarily due to reduced tax and fee payments in the current period - Net Cash Flow from Investing Activities: Decreased by 218.28% year-over-year, mainly due to increased purchases of short-term wealth management products in the current period[24] Business Review and Outlook Q1 revenue declined 14.32% due to COVID-19 impacts, while the company actively supported epidemic control and disclosed key risks including policy, market, quality, R&D, and talent retention - In Q1 2020, the company achieved operating revenue of 167 million Yuan, a year-over-year decrease of 14.32%; net profit attributable to parent company shareholders was 25.44 million Yuan, a year-over-year decrease of 43.19%[24] - The company actively responded to the COVID-19 pandemic by urgently resuming work during the Spring Festival to produce and donate immune-modulating drugs, such as Thymosin Alpha 1 for Injection and Polysaccharide Peptide Injection, to support epidemic prevention and control[25] - The company completed a $1.6 million investment in overseas entity Curiato INC through its Hong Kong subsidiary[25] - The company faces major risks including: pharmaceutical industry policy risks (e.g., centralized procurement, medical insurance cost control), market development and product price reduction risks, product quality risks, new drug R&D failure risks, and core personnel loss risks[26][27][28] Use of Raised Funds The company has invested 652 million Yuan of its 1.081 billion Yuan raised funds, with key projects completed but regulatory filings delayed, leaving 548 million Yuan unused Overview of Raised Funds Utilization (Unit: Ten Thousand Yuan) | Item | Amount | | :--- | :--- | | Total Raised Funds | 108,094.47 | | Total Investment This Quarter | 894.82 | | Total Cumulative Investment | 65,200.07 | | Unused Raised Funds | 54,773.51 | - The "New Pharmaceutical Production Base Project" and "New Cardiovascular and Immune-Modulating Product Industrialization Project" were completed and capitalized in December 2019, but regulatory filing progress is behind schedule due to institutional reforms and the pandemic[35] - As of March 31, 2020, unused raised funds are held in dedicated bank accounts, time deposits, and wealth management products awaiting redemption[36] Financial Statements This section provides the company's unaudited Q1 2020 consolidated financial statements, including the balance sheet, income statement, and cash flow statement, along with an explanation of accounting policy changes Consolidated Financial Statements This section presents the company's Q1 2020 consolidated balance sheet, income statement, and cash flow statement, detailing key financial performance metrics Consolidated Balance Sheet As of March 31, 2020, total assets reached 2.818 billion Yuan, total liabilities were 66.39 million Yuan, and parent company equity was 2.704 billion Yuan Key Consolidated Balance Sheet Items (March 31, 2020) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 2,818,250,325.92 | | Total Current Assets | 1,611,151,832.92 | | Total Non-current Assets | 1,207,098,493.00 | | Total Liabilities | 66,393,021.62 | | Total Equity Attributable to Parent Company Owners | 2,704,263,114.95 | Consolidated Income Statement Q1 2020 saw operating revenue of 167 million Yuan, a 14.32% decrease, and net profit attributable to parent company owners of 25.44 million Yuan, a 43.19% decline Key Consolidated Income Statement Items (Q1 2020) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 167,249,354.70 | 195,202,444.15 | | Total Operating Costs | 147,158,831.03 | 153,838,864.46 | | Research and Development Expenses | 11,957,633.10 | 3,339,538.91 | | Operating Profit | 28,624,611.60 | 52,466,497.81 | | Net Profit Attributable to Parent Company Owners | 25,443,560.16 | 44,784,087.10 | | Basic Earnings Per Share | 0.050 | 0.090 | Consolidated Cash Flow Statement Q1 2020 saw operating cash flow increase by 299.18% to 35.10 million Yuan, while investing cash flow was -293 million Yuan, and financing cash flow was 15 million Yuan Key Consolidated Cash Flow Statement Items (Q1 2020) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 35,097,216.95 | 8,792,310.69 | | Net Cash Flow from Investing Activities | -293,295,337.50 | 247,974,472.74 | | Net Cash Flow from Financing Activities | 15,000,000.00 | 0.00 | | Net Increase in Cash and Cash Equivalents | -243,198,120.55 | 256,766,783.43 | Explanation of Financial Statement Adjustments The company adopted new revenue and lease accounting standards from January 1, 2020, with no adjustments to the opening financial statements - The company first adopted new revenue and lease accounting standards starting in 2020, but this accounting policy change did not result in adjustments to relevant items in the opening financial statements for the current period[76][77][80] Audit Report The company's Q1 2020 financial report remains unaudited - The company's Q1 2020 financial report is unaudited[84]