海特生物(300683) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥590,873,499.47, a decrease of 21.24% compared to ¥750,258,800.06 in 2017[19] - The net profit attributable to shareholders for 2018 was ¥94,137,745.35, down 33.89% from ¥142,389,649.91 in 2017[19] - The net profit after deducting non-recurring gains and losses was ¥66,887,868.43, a decline of 46.30% compared to ¥124,548,584.96 in 2017[19] - The basic earnings per share for 2018 was ¥0.910, a decrease of 44.85% from ¥1.650 in 2017[19] - The company achieved operating revenue of CNY 590,873,499.48 and net profit of CNY 91,464,026.87 in 2018[30] - The company achieved an annual revenue of ¥590 million, a decrease of 21.3% year-on-year, and a net profit attributable to shareholders of ¥94 million, down 33.8% year-on-year[41] - Revenue from the pharmaceutical manufacturing industry was ¥579,442,124.16, down 22.29% from ¥745,626,445.36 in 2017[50] - The gross profit margin for the pharmaceutical manufacturing industry was 92.54%, a decrease of 3.03% from the previous year[50] Assets and Liabilities - The total assets at the end of 2018 were ¥2,155,356,658.35, an increase of 12.92% from ¥1,908,751,901.97 at the end of 2017[19] - The net assets attributable to shareholders at the end of 2018 were ¥1,699,551,638.99, up 3.86% from ¥1,636,420,405.64 at the end of 2017[19] - The company's fixed assets increased by ¥89,004,480.56, a growth of 90.36%, primarily due to the inclusion of Zhuhai Hi-Tech Biopharmaceutical Co., Ltd. and Tianjin Hankan Pharmaceutical Biotechnology Co., Ltd. in the consolidation scope[36] - Intangible assets rose by ¥47,917,556.54, reflecting a significant increase of 263.42%, also due to the consolidation of the aforementioned companies[36] - Construction in progress increased by ¥26,405,708.95, marking a 307.64% rise, attributed to increased project investments during the reporting period[36] - Goodwill increased by ¥275,398,382.15, resulting from the acquisition of Zhuhai Hi-Tech Biopharmaceutical Co., Ltd. and Tianjin Hankan Pharmaceutical Biotechnology Co., Ltd.[36] Research and Development - The company plans to focus on the research and development of biological innovative drugs in the coming years[6] - The company is advancing its research projects, including the recombinant human nerve growth factor project, with a target protein yield exceeding 40 mg/L and purity above 98%[42] - Research and development expenses amounted to ¥29,857,003.83, representing 5.05% of total revenue, with a year-on-year increase of 21.88%[60] - R&D investment amounted to ¥29,857,003.83, representing 5.05% of operating revenue, a significant increase from 3.27% in 2017[61] - The company aims to enhance its innovation capabilities in large molecule drugs, small molecule drugs, and in vitro diagnostics[81] - The company has completed the R&D center and laboratory construction project but cannot account for its individual economic benefits[72] Market and Competition - The global pharmaceutical market exceeded USD 1.1 trillion in 2018, with a five-year compound annual growth rate of 5.65%[32] - The biopharmaceutical industry has high technical barriers and profit margins, making it one of the fastest-growing sectors in the pharmaceutical industry[33] - The company's main product competes with three other companies in a market characterized by oligopoly[34] - The biopharmaceutical market is expected to grow as more biopharmaceuticals are included in the medical insurance directory, increasing market demand[33] Acquisitions and Expansion - The company acquired Zhuhai Economic Special Zone Haitai Biopharmaceutical Co., Ltd. in March 2018, entering the in vitro diagnostic reagent field[31] - In October 2018, the company acquired Tianjin Hankan Pharmaceutical Biotechnology Co., Ltd., which provides a full industry chain for small molecule drug research and development[32] - The company completed the acquisition of Tianjin Hankan, enhancing its research and development capabilities and reducing reliance on single products[45] - The company plans to expand its product line and reduce reliance on a single product, particularly the injection of nerve growth factor, which currently constitutes a significant portion of revenue[81] Cash Flow and Financial Management - The company has experienced a decline in cash flow from operating activities, which was ¥73,423,479.40 in 2018, down 11.62% from ¥83,076,511.58 in 2017[19] - Operating cash inflow decreased by 12.61% to ¥680,206,581.72, while operating cash outflow decreased by 12.73% to ¥606,783,102.32, resulting in a net cash flow of ¥73,423,479.40, down 11.62%[61] - Investment cash inflow plummeted by 91.15% to ¥69,064,976.56, primarily due to a reduction in the recovery of maturing financial products[61] - Financing cash inflow dropped by 99.25% to ¥6,000,000.00, mainly due to the previous year's fundraising activities[61] - Total cash and cash equivalents decreased by 535.85% to -¥390,512,218.72, indicating a significant cash outflow[61] - The proportion of monetary funds to total assets decreased by 22.30%, from 36.55% in 2017 to 14.25% in 2018[67] Shareholder Information - The proposed cash dividend is CNY 2.00 per 10 shares, totaling CNY 20,671,008.00, which represents 21.96% of the net profit attributable to ordinary shareholders[94] - The total number of shares for the dividend distribution is 103,355,040 shares[90] - The company has a clear profit distribution policy that complies with legal regulations and has a complete decision-making process[89] - The company has not issued any bonus shares or conducted capital reserve transfers during the reporting period[90] - The total number of shares before the change was 103,355,000, with a post-change total of 103,355,000, indicating no overall change in total shares[133] Governance and Compliance - The company has established a governance structure compliant with relevant laws, including a complete set of regulations such as the Articles of Association and rules for shareholder meetings[168] - The board of directors consists of 9 members, including 3 independent directors, and has established specialized committees for audit, compensation, strategy, and nomination[170] - The independent directors have not raised any objections regarding company matters during the reporting period, indicating a consensus on governance[185] - The audit committee has effectively implemented the internal audit system and facilitated communication between internal and external audits[187] - The company has not identified any significant internal control deficiencies during the reporting period, reflecting strong internal governance[191] Social Responsibility - The company actively engages in social responsibility initiatives, including poverty alleviation projects that provide employment opportunities and agricultural support to local farmers[177] - The company established a poverty alleviation industry company, investing 116.04 million CNY in poverty alleviation efforts, helping 33 registered impoverished individuals to escape poverty[125] - The company plans to continue enhancing poverty alleviation efforts by providing employment opportunities and training in the cultivation of Dendrobium[127] Employee Information - The total number of employees in the company is 659, with 294 in the parent company and 365 in major subsidiaries[163] - The company has 8 employees with a doctoral degree, 100 with a master's degree, and 315 with a bachelor's degree[163] - The total remuneration for directors and senior management during the reporting period amounts to 275.26 million yuan[162] - The highest remuneration is received by the chairman and general manager, Chen Ya, at 58.26 million yuan[161] - In 2018, nearly 90% of employees received a salary increase, with an additional 20% of outstanding employees receiving extra adjustments in both base salary and allowances[164] Internal Control and Audit - Wuhan Haitai Biopharmaceutical Co., Ltd. maintained effective internal control related to financial statements as of December 31, 2018[193] - The company reported zero significant defects in both financial and non-financial reports for the year 2018[194] - The audit opinion issued by Zhongzheng Zhonghuan Accounting Firm was a standard unqualified opinion, confirming the fair presentation of the financial statements[198] - The internal control audit report was disclosed on April 19, 2019, confirming no major defects in non-financial reporting[194]