SNIBE(SZ:300832)2022-04-21 16:00Financial Performance - The company's operating revenue for 2021 was ¥2,545,415,315.72, representing a 15.97% increase compared to ¥2,194,966,537.25 in 2020[12]. - The net profit attributable to shareholders for 2021 was ¥882,878,837.06, a 3.06% increase from ¥856,678,105.30 in 2020[12]. - The net cash flow from operating activities decreased by 20.83% to ¥773,218,330.43 in 2021 from ¥976,654,657.41 in 2020[12]. - The total assets at the end of 2021 were ¥6,135,507,556.27, a 15.64% increase from ¥5,305,693,720.85 at the end of 2020[12]. - The net assets attributable to shareholders increased by 16.81% to ¥5,611,998,691.33 at the end of 2021 from ¥4,804,207,896.33 at the end of 2020[12]. - The company reported a basic earnings per share of ¥1.2420 for 2021, a slight decrease of 0.77% from ¥1.2517 in 2020[12]. - The company's total revenue for the reporting period reached CNY 254,541.53 million, representing a year-on-year increase of 15.97%, and a growth of 32.22% after excluding COVID-19 related revenue[30]. - Domestic reagent sales amounted to CNY 143,328.52 million, reflecting a year-on-year growth of 26.36%, while overseas sales decreased by 18.05% to CNY 46,781.28 million[30]. - The total profit for the period was CNY 113,552.92 million, an increase of 3.53% compared to the previous year, with net profit attributable to shareholders rising by 3.68% to CNY 97,369.65 million[30]. Market and Industry Insights - The global in vitro diagnostic market was valued at $60.2 billion in 2019 and is projected to reach $84 billion by 2024, growing at a CAGR of 6.9%[17]. - The Chinese in vitro diagnostic market was approximately ¥864 billion in 2019, with a projected growth rate of 19.3% over the next five years for the immunodiagnostic segment[18]. - Domestic brands are gradually replacing imported brands in the in vitro diagnostic market, particularly in biochemical diagnostics[20]. - The domestic market for in vitro diagnostic products is rapidly growing, driven by changing healthcare consumption concepts and increasing demand due to aging and urbanization[85]. Product Development and Innovation - The company has established four major technology platforms for in vitro diagnostic product development, including nano-magnetic microspheres and fully automated diagnostic instruments[22]. - The company is focusing on high-throughput and high-sensitivity diagnostic products to meet the polarized demand in hospitals[20]. - The company is actively developing new reagent products, including those for infectious diseases and metabolic disorders, with several projects in advanced stages of development[34]. - The company has developed over 70% of key raw materials for its diagnostic reagents in-house, alleviating issues related to external procurement and high raw material costs[36]. - The company has a total of 246 patents, including 90 invention patents, which supports its innovation capabilities[45]. Sales and Distribution - The company has established a stable sales and after-sales service system both domestically and internationally, with over 10,800 units of chemiluminescence analyzers sold globally[22]. - The company sold a total of 2,884 fully automated chemiluminescence analyzers overseas in 2021, representing a year-on-year growth of 54.39%[29]. - The revenue from reagent products was approximately CNY 1.90 billion, making up 74.69% of total revenue, with a year-on-year growth of 11.50%[48]. - The revenue from instrument products was approximately CNY 638 million, accounting for 25.07% of total revenue, with a significant year-on-year increase of 31.64%[48]. Corporate Governance and Shareholder Relations - The company established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team since its establishment in August 2012[97]. - The board of directors has set up four specialized committees: Strategic Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee to ensure standardized operations and sustainable development[97]. - The company has a total of 12 independent directors and supervisors, ensuring a diverse governance structure[108]. - The company has ensured that minority shareholders have had sufficient opportunities to express their opinions and that their legal rights have been protected[134]. - The company has committed to strictly adhere to all public commitments made during its initial public offering and listing on the Growth Enterprise Market, actively accepting social supervision[160]. Risk Management - The company emphasizes the importance of rational investment and risk awareness in its forward-looking statements regarding future development plans[2]. - The company has detailed potential risk factors and countermeasures in its management discussion and analysis section[2]. - The company faces risks from policy changes, particularly regarding centralized procurement reforms, which could impact pricing and sales volumes[88]. - The COVID-19 pandemic has led to a surge in demand for testing products, but it has also suppressed growth in routine testing, creating uncertainty in future demand[94]. Research and Development - Research and development expenses increased by 42.81% year-on-year, amounting to ¥215,045,139.82 in 2021[57]. - The number of R&D personnel increased by 33.72% year-on-year, reaching 456 in 2021[59]. - The company is focused on developing new technologies and products to drive future growth and innovation[95]. Environmental and Social Responsibility - The company has effectively managed its environmental impact, with no administrative penalties for environmental violations during the reporting period[148]. - The company has implemented energy-saving measures, resulting in a 3.2% reduction in central air conditioning electricity consumption compared to 2020, saving 534,279 kWh[150]. - The company has actively responded to the national "3060" dual carbon goals by optimizing building space design and replacing lighting with energy-efficient fixtures[149]. Future Outlook - The company expects a revenue growth of 10% to 12% for the upcoming fiscal year, projecting revenues between 1.32 billion RMB and 1.344 billion RMB[117]. - New product launches are anticipated to contribute an additional 5% to revenue growth in 2022[117]. - The company plans to enhance its marketing efforts for biochemical instruments and reagents as it progresses with the registration of its fully automated biochemical analyzer, Biossays C8[94]. - The company intends to utilize capital market opportunities for mergers and acquisitions to achieve low-cost expansion and transformative growth[161].