Financial Performance - The company's operating revenue for 2021 was ¥529,615,447.55, representing an increase of 8.05% compared to ¥490,164,744.19 in 2020[18]. - The net profit attributable to shareholders for 2021 was ¥68,507,883.04, a decrease of 25.53% from ¥91,988,592.72 in 2020[18]. - The net cash flow from operating activities was ¥48,149,282.18, down 24.34% from ¥63,639,874.30 in the previous year[18]. - Basic earnings per share for 2021 were ¥1.05, a decline of 31.37% compared to ¥1.53 in 2020[18]. - Total assets at the end of 2021 reached ¥851,423,622.82, an increase of 129.49% from ¥371,006,145.17 at the end of 2020[18]. - The net assets attributable to shareholders increased by 227.16% to ¥792,918,557.15 from ¥242,361,001.66 in 2020[18]. - The company reported a weighted average return on equity of 17.25%, down from 46.85% in the previous year[18]. - The fourth quarter revenue was ¥133,193,317.74, with a net profit of ¥19,163,573.63 attributable to shareholders[20]. - The company's non-recurring gains totaled CNY 10,287,621.32 in 2021, a decrease of 69.7% from CNY 33,854,842.62 in 2020[24]. - The government subsidies recognized in the current period amounted to CNY 10,971,571.88, down from CNY 34,384,862.30 in 2020[23]. Market and Product Overview - The domestic healthcare expenditure has grown from approximately CNY 2 trillion in 2010 to CNY 7.23 trillion in 2020, with a compound annual growth rate (CAGR) of 13.71%[27]. - The market size for blood plasma substitutes in China was approximately CNY 55.368 billion in 2020, with a CAGR of about 5.99% from 2013 to 2020[28]. - The market for therapeutic crystalloid products in China grew from CNY 0.672 billion in 2013 to CNY 2.363 billion in 2020, achieving a CAGR of 19.68%[29]. - The company's main product, sodium acetate Ringer's injection, holds a market share of nearly 90% in the first half of 2021[32]. - The core product, Sodium Acetate Ringer's Injection, generated sales revenue of ¥465,358,327.89, accounting for 87.87% of total revenue during the reporting period[34][37][43]. - The company achieved sales revenue of ¥64,257,119.66 from Cefotaxime Sodium Injection, representing 12.13% of total revenue[34][37]. Research and Development - The company has obtained 48 patents, including 10 invention patents, 36 utility model patents, and 2 design patents, with 8 invention patents currently under application[34][42]. - The company has 64 R&D personnel, accounting for 21.40% of total employees, indicating a strong focus on research and development[44]. - The company emphasizes innovation in R&D, focusing on plasma substitutes and emergency medications, with over 20 products in the research pipeline[43][42]. - The company is advancing multiple R&D projects, including sodium bicarbonate injection and venlafaxine sustained-release capsules, aimed at expanding its product line and market presence[62]. Financial Management and Governance - The company has established a sound financial and accounting management system, with independent accounting professionals managing financial records and making financial decisions[97]. - The company has not faced any disciplinary actions from the China Securities Regulatory Commission or the Shenzhen Stock Exchange regarding internal control issues in 2021[95]. - The company has a complete procurement, production, and sales system, with independent operational sites and decision-making capabilities[96]. - The company has held multiple shareholder meetings in 2021, with attendance rates of 100% and 73.73% for different meetings[99]. - The company has established a remuneration decision-making process based on national laws and regulations, as well as company performance[109]. Employee and Social Responsibility - The company aims to enhance employee training and development, focusing on vocational skills and high-level talent cultivation in 2022[123]. - The company actively engages in corporate social responsibility, including donations to local schools in Changdu, Tibet, to support underprivileged students[146]. - The company has a strong focus on sustainable development, balancing economic and social benefits[146]. Future Outlook - The company provided a positive outlook for 2022, projecting a revenue growth of 20% to 1.8 billion RMB, driven by new product launches and market expansion strategies[153]. - The company is planning to expand its market presence in Southeast Asia, targeting a 10% market penetration by the end of 2023[155]. - The company aims to invest 200 million RMB in technology upgrades over the next two years to improve production capabilities and reduce costs[152]. Risk Management - The company faces potential risks from the removal of sodium acetate Ringer's injection from local medical insurance directories, which could impact sales growth[30]. - The company is facing risks from the national volume-based procurement policy, with its core product not yet included in the national procurement list, which could adversely affect sales in key regions[87]. - The company has established a comprehensive internal control system to effectively mitigate operational risks[135].
多瑞医药(301075) - 2021 Q4 - 年度财报