Financial Performance - The group's operating revenue reached RMB 328,063 thousand, representing an 80% year-on-year increase, and a 147% increase when excluding one-time licensing income from the first half of 2022[2]. - Revenue for the six months ended June 30, 2023, was RMB 328,063,000, compared to RMB 182,019,000 for the same period in 2022, indicating an increase of about 80%[32]. - Sales revenue amounted to RMB 277,881 thousand, a significant increase of 167%, primarily driven by strong sales performance of the core product, Bevacizumab (Bai Xin Ting) biosimilar[56]. - The company's CDMO/CMO revenue for the first half of 2023 was RMB 46,546 thousand, an increase of RMB 23,889 thousand or 105% compared to RMB 22,657 thousand in the same period of 2022[110]. - The company's net loss for the first half of 2023 was RMB 15,163 thousand, a decrease of RMB 561 thousand or 4% from a net loss of RMB 15,724 thousand in the same period of 2022[134]. Cash Flow and Expenses - Operating cash flow showed a positive trend, with net cash flow from operating activities increasing by 116% to RMB 62,413 thousand[2]. - The financial cost for the first half of 2023 was RMB 2,261 thousand, a decrease of RMB 1,157 thousand from RMB 3,418 thousand in the same period of 2022[140]. - The company reported a significant increase in R&D expenses, totaling RMB 197,376 thousand, compared to RMB 70,268 thousand in the previous year[3]. - Research and development expenses for the first half of 2023 amounted to RMB 49,969 thousand, down from RMB 70,268 thousand in the same period of 2022[134]. Project Development and Collaborations - The group focused on ADC CDMO differentiated competition, with 45 ongoing projects, of which 28 are ADC projects, accounting for 62%[2]. - In the first half of the year, 20 new projects were added, including 15 ADC projects, which included 3 new pre-BLA ADC projects[2]. - The company has established partnerships for ADC projects with several biopharmaceutical companies, showcasing its capabilities in the ADC CDMO field[83]. - The company established multiple strategic collaborations, including with Shijian Biotech for ADC drug development and commercialization[164]. Market Outlook - The market size for Bevacizumab in China is projected to reach RMB 18.4 billion by 2030, with a compound annual growth rate of 8.3% from 2021 to 2030[62]. - The Chinese biopharmaceutical market is expected to grow from RMB 410 billion in 2021 to RMB 710.2 billion by 2025, with a compound annual growth rate of 14.7%[66]. - The ADC drug market is projected to grow from $7.9 billion in 2022 to $64.7 billion by 2030, with a compound annual growth rate (CAGR) of 30%[186]. - By 2030, the ADC CDMO market is projected to grow significantly to $11 billion, with a CAGR of 28.4% from 2022 to 2030[193]. Production Capacity and Infrastructure - The company has established a commercial production line for ADCs, with a total production capacity exceeding 20,000L, equipped with industry-leading facilities[95]. - The company has two ADC production lines with an annual capacity of 5.3 million vials, operating at a speed of 200 vials per minute[181]. - The ADC production workshop has three independent rooms with an annual production capacity of 150 batches and a designed output of 600 kg[149]. - The company has built a quality management system compliant with international standards, supporting the commercialization of two listed products[170]. Corporate Governance and Strategy - The company has adopted the principles and code of conduct outlined in the corporate governance code as a basis for its corporate governance practices[175]. - The company aims to become a leading and trusted partner in the biopharmaceutical industry, focusing on enhancing service quality and technical capabilities[132]. - The company is committed to long-term sustainable development by enhancing team communication and collaboration, aiming to become a trusted partner in the biopharmaceutical industry[106]. - The board has resolved not to declare an interim dividend for the six months ended June 30, 2023[195].
东曜药业(01875) - 2023 - 中期业绩