Financial Performance - Total revenue for the first half of 2023 was RMB 16.08 billion, an increase of 3.0% compared to RMB 15.61 billion in the same period of 2022[3]. - Shareholders' profit attributable to the company was RMB 2.97 billion, remaining stable compared to RMB 2.97 billion in the same period of 2022[3]. - Basic earnings per share for the first half of 2023 was RMB 24.95, up 0.2% from RMB 24.89 in the same period of 2022[3]. - The total comprehensive income for the first half of 2023 was RMB 3.076 billion, compared to RMB 3.080 billion in the same period of 2022[39]. - The net profit for the first half of 2023 was RMB 20 million, a decrease from RMB 50 million in the same period of 2022, primarily due to a fair value loss of RMB 91 million on financial assets[31]. - The gross profit margin for the first half of 2023 decreased by 2.7 percentage points to 69.9%, attributed to changes in revenue structure and a decline in the selling price of vitamin C products[29]. - The company reported a pre-tax profit of RMB 3,681,554,000 for the six months ended June 30, 2023, compared to RMB 3,719,460,000 for the same period in 2022[52]. Dividends - The company declared an interim dividend of HKD 0.14 per share, a 40.0% increase from HKD 0.10 per share in 2022[4]. - The company declared an interim dividend of HKD 0.14 per share for 2023, compared to HKD 0.10 per share in 2022, amounting to approximately RMB 1,077,797,000[57]. - The company declared an interim dividend of HKD 0.11 per share (approximately RMB 0.101) for the fiscal year, compared to HKD 0.10 per share (approximately RMB 0.086) in the previous year, resulting in a total dividend payment of RMB 1,203,729 thousand for the current period, up from RMB 1,019,165 thousand in the prior period[58]. Revenue Breakdown - Revenue from the pharmaceutical business reached RMB 12.93 billion, a year-on-year increase of 5.2%[7]. - The revenue breakdown includes RMB 12,933,714,000 from pharmaceuticals, RMB 1,043,289,000 from Vitamin C, RMB 1,068,199,000 from antibiotic raw materials, and RMB 1,289,081,000 from functional foods and others[49]. - The total sales from external customers for pharmaceuticals reached RMB 12,899,014,000, while sales from functional foods amounted to RMB 1,176,881,000[49]. Research and Development - R&D expenses for the first half of 2023 amounted to RMB 2.30 billion, a year-on-year increase of 22.3%, representing 17.8% of the pharmaceutical business revenue[21]. - The company has approximately 60 key drugs in clinical or application stages, with 8 submitted for market approval[21]. - The company is advancing the development of iterative mRNA vaccines targeting new variants of COVID-19[21]. - The company is developing a range of new products, including a multi-valent mRNA vaccine targeting COVID-19 variants and a long-acting GLP1-IgD/IgG4 Fc fusion protein[27]. - The antibody-drug conjugate CPO301 received clinical trial approval in the U.S. in April 2023 and fast track designation in June 2023[23]. Market and Product Development - The company is focusing on developing innovative products in areas such as oncology, cardiovascular, and infectious diseases, leveraging advanced technologies like mRNA and AI[6]. - The company has established a professional marketing team of over 10,000 people to enhance market penetration and develop county-level market potential[6]. - Duomeisu® is the leading brand of liposomal doxorubicin in China, supported by the National Key Laboratory for New Drug Formulation and Materials, and has seen steady growth through market expansion in cities and counties[11]. - Jinyouli® is China's first independently developed long-acting white blood cell booster, with rapid sales growth in six provinces following the implementation of the Guangdong alliance procurement results[12]. - Kelei® experienced a significant drop in sales revenue due to new procurement prices implemented in various provinces, prompting the company to promote its use in more tumor types to increase market share[12]. - Duenda® is the world's first marketed mitoxantrone nano-drug, launched in January 2022, and has received positive market feedback through academic promotion and evidence-based medicine[12]. - Anfuleke® was prioritized for approval as a clinically urgent product and has seen rapid sales growth after being included in the national medical insurance catalog[13]. - Mingfuluo® is a third-generation thrombolytic drug recommended in multiple clinical guidelines, with new indications for acute ischemic stroke submitted for approval, which will significantly expand its market[15]. - YiluoDa® is the first generic version of nintedanib in China, with continuous rapid sales growth since its launch in 2022[16]. - Qixin® is a first-line antiviral drug for influenza, with strong sales growth following its selection in the national centralized procurement[16]. - The company is actively promoting KebiTuo®, a dual-target inhibitor, to enhance its academic outreach and market presence[12]. - The sales of various anti-infection products, including Nuomoling® and Weihong®, have accelerated due to selection in national or provincial alliance procurements[13]. Financial Position - As of June 30, 2023, the current ratio was 2.7, unchanged from six months prior, indicating stable financial health[37]. - The bank deposits and cash as of June 30, 2023, amounted to RMB 11.205 billion, an increase from RMB 10.498 billion as of December 31, 2022[37]. - As of June 30, 2023, total assets amounted to RMB 34,647,565 thousand, an increase of 5.6% from RMB 32,811,774 thousand as of December 31, 2022[41]. - The company reported an increase in non-current assets to RMB 19,291,668 thousand as of June 30, 2023, compared to RMB 17,812,614 thousand at the end of 2022, reflecting a growth of 8.2%[40]. - Trade receivables rose significantly to RMB 5,415,329 thousand, a 37.5% increase from RMB 3,937,967 thousand as of December 31, 2022[40]. - The company's cash and cash equivalents stood at RMB 10,465,265 thousand, slightly up from RMB 10,298,007 thousand at the end of 2022, indicating a 1.6% increase[40]. - Current liabilities increased to RMB 9,025,669 thousand, compared to RMB 8,958,000 thousand at the end of 2022, marking a rise of 0.7%[41]. - The net asset value of the company reached RMB 33,511,887 thousand, up from RMB 31,641,875 thousand, representing a growth of 5.9%[41]. - The company’s total equity increased to RMB 33,511,887 thousand, compared to RMB 31,641,875 thousand, indicating a growth of 5.9%[41]. Operational Efficiency - Sales and distribution expenses for the first half of 2023 were RMB 4.902 billion, a reduction of 9.4% compared to RMB 5.410 billion in the first half of 2022[32]. - Research and development expenses increased by 22.3% to RMB 2.304 billion in the first half of 2023, up from RMB 1.884 billion in the same period of 2022, due to increased spending on ongoing and newly initiated clinical studies[32]. - The company incurred total depreciation and amortization expenses of RMB 531,900,000 for the six months ended June 30, 2023, compared to RMB 481,634,000 for the same period in 2022[52]. - The company has restructured its operational segments to enhance synergies, with certain raw materials now reported under functional foods[48]. Corporate Governance and Shareholder Engagement - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange during the reporting period[68]. - The company repurchased a total of 30,000,000 shares during the six months ended June 30, 2023, at a total cost of RMB 200,358 thousand, aimed at enhancing earnings per share and maximizing shareholder returns[70]. - The company plans to suspend share registration from September 11 to September 12, 2023, to ensure entitlement to the interim dividend[69].
石药集团(01093) - 2023 - 中期业绩