Financial Performance - For the year ended December 31, 2023, the company reported revenue of RMB 527.8 million, a 57.6% increase from RMB 334.1 million in 2022[2]. - The gross profit margin decreased to 72.9% in 2023 from 75.6% in 2022, while the adjusted net profit for the year was RMB 7.0 million, a significant improvement from a loss of RMB 25.9 million in 2022[2][3]. - The company reported a revenue of RMB 527.754 million for the year ended December 31, 2023, an increase from RMB 334.090 million in 2022, representing a growth of approximately 58%[8]. - Gross profit for the year was RMB 384.988 million, compared to RMB 252.669 million in the previous year, indicating a significant increase of around 52%[8]. - The company recorded a significant operating loss of RMB 156.523 million for the year, an improvement from a loss of RMB 208.398 million in 2022[8]. - The company reported a net loss attributable to equity holders of RMB 78,734,000 for the year ended December 31, 2023, compared to a net loss of RMB 113,555,000 in 2022, reflecting a reduction in losses of approximately 31%[29]. - The basic and diluted loss per share for the year ended December 31, 2023, was RMB 0.24, compared to RMB 0.34 in 2022, showing an improvement in per-share performance[29]. - The company reported a cumulative loss of RMB 481,907 thousand in 2023, compared to RMB 403,173 thousand in 2022, indicating an increase in losses of approximately 19.5%[9]. Revenue Growth - Sales revenue from neurovascular intervention products increased by 63.6% in 2023, driven by the recognition of product quality and clinical performance[3]. - Sales revenue from peripheral vascular intervention products rose by 43.7% in 2023, attributed to expanded market access and enhanced distribution networks[3]. - Revenue from product sales for the year ended December 31, 2023, was RMB 527,754 thousand, up from RMB 334,090 thousand in 2022, indicating a growth of approximately 58%[18]. - Revenue from China for the year ended December 31, 2023, was RMB 513,482,000, up from RMB 326,294,000 in 2022, indicating a growth of about 57%[22]. - Revenue from regions outside of China reached RMB 14.3 million in 2023, representing an 83.1% increase compared to 2022[43]. Cost and Expenses Management - The percentage of sales and distribution expenses to total revenue decreased from 41.9% in 2022 to 31.0% in 2023, reflecting improved sales and marketing efficiency[4]. - Research and development expenses as a percentage of total revenue decreased from 69.9% in 2022 to 49.5% in 2023, with R&D spending increasing from RMB 233.5 million to RMB 261.0 million[4]. - Administrative expenses as a percentage of total revenue fell from 32.7% in 2022 to 21.6% in 2023, indicating enhanced operational efficiency[4]. - The company's cost of sales for the year ending December 31, 2023, was RMB 142.8 million, a 75.3% increase from RMB 81.4 million in the previous year, primarily due to increased raw material costs and employee benefits[70]. Product Development and Innovation - The company plans to launch innovative products, including the ZYLOX Penguin stent system, to strengthen its market position in the peripheral vascular intervention segment[4]. - The company launched five new products in the peripheral venous disease treatment sector over the past 24 months, enhancing its competitive advantage in the market[6]. - The company is actively upgrading existing products to meet diverse clinical needs, launching second-generation products for several existing offerings[5]. - The company has successfully launched innovative products to meet unmet clinical needs, including the CRD and ZYLOX Penguin systems[91]. - The company has a comprehensive product portfolio in peripheral vascular intervention, covering stents, balloons, catheters, and filters[56]. Market Expansion - The company expanded its international footprint to 19 countries, with revenue from outside China reaching RMB 14.3 million, a growth of 83.1% compared to 2022[7]. - The company plans to continue expanding its product offerings in the neurovascular and peripheral vascular intervention medical device market, focusing on innovation and market penetration strategies[12]. - The company is actively assessing opportunities to enter other potential markets and plans to allocate more resources to strengthen its international business[43]. - The company has entered into a series of licensing and investment agreements with Avinger Inc., committing to invest a total of $15.0 million in two phases, contingent upon achieving certain milestones[99]. Financial Position - Total assets as of December 31, 2023, amounted to RMB 3,375,701 thousand, an increase from RMB 3,253,696 thousand in 2022, reflecting a growth of approximately 3.7%[9]. - Non-current assets increased significantly to RMB 1,658,520 thousand in 2023 from RMB 1,191,097 thousand in 2022, representing an increase of about 39.2%[9]. - The company's total equity decreased slightly to RMB 3,047,385 thousand in 2023 from RMB 3,094,153 thousand in 2022, a decline of about 1.5%[9]. - Current liabilities rose to RMB 317,783 thousand in 2023, compared to RMB 152,084 thousand in 2022, marking an increase of approximately 109%[11]. - The total liabilities increased to RMB 233,886,000 in 2023 from RMB 126,652,000 in 2022, representing an increase of approximately 84%[33]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the annual financial performance for the year ended December 31, 2023, and found it compliant with relevant accounting standards[100]. - The auditor, PwC, confirmed that the figures in the preliminary announcement align with the audited consolidated financial statements for the year ended December 31, 2023[101]. - The board of directors has decided not to recommend a final dividend for the year ended December 31, 2023, compared to no dividend in 2022[102].
归创通桥(02190) - 2023 - 年度业绩