Financial Performance - Revenue for the year ended December 31, 2023, was RMB 473.8 million, representing a year-on-year increase of 19.8% from RMB 395.5 million in 2022[2] - Gross profit for the same period was RMB 377.4 million, up 12.2% from RMB 336.4 million in the previous year[2] - Adjusted net profit for the year was RMB 42.4 million, an increase of 22.1% compared to RMB 34.8 million in 2022[2] - Operating profit decreased significantly to RMB 25,009 thousand from RMB 72,075 thousand, a decline of 65.3%[6] - Net profit for the year was RMB 14,487 thousand, down 79.3% from RMB 70,142 thousand in 2022[7] - Basic and diluted earnings per share were both RMB 0.05, compared to RMB 0.23 in the previous year, reflecting a decrease of 78.3%[6] - Total comprehensive income for the year was RMB 15,179 thousand, a decrease of 78.4% from RMB 70,204 thousand in 2022[8] - Revenue from new products, including the second-generation peripheral suction system and radiofrequency ablation systems, contributed approximately RMB 150.3 million, accounting for about 31.7% of total revenue[4] - Core product revenue reached RMB 323,536 thousand in 2023, up from RMB 307,283 thousand in 2022, representing a growth of 5.1%[16] - Revenue from vascular intervention, access products, and others increased significantly to RMB 150,312 thousand in 2023 from RMB 88,262 thousand in 2022, marking a growth of 70.5%[16] Product Development and Approvals - The company registered 19 new patents and submitted 26 new patent applications during 2023[3] - A total of four new products received approval from the National Medical Products Administration in 2023, including upgrades to existing products[4] - The company received FDA IDE approval for BTK DCB clinical research, marking a significant advancement in its product pipeline[48] - AcoArt Daisy® clinical trial showed a target vessel restenosis rate of 6.85%, significantly lower than the stent group, indicating strong clinical efficacy[48] - AcoArt Orchid® & Dhalia® received the latest registration certificate for the expanded indication for treating AVF stenosis from the National Medical Products Administration in July 2022[56] - The company has received regulatory approval for the AV scoring balloon (Peridge®) on January 30, 2024[54] - The second-generation peripheral suction system (AcoStream® II) received approval from the National Medical Products Administration in April 2023[6] - The PTA balloon (P-Conic®) was approved by the National Medical Products Administration in December 2022, with no significant adverse changes reported since then[6] - The coronary CTO recanalization balloon (RT-Zero®) received approval in March 2023, with no significant adverse changes reported since then[66] - The company has submitted product registration for the peripheral scoring balloon in 2023, expecting approval in 2024[6] Market Expansion and Collaborations - The company expanded its international business, achieving market approvals in Japan and Thailand, bringing its product commercialization to a total of 15 countries[5] - The company signed a comprehensive cooperation agreement with Boston Scientific Group plc, enhancing collaboration in product commercialization and development over the next three years[5] - The company has established distribution agreements for its peripheral DCB products in the European market and various coronary products in the Chinese market, enabling BSC to begin sales in the domestic market[78] - A framework agreement was signed with BSG on July 20, 2023, to facilitate global market sales of the company's products, promoting revenue diversification[79] - The company plans to continue expanding its product pipeline and market presence through internal development, mergers, and acquisitions, supported by various financing channels including internal funds and bank loans[102] Research and Development - The total number of employees reached 638, with the R&D team growing to 127 members, enhancing the company's talent pool[5] - R&D expenses amounted to RMB 190,070 thousand in 2023, slightly increasing from RMB 183,796 thousand in 2022, a growth of 3.5%[24] - The company is focused on the research and development of vascular disease treatment solutions, indicating ongoing investment in innovation and market expansion[12] - The company aims to enhance its R&D capabilities by increasing investment in technological innovation to strengthen its competitive position in the DCB market[79] - The company is committed to enhancing its product offerings in response to market needs[54] Financial Position and Assets - Current assets totaled RMB 1,094,879 thousand, while total assets less current liabilities amounted to RMB 1,494,812 thousand, an increase from RMB 1,311,870 thousand in 2022[10] - Non-current liabilities increased to RMB 198,284 thousand from RMB 35,781 thousand, primarily due to lease liabilities[11] - The company's equity attributable to shareholders rose slightly to RMB 1,296,528 thousand from RMB 1,276,089 thousand in 2022[11] - The group had cash and cash equivalents of approximately RMB 879.2 million as of December 31, 2023, a decrease of about 10.9% from RMB 986.5 million as of December 31, 2022, primarily due to increased operating and capital expenditures[96] - The total borrowings amounted to RMB 10.0 million as of December 31, 2023, compared to zero as of December 31, 2022[97] - The debt-to-equity ratio increased from approximately 10.5% as of December 31, 2022, to approximately 24.3% as of December 31, 2023, mainly due to an increase in lease liabilities[97] Corporate Governance and Future Plans - The board of directors did not recommend a final dividend for the year ended December 31, 2023[43] - The company plans to retain all future profits for business operations and expansion, with no current dividend policy in place[110] - The audit committee has reviewed the audited consolidated financial statements for the year and confirmed they were prepared in accordance with applicable accounting standards and regulations[112] - The annual performance announcement and the 2023 annual report will be published on the Stock Exchange and the company's website[113] - The company will continue to participate in international vascular intervention conferences and academic activities to promote its products and brand globally[107]
先瑞达医疗-B(06669) - 2023 - 年度业绩