Financial Performance - For the year ended December 31, 2022, the company's revenue was RMB 1,253.8 million, a decrease of 3.4% compared to RMB 1,298.2 million for the previous year[2]. - The company's net loss for the year ended December 31, 2022, was RMB 352.7 million, an increase of 84.1% from a net loss of RMB 191.6 million in the previous year[2]. - The adjusted net profit (non-IFRS) for the year ended December 31, 2022, was RMB 157.3 million, down 8.2% from RMB 171.3 million in the previous year[2]. - The gross profit for the year ended December 31, 2022, increased to RMB 625.3 million, a rise of 2.6% compared to RMB 609.5 million in the previous year[4]. - The company's revenue decreased by 3.4% from RMB 1,298.2 million in the year ended December 31, 2021, to RMB 1,253.8 million in the year ended December 31, 2022, primarily due to a reduction in sales of ophthalmic medical equipment[21]. - The sales revenue from agency products was RMB 744.8 million, down from RMB 811.0 million in 2021, while self-owned products generated RMB 308.3 million, slightly down from RMB 316.1 million in the previous year[22]. - The company's gross profit increased by 2.6% from RMB 609.5 million in 2021 to RMB 625.3 million in 2022, with the gross margin rising from 46.9% to 49.9%[24]. - The company's net loss for the year ended December 31, 2022, was RMB 3.527 billion, compared to a net loss of RMB 1.916 billion for the year ended December 31, 2021[36]. - Adjusted net profit (non-IFRS measure) decreased by 8.2% from RMB 1.713 billion for the year ended December 31, 2021, to RMB 1.573 billion for the year ended December 31, 2022, primarily due to the impact of COVID-19 control policies on revenue and increased R&D expenses[37]. Revenue Segmentation - The revenue contribution from self-owned products accounted for 29.3% of total sales, up from 28.0% in the previous year[8]. - The revenue from self-owned products and technical services reached historical highs of RMB 308.3 million and RMB 190.1 million, respectively[4]. - The self-owned product segment generated revenue of RMB 389,054 thousand, with a gross profit of RMB 186,599 thousand[79]. - The distribution segment achieved revenue of RMB 744,814 thousand, resulting in a gross profit of RMB 347,420 thousand[79]. - The technical services segment reported revenue of RMB 190,084 thousand, with a gross profit of RMB 91,231 thousand[79]. - Revenue from ophthalmic medical devices was RMB 641,305 thousand, down from RMB 718,718 thousand in 2021, representing a decline of 10.8%[83]. - Revenue from ophthalmic medical consumables increased slightly to RMB 411,814 thousand from RMB 408,368 thousand, showing a growth of 1.1%[83]. Research and Development - The company has made significant investments in R&D for artificial crystals, OK lenses, ophthalmic surgical consumables, and related equipment, with major breakthroughs in crystal injection molding technology[9]. - The company operates four R&D centers in China and two in Europe (Netherlands and Germany) to expand its self-owned product portfolio[8]. - As of December 31, 2022, the company employed 38 R&D personnel, with an average industry experience of over ten years, enhancing its product development capabilities[10]. - R&D costs increased by 74.8% from RMB 235 million for the year ended December 31, 2021, to RMB 411 million for the year ended December 31, 2022, reflecting the company's commitment to expanding its R&D team and upgrading its R&D center[31]. - The company aims for self-owned product revenue to exceed 50% of total revenue, focusing on increasing R&D investment and enhancing the contribution of self-owned products[20]. Market Expansion and Partnerships - The company has established partnerships with 20 overseas brands, with 16 having exclusive distribution agreements, including Heidelberg, Schwind, and Optos[4]. - The company has established exclusive distribution agreements with 20 overseas brand partners, with products sold in 51 countries and regions[12]. - In March 2023, the company became the exclusive partner for sales and technical services of Haag-Streit Group's diagnostic equipment in mainland China[15]. - The company plans to continue expanding its market presence through strategic acquisitions and partnerships in the medical technology sector[116]. - The company is exploring market expansion opportunities through potential mergers and acquisitions in the medical technology sector[121]. Financial Position and Governance - The company has maintained a stable financial position despite challenges from COVID-19, with sufficient cash flow and resources to support operational needs and expansion plans[19]. - The company did not recommend the distribution of a final dividend for the year ended December 31, 2022[2]. - The company has established an audit committee consisting of two independent non-executive directors and one non-executive director to oversee financial reporting[60]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the corporate governance code[59]. - The company aims to maintain a strong financial position while pursuing growth opportunities in the medical device industry[116]. Employee and Operational Metrics - The total employee cost for the year ending December 31, 2022, was RMB 288.4 million, with a total of 790 employees[57]. - The company has a diversified customer base, which mitigates the concentration risk associated with trade receivables[106]. - The company is committed to strict credit control measures to minimize credit risk associated with trade receivables[106]. Taxation and Compliance - Income tax expenses increased by 44.8% from RMB 536 million for the year ended December 31, 2021, to RMB 776 million for the year ended December 31, 2022, due to an increase in taxable profits[35]. - The total tax expense for the year ended December 31, 2022, was RMB 77,618,000, compared to RMB 53,607,000 for 2021, representing an increase of approximately 44.7%[97]. - The company's subsidiary in mainland China, Wenzhou Gaoshi Leimeng Optoelectronic Technology Co., Ltd., benefited from a reduced corporate income tax rate of 15% for the years ended December 31, 2021, and 2022 due to its status as a "High-tech Enterprise"[95]. Cash Flow and Liquidity - Cash and cash equivalents increased by 18.5% to RMB 721.5 million as of December 31, 2022, from RMB 609.0 million as of December 31, 2021, due to increased operating cash flow and funds raised from the IPO[45]. - The company had interest-bearing bank and other borrowings of RMB 701.6 million as of December 31, 2022, including short-term borrowings of RMB 131.9 million and long-term borrowings of RMB 569.7 million[45]. - The debt-to-asset ratio was 50.9% as of December 31, 2022, compared to a negative 151.8% as of December 31, 2021, due to the recognition of net liabilities under IFRS[48]. Strategic Focus and Future Outlook - The management provided guidance for future performance, emphasizing a commitment to innovation and market expansion strategies[116]. - The company is focused on developing new products and technologies to enhance its competitive edge in the healthcare market[116]. - The company aims to enhance its research and development efforts to drive innovation in medical devices and treatments[121].
高视医疗(02407) - 2022 - 年度业绩