Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 46,506 thousand, representing a 21.7% increase from RMB 38,218 thousand in the same period of 2022[2] - Gross profit for the same period was RMB 38,620 thousand, reflecting a significant increase of 58.5% compared to RMB 24,367 thousand in 2022[2] - The company reported a pre-tax loss of RMB (16,559) thousand, an improvement of 81.2% from a loss of RMB (87,998) thousand in the previous year[2] - The net loss attributable to equity holders was RMB (16,559) thousand, with a net loss margin of (35.6%), compared to (230.3%) in the prior year[2] - For the six months ended June 30, 2023, the total loss was RMB 16.6 million, a significant improvement compared to a loss of RMB 88.0 million for the same period in 2022[98] - The company reported a loss attributable to equity holders of the parent of RMB (16,559) thousand for the six months ended June 30, 2023, an improvement from a loss of RMB (87,998) thousand in the same period of 2022[189] Research and Development - ASC22, an immunotherapy for chronic hepatitis B, is in a Phase IIb clinical trial with results expected in Q3 2023[6] - The company has received five IND approvals from the US FDA and China's National Medical Products Administration, demonstrating strong R&D efficiency[4] - ASC40, a selective FASN inhibitor, showed an objective response rate of 56% in a Phase II study for rGBM patients[22] - The company has decided to terminate the development of ASC09, an HIV protease inhibitor, due to loss of competitive advantage[25] - The company initiated a Phase II clinical trial for ASC41 in NASH patients, enrolling approximately 180 patients with a treatment period of 52 weeks[42] - The company announced positive interim data from a Phase IIb clinical trial of ASC40 for treating moderate to severe NASH patients, showing statistically significant improvements in multiple key disease markers after 26 weeks of treatment[41] - The company plans to start a Phase III clinical trial for ASC40 in acne treatment in the second half of 2023, following positive Phase II results[47] - The company has established 12 key clinical stage assets focused on viral diseases, non-alcoholic fatty liver disease/PBC, and oncology[52] Cash Flow and Liquidity - The company reported a net cash outflow from operating activities of approximately RMB 68.0 million for the six months ended June 30, 2023, mainly due to an operating loss of approximately RMB 65.3 million before changes in working capital[63] - The company reported a net cash inflow from investing activities of approximately RMB 141.7 million for the six months ended June 30, 2023, primarily due to the redemption of fixed deposits[64] - The cash flow from operating activities showed a net outflow of RMB 67,959 thousand for the six months ended June 30, 2023, an improvement from a net outflow of RMB 99,707 thousand for the same period in 2022[148] - Cash flow from investing activities resulted in a net inflow of RMB 141,685 thousand for the six months ended June 30, 2023, compared to a net outflow of RMB 571,882 thousand in the previous year[149] - The company had cash and cash equivalents of RMB 469,694,000 as of June 30, 2023, up from RMB 403,768,000 at the end of 2022[124] - The company's current ratio increased from 23.5 as of December 31, 2022, to 30.8 as of June 30, 2023, while the quick ratio rose from 23.3 to 30.5, mainly due to a reduction in current liabilities[89] Expenses and Cost Management - The company's sales and distribution expenses decreased by 92.9% from approximately RMB 10.5 million for the six months ended June 30, 2022, to approximately RMB 0.7 million for the six months ended June 30, 2023, due to the termination of promotional services for a product in mainland China[33] - The company's cost of sales decreased by 43.1% from approximately RMB 13.9 million for the six months ended June 30, 2022, to approximately RMB 7.9 million for the six months ended June 30, 2023, primarily due to the cessation of promotional services[52] - Research and development costs decreased to RMB 92,258,000 from RMB 118,814,000, indicating a reduction of approximately 22.3%[120] - The total employee cost for the six months ended June 30, 2023, was approximately RMB 55.3 million, compared to RMB 48.8 million for the same period in 2022, reflecting an increase of 13.0%[94] - The company’s other expenses decreased by 75.0% from approximately RMB 2.0 million for the six months ended June 30, 2022, to approximately RMB 0.5 million for the same period in 2023, primarily due to reduced donations[153] Assets and Liabilities - The company's total non-current assets decreased to RMB 93,803,000 from RMB 112,316,000, a decline of about 16.5%[124] - The asset-liability ratio as of June 30, 2023, was 3.4%, down from 4.4% as of December 31, 2022, indicating a stronger financial position[115] - Non-current liabilities decreased to RMB 7,520 thousand as of June 30, 2023, down from RMB 8,967 thousand as of December 31, 2022, indicating a reduction of 16.1%[144] - Trade payables increased significantly to RMB 6,953 thousand as of June 30, 2023, compared to RMB 3,135 thousand as of December 31, 2022, reflecting a growth of 122.5%[141] - Trade receivables decreased significantly from approximately RMB 238.78 million as of December 31, 2022, to approximately RMB 56.35 million as of June 30, 2023[158] Corporate Governance and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the interim results and found them compliant with applicable accounting standards and regulations[197] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[192] - The company did not incur any income tax expenses for the periods ended June 30, 2023, and June 30, 2022, due to the absence of taxable income[186] Shareholder Activities - The company repurchased shares amounting to RMB 10,043 thousand during the six months ended June 30, 2023[149] - The company repurchased 5,705,000 shares in June 2023 at a total cost of HKD 10,913,340, with a highest price of HKD 2.03 and a lowest price of HKD 1.77[195] - The company also repurchased 8,690,000 shares in July 2023 at a total cost of HKD 18,261,340, with a highest price of HKD 2.28 and a lowest price of HKD 1.89[195] - No dividends were recommended for the six months ended June 30, 2023, consistent with the same period in 2022[187]
歌礼制药-B(01672) - 2023 - 中期业绩