Financial Performance - For the year ended December 31, 2022, the company's revenue was approximately RMB 516.0 million, an increase of about RMB 357.3 million or 225.1% compared to RMB 158.7 million for the year ended December 31, 2021[2]. - Gross profit for the year ended December 31, 2022, was approximately RMB 354.2 million, representing a year-on-year increase of about RMB 247.7 million or 232.6%[3]. - The company reported a pre-tax loss of RMB 331.7 million for the year ended December 31, 2022, compared to a loss of RMB 225.4 million for the year ended December 31, 2021[4]. - The company reported a net loss of RMB 331.7 million for the year ended December 31, 2022, compared to a loss of RMB 225.4 million in 2021[79]. - The effective tax rate for the company was reduced to 15% in 2022 from 25% in 2021 due to its recognition as a high-tech enterprise[28]. Expenses - The cost of sales increased from RMB 52.2 million for the year ended December 31, 2021, to approximately RMB 161.7 million for the year ended December 31, 2022, accounting for about 31.3% of total revenue in 2022 (2021: 32.9%) due to increased production volume[2]. - Research and development expenses for the year ended December 31, 2022, amounted to approximately RMB 400.3 million, an increase of about RMB 168.7 million compared to RMB 231.6 million for the year ended December 31, 2021, primarily due to increased investment in R&D projects[4]. - Selling and distribution expenses rose to RMB 214.1 million for the year ended December 31, 2022, an increase of RMB 54.0 million or 296.5% compared to RMB 160.1 million for the year ended December 31, 2021[3]. - Administrative expenses increased significantly from RMB 42.2 million in 2021 to RMB 82.3 million in 2022, primarily due to global sales listing expenses rising from RMB 2.4 million to RMB 43.1 million[74]. - Financing costs rose to RMB 13.4 million in 2022, up from RMB 11.6 million in 2021, representing a 15.5% increase due to higher bank loan levels[78]. Assets and Liabilities - Total non-current assets as of December 31, 2022, were approximately RMB 1,355.9 million, an increase from RMB 1,166.8 million as of December 31, 2021[6]. - Current assets decreased to RMB 846.7 million as of December 31, 2022, from RMB 939.9 million as of December 31, 2021[6]. - The company's total liabilities increased to RMB 471.7 million as of December 31, 2022, compared to RMB 260.5 million as of December 31, 2021[6]. - Net assets decreased to RMB 1,418.4 million as of December 31, 2022, from RMB 1,551.7 million as of December 31, 2021[7]. - Total equity as of December 31, 2022, was CNY 1,418,377, a decrease from CNY 1,551,687 in the previous year, representing a decline of approximately 8.6%[8]. Revenue Sources - Total revenue from customer contracts for 2022 was RMB 515,960,000, a significant increase from RMB 158,704,000 in 2021, representing a growth of approximately 225%[19]. - Major customer A contributed RMB 191,396,000 to the revenue in 2022, up from RMB 48,291,000 in 2021, indicating a growth of 296%[18]. - All external revenue for the year was generated from customers in mainland China, indicating a focused market strategy[20]. Research and Development - The company has developed a diverse and risk-balanced product pipeline, including two commercialized products, seven innovative antibodies, and four candidate biosimilars, focusing on major therapeutic areas such as oncology, metabolism, autoimmune diseases, and ophthalmology[45]. - As of December 31, 2022, the R&D team comprised 285 experienced members, contributing to the filing of 21 new patents and the publication of 7 research papers[44]. - The company has established a mature proprietary R&D platform focused on antibody discovery and drug development, with teams in Yantai, Nanjing, and Boston[57]. Product Development and Commercialization - The company has successfully launched two products, BA1101 and BA6101, in mainland China[43]. - The commercialized product, Boyounuo® (Bevacizumab injection), received approval from the National Medical Products Administration (NMPA) in April 2021 and has expanded its indications to include multiple cancers, enhancing its market accessibility[47]. - Boyoubai® (Duzhong antibody injection), the first biosimilar of Prolia®, was approved in November 2022 for treating postmenopausal women at high risk of fractures, significantly reducing fracture risks in this population[48]. - BA1102 received acceptance for the biopharmaceutical license application in China in March 2023, with ongoing R&D in Europe and the US, aiming for global market sales[49]. Market Strategy and Future Outlook - The company emphasizes the unmet market demand in China and abroad for its therapeutic areas, which could drive future growth[45]. - The company plans to enhance its commercialization capabilities by expanding sales and marketing teams to cover more target hospitals, aiming to increase the market share of its product 博優諾®[64]. - The company seeks to explore collaborations with renowned international partners to enhance its overseas influence and expand geographical coverage for its candidate drugs[68].
博安生物(06955) - 2022 - 年度业绩