Financial Performance - The company's revenue for the year ended December 31, 2023, reached RMB 17,034.3 million, representing an 11.6% increase compared to RMB 15,268.7 million in 2022[2]. - Gross profit increased by 1.5% to RMB 6,827.9 million, with a gross margin of 40.1%, down from 44.0% in the previous year[2]. - Net profit attributable to shareholders decreased by 23.1% to RMB 3,399.7 million, with a net profit margin of 21.0%, down from 29.8%[2]. - The group's total revenue for the year ended December 31, 2023, was approximately RMB 17,034.3 million, an increase of 11.6% from RMB 15,268.7 million in the previous year[22]. - Adjusted net profit for 2023 was RMB 4,950.4 million, a decrease of 2.0% from RMB 5,053.9 million in 2022[59]. - Adjusted net profit margin decreased to 29.1% in 2023 from 33.1% in 2022[59]. - Basic adjusted earnings per share for 2023 was RMB 1.13, down from RMB 1.18 in 2022[59]. - The company reported a net profit of RMB 3,570.6 million for the year, down from RMB 4,549.9 million, reflecting a decrease of 21.5%[75]. - The basic earnings per share for the year was RMB 0.82, down from RMB 1.06 in the previous year[75]. Revenue Breakdown - Non-COVID revenue surged by 37.7%, while revenue from late-stage and commercial production projects skyrocketed by 101.7%[5]. - North America contributed RMB 8,073.5 million (47.4% of total revenue), showing a decrease of 5.0% compared to RMB 8,496.4 million (55.6% of total revenue) in the previous year[20]. - Europe saw a significant increase in revenue, rising by 101.9% to RMB 5,140.8 million (30.2% of total revenue) from RMB 2,546.2 million (16.7% of total revenue) in the previous year[20]. - Revenue from China decreased by 16.1%, amounting to RMB 3,121.5 million (18.3% of total revenue) compared to RMB 3,719.0 million (24.4% of total revenue) in the previous year[20]. - Revenue from the top five customers increased by 29.5% to approximately RMB 6,059.7 million, accounting for 35.6% of total revenue[23]. - Revenue from the top ten customers grew by 22.8% to approximately RMB 7,660.4 million, representing 45.0% of total revenue[23]. Operational Highlights - The number of ongoing integrated projects increased from 588 to 698, including 132 new projects, marking a record for non-COVID projects[3]. - The number of commercial production projects rose from 17 to 24, with nine new late-stage clinical and commercial production projects added[3]. - The proprietary bispecific antibody platform WuXiBodyTM has established 45 collaborations, showcasing the company's leadership in antibody development[6]. - The company has empowered 110 INDs during the reporting period, aiming to bring more high-quality and affordable biopharmaceuticals to global patients[8]. - The WuXiaTM platform has delivered over 800 cell lines, including five commercialized products, and can empower 150 integrated CMC projects annually[8]. - The WuXiUPTM platform can achieve batch yields equivalent to 10,000 to 20,000 liters of traditional stainless steel reactors using 1,000 to 2,000 liter single-use bioreactors[8]. - The company has achieved a process performance confirmation success rate of over 97%, indicating one of the best performances in the industry[10]. - The number of projects for the vaccine business platform has increased to 59, including 25 integrated projects, demonstrating the company's capabilities and scale[11]. Investments and Future Plans - The company plans to allocate RMB 4,359.6 million (40% of total funds) for additional production capacity across various technology platforms by the end of 2024[67]. - Investment in mRNA-related technology is projected at RMB 1,089.9 million, accounting for 10% of the total funds, with a timeline extending to the end of 2024[67]. - The company plans to continue expanding its CRDMO services and enhance its biopharmaceutical offerings to capture a larger market share in the coming years[84]. Cost and Expenses - R&D expenses increased by 15.1% to approximately RMB 785.8 million, reflecting continued investment in innovation and technology[33]. - Selling and marketing expenses grew by 80.5% to approximately RMB 294.0 million, representing 1.7% of total revenue[31]. - The total operating expenses, including sales and marketing, administrative, and R&D expenses, amounted to RMB 2,831.8 million, compared to RMB 2,115.3 million in the previous year, marking an increase of 33.8%[74]. - Employee costs for 2023 were approximately RMB 4,486.6 million, an increase of 11.1% from RMB 4,036.2 million in 2022[61]. Assets and Liabilities - Property, plant, and equipment increased by 13.3% from approximately RMB 24,171 million to approximately RMB 27,378 million, attributed to ongoing investments in facility construction[39]. - The total cash and bank balances, including time deposits, rose by 49.4% from approximately RMB 6,699.7 million as of December 31, 2022, to approximately RMB 10,009.8 million as of December 31, 2023, primarily due to net proceeds of approximately RMB 3,604.0 million from the independent listing of WuXi AppTec[52]. - The total borrowings decreased by 22.8% from approximately RMB 2,783.0 million as of December 31, 2022, to approximately RMB 2,147.4 million as of December 31, 2023, mainly due to the repayment of bank loans during the reporting period[54]. - The company's net assets increased to RMB 44,017,882 thousand in 2023, compared to RMB 36,213,077 thousand in 2022, indicating a growth of 21.1%[77]. Compliance and Governance - The company adheres to Good Manufacturing Practice (GMP) standards[114]. - The company operates in compliance with the International Financial Reporting Standards (IFRS)[114]. - The company has a compensation committee under the board of directors[114]. - The company is subject to regulations from the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA)[114].
药明生物(02269) - 2023 - 年度业绩