Financial Performance - The revenue increased by 5,119.3% from RMB 0.7 million for the six months ended June 30, 2022, to RMB 34.3 million for the six months ended June 30, 2023, primarily due to increased sales of hair disease and care products[10]. - Gross profit reached RMB 21.3 million for the six months ended June 30, 2023, up 4,593.2% from RMB 0.5 million for the same period in 2022[15]. - The company reported a loss of RMB 1,640.3 million for the six months ended June 30, 2023, compared to a loss of RMB 251.6 million for the same period in 2022, an increase of RMB 1,388.7 million[25]. - The total loss before tax for the six months ended June 30, 2023, was RMB 1.64 billion, compared to a loss of RMB 251.61 million for the same period in 2022[50]. - For the six months ended June 30, 2023, the loss attributable to ordinary shareholders was RMB 1,640,339 thousand, resulting in a basic and diluted loss per share of RMB 15.84, compared to a loss of RMB 251,613 thousand and a loss per share of RMB 3.14 for the same period in 2022[87]. - The group’s total liabilities as of June 30, 2023, were RMB 172.43 million, compared to RMB 2.69 billion as of December 31, 2022[59]. - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2023, consistent with the previous year[47]. Sales and Marketing - During the "618 event," the company's hair disease and care products achieved a GMV of over RMB 9.4 million, representing a year-on-year growth of 4,348.0%[3]. - The company has established a dedicated marketing team to penetrate the extensive skin disease treatment and care market in mainland China through various e-commerce and social media platforms[3]. - Sales and distribution expenses skyrocketed by 871.1% from RMB 6.0 million for the six months ended June 30, 2022, to RMB 58.0 million for the six months ended June 30, 2023, mainly due to expanded online marketing activities[21]. Research and Development - R&D costs rose by approximately 8.0% from RMB 83.5 million for the six months ended June 30, 2022, to RMB 90.1 million for the six months ended June 30, 2023, driven by an increase in R&D personnel and stock-based payment expenses[17]. - The company aims to accelerate clinical development for CU-40102, CU-40101, CU-20401, CU-30101, and other pipeline products in the second half of 2023[9]. - The company is currently conducting a Phase III clinical trial for CU-40102 (topical finasteride spray) in mainland China, with database lock completed in May 2023[141]. - The Phase I dose escalation trial for CU-40101 (topical small molecule thyroid hormone receptor agonist) was completed in July 2023, with database lock achieved in August 2023[142]. - CU-10201 (topical 4% minocycline foam) received CDE priority review approval in August 2023 after demonstrating significant efficacy and good safety in treating acne during its Phase III clinical trial[142]. - The candidate product CU-20401 for managing submental fat is expected to enter Phase II clinical trials in Q3 2023, following successful Phase I trials demonstrating safety and tolerability[152]. - CU-40102, an external finasteride product for androgenetic alopecia, is currently in Phase III clinical trials in mainland China, with NDA submission planned for Q4 2023 and commercialization expected in 2024[154]. - CU-40103, a topical minoxidil foam, is in preclinical research with plans to submit an ANDA for alopecia treatment in Q3 2024[156]. - CU-40104, an external dutasteride formulation for androgenetic alopecia, is also in preclinical research, with IND submission planned for Q4 2024[156]. - CU-10201 is the first and only approved topical minocycline for acne treatment, currently in clinical development in China[157]. - The proprietary CATAME® technology platform has developed a competitive pipeline of formulations including creams, sprays, ointments, and aerosol foams for localized drug delivery[147]. - The pipeline includes various therapeutic areas, with multiple products at different stages of development, including preclinical, IND, and Phase I to III trials[149]. Financial Position - As of June 30, 2023, the company's current assets were approximately RMB 1,480.0 million, including cash and cash equivalents of approximately RMB 693.6 million[28]. - The debt-to-asset ratio decreased to approximately 9.6% as of June 30, 2023, down from 186.1% as of December 31, 2022, due to the conversion of all convertible redeemable preferred shares into ordinary shares[30]. - The group’s total assets as of June 30, 2023, amounted to RMB 1.79 billion, an increase from RMB 1.37 billion as of December 31, 2022[52]. - The net current assets as of June 30, 2023, were RMB 1.35 billion, compared to RMB 1.07 billion as of December 31, 2022[56]. - The total cash and cash equivalents of the group as of June 30, 2023, amounted to approximately RMB 1,399.0 million, which includes cash, term deposits over three months, and financial assets measured at fair value through profit or loss[144]. - The company reported trade payables of RMB 239 thousand as of June 30, 2023, with total other payables amounting to RMB 53,797 thousand, down from RMB 68,572 thousand at the end of 2022[91]. - The financial assets measured at fair value through profit or loss increased significantly to RMB 461,599 thousand as of June 30, 2023, compared to RMB 43,496 thousand at the end of 2022[90]. Governance and Compliance - The company has adopted the principles and provisions of the corporate governance code and has complied with all applicable code provisions since its listing date[41]. - The company has not experienced any financial impact from the adoption of new and revised International Financial Reporting Standards as of January 1, 2023[69]. - The company confirmed deferred tax assets of RMB 6,137,000 related to temporary differences arising from lease liabilities and tax losses as of January 1, 2022[74]. - The company has not recognized deferred tax assets due to the unlikely offset of taxable profits against tax losses in the foreseeable future[84]. - The company has not disclosed any significant customers contributing over 10% of total revenue for the six months ended June 30, 2023[78]. - The company anticipates that the new accounting policy disclosures will impact its annual consolidated financial statements but not the interim financial data[67]. Employee and Operational Metrics - As of June 30, 2023, the total number of employees in the group is 236, with a total salary cost of RMB 134.4 million for the six months ended June 30, 2023, compared to RMB 75.8 million for the same period in 2022, primarily due to an increase in employee numbers[35]. - The group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2023[135].
科笛集团(02487) - 2023 - 中期业绩