Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 18,750 thousand, with a gross profit of RMB 14,247 thousand[5]. - The net loss for the year was RMB 385,038 thousand, an improvement from a net loss of RMB 407,317 thousand in 2022, showing a reduction of 5.8%[6]. - The adjusted net loss under non-Hong Kong Financial Reporting Standards was RMB 363,015 thousand, slightly higher than RMB 360,633 thousand in the previous year[6]. - For the fiscal year ending December 31, 2023, the company reported revenue of RMB 18,750,000, an increase from the previous year[81]. - The operating loss for the year was RMB 376,567,000, compared to RMB 404,175,000 in the previous year, indicating a reduction in losses[134]. - The basic loss per share was RMB 0.71, slightly improved from RMB 0.75 in the previous year[135]. - The total comprehensive loss for the year was RMB 323,931,000, compared to RMB 196,415,000 in the previous year[159]. - The company recorded a loss of approximately RMB 385.0 million for the year ended December 31, 2023, compared to a loss of approximately RMB 407.3 million for the year ended December 31, 2022, reflecting an improvement[118]. Research and Development - Research and development expenses rose to RMB 333,050 thousand, compared to RMB 296,430 thousand in 2022, indicating an increase of 12.3%[5]. - The company’s R&D expenses for the year were approximately RMB 333.1 million, up 12.4% from RMB 296.4 million in 2022, primarily due to ongoing investments in multiple late-stage clinical trials[82]. - Research and development expenses increased to RMB 333,050,000 from RMB 296,430,000, reflecting ongoing investment in innovation[156]. - The company has ongoing research and development activities for other candidate drugs, with an allocation of RMB 888.86 million, accounting for 46% of the total funds raised[182]. - The company plans to conduct clinical trials for innovative treatments for presbyopia in China in 2024, pending regulatory approval[79]. - The company completed the final patient visit for the small CHAMP trial on August 3, 2023, and announced positive topline results in October 2023, demonstrating strong safety and efficacy for NVK0022 as a potential treatment for childhood myopia[28]. - The FDA accepted the new drug application for NVK002 in June 2023, and the partner Vyluma is advancing the regulatory approval process in the U.S.[29]. - The company submitted simplified new drug applications for five glaucoma generics and one for allergic conjunctivitis, indicating ongoing product development efforts[10]. Market Expansion and Partnerships - The company is focusing on expanding its market presence in selected regions outside Greater China while maintaining its primary focus on the Greater China area[22]. - The company is focused on expanding its presence in the Southeast Asian market through a distribution agreement with TRB Thailand for EyeGiene® reusable eye masks[43]. - The company established a strategic partnership with Aibono to explore opportunities in the ophthalmic product development and commercialization sector[39]. - The company has established a strategic partnership with KDP for the exclusive distribution rights of BRIMOCHOL PF in South Korea[75]. - The company aims to enhance public awareness of eye diseases and treatment solutions, reflecting its commitment to social responsibility[22]. - The company is actively seeking partnerships to enhance its product portfolio and establish more effective sales channels[76]. Financial Position - Total assets as of December 31, 2023, were RMB 2,420,338,000, down from RMB 2,570,623,000 in the previous year[95]. - Cash and cash equivalents at the end of 2023 were approximately RMB 1,461,623,000, a decrease from RMB 1,716,351,000 in 2022[95]. - The company's total net assets decreased to RMB 2,048,318,000 from RMB 2,348,373,000 in the previous year[141]. - The company’s collateralized bank balance was approximately RMB 265.7 million as of December 31, 2023, compared to RMB 172.1 million in 2022, indicating an increase of about 54.4%[98]. - As of December 31, 2023, the company's uncollateralized bank loans amounted to RMB 206.6 million, due within one year or upon demand[97]. - The company aims to optimize resource allocation and control cash expenditures to mitigate financial and business risks from external environments[80]. Employee and Operational Costs - Employee costs increased to RMB 57.206 million from RMB 49.391 million, reflecting the growth in the workforce[55]. - The total employee costs for the year ended December 31, 2023, were approximately RMB 126.8 million, down from RMB 132.1 million in 2022, primarily due to a reduction in share-based payment expenses[131]. - Sales and distribution expenses rose from RMB 29.9 million to approximately RMB 51.9 million, mainly due to an increase in the commercialization team and marketing activities for the product Beimu Sima Tahlor Eye Drops[58]. - The company's total sales and distribution expenses for the year ended December 31, 2023, were RMB 51.9 million, significantly higher than RMB 29.9 million in 2022, representing an increase of about 73.5%[115]. Corporate Governance - The board believes that the current arrangement of having the same person serve as both Chairman and CEO is beneficial for the company and its shareholders[190]. - The board will continue to review the effectiveness of the corporate governance structure to assess the need for separating the roles of Chairman and CEO[190]. - The company is committed to maintaining a high level of corporate governance, which is crucial for its development and safeguarding shareholder interests[190]. - The company has not experienced significant impacts on its performance or financial position due to the new accounting policies introduced during the accounting period[195]. - The consolidated financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards[194]. Product Development and Sales - The company has established a comprehensive portfolio of innovative and generic products targeting major ophthalmic diseases, including dry eye syndrome and glaucoma[26]. - The company achieved sales of ophthalmic drugs amounting to RMB 4,736 thousand and ophthalmic products amounting to RMB 8,414 thousand for the year ended December 31, 2023[51]. - Exclusive distribution revenue reached RMB 5,600 thousand for the year ended December 31, 2023[51]. - The company has initiated the production of Beimu Sima Tahlor Eye Drops following its approval by the National Medical Products Administration in February 2023[70]. - The new eye gel, administered once daily, aims to significantly improve patient adherence and quality of life[30]. - The new drug application for BRIMOCHOL PF and Carbachol PF was approved by the National Medical Products Administration on January 24, 2024[33].
兆科眼科-B(06622) - 2023 - 年度业绩