Financial Performance - For the year ended December 31, 2022, the total revenue was RMB 1,031,041 thousand, a decrease of 76.0% compared to RMB 4,299,702 thousand in 2021[22]. - The operating loss for the year was RMB (1,368,742) thousand, compared to an operating profit of RMB 1,911,612 thousand in the previous year[22]. - The net loss for the year was RMB (964,757) thousand, a significant decline from a net profit of RMB 1,907,086 thousand in 2021[22]. - Basic and diluted loss per share was RMB (3.68) for 2022, compared to earnings of RMB 7.74 per share in 2021[22]. - Gross loss for the year ended December 31, 2022, was approximately RMB 186.6 million, compared to a gross profit of RMB 3,001.9 million in 2021[48]. - Other income increased by 158.3% to approximately RMB 156.9 million, primarily due to increased investment income and government subsidies[49]. - Sales expenses rose to approximately RMB 266.6 million, up from RMB 105.8 million in 2021, driven by increased employee benefits and marketing expenses[50]. - Administrative expenses increased by 20.0% to approximately RMB 278.1 million, attributed to higher depreciation, energy costs, and employee benefits[51]. - R&D expenses decreased by 11.4% to approximately RMB 778.3 million, mainly due to reduced clinical trial costs[52]. - Financial income increased significantly to approximately RMB 184.7 million, up from RMB 25.2 million in 2021, primarily due to foreign exchange gains[54]. - Deferred tax assets recognized during the year resulted in a tax credit of approximately RMB 219.2 million, compared to a tax expense of RMB 29.7 million in 2021[55]. Assets and Liabilities - Non-current assets increased to RMB 3,738,775 thousand in 2022 from RMB 2,584,343 thousand in 2021, reflecting a growth of 44.7%[22]. - Current assets decreased to RMB 7,730,185 thousand in 2022 from RMB 9,289,844 thousand in 2021, a decline of 16.8%[22]. - Total assets were RMB 11,468,960 thousand in 2022, slightly down from RMB 11,874,187 thousand in 2021[22]. - Total equity decreased to RMB 7,245,602 thousand in 2022 from RMB 8,547,884 thousand in 2021, a reduction of 15.2%[22]. - Total liabilities increased to RMB 4,223,358 thousand in 2022 from RMB 3,326,303 thousand in 2021, an increase of 27.0%[22]. Vaccine Development and Innovation - In 2022, the company launched the world's first inhaled COVID-19 vaccine, Convidecia Air®, which received emergency use listing from WHO in May 2022[23]. - The meningococcal conjugate vaccine, Menhycia®, entered nearly 30 provinces in China within four months of its launch, marking it as China's first self-developed conjugate vaccine containing ACYW135 groups[24]. - The company is developing new vaccines, including a bivalent recombinant COVID-19 vaccine and an mRNA vaccine (CS-2034), which have shown good safety and immunogenicity characteristics in clinical trials[23]. - The product pipeline includes 18 vaccines targeting over ten disease areas, with five commercialized products[26]. - The company aims to address unmet medical needs globally with innovative vaccines, including those in preclinical and clinical stages[26]. - The company is actively collaborating with scientific communities and peers to tackle global public health issues related to infectious diseases[23]. - The company is committed to developing high-quality, innovative, and affordable vaccines to meet the growing global demand[26]. Market and Sales Strategy - The company has established a comprehensive marketing and supply system in China, supported by direct sales teams and promotional assistants[24]. - The inhaled COVID-19 vaccine has been delivered to Morocco, contributing significantly to global public health efforts[23]. - The company maintains strong partnerships in both public and private markets, facilitating local production and distribution through technology transfer[24]. - The company is focusing on expanding its commercial operations and has established a business operations center to enhance product commercialization[75]. Corporate Governance - The company has adopted all applicable provisions of the corporate governance code as per the Hong Kong Listing Rules Appendix 14[87]. - The board consists of five executive directors, three non-executive directors, and four independent non-executive directors[89]. - The company has established three committees: Audit Committee, Remuneration and Nomination Committee, each with specific written terms of reference[97]. - The board believes that the current structure of the chairman and CEO roles being held by the same individual is beneficial for the company's business prospects and operational efficiency[91]. - The company has received written annual confirmations of independence from all independent non-executive directors[92]. Risk Management - The company has implemented various risk management procedures and guidelines to identify potential risks affecting its operations[114]. - The board is responsible for evaluating and determining the nature and extent of risks the company is willing to take to achieve strategic objectives[114]. - The company has established a structured approach to risk management and internal control, which is monitored by the Audit Committee[98]. Shareholder Relations - The company encourages shareholder participation in annual general meetings and allows shareholders holding over 10% of shares to request extraordinary meetings[118]. - The company has established multiple communication channels with shareholders, including annual and interim reports, and investor meetings[123]. - The company plans to distribute dividends primarily in cash, with a minimum of 80% of profits allocated to cash dividends during mature stages without significant capital expenditures[127]. Employee and Management - The group employed 2,291 employees as of December 31, 2022, compared to 1,946 employees as of December 31, 2021, indicating an increase of approximately 17.7%[151]. - The total employee benefit expenses amounted to approximately RMB 667.4 million, an increase from RMB 588.8 million as of December 31, 2021, representing a growth of about 13.5%[152]. - The company has adopted a standard code for securities trading by directors and supervisors, with all confirmed compliance during the reporting period[157]. Financial Position and Investments - The company has delayed the full utilization of the remaining balance by one year due to resource allocation for the Ad5-nCoV development and commercialization[167]. - The company plans to utilize the remaining balance of the A-share IPO proceeds by the end of 2024[171]. - The company has maintained compliance with all relevant laws and regulations without any significant violations during the reporting period[182].
康希诺生物(06185) - 2022 - 年度业绩