Financial Performance - Revenue increased by 31.6% from RMB 247.7 million for the year ended December 31, 2022, to RMB 325.9 million for the year ended December 31, 2023[1]. - Gross profit rose by 31.5% from RMB 219.7 million for the year ended December 31, 2022, to RMB 288.8 million for the year ended December 31, 2023[1]. - Profit attributable to owners of the company was RMB 151.5 million for the year ended December 31, 2023, compared to a loss of RMB 19.8 million for the year ended December 31, 2022[1]. - Adjusted net profit increased by 55.4% from RMB 111.1 million for the year ended December 31, 2022, to RMB 172.6 million for the year ended December 31, 2023[1]. - The company recorded a net profit of RMB 151.5 million for the year ended December 31, 2023, compared to a net loss of RMB 19.8 million for the year ended December 31, 2022[40]. - Basic and diluted earnings per share for 2023 were RMB 0.44, compared to a loss per share of RMB 0.06 in 2022, indicating a strong recovery in profitability[52]. Research and Development - R&D expenses increased by 14.3% from RMB 53.9 million for the year ended December 31, 2022, to RMB 61.6 million for the year ended December 31, 2023[1]. - The company is exploring advanced fields including interventional devices for structural heart diseases and has 24 products in various stages of development[3]. - The company aims to accelerate the development of innovative products in congenital heart disease intervention devices to drive rapid business growth[19]. - The company plans to advance the development of the TMVr-F system and TMVR system for mitral valve regurgitation treatment, addressing a significant clinical need[20]. - The company continues to focus on the development and sales of medical devices for congenital heart disease, with ongoing investments in research and development[57]. Product Development and Market Expansion - The company has 22 products commercially available and 9 products under registration review or preparation as of the announcement date[3]. - The company has commercialized 10 congenital heart disease occluder products, with the third-generation MemoCarna® series becoming a key player in the market since its approval in 2020[9]. - The fourth-generation MemoSorb® fully biodegradable occluder system was approved for commercialization in 2022 and has quickly gained market traction[9]. - The company submitted a registration application for the fourth-generation MemoSorb® biodegradable septal occluder in June 2023, expecting approval and commercialization in Q2 2024[10]. - The company is advancing its transcatheter mitral valve clip system, with clinical trial enrollment expected to be submitted to the regulatory authority in the first half of 2024[13]. - The company is developing a series of products in the MCS and protective PCI markets, projected to reach a global market size of USD 3.4 billion by 2025[21]. - The company is focusing on international expansion and enhancing the market penetration of existing products[22]. Financial Health and Assets - The total assets of the group as of December 31, 2023, amounted to RMB 1,986.5 million, an increase of 9.8% from the beginning of the year[8]. - Cash and cash equivalents increased by 28.3% to RMB 1,212.0 million as of December 31, 2023, from RMB 944.5 million as of December 31, 2022, primarily due to an increase in cash generated from operating activities by RMB 98.7 million[42]. - The company’s total equity increased to RMB 1,926,674 thousand in 2023 from RMB 1,744,527 thousand in 2022, reflecting improved financial health[55]. - The current ratio increased to 24.1 times in 2023 from 20.9 times in 2022, driven by an increase in current assets and a decrease in current liabilities[51]. Expenses and Cost Management - Total sales cost rose by 32.5% from RMB 28.0 million in 2022 to RMB 37.1 million in 2023, with raw materials and consumables accounting for 39.4% of total sales cost in 2023[29]. - Distribution expenses grew by 29.6% from RMB 38.7 million in 2022 to RMB 50.1 million in 2023, primarily due to increased marketing and travel expenses as COVID-19 restrictions eased[33]. - General and administrative expenses decreased by 20.2% from RMB 53.7 million in 2022 to RMB 42.8 million in 2023, mainly due to a reduction in listing expenses[34]. Dividend and Shareholder Information - The board proposed a final dividend of RMB 0.57 per share (tax included) for the year ended December 31, 2023[1]. - The company proposed a final dividend of RMB 0.57 per share for the year ended December 31, 2023, totaling approximately RMB 197.6 million, compared to no dividend in 2022[73]. - The annual general meeting is scheduled for May 23, 2024, with relevant notices to be published on the company's and the stock exchange's websites[86]. Compliance and Governance - The company has adopted the Corporate Governance Code and has complied with its provisions during the reporting period, with some deviations noted[81]. - The audit committee, consisting of two independent non-executive directors and one non-executive director, has reviewed the consolidated financial statements for the year ending December 31, 2023[84]. - The company has confirmed compliance with the Standard Code for securities transactions by directors and supervisors during the reporting period[82].
心泰医疗(02291) - 2023 - 年度业绩