Financial Performance - In 2023, the company's revenue decreased to RMB 2,155.6 million, down 9.4% from RMB 2,379.6 million in 2022[44]. - Gross profit for 2023 was RMB 738.5 million, representing a decline of 9.5% compared to RMB 815.7 million in 2022[44]. - The adjusted net profit for 2023 was RMB 208.8 million, a significant improvement from a loss of RMB 133.9 million in 2022[44]. - The company reported a loss attributable to equity holders of the parent of RMB 290,436 thousand in 2023, compared to a loss of RMB 528,475 thousand in 2022, showing an improvement of 45.0%[26]. - The net loss for the group in 2023 was RMB 99.8 million, significantly improved from a loss of RMB 504.2 million in the same period last year[62]. - The company reported a basic loss per share of RMB 0.000025, based on a weighted average of 1,940,474,000 shares outstanding for the year[13]. - The company reported a basic loss per share of RMB (0.06) for 2023, improving from RMB (0.28) in 2022[44]. Assets and Liabilities - The total assets as of the end of 2023 were RMB 2,028,679,000, up from RMB 1,915,437,000 in 2022, reflecting a growth of approximately 5.9%[9]. - The total bank loans and overdrafts amounted to RMB 1,871,524 thousand in 2023, compared to RMB 1,286,251 thousand in 2022, marking an increase of 45.5%[39]. - As of December 31, 2023, the debt-to-asset ratio was approximately 50.5%, down from 54.5% as of December 31, 2022[142]. - The company has not utilized any of its bank credit facilities amounting to RMB 1,544.9 million as of December 31, 2023[161]. Credit Risk and Receivables - The expected credit loss rate for trade receivables over 12 months was 68.26% in 2023, compared to 23.96% in 2022, indicating a significant increase in credit risk[10]. - The expected credit loss for trade receivables was RMB 20,813,000 as of December 31, 2023, compared to RMB 15,124,000 in the previous year, showing an increase of 37.5%[10]. - The provision for impairment losses on trade receivables increased to RMB 20,813 thousand in 2023 from RMB 15,124 thousand in 2022, reflecting a rise of 37.5%[31]. - The company maintains a strict control over its outstanding receivables, with a credit control department in place to minimize credit risk[30]. Cash Flow and Financing - Cash and cash equivalents increased to RMB 1,036,322 thousand in 2023 from RMB 678,569 thousand in 2022, representing a growth of 52.8%[16]. - The company successfully raised nearly USD 225 million in financing from strategic investors including Temasek and Dubai Investment Company[49]. - The company redeemed convertible bonds amounting to USD 250 million, with a total cost of USD 256.6 million during the reporting period[171]. - The company recorded other income and gains of approximately RMB 871 million, an increase of 28.8% compared to RMB 676 million in the same period last year, primarily due to increased government subsidies and bank interest income[113]. Operational Strategy and Market Presence - The company plans to expand its market presence and invest in new product development, although specific financial projections were not disclosed[6]. - The company emphasized the continuous expansion of CDMO capacity and the increase in CMC project numbers during the reporting period[54]. - The group aims to enhance its one-stop drug research and production service platform and deepen the synergy between CRO and CDMO businesses[128]. - The company plans to enhance its strategic cooperation with Langhua Pharmaceutical to optimize CDMO capacity and business structure[54]. Research and Development - Research and development expenses amounted to approximately RMB 128 million, a decrease of 5.7% from RMB 135.8 million in the previous year, attributed to ongoing cost reduction efforts and personnel optimization[114]. - The company has built multiple core technology platforms, including PROTAC/molecular glue technology, CADD, and AIDD, and has expanded its service offerings in antibody and large molecule R&D[97]. - The company has established the XDC platform, a one-stop drug development service that integrates experience in antibody, peptide, and small molecule drug development[75]. Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[199]. - The board has adopted the principles and code provisions of the corporate governance code as per listing rules to ensure proper oversight of business activities and decision-making processes[199]. - The company has complied with the corporate governance code provisions throughout the reporting period[200].
维亚生物(01873) - 2023 - 年度业绩