THDB(SH:600867)2024-03-28 16:00Financial Performance - The net profit attributable to the parent company for 2023 is CNY 1,167,835,317.79, with undistributed profits amounting to CNY 3,697,417,176.64[6]. - The proposed cash dividend is CNY 2.50 per 10 shares, totaling CNY 495,433,518.50 (including tax), which represents 42.42% of the net profit attributable to shareholders[7]. - The remaining undistributed profits after the dividend distribution will be CNY 3,201,983,658.14, to be carried forward for future distribution[7]. - The company's operating revenue for 2023 was approximately ¥3.08 billion, representing a year-over-year increase of 10.69% compared to ¥2.78 billion in 2022[25]. - Net profit attributable to shareholders decreased by 26.17% to approximately ¥1.17 billion in 2023 from ¥1.58 billion in 2022[25]. - The basic earnings per share for 2023 was ¥0.59, down 25.32% from ¥0.79 in 2022[26]. - The weighted average return on equity decreased to 17.09%, a decline of 7.43 percentage points from 24.52% in 2022[27]. - The total assets increased by 15.13% to approximately ¥7.77 billion at the end of 2023, compared to ¥6.75 billion at the end of 2022[25]. - Cash flow from operating activities was approximately ¥861.52 million, a slight decrease of 0.18% from ¥863.09 million in 2022[25]. - The total net assets attributable to shareholders increased by 10.19% to approximately ¥7.21 billion at the end of 2023 from ¥6.54 billion at the end of 2022[25]. - The total profit for 2023 was 1,365.90 million CNY, a decrease of 25.34% compared to the previous year[84]. - The net profit after deducting non-recurring gains and losses increased by 38.88% to 1,167.51 million CNY[84]. Market and Product Performance - Insulin product sales increased significantly, with insulin analog products achieving over 60% growth in sales volume during the reporting period[34]. - The company signed a strategic cooperation agreement for insulin injection liquids in the U.S. market, contributing to revenue growth[35]. - The company maintained a market share of over 40% in human insulin, ranking first in the industry, while insulin analogs saw a market share growth of nearly 10%[39]. - Total sales volume of insulin products reached 83.22 million units, a year-on-year increase of 12.84%[39]. - The company is expanding its treatment areas beyond diabetes to include gout and hyperuricemia, with ongoing research projects for new drugs[40]. - The company has made progress in developing innovative drugs targeting multiple mechanisms for diabetes treatment, including SGLT1/SGLT2/DPP4 inhibitors[41]. - The company has successfully launched GLP-1RA liraglutide injection and oral hypoglycemic agent empagliflozin, covering a comprehensive range of diabetes treatment products[47]. - The company is advancing its international strategy, with human insulin injection application accepted by the European Medicines Agency in H1 2023 and strategic cooperation established for entering the U.S. insulin market[51]. - The company is focusing on the development of innovative drugs and high-value generics, responding to market pressures and regulatory changes[138]. Research and Development - The company has established R&D institutions in multiple cities, focusing on new drug development and international registration[76]. - The company is actively developing two innovative GLP-1 drugs, with the first phase of clinical trials for both candidates already initiated[68]. - The company has ongoing projects for GLP-1 receptor agonists and SGLT1/SGLT2/DPP4 inhibitors, currently in Phase I clinical trials[118]. - The company reported R&D investment of 420.42 million RMB, an increase of 4.74% compared to the previous year[124]. - The company has a significant pipeline of new products, including various insulin analogs and GLP-1 receptor agonists, with total R&D expenditures reaching 12,679.87 RMB million for the rapid-acting insulin analog[126]. - The company emphasizes innovation as a key strategy to enhance core competitiveness in a stabilizing market[124]. Governance and Compliance - The company held one annual and one temporary shareholders' meeting during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[151]. - The board of directors consists of 9 members, including 3 independent directors, and has held 7 meetings to ensure sound governance practices[151]. - The company has established specialized committees under the board, including the audit committee, strategy committee, nomination committee, and compensation and assessment committee[176]. - The company has not faced any penalties from securities regulatory authorities in the past three years[172]. - The company has established a comprehensive internal control system to improve risk management and operational standards in response to expanding business operations[153]. Employee and Management Structure - The total number of employees in the parent company is 3,164, with 1,361 in sales and 617 in technical roles[186]. - The company has implemented a training program to enhance employee skills, focusing on various areas including quality control and risk management[188]. - The company has established a comprehensive salary policy based on employee qualifications and company performance[187]. - The company has maintained stable leadership with no significant turnover among its senior management team[158]. - The company has appointed new senior management personnel, including a general manager and board secretary, during the recent board meetings[172]. Risk Management - There are no significant risks that materially affect the company's operations during the reporting period[12]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[9]. - The company faced significant industry policy risks due to increased regulatory scrutiny in the pharmaceutical sector, particularly following the national centralized procurement of insulin products, which led to price reductions starting in May 2022[147]. - The company has streamlined operations and enhanced management practices to mitigate the impact of price declines, aiming to increase market share outside of centralized procurement[147].