Revenue and Profitability - Revenue increased by approximately 103.1% from RMB 165.6 million in the first half of 2022 to approximately RMB 336.4 million in the first half of 2023[1] - Gross profit rose by approximately 124.7% from RMB 79.7 million in the first half of 2022 to approximately RMB 179.1 million in the first half of 2023[1] - The profit attributable to equity holders was approximately RMB 16.5 million in the first half of 2023, compared to a loss of approximately RMB 7.0 million in the first half of 2022[1] - Operating profit for the period was RMB 38.8 million, significantly up from RMB 7.2 million in the same period last year[16] - The total comprehensive income for the period amounted to RMB 16.36 million, compared to a loss of RMB 5.215 million in the previous year[3] - The company’s basic earnings per share for the period was RMB 2, compared to a loss per share of RMB 1 in the same period last year[3] - The basic earnings per share for the six months ended June 30, 2023, was RMB 16,456,000, compared to a loss of RMB 7,037,000 in the same period of 2022[34] Financial Position - The net asset value of the company was RMB 620.955 million as of June 30, 2023, compared to RMB 612.893 million at the end of 2022[4] - The company’s total liabilities decreased slightly from RMB 15.293 million to RMB 15.023 million[4] - As of June 30, 2023, the total equity attributable to shareholders was approximately RMB 622.2 million, an increase from RMB 614.2 million as of December 31, 2022[87] - The total liabilities amounted to approximately RMB 691.4 million as of June 30, 2023, down from RMB 737.4 million as of December 31, 2022[87] - The net current liabilities were approximately RMB 162.6 million as of June 30, 2023, compared to RMB 108.0 million as of December 31, 2022[102] - The asset-to-liability ratio increased from 36.8% as of December 31, 2022, to 46.8% as of June 30, 2023, primarily due to an increase in bank loans[103] Cash Flow and Financing - The company reported a net financing cost of RMB 2.241 million, down from RMB 9.931 million in the previous year[16] - The group reported a net current liability of RMB 162,593,000 as of June 30, 2023, with an operating cash outflow of RMB 46,348,000 for the six-month period[25] - The company’s cash and cash equivalents as of June 30, 2023, were RMB 116,430 thousand, down from RMB 177,802 thousand as of December 31, 2022, reflecting a decrease of 34.5%[50] - The group has the capability to raise funds through loans and equity financing to meet its operational and capital expenditure needs for at least the next 12 months[25] - The group has increased its bank borrowings, with collateral valued at approximately RMB 114.4 million as of June 30, 2023[107] Sales and Market Performance - The revenue from the main product, Shuanghuanglian oral liquid, was RMB 165,916,000, up from RMB 65,381,000 in 2022, indicating a growth of 153.5%[28] - Two customers accounted for over 10% of the group's revenue, with sales to these customers amounting to RMB 49,317,000 and RMB 39,925,000 respectively[44] - The company’s revenue from third-party products increased by 115.5% to RMB 17,630 thousand in the first half of 2023, compared to RMB 8,180 thousand in the same period of 2022[61] - Revenue increased by approximately 103.1% from approximately RMB 165.6 million in the first half of 2022 to approximately RMB 336.4 million in the first half of 2023, attributed to improved market demand and expanded sales networks[77] Research and Development - The group is currently conducting 32 research and development projects, with a total contract amount of RMB 160 million[43] - The company plans to submit a registration application for one additional product in the second half of 2023, following the approval of two products in the first half of 2023[74] - The company is actively planning a raw material drug construction project to ensure a stable and cost-effective supply of active pharmaceutical ingredients[74] - The group has made significant investments in research and development, reflecting its commitment to innovation and market expansion[43] Expenses and Cost Management - General and administrative expenses increased from approximately RMB 27.9 million in the first half of 2022 to approximately RMB 59.8 million in the first half of 2023, with R&D investment rising by approximately RMB 14.0 million[65] - Sales and distribution expenses increased from approximately RMB 44.6 million in the first half of 2022 to approximately RMB 79.1 million in the first half of 2023, accounting for approximately 26.9% and 23.5% of revenue respectively[80] - Employee costs totaled approximately RMB 57.6 million for the first half of 2023, compared to RMB 38.3 million for the same period in 2022[91] Taxation and Compliance - The group has maintained a corporate income tax rate of 25% for its subsidiaries in China for both 2023 and 2022[32] - The company’s deferred tax expense for the six months ended June 30, 2023, was RMB (2,347) thousand, compared to RMB (692) thousand in the same period of 2022[47] - Income tax expenses increased from approximately negative RMB 0.2 million in the first half of 2022 to approximately RMB 6.4 million in the first half of 2023, driven by operating profits in 2023[67] - The company’s subsidiary, Henan Fusen Pharmaceutical Co., Ltd., continues to benefit from a preferential income tax rate of 15% as a high-tech enterprise, applicable until October 27, 2024[47] Shareholder Returns - The company does not recommend declaring any interim dividend for the six months ended June 30, 2023, compared to zero dividend for the same period in 2022[116] - As of June 30, 2023, the company repurchased a total of 8,230,000 shares at a total cost of approximately HKD 11.0 million[114]
福森药业(01652) - 2023 - 中期业绩