BOJI CRO(300404)2024-04-24 09:16Financial Performance - The company reported a revenue of RMB 500 million for the year 2023, representing a 20% increase compared to RMB 416.67 million in 2022[22]. - The company's operating revenue for 2023 was ¥555,832,418.60, representing a 31.19% increase compared to ¥423,682,626.42 in 2022[27]. - The total operating revenue for 2023 reached ¥555,832,418.60, representing a 31.19% increase from ¥423,682,626.42 in 2022[62]. - The net profit attributable to shareholders for 2023 decreased by 12.04% to ¥24,339,436.55 from ¥27,669,540.69 in 2022[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥10,017,432.95, down 24.24% from ¥13,221,978.09 in 2022[27]. - The company reported a basic earnings per share of ¥0.0657 for 2023, a decrease of 12.75% from ¥0.0753 in 2022[27]. - The gross margin improved to 60% in 2023, up from 55% in the previous year, due to cost optimization strategies[22]. - The company expects a revenue growth of 25% for the next fiscal year, projecting revenues to reach RMB 625 million[22]. - The company reported a total revenue for the fiscal year 2023 at 1.2 billion RMB, representing a year-over-year increase of 15%[144]. Business Expansion and Strategy - The company is expanding its business into preclinical research and CDMO services, facing competition from established firms in these areas[8]. - The company has expanded its market presence by entering 5 new provinces in China, increasing its operational footprint by 40%[22]. - A strategic acquisition of a local biotech firm was completed, enhancing the company's R&D capabilities and expected to add RMB 50 million in annual revenue[22]. - The company has established partnerships with 3 international CROs to enhance its global reach and service offerings[22]. - The company is focusing on enhancing its internal management efficiency and service delivery capabilities through upgraded information management systems[46]. - The company plans to enhance its clinical research capabilities in innovative drugs, particularly in fields such as liver disease, oncology, and immunotherapy, with a commitment to 100% compliance in clinical trial project inspections[104]. - The company is actively expanding its clinical research service network to include Shanghai, enhancing its service capabilities in East China[99]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[142]. Research and Development - New product development efforts have led to the successful launch of 3 new drugs in 2023, contributing to 30% of total revenue[22]. - The company has invested RMB 100 million in new technology for drug development, aiming to improve efficiency by 20%[22]. - The company is developing a long-acting nano-crystal and targeted lipid technology platform to improve drug delivery and reduce administration frequency[75]. - The company aims to develop over five new drugs for clinical trials within two years, leveraging its nasal drug delivery innovation platform[76]. - The company has established a third-party testing laboratory, receiving CNAS and CMA certifications, expanding its service capabilities in cell therapy and drug testing[76]. - The company has achieved significant progress in the development of a new drug for chronic heart failure, with clinical trial applications underway[75]. - The company has completed the registration application for the raw material drug for treating iron deficiency anemia, which has high added value[76]. Risk Management - The company acknowledges the risk of contract execution delays due to the complex nature of new drug development, which may lead to increased operational costs[6]. - The company emphasizes the importance of internal management and integration to mitigate risks associated with expanding operational scale and business scope[8]. - The company is committed to maintaining good communication with clients to minimize risks related to contract execution and budget management[6]. - The company will implement strict process management to avoid project delays and associated penalties[7]. - The company has established a robust governance structure to ensure compliance with legal regulations and protect shareholder rights[111]. Human Resources and Training - The company plans to increase its workforce by 10% to support the expansion of its clinical research operations[22]. - The company has a total workforce of 1,091, and launched a restricted stock incentive plan to attract and retain talent[49]. - The company has implemented a differentiated compensation policy based on department, position, and job nature, aiming for performance-oriented salary management[158]. - The training program includes a comprehensive training system covering various aspects such as corporate culture, technical skills, project management, and management skills[159]. - The company has established a performance evaluation mechanism for training effectiveness, ensuring continuous support for employee development[159]. Corporate Governance - The company maintains independence from its controlling shareholder, ensuring no interference in decision-making or operational activities[112]. - The board of directors consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[112]. - The supervisory board has 3 members, including 1 employee supervisor, fulfilling its responsibilities in accordance with relevant regulations[113]. - The company has established a complete and independent financial department, ensuring independent financial decision-making and tax compliance[116]. - The company has established specialized committees, including a remuneration and assessment committee, audit committee, nomination committee, and strategic development committee, all composed of directors[112]. Fundraising and Financial Management - The company reported a net fundraising amount of 336.42 million yuan from a specific stock issuance in 2021, which was less than the planned investment amount[99]. - The company has not reported any changes in the use of raised funds, maintaining a 0.00% change in purpose for the funds raised[91]. - The company has established a structured fundraising and investment management system to enhance operational efficiency and reduce financial risks[183]. - The company has committed to transparency in its fundraising and investment activities, providing detailed reports on fund usage and project progress[95]. - The company has established a comprehensive external investment management system to ensure compliance and mitigate risks, adhering to relevant laws and regulations[181]. Market Trends and Industry Outlook - The global pharmaceutical R&D investment is projected to grow from $243.7 billion in 2022 to $328.8 billion by 2026, with a compound annual growth rate of approximately 7.8%[36]. - The CRO market in China is expected to grow from ¥802.1 billion in 2022 to ¥1,405.9 billion by 2025[36]. - The number of new drug clinical trial applications (INDs) accepted by CDE in 2023 was 2,997, a year-on-year increase of 33.56%[37]. Shareholder Relations - The company has established a voluntary lock-up arrangement for its shareholders to prevent market volatility[196]. - The company has committed to a lock-up period where shareholders can only transfer a maximum of 25% of their shares annually during their tenure as directors or senior management[196]. - The company has emphasized its commitment to not seek any benefits beyond those stipulated in related party agreements[197]. - The company has confirmed that all commitments made by major shareholders regarding non-competition will be upheld for five years post-shareholding[197].