Allist(SH:688578)2024-04-25 10:36Financial Performance - The company has not achieved profitability since its listing [3]. - The company reported a revenue of RMB 1.5 billion for the fiscal year 2023, representing a year-over-year growth of 20% [11]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY, representing a 25% growth year-over-year [15]. - The total operating revenue for 2023 was CNY 2,018,182,563.12, an increase of 155.14% compared to the previous year, primarily due to the inclusion of the core product, Furmonertinib tablets, in the national medical insurance directory, leading to a significant increase in sales volume [23]. - The net profit attributable to shareholders of the parent company reached CNY 644,174,819.25, representing a growth of 393.54% year-on-year, driven by substantial revenue growth and effective cost control [23]. - The net cash flow from operating activities was CNY 674,649,764.32, an increase of 636.28% compared to the previous year [21]. - Basic earnings per share for 2023 were CNY 1.43, up 393.10% from CNY 0.29 in 2022 [22]. - The company reported a total of CNY 37,990,536.06 in non-recurring gains and losses for 2023 [26]. - The company experienced a significant increase in quarterly revenue, with Q4 2023 revenue reaching CNY 670,380,800.29, marking a continuous growth trend throughout the year [25]. - The company achieved total revenue of 2,018.18 million yuan, a year-on-year increase of 155.14% [29]. - The net profit attributable to the parent company was 644.17 million yuan, up 393.54% year-on-year, while the net profit excluding non-recurring gains and losses reached 606.18 million yuan, reflecting a 663.70% increase [29]. Research and Development - Research and development expenses amounted to CNY 313,059,372.61, a 63.26% increase year-on-year, but the proportion of R&D expenses to operating revenue decreased to 15.51%, down 8.73 percentage points from the previous year [23]. - The company is advancing its research and development efforts, with three new drug applications (NDA) expected to be submitted in the next 12 months [14]. - The company has a robust pipeline with multiple new drug candidates in clinical and preclinical stages, including a fourth-generation EGFR-TKI and PRMT5 inhibitors [39][40]. - The company is conducting multiple clinical trials to explore Furmonertinib's clinical advantages, including a Phase III trial for adjuvant therapy in EGFR mutation-positive NSCLC patients [51]. - The company has developed AST2169, a selective inhibitor for KRAS G12D mutations, which are found in approximately 30% of pancreatic cancer cases, 12% of colorectal cancer cases, and 4% of non-small cell lung cancer cases [54]. - The company is also developing a next-generation EGFR oral small molecule inhibitor (ABK3376), currently in the preclinical stage, with a total investment of approximately ¥2.32 million [84]. - The company’s R&D efforts are focused on achieving best-in-class and first-in-class drug candidates through its core technologies in drug design and optimization [78]. - The company has established a GMP-compliant production facility to ensure effective supply of Furmonertinib [90]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by the end of 2025 [11]. - Market expansion plans include entering two new international markets by Q3 2024, targeting a 15% market share in those regions [15]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 200 million CNY allocated for this purpose [15]. - A strategic acquisition of a biotech firm was completed, enhancing the company's R&D capabilities in oncology [12]. - The company signed a collaboration agreement to obtain exclusive commercialization rights for Pralsetinib capsules in mainland China, which is the first approved RET inhibitor in the region [52]. - The company is actively expanding Furmonertinib's clinical indications through ongoing clinical trials for various patient populations, including those with CNS metastases and rare mutations [51]. Corporate Governance - The company has received a standard unqualified audit report from PwC Zhong Tian [4]. - The company does not have any special arrangements for corporate governance [4]. - The board of directors has fully attended the board meeting [4]. - The company has established various committees under the board, including audit, compensation, and strategy committees, to enhance governance efficiency [147]. - The company has a performance management system in place for senior management, which includes setting clear goals and conducting regular evaluations [200]. - The company has established employee stock ownership plans and other incentive measures to align employee interests with company performance [199]. Risk Factors - The company has detailed various risk factors in its annual report, which can be found in the "Management Discussion and Analysis" section [4]. - The company faces risks related to reliance on a single product and potential market competition, which could affect financial performance [93]. - The company is exposed to regulatory risks due to the highly regulated nature of the pharmaceutical industry, which may affect operational strategies [97]. - The company faced risks related to potential adjustments in the National Medical Insurance Directory, which could impact the market share and sales revenue of Furmonertinib [96]. Employee Development - The company is focused on talent development, implementing a structured training program to enhance employee skills and support sustainable growth [35]. - The company has implemented a digital learning platform, "Aixuetang," to enhance employee training and development [187]. - The company launched an AI coaching system, "Aijiaolian," in 2023 to improve employees' professional knowledge and core information transmission capabilities [187]. - The company has a training system that includes professional courses, general skills courses, and leadership courses for employees at all levels [186]. Profit Distribution - The proposed profit distribution plan for 2023 includes a cash dividend of 4.00 CNY per 10 shares, totaling 180,000,000 CNY, which represents 27.94% of the net profit attributable to shareholders [5]. - The company has established a cash dividend policy, ensuring that at least 10% of the distributable profit is allocated as cash dividends if there are no major investment plans or expenditures [190]. - The cash dividend distribution policy requires a minimum of 80% payout for mature companies without significant capital expenditure plans, and 40% if there are significant expenditures [191]. - The profit distribution proposal must be approved by more than half of the board members before being submitted to the shareholders' meeting for review [192]. - The company engages in regular communication with shareholders, especially minority shareholders, to gather their opinions before the profit distribution plan is reviewed [192].