Novoprotein(SH:688137)2024-04-28 07:46Financial Performance - The company reported a revenue of ¥153,191,370.39 in 2023, a decrease of 42.09% compared to the previous year[23]. - The net profit attributable to shareholders was ¥12,843,572.51, reflecting an 85.84% decline year-over-year[23]. - The basic earnings per share dropped by 88.68% to ¥0.18[24]. - The company achieved operating revenue of 153.19 million RMB, a year-on-year decrease of 42.09%[36]. - The net profit attributable to the parent company was 12.84 million RMB, down 85.84% year-on-year[36]. - The company reported a significant decline in pandemic-related business, impacting overall revenue[36]. - The company reported a total revenue of 153,049,843.00, with a gross profit margin of 75.69%, reflecting a decrease of 42.10% year-over-year[177]. - The revenue from mRNA vaccine products decreased by 64.07%[176]. - The gross profit margin for the recombinant antibody segment was 85.74%, but revenue decreased by 47.02% year-over-year due to changes in global demand for pandemic-related products[176]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 5.00 per 10 shares, totaling RMB 35,087,719.50, which represents 273.19% of the net profit attributable to shareholders for 2023[5]. - As of December 31, 2023, the total share capital is 70,175,439 shares, with the undistributed profits accounting for 26.99% of the parent company's financial statements and 23.47% of the consolidated financial statements[5]. - The company does not plan to issue bonus shares or convert capital reserves into share capital for the 2023 fiscal year[5]. Research and Development - The R&D expenditure as a percentage of revenue rose to 29.24%, an increase of 13.70 percentage points from the previous year[24]. - R&D expenses amounted to 44.79 million RMB, reflecting the company's commitment to innovation despite market challenges[38]. - The total R&D investment reached approximately ¥44.79 million, representing an 8.97% increase from the previous year, with R&D expenses accounting for 29.24% of total revenue[136]. - The company has developed over 200 target protein products, including popular and emerging targets, to meet various drug development needs[121]. - The company has developed various in vitro transcription enzymes and reagents to meet the production needs of different types of RNA projects, including self-replicating RNA and circular RNA[150]. Market and Growth Strategy - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming for $1.875 billion[11]. - The company is expanding its market presence in Asia, targeting a 30% market share in the region by 2025[11]. - The company is actively expanding its product offerings in the mRNA vaccine sector and has filed multiple invention patents[150]. - The company aims to address the "bottleneck" issues in basic biopharmaceutical raw materials, aligning with national strategies for high-quality development in the pharmaceutical industry[46]. - The company is investing $100 million in new technology development to improve its protein expression systems[11]. Operational Efficiency - The company reported a 10% reduction in operational costs due to improved efficiency measures[11]. - The company has focused on enhancing its core competencies in recombinant proteins during the reporting period[26]. - The company maintained a high inventory level, with over 3,300 target and factor protein products, which poses a risk of inventory impairment[165]. - The company has strengthened its internal control system and optimized its management structure to improve operational efficiency[42]. Customer and Market Engagement - User data showed a 15% increase in active users, reaching 2 million by the end of the year[12]. - The sales team increased by 39.33%, enhancing customer coverage and demand exploration, while the total number of employees decreased by 15.97% to 579[42]. - The company participated in over 50 domestic and international conferences and online forums to enhance brand awareness and customer interaction[41]. Risks and Challenges - The report includes a risk statement regarding forward-looking statements, indicating that future plans and strategies do not constitute a commitment to investors[6]. - The company faces risks related to talent retention in the competitive recombinant protein industry, which could impact its competitive position[161]. - The mRNA vaccine and drug industry is still in its early development stage, presenting uncertainties in commercialization[167]. - Changes in tax incentives and government subsidies could adversely affect the company's financial performance if policies are adjusted[166]. Product Development and Innovation - The company launched innovative raw materials for mRNA vaccines, including ultra-low dsRNA T7 RNA polymerase, and introduced a one-tube IVT capping method[45]. - The company has developed a comprehensive technology platform consisting of 23 core technologies, enhancing its competitive advantage and customer service capabilities[100]. - The company has developed multiple innovative mRNA-related products, with increasing demand expected as more vaccine pipelines progress towards commercialization[94]. - The company has established a platform for mRNA design and development, which is expected to be widely used in drug and vaccine development[138]. Financial Health - The net cash flow from operating activities increased by 1,948.16% to ¥69,159,022.07, primarily due to reduced tax payments[26]. - The company has seen over 50% year-on-year growth in conventional diagnostic antibody sales in 2023, despite a decline in COVID-19 diagnostic antibody sales[89]. - The company has experienced a decline in revenue from enzyme and reagent products, with costs decreasing in tandem[184]. - The total procurement from the top five suppliers was 21.73 million RMB, accounting for 20.77% of the total annual procurement[187].