2024-04-29 10:56Financial Performance - The company's revenue for Q1 2024 was approximately RMB 7.98 billion, representing a decrease of 10.95% compared to the same period last year[6]. - Net profit attributable to shareholders was approximately RMB 1.94 billion, down 10.42% year-over-year[6]. - The net profit excluding non-recurring gains and losses was approximately RMB 2.03 billion, an increase of 7.30% year-over-year[6]. - Total revenue for Q1 2024 was approximately ¥7.98 billion, a decrease of 11% compared to ¥8.96 billion in Q1 2023[22]. - Operating profit for Q1 2024 was approximately ¥2.31 billion, down from ¥2.62 billion in Q1 2023, reflecting a decline of 12%[22]. - Net profit for Q1 2024 was approximately ¥1.96 billion, a decrease of 10% from ¥2.19 billion in Q1 2023[22]. - Basic earnings per share for Q1 2024 were ¥0.67, down from ¥0.74 in Q1 2023[23]. - Total comprehensive income for Q1 2024 was approximately ¥1.75 billion, a decrease of 19% from ¥2.17 billion in Q1 2023[23]. - Gross profit for Q1 2024 was CNY 3,005,748 thousand, down from CNY 3,525,642 thousand in Q1 2023, reflecting a gross margin of approximately 37.6%[27]. - Operating profit for Q1 2024 was CNY 2,324,919 thousand, compared to CNY 2,710,547 thousand in Q1 2023, indicating a decline of 14.2%[27]. - Net profit for Q1 2024 was CNY 1,958,853 thousand, down from CNY 2,185,805 thousand in Q1 2023, representing a decrease of 10.4%[27]. Client and Revenue Growth - The company added over 300 new clients in the reporting period, with active clients exceeding 6,000 globally[9]. - Revenue from the top 20 global pharmaceutical companies reached RMB 2.70 billion, a year-over-year increase of 4.2% after excluding specific commercial production projects[9]. - Revenue from U.S. clients was RMB 4.90 billion, showing a year-over-year growth of 0.4% after excluding specific commercial production projects[9]. - Revenue from clients in other regions decreased by 26.6% year-over-year, amounting to RMB 420 million[9]. - The company achieved revenue of RMB 7.98 billion in Q1 2024, with the chemical business contributing RMB 5.56 billion, a year-on-year decline of 0.6% after excluding specific commercial production projects[10]. - The D&M service revenue reached RMB 4.0 billion, with a year-on-year growth of 1.2% after excluding specific commercial production projects, and a total of 3,286 molecules in the pipeline as of the end of Q1 2024[10]. - TIDES business revenue was RMB 780 million, showing a strong year-on-year growth of 43.1%, with a significant increase of 110% in orders on hand compared to the previous year[10]. - The testing business generated revenue of RMB 1.49 billion, with laboratory analysis and testing services contributing RMB 1.05 billion, a year-on-year decline of 0.6%[11]. - The clinical CRO and SMO business revenue was RMB 440 million, reflecting a year-on-year growth of 11.0%, with SMO business growing by 26.4%[11]. - The biological business achieved revenue of RMB 560 million, with new molecular-related revenue growing by 12.2%, accounting for 29.2% of the biological business revenue[12]. - The high-end CTDMO business generated revenue of RMB 280 million, providing services for a total of 65 projects, including 2 commercial projects and 5 clinical phase III projects[12]. - The domestic new drug R&D service department reported revenue of RMB 80 million, with 3 new drugs approved for clients and 2 drugs in the listing application stage[13]. Assets and Liabilities - Total assets at the end of the reporting period were approximately RMB 74.94 billion, a 1.72% increase from the end of the previous year[6]. - The company's current assets totaled ¥31,153,381,549.19, compared to ¥30,422,470,960.82 at the end of 2023, indicating an increase of about 2.42%[19]. - Cash and cash equivalents reached ¥15,725,570,254.99, up from ¥13,764,058,665.13, reflecting a growth of approximately 14.26%[19]. - The company's inventory increased to ¥5,047,973,507.51 from ¥4,736,229,956.28, marking a rise of about 6.58%[19]. - Total liabilities amounted to ¥18,891,550,725.01, compared to ¥18,151,903,894.38 at the end of 2023, representing an increase of approximately 4.07%[20]. - The company's equity attributable to shareholders was ¥55,639,487,743.34, slightly up from ¥55,122,453,910.73, indicating a growth of about 0.94%[20]. - Short-term borrowings decreased to ¥2,911,607,355.81 from ¥3,667,059,680.42, a reduction of approximately 20.56%[20]. - The company reported a total of ¥1,698,718,898.46 in contract liabilities, compared to ¥1,955,363,182.24 previously, reflecting a decrease of about 13.14%[20]. - The company's long-term borrowings increased significantly to ¥2,863,036,640.84 from ¥687,016,640.84, representing a growth of approximately 316.36%[20]. - The total non-current assets were reported at ¥43,786,466,187.38, up from ¥43,246,878,346.30, indicating an increase of about 1.25%[19]. Cash Flow and Financing Activities - The company's cash flow from operating activities was approximately RMB 2.26 billion, down 25.44% year-over-year[6]. - Cash flow from operating activities for Q1 2024 was approximately ¥2.26 billion, a decrease of 26% compared to ¥3.03 billion in Q1 2023[24]. - Cash flow from investing activities for Q1 2024 was negative at approximately -¥854 million, an improvement from -¥1.22 billion in Q1 2023[24]. - The company raised new bank loans amounting to 2,920,641 thousand RMB in Q1 2024, an increase of 16.7% compared to 2,503,563 thousand RMB in Q1 2023[34]. - The company repaid bank loans totaling 1,546,633 thousand RMB, which is a decrease of 29.0% from 2,178,546 thousand RMB in Q1 2023[34]. - The net increase in cash and cash equivalents for the quarter was 1,359,440 thousand RMB, compared to 1,953,351 thousand RMB in Q1 2023, reflecting a decrease of 30.4%[34]. - The company's cash and cash equivalents at the end of Q1 2024 were 11,516,961 thousand RMB, up from 9,867,844 thousand RMB at the end of Q1 2023, representing an increase of 16.7%[34]. - The company incurred interest payments of 20,817 thousand RMB in Q1 2024, significantly lower than 37,502 thousand RMB in Q1 2023, indicating a reduction of 44.7%[34]. - The company’s cash flow from financing activities showed a net cash outflow of 43,229 thousand RMB in Q1 2024, contrasting with a net inflow of 146,795 thousand RMB in Q1 2023[34].