Financial Performance - The group's operating revenue for Q1 2024 was RMB 10.16 billion, a decrease of 6.56% compared to the same period last year[3]. - Net profit attributable to shareholders of the listed company was RMB 609.73 million, down 38.22% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 608.54 million, a decrease of 33.81% year-on-year[3]. - Basic and diluted earnings per share were both RMB 0.23, reflecting a decline of 37.84% year-on-year[3]. - The decline in revenue was primarily due to a significant drop in sales of COVID-related products compared to Q1 2023[4]. - The acquisition of Cenexi by Gland Pharma impacted the financial results due to amortization and operational losses[5]. - Operating profit for Q1 2024 was RMB 1,021,364,060.98, down from RMB 1,427,139,292.41 in Q1 2023, reflecting a decline of 28.5%[25]. - Net profit for Q1 2024 was RMB 786,221,155.86, compared to RMB 1,114,254,110.16 in Q1 2023, representing a decrease of 29.4%[25]. - The company reported a significant increase in investment income of RMB 335,558,032.75 in Q1 2024, compared to RMB 765,904,456.45 in Q1 2023, indicating a decline of 56.2%[25]. Assets and Liabilities - The group's total assets at the end of the reporting period were RMB 113.75 billion, an increase of 0.24% from the end of the previous year[4]. - Total liabilities as of March 31, 2024, were RMB 56,210,115,353.13, slightly down from RMB 56,853,344,377.17 as of December 31, 2023[24]. - Current liabilities totaled RMB 33,602,092,132.74 as of March 31, 2024, compared to RMB 33,757,583,537.82 at the end of 2023, indicating a decrease of 0.5%[24]. - Non-current liabilities amounted to RMB 22,608,023,220.39, down from RMB 23,095,760,839.35 as of December 31, 2023, a reduction of 2.1%[24]. - As of March 31, 2024, total current assets amounted to RMB 33.84 billion, slightly increasing from RMB 33.79 billion as of December 31, 2023[23]. - Total non-current assets as of March 31, 2024, were RMB 79.91 billion, compared to RMB 79.68 billion as of December 31, 2023[23]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 272,884[8]. - The largest shareholder, Shanghai Fosun High Technology (Group) Co., Ltd., holds 886,315,955 shares, accounting for 33.17% of the total voting rights[8]. - HKSCC Nominees Limited holds 551,374,315 shares, representing 20.63% of the total[8]. - The total shares held by the top ten shareholders amount to 1,586,000,000 shares, which is approximately 60.00% of the total shares[9]. - The controlling shareholder, Fosun High Technology, holds a total of 957,849,455 shares, which is about 35.84% of the total shares[10]. - The company has not disclosed any related party transactions or concerted actions among the top shareholders[9]. Research and Development - The company launched a lyophilized rabies vaccine and an automated chemiluminescence immunoassay analyzer, both of which received regulatory approval in China[13]. - The company’s biosimilar trastuzumab received FDA approval for multiple cancer treatments, marking it as the first domestically developed biosimilar approved in China, the EU, and the US[13]. - Multiple products are in critical clinical or approval stages, including OP 0595 for treating infections and additional indications for the biosimilar Adalimumab[14]. - Research and development expenses for Q1 2024 were RMB 829,567,181.62, a decrease from RMB 968,872,153.04 in Q1 2023, reflecting a reduction of 14.4%[25]. - Research and development expenses for Q1 2024 were RMB 20.75 million, compared to RMB 10.69 million in Q1 2023, showing an increase of approximately 94%[31]. Cash Flow and Investments - Cash flow from operating activities was RMB 917 million, reflecting a year-on-year increase of 5.05%[12]. - The company approved a share repurchase plan with a total amount not less than RMB 100 million and not exceeding RMB 200 million, with a repurchase price not exceeding RMB 30 per share[21]. - The company received ¥7,989,226,244.59 in cash from borrowings during Q1 2024, an increase from ¥6,883,841,990.77 in Q1 2023[28]. - Cash flow from operating activities generated a net amount of approximately ¥9.93 million in Q1 2024, a significant decrease from ¥371.36 million in Q1 2023[33]. - Cash flow from investing activities showed a net outflow of approximately ¥447.22 million in Q1 2024, compared to an outflow of ¥73.58 million in Q1 2023[33]. Strategic Initiatives - The company established a strategic cooperation and exclusive licensing agreement with Sermonix Pharmaceuticals, planning to develop and commercialize at least two indications for ER+/HER2- breast cancer in China and Hong Kong, Macau, and Taiwan[18]. - The company signed an agreement to jointly establish a private equity investment fund in Shenzhen with a total commitment of RMB 5 billion, with the company contributing RMB 1.5 billion, holding a 30% share[18]. - The company plans to explore innovative payment models for high-value innovative drugs, as demonstrated by the launch of a new payment scheme for a product in collaboration with a joint venture[17].
复星医药(02196) - 2024 Q1 - 季度业绩