Financial Performance - The company's operating revenue for the first quarter was RMB 114,282,281.78, representing a year-on-year increase of 13.65%[4] - The net profit attributable to shareholders of the listed company was a loss of RMB 170,095,866.61, with a loss of RMB 178,676,681.71 after deducting non-recurring gains and losses[4] - The net loss attributable to shareholders for Q1 2024 was ¥174,882,984.28, compared to a net loss of ¥170,199,047.09 in Q1 2023, showing a slight increase in losses[23] - The total comprehensive income attributable to the parent company for Q1 2024 was (174,560,182.55) CNY, compared to (170,165,760.27) CNY in Q1 2023, indicating a slight increase in losses[25] - Basic and diluted earnings per share for Q1 2024 were (0.69) CNY, up from (0.57) CNY in Q1 2023, reflecting improved performance[25] Cash Flow - The net cash flow from operating activities was a negative RMB 108,195,674.35, indicating a significant cash outflow[4] - The company reported a significant reduction in net cash outflow from operating activities, narrowing by 68.68% compared to the same period last year[8] - Cash flow from operating activities for Q1 2024 was (108,195,674.35) CNY, a significant improvement from (345,405,099.94) CNY in Q1 2023[27] - Cash inflow from investment activities in Q1 2024 was 2,636,256,442.11 CNY, slightly down from 2,787,235,704.28 CNY in Q1 2023[28] - Net cash flow from investment activities for Q1 2024 was 275,011,228.44 CNY, compared to (172,008,398.75) CNY in Q1 2023, indicating a positive turnaround[28] - Cash flow from financing activities in Q1 2024 was 147,374,678.75 CNY, a recovery from (10,474,806.49) CNY in Q1 2023[29] - The net increase in cash and cash equivalents for Q1 2024 was 328,808,252.94 CNY, compared to (547,374,059.15) CNY in Q1 2023, showing improved liquidity[30] - The ending balance of cash and cash equivalents for Q1 2024 was 2,374,907,374.57 CNY, down from 2,843,893,796.13 CNY in Q1 2023[30] Assets and Liabilities - Total assets at the end of the reporting period were RMB 8,568,692,147.63, down 8.05% from the end of the previous year[5] - Non-current assets totaled ¥3,544,849,827.74 as of March 31, 2024, down from ¥4,137,941,596.05 at the end of 2023, a decrease of approximately 14.3%[18] - Current liabilities decreased to ¥2,102,763,825.91 from ¥2,565,301,751.60, representing a reduction of about 18%[17] - Long-term borrowings increased to ¥1,148,909,685.31 from ¥1,065,659,776.95, reflecting an increase of approximately 7.8%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,770[9] - The top shareholder, HKSCC NOMINEES LIMITED, holds 98,066,897 shares, representing 39.63% of the total shares[11] - Xuefeng Yu and Dongxu Qiu each hold 17,874,200 shares, accounting for 7.22% of the total shares[11] - The company has a total of 1,403,742 shares held by Sun Ge, representing 0.57% of the total shares[11] Research and Development - Research and development (R&D) expenses totaled RMB 124,328,450.39, which accounted for 108.79% of operating revenue, a decrease of 41.25 percentage points compared to the previous year[4][8] - Research and development expenses for Q1 2024 were ¥96,745,611.33, down from ¥149,765,069.58 in Q1 2023, indicating a decrease of about 35.4%[20] Legal Matters - The company is facing a lawsuit from Belcher Farmaceutica Ltda. seeking approximately BRL 167 million (about RMB 241 million) for alleged damages related to COVID-19 vaccine registration and commercialization in Brazil[14] - The company has engaged a professional legal team to address the lawsuit, believing it has a strong defense position[14] Other Financial Metrics - The weighted average return on net assets was -3.28%, a decrease of 1.19 percentage points year-on-year[4] - The company experienced an investment loss of RMB 70,511,874.94 due to the exclusion of Shanghai Pharmaceuticals CanSino Biologics from the consolidation scope[8] - The company will no longer consolidate Kangxino into its financial statements, as the agreement with Shanghai Biomedical Industry Equity Investment Fund will automatically terminate on February 2, 2024[13] - The company’s financial assets held for trading increased to RMB 1,431,702,017.93 from RMB 1,308,274,692.11, marking an increase of approximately 9.4%[15] - The company’s inventory as of March 31, 2024, was RMB 355,418,384.95, slightly up from RMB 352,847,638.45[15] - Other comprehensive income after tax for Q1 2024 was 322,801.73 CNY, a significant increase from 33,286.82 CNY in Q1 2023[24] Future Outlook - The company plans to implement new accounting standards starting January 1, 2024, which may impact future financial reporting[31]
康希诺生物(06185) - 2024 Q1 - 季度业绩