INNOCARE(688428)2024-05-13 10:56Financial Performance - In Q1 2024, the company achieved a total revenue of approximately CNY 165.82 million, a decrease of 12.44% year-on-year[6] - Sales revenue from the core product, Oubatinib (Yinokai®), reached CNY 164.80 million, representing a year-on-year growth of 8.87%[6] - The company reported a net loss attributable to shareholders of CNY 142.40 million for the quarter[6] - In Q1 2024, the company reported a net loss of CNY 145,660,375.68, compared to a net loss of CNY 14,229,365.40 in Q1 2023, indicating a significant decline in profitability[20] - The company recorded a total comprehensive loss of CNY -135,208,277.15 in Q1 2024, compared to a loss of CNY -100,502,461.88 in Q1 2023[21] - Basic and diluted earnings per share were both CNY -0.08, compared to CNY -0.01 in the previous year, indicating a deterioration in earnings performance[21] Research and Development - Research and development expenses totaled CNY 177.73 million, accounting for 107.18% of total revenue, an increase of 32.75 percentage points year-on-year[6] - Research and development expenses increased to CNY 177,728,720.87, compared to CNY 140,950,687.03 in Q1 2023, marking a rise of about 26%[20] Cash and Liquidity - As of March 31, 2024, the company held approximately CNY 8.2 billion in cash, ensuring sufficient liquidity for ongoing projects[5] - Cash and cash equivalents as of March 31, 2024, were ¥8,201,839,334.55, a slight decrease from ¥8,287,136,644.81 at the end of 2023[17] - Cash and cash equivalents at the end of Q1 2024 stood at CNY 4,616,481,748.24, up from CNY 3,993,788,388.71 at the end of Q1 2023, representing an increase of approximately 16%[23] - The company experienced a net cash outflow from operating activities of CNY -84,043,543.78, an improvement from CNY -154,802,409.78 in Q1 2023[22] - Investment activities generated a net cash inflow of CNY 502,674,850.75, a significant turnaround from a net outflow of CNY -1,915,385.25 in Q1 2023[22] Operating Costs - Total operating costs for Q1 2024 were ¥303,015,436.11, an increase of 45.96% from ¥207,586,324.78 in Q1 2023[19] - The company’s total operating costs were CNY 24,290,417.68, compared to CNY 42,897,028.90 in Q1 2023, showing a decrease of approximately 43%[20] Market and Product Development - The company’s three indications for Oubatinib have received coverage under the new national medical insurance directory, enhancing its market potential[4] - The company is focused on expanding its commercialization capabilities and optimizing execution strategies to accelerate growth[4] - The company has not disclosed any new product launches or technological advancements during this quarter[16] Shareholder Information - There are no significant changes in the top 10 shareholders or their shareholding percentages[15] Other Financial Metrics - The gross profit margin for Q1 2024 was 85.4%, an increase of 8.1 percentage points compared to 77.3% in the same period last year[5] - The weighted average return on equity was -2.01% for the quarter, reflecting ongoing investment in R&D and operational challenges[6] - Total assets decreased to ¥9,766,283,263.59 from ¥9,919,995,852.46 at the end of 2023[18] - Total liabilities decreased to ¥2,712,214,039.61 from ¥2,739,290,198.68 at the end of 2023[18] - Inventory as of March 31, 2024, was ¥118,157,773.43, a slight decrease from ¥119,094,840.89 at the end of 2023[17] - Long-term investments decreased to ¥4,320,662.46 from ¥5,660,187.95 at the end of 2023[17] - Non-recurring losses for the quarter amounted to CNY 8.45 million, primarily due to fair value losses on convertible loans[7] - The company reported a foreign exchange gain of CNY 2,726,913.06, contrasting with a loss of CNY -21,312,065.11 in the same quarter last year[23]