HUADONG MEDICINE(SZ:000963)2023-04-23 11:13Financial Performance - In Q1 2023, the company achieved revenue of 10.115 billion CNY, marking a year-on-year increase of 13.23% and a quarter-on-quarter growth of 2.62% [4] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 855 million CNY, up 14.99% year-on-year [4] - The core subsidiary, China Medical East, reported revenue of 3.075 billion CNY, a 10.19% increase year-on-year, and a net profit of 667 million CNY, up 15.90% [4] - The pharmaceutical commercial segment generated revenue of 6.844 billion CNY, reflecting a year-on-year growth of 15.67% [4] - The medical aesthetics segment achieved revenue of 503 million CNY, a 10.86% increase year-on-year [4] Product Development - ELAHERE™ for ovarian cancer is set to submit a BLA application in 2023 after completing Phase III clinical trials [5] - HDM3002 (PRV-3279) is undergoing Phase IIa trials for systemic lupus erythematosus (SLE) [5] - The company has submitted IND applications for HDM1002 and GLP-1 receptor agonists in 2023 [6] Market Expansion - The company acquired a 70% stake in Jiangsu Nanjing Agricultural University Animal Medicine Co., Ltd. for 265 million CNY, aiming to enhance its presence in the animal health sector [11][12] - The pet health market has seen a compound annual growth rate (CAGR) exceeding 34% from 2016 to 2021, indicating significant growth potential [11] International Operations - The UK subsidiary, Sinclair, reported revenue of 3.38 million GBP (approximately 284 million CNY), with an 8.89% year-on-year increase [6] - The company is expanding its global medical aesthetics market presence, with expectations of improved performance in Q2 2023 [5] R&D and Innovation - The company has over 130 ongoing R&D projects in the industrial microbiology sector, with 78 authorized patents and 51 pending [9] - The establishment of Hunan Huixin Biotechnology Co., Ltd. focuses on mRNA drug manufacturing and CRO/CDMO services [10] Financial Outlook - The company anticipates a stable financial environment starting Q2 2023, with a reduction in financial costs due to loan repayments [15]