Porton(SZ:300363)2022-12-04 08:54Group 1: Company Overview and Strategy - Chongqing Boteng Pharmaceutical Technology Co., Ltd. was established in 2005, initially focusing on serving large clients like Johnson & Johnson in the CMO industry [1] - The company adopted a "big client" strategy to optimize resource allocation and gradually expanded its client base and product lines [1] - In 2014, the business development strategy was adjusted to include both large and small clients, which remains a key focus for the company [1] Group 2: Shareholding Structure - The actual controllers of the company are three individuals, collectively holding approximately 44% of the shares [1] - A transaction is in progress for QING SHAO to acquire 6.47% of the shares, which will make the fund under China Merchants Capital a strategic shareholder with over 5% ownership [2] Group 3: Financial Management and Risk - The company is aware of the high pledge ratio of major shareholders and is taking measures to manage associated risks [2] - A price adjustment mechanism is in place with overseas clients to mitigate the impact of significant exchange rate fluctuations [2] - The company is cautious about using foreign exchange hedging tools due to past losses experienced by other firms [2] Group 4: Production Capacity and Financial Performance - The overall capacity utilization rate for the company's three bases was not very high last year, with Long寿 and Jiangxi Dongbang bases at approximately 60% and Zhejiang Shangyu base at about 40% [2] - The company reported strong operating cash flow, marking the best performance in the past three years, with high-quality accounts receivable from multinational pharmaceutical clients [3] - Capital expenditures will be reduced this year, focusing only on fundraising projects without significant additional investments [3]