SNIBE(SZ:300832)2023-08-25 11:14Financial Performance - In the first half of 2023, the company achieved operating revenue of 1.865 billion CNY, a year-on-year increase of 31.64% [3] - The net profit attributable to shareholders was 750 million CNY, reflecting a growth of 31.68% year-on-year [3] - The net cash flow from operating activities reached 527 million CNY, up by 20.30% compared to the previous year [3] Revenue Structure - Revenue from reagent products and instrument products accounted for 71% and 29% of total revenue, respectively [4] - Domestic and overseas market revenues were split at 65% and 35%, respectively [4] Domestic Market Overview - Domestic main business revenue grew by 31.56% year-on-year in the first half of 2023, with a significant second-quarter growth of 51.56% [4] - The company installed 806 chemiluminescence analyzers, with large machines making up 60.55% of installations [4] - Testing volume from tertiary hospitals contributed to 43% of the total domestic testing volume, an increase of 1.3 percentage points from 2022 [4] Overseas Market Overview - Overseas main business revenue increased by 31.55% year-on-year in the first half of 2023, with a second-quarter growth of 38.19% [4] - The company sold 2,271 chemiluminescence analyzers overseas, with mid-to-large machines accounting for 54.73% of sales, a rise of 20.28 percentage points year-on-year [4] - The company’s products are now present in 151 countries and regions, with eight wholly-owned subsidiaries established overseas [4] Industry Challenges and Responses - The company anticipates that recent anti-corruption measures in the pharmaceutical sector may delay procurement for large equipment but will have a limited impact on single machine installations [5] - To mitigate potential negative impacts from anti-corruption measures, the company is expanding its third-party testing business, which has significant growth potential in grassroots healthcare [5] - The company emphasizes compliance and integrity in its operations, aiming to foster a fair competitive environment [5] Product Development and Market Strategy - The company has developed a small molecule sandwich method for testing, which is expected to enhance its competitive edge in the market [7] - The company plans to expand this method to include thyroid and drug monitoring categories, aiming for simultaneous sales in domestic and international markets [7] - The company has been actively promoting its products overseas for over 13 years, leading to a rapid increase in sales and brand recognition [6]