Hotgen(688068)2024-06-13 07:36Company Overview - Beijing Hotgen Biotech Co., Ltd. is a high-tech enterprise in the biomedicine field, focusing on the research, production, and sales of in vitro diagnostic reagents and instruments [1] - The company aims to innovate and industrialize products in medical and public safety testing, with key products used in liver cancer, hepatitis, cardiovascular diseases, and public safety [1] Financial Performance - In 2023, the company achieved a total revenue of CNY 541.25 million, with non-COVID related revenue at CNY 408.45 million, reflecting a year-on-year growth of 31.82% [2] - Revenue breakdown: - Routine diagnostic reagents: CNY 379.88 million (up 29.02%) - Diagnostic instruments: CNY 20.66 million (up 77.16%) - Biological raw materials: CNY 7.91 million (up 111.13%) [2] - Key product revenue: - Hepatitis and liver cancer diagnostic reagents: CNY 101.23 million (up 20.48%) - Cardiovascular diagnostic reagents: CNY 125.63 million (up 30.83%) - Infection and inflammation diagnostic reagents: CNY 59.79 million (up 34.36%) - Tumor and thyroid hormone diagnostic reagents: CNY 50.29 million (up 53.99%) [2] Strategic Developments - The company has established a comprehensive liver health management platform, covering the entire diagnostic process from hepatitis to liver cancer [2] - Future Technology Research Institute has been set up to explore cutting-edge technologies and expand into biopharmaceuticals, including antibody drugs and nucleic acid drugs [2] Challenges and Responses - The company has faced a decline in profits over the past three years, primarily due to the decrease in COVID-related business [3] - In Q1 2024, revenue was CNY 116 million, with a net profit of CNY 5.05 million, down 42.78% and 91.42% year-on-year, respectively, attributed to the reduction in non-conventional COVID business [3] - The company plans to implement cost reduction and efficiency improvement measures while promoting high-value diagnostic products [3]