Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion for the fiscal year 2024[2]. - Revenue for the year ended December 31, 2024, was RMB 2,018,334 thousand, a decrease of 15.06% compared to RMB 2,376,487 thousand in 2023[17]. - Gross profit for 2024 was RMB 505,540 thousand, reflecting a gross margin of 25.05%, down from 41.21% in 2023[17]. - Net profit for the year was RMB 69,755 thousand, a significant decline of 82.16% from RMB 391,553 thousand in 2023[17]. - Total assets as of December 31, 2024, amounted to RMB 9,396,152 thousand, down from RMB 10,027,159 thousand in 2023[17]. - Total liabilities decreased to RMB 1,316,964 thousand in 2024 from RMB 1,746,118 thousand in 2023, indicating improved financial stability[17]. - The company's equity attributable to shareholders was RMB 8,078,818 thousand, slightly down from RMB 8,279,316 thousand in 2023[17]. - Basic earnings per share for 2024 was RMB 0.10, a decrease from RMB 0.53 in 2023[17]. - The company reported a net profit of RMB 69.8 million for the year ended December 31, 2024, a decrease of 82.2% from RMB 391.6 million in 2023, resulting in a net profit margin drop to 3.5%[60]. - Other income and losses netted RMB 161.2 million in 2024, a decrease of 33.0% from RMB 240.5 million in 2023, primarily due to reduced interest income[52]. Market and Growth Strategy - The company provided a positive outlook for 2025, projecting a revenue growth of 10% to 12%[2]. - New product launches are expected to contribute an additional RMB 300 million in revenue next year[2]. - Market expansion plans include entering two new international markets by Q3 2025[2]. - The company aims to increase its market share by 3% in the next fiscal year through targeted marketing strategies[2]. - Future outlook includes potential market expansion and strategic partnerships to drive growth in the biopharmaceutical sector[12]. - The company plans to explore mergers and acquisitions to strengthen its market position and enhance its technological capabilities[12]. - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified in the biotechnology sector[104]. - Market expansion plans include entering three new international markets by the end of 2025, targeting a 10% market share in each[104]. Research and Development - The company is investing RMB 200 million in R&D for new technologies aimed at enhancing product offerings[2]. - The company is focusing on research and development in antibody-drug conjugates (ADC) and CAR-T cell therapies to enhance its product pipeline[12]. - The company has established a key technology platform for biotechnology drug quality research, having applied for and published 12 patents in this area[40]. - The company has enhanced its in vitro metabolism platform for small molecule drugs, establishing MSD detection methods for oligonucleotide drugs and mass spectrometry methods for ADC drugs, covering various drug types including antibodies and gene therapy products[28]. - The company is committed to advancing innovative experimental models and organoid applications, particularly in tumor research and new drug development[86]. - The company plans to develop innovative non-human primate disease models, focusing on aging-related diseases such as obesity and diabetes, to support drug screening and preclinical evaluation[86]. Operational Efficiency - The management highlighted a focus on improving operational efficiency, targeting a 5% reduction in costs by the end of 2025[2]. - The board of directors highlighted the successful implementation of cost-cutting measures, resulting in a 5% reduction in operational expenses[104]. - The company aims to enhance operational efficiency and service quality through various innovative initiatives[18]. - The company is actively seeking strategic investment opportunities to enhance product R&D, product portfolio, channel expansion, and cost control[74]. Compliance and Risk Management - Compliance with various legal and regulatory requirements is critical; failure to adhere could adversely affect the company's reputation, business, financial condition, and future prospects[87]. - The company has maintained compliance with all relevant laws and regulations, with no significant legal issues reported during the period[121]. - The company complies with anti-bribery and anti-corruption regulations to mitigate risks associated with bribery and corruption[196]. - The company faces risks from fluctuating international economic conditions and reduced investment in pharmaceutical innovation, which may impact international business revenue and foreign exchange losses[87]. Human Resources and Talent Management - The company has formed a professional service team of 2,652 members as of December 31, 2024, to improve management levels and service efficiency[44]. - The company is committed to maintaining effective communication with shareholders through various channels, including shareholder meetings and corporate communications[198]. - The company recruits and retains talented employees through a comprehensive training system aimed at enhancing technical expertise and service quality[195]. - The company has an urgent need for talent in management, technology, and marketing due to business expansion, with challenges in attracting and retaining qualified personnel amid rising competition and costs[87]. Shareholder and Financial Management - The company proposed a final dividend of RMB 0.03 per share for the fiscal year ending December 31, 2024, down from RMB 0.16 in 2023, resulting in a total proposed dividend amount of approximately RMB 22.39 million compared to RMB 119.98 million in the previous year[115]. - As of December 31, 2024, the company's distributable reserves amounted to RMB 822.2 million[126]. - The company has repurchased a total of 2,656,100 A-shares in 2024, with a total transaction amount of RMB 42,658,273.40 (excluding transaction fees)[128]. - The company has no significant investments, acquisitions, or disposals during the reporting period[70]. Client and Supplier Relations - The company served approximately 852 clients, including blue-chip pharmaceutical companies and small to medium-sized biotech firms as of December 31, 2024[187]. - The largest customer accounted for 2.87% of the group's total revenue, while the top five customers represented 11.76% of total revenue[199]. - The company has established stable relationships with numerous major suppliers located in China[191]. - There were no significant complaints from clients regarding the company's services or products during the reporting period[190].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 287.34 million, a decrease of 11.54% compared to RMB 324.81 million in the same period last year[7]. - Net profit attributable to shareholders for Q1 2025 was RMB 41.12 million, a significant increase of 115.11% from a loss of RMB 272.22 million in the previous year[7]. - Basic and diluted earnings per share for Q1 2025 were RMB 0.05, a turnaround from a loss of RMB 0.36 per share in the previous year, representing an increase of 113.89%[7]. - The weighted average return on equity increased by 3.86 percentage points to 0.51% compared to -3.35% in the same period last year[7]. - The net profit attributable to shareholders of the listed company increased by 115.11% compared to the same period last year, primarily due to significant losses from the fair value changes of biological assets in the previous year[16]. - The total comprehensive income for Q1 2025 was CNY 40,352,525.89, compared to a total comprehensive loss of CNY 272,499,809.53 in Q1 2024[30]. - Operating profit for Q1 2025 was CNY 49,382,588.17, a turnaround from an operating loss of CNY 293,008,274.73 in Q1 2024[28]. Cash Flow and Assets - The net cash flow from operating activities was RMB 65.15 million, down 45.69% from RMB 119.95 million in the same period last year[7]. - Cash and cash equivalents decreased to CNY 676,571,156.45 as of March 31, 2025, from CNY 965,203,128.59 at the end of 2024, a decline of 29.9%[22]. - The company’s cash flow management remains a priority, with a significant reduction in cash reserves noted[22]. - The cash and cash equivalents at the end of Q1 2025 were $676,571,156.45, a significant decrease from $2,865,314,156.35 in Q1 2024, reflecting a decline of about 76.4%[34]. - The net increase in cash and cash equivalents for Q1 2025 was -$288,629,929.27, contrasting with a positive increase of $11,667,128.38 in Q1 2024[34]. - The impact of exchange rate changes on cash and cash equivalents in Q1 2025 was -$1,154,223.86, compared to -$2,795,727.79 in Q1 2024, showing an improvement of approximately 58.7%[34]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 48,730[18]. - The top ten shareholders hold a total of 22.30% of shares, with the largest shareholder, Feng Yuxia, owning 167,160,633 shares[18]. - The company has not identified any related party relationships among the top ten shareholders, except for known familial connections[19]. Business Operations and Strategy - The laboratory services business contributed a net profit of RMB -41.34 million, a decline of 96.47% year-on-year, primarily due to increased industry competition[11]. - The company plans to enhance its laboratory services and financial management strategies to improve profitability amid competitive pressures[9]. - The company plans to focus on expanding its market presence and enhancing R&D efforts in the upcoming quarters[27]. - The company signed new orders worth approximately RMB 430 million during the reporting period, with a backlog of orders amounting to approximately RMB 2.2 billion at the end of the reporting period[20]. Non-Recurring Items - Non-recurring gains and losses for the reporting period amounted to RMB 15.46 million, with significant contributions from government subsidies and financial asset management[10][13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 25.66 million, an increase of 109.14% from a loss of RMB 280.67 million in the previous year[7]. - The non-recurring gains and losses totaled RMB 15,456,940.42, indicating significant impacts from various non-operating activities[14]. Costs and Expenses - Total operating costs for Q1 2025 were CNY 288,252,886.21, down from CNY 293,294,646.96 in Q1 2024, reflecting a reduction of 1.4%[27]. - R&D expenses for Q1 2025 amounted to CNY 23,027,883.99, slightly increasing from CNY 22,967,298.39 in Q1 2024[27]. - Other income for Q1 2025 was CNY 5,270,400.41, down from CNY 6,650,918.69 in Q1 2024[28]. - Investment income for Q1 2025 was CNY 1,235,855.96, a decline from CNY 6,972,038.25 in Q1 2024[28]. Market and Risk Awareness - The company emphasizes the need for investors to be aware of investment risks due to market environment changes and industry competition[20]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[20]. - The company did not apply new accounting standards or interpretations starting from 2025, indicating a stable accounting approach for the current reporting period[34].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 2,018,334, a decrease of 15.1% compared to RMB 2,376,487 for the previous year[5] - Gross profit for the same period was RMB 505,540, down 48.4% from RMB 979,393 year-on-year[5] - Net profit for the year was RMB 69,755, reflecting an 82.2% decline from RMB 391,553 in the prior year[5] - Profit attributable to equity shareholders was RMB 74,075, a decrease of 81.3% compared to RMB 396,993 in the previous year[5] - The total comprehensive income for the year was RMB 18,714, significantly lower than RMB 396,514 in the previous year[6] - Basic and diluted earnings per share were both RMB 0.10, down from RMB 0.53 in the previous year[7] - The group's reported revenue for 2024 is RMB 2,336,043 thousand, a decrease from RMB 2,523,160 thousand in 2023, representing a decline of approximately 7.4%[20] - The gross profit for the reportable segments in 2024 is RMB 501,254 thousand, significantly lower than RMB 972,625 thousand in 2023, indicating a decrease of about 48.5%[21] - Revenue from external customers in China for 2024 is RMB 1,579,381 thousand, down from RMB 1,797,730 thousand in 2023, reflecting a decline of approximately 12.2%[22] - Revenue from external customers in the United States for 2024 is RMB 415,422 thousand, a decrease from RMB 566,271 thousand in 2023, representing a decline of about 26.6%[22] Assets and Liabilities - The company's total assets attributable to equity shareholders stood at RMB 8,078,818, down 2.4% from RMB 8,279,316[5] - Total non-current assets reached RMB 4,364,954 thousand, an increase of 50.3% from RMB 2,905,192 thousand in 2023[8] - Current liabilities totaled RMB 1,110,568 thousand, a decrease of 24.4% from RMB 1,467,365 thousand in 2023[8] - Net assets decreased to RMB 8,079,188 thousand, down 2.4% from RMB 8,281,041 thousand in 2023[9] - The company's equity attributable to shareholders decreased slightly to RMB 8,078,818 thousand from RMB 8,279,316 thousand in 2023[9] Expenses - Operating profit decreased to RMB 107,046, down from RMB 513,162 in the previous year[6] - Research and development expenses were RMB 92,918, slightly down from RMB 96,854 year-on-year[6] - The service cost for the year ended December 31, 2024, was RMB 1,512.8 million, an increase of 8.3% from RMB 1,397.1 million in 2023[65] - General and administrative expenses for the year ended December 31, 2024, were RMB 315.9 million, up 6.6% from RMB 296.5 million for the year ended December 31, 2023, maintaining relative stability[71] - Sales and marketing expenses for the year ended December 31, 2024, were RMB 27.9 million, an increase of 13.3% from RMB 24.6 million for the year ended December 31, 2023, primarily due to increased customer acquisition costs[70] Cash Flow and Investments - Cash and cash equivalents as of December 31, 2024, were RMB 965.2 million, a decrease of 66.3% from RMB 2,862.9 million as of December 31, 2023, primarily due to the purchase of financial assets measured at fair value[77] - The capital-to-debt ratio as of December 31, 2024, was 14.0%, down from 17.4% as of December 31, 2023, mainly due to a decrease in contract liabilities[78] - The company has raised approximately HKD 6,373.6 million (approximately RMB 5,285.2 million) from its global offering, net of underwriting commissions and other estimated expenses[92] - A total of RMB 2,061.3 million is allocated to expand the company's network and service capabilities in China, with significant projects in Guangzhou and Chongqing[98] Research and Development - The company continues to focus on expanding its contract research organization services, including non-clinical and clinical research[10] - The company has developed and optimized various ophthalmic disease models, meeting diverse market research and development needs[40] - The company has established systematic non-clinical evaluation methods for GLP-1R, GCGR, and GIPR target drugs, improving new drug development efficiency[43] - The company has established a comprehensive platform for drug discovery and development, covering various stages from antibody discovery to drug development, with capabilities to express antibodies at 300-500 mg scale[47] - The company is actively involved in the evaluation of gene therapy products, cell therapy products, and nucleic acid drugs, expanding its service capabilities[45] Future Plans and Strategies - By 2025, the company plans to increase investment in non-clinical services, improve service quality standards, and expand production capacity to solidify its market share[84] - The company aims to enhance its non-clinical drug evaluation services and expand upstream and downstream service capabilities, including early drug discovery and clinical CRO services[83] - The company plans to recruit and train high-end talents with international backgrounds to improve cross-cultural communication and service capabilities[86] - The company aims to enhance its international registration capabilities to meet overseas reporting demands, particularly in the US and China, assisting more new drug development enterprises in their product launch plans[88] Compliance and Governance - The audit committee has reviewed the financial statements for the year ending December 31, 2024, and confirmed compliance with relevant accounting standards and regulations[119] - The company's auditor, KPMG, has agreed that the financial figures in the preliminary announcement align with the audited consolidated financial statements for the year[120] - The annual report for 2024 will include all relevant information as per listing rules and will be published on the company's and Hong Kong Stock Exchange's websites[122]

Financial Performance - Revenue for the third quarter was RMB 485,799,506.29, a decrease of 15.51% compared to the same period last year[4] - Net profit attributable to shareholders was RMB 99,435,565.54, down 58.04% year-on-year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 84,926,745.33, a decline of 63.74% compared to the previous year[4] - The net cash flow from operating activities was RMB 192,325,709.34, a decrease of 57.11% year-on-year[4] - Basic earnings per share were RMB 0.13, down 59.38% compared to the same period last year[4] - Net profit attributable to shareholders decreased by 121.46% year-to-date due to intensified competition, declining sales revenue, and a decrease in the fair value of biological assets[11] - Net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 136.47% year-to-date, primarily due to similar factors as above[11] - Cash flow from operating activities decreased by 57.11% year-to-date, mainly due to reduced sales collections while employee compensation remained stable compared to the previous year[11] - Basic earnings per share decreased by 120.45% year-to-date, reflecting the impact of increased competition and declining sales revenue and gross margin[11] - Diluted earnings per share decreased by 120.45% year-to-date, consistent with the basic earnings per share decline[11] - Net profit attributable to shareholders for the current reporting period decreased by 58.04% due to intensified competition and declining sales revenue[11] - Net profit attributable to shareholders after deducting non-recurring gains and losses for the current reporting period decreased by 63.74%[11] - Basic earnings per share for the current reporting period decreased by 59.38% due to similar competitive pressures[11] - Diluted earnings per share for the current reporting period decreased by 59.38%, reflecting the same trends[11] Assets and Liabilities - Total assets at the end of the reporting period were RMB 9,525,184,807.98, a decrease of 5.01% from the end of the previous year[4] - Equity attributable to shareholders was RMB 8,002,435,682.20, down 3.34% compared to the end of the previous year[4] - As of September 30, 2024, the company's total current assets amounted to RMB 5.33 billion, a decrease from RMB 7.12 billion on December 31, 2023[18] - The total non-current assets as of September 30, 2024, were CNY 4,191,072,779.02, significantly higher than CNY 2,905,192,290.36 as of December 31, 2023, marking an increase of about 44.2%[21] - Total liabilities as of September 30, 2024, were CNY 1,534,350,209.75, down from CNY 1,746,119,215.39 at the end of 2023, a decrease of approximately 12.1%[20] - The total assets as of September 30, 2024, were CNY 9,525,184,807.98, compared to CNY 10,027,159,630.47 at the end of 2023, indicating a decline of about 5.0%[21] - The total equity attributable to shareholders as of September 30, 2024, was CNY 8,002,435,682.20, down from CNY 8,279,315,724.35 at the end of 2023, a decrease of about 3.4%[21] Cash Flow and Investments - The company's cash and cash equivalents decreased from RMB 2.86 billion at the end of 2023 to RMB 1.84 billion as of September 30, 2024[18] - The company's trading financial assets increased significantly from RMB 373.35 million to RMB 1.38 billion during the same period[18] - The company reported a net interest income of CNY 82,526,990.66 for the first three quarters of 2024, compared to CNY 108,316,598.07 in the same period of 2023, reflecting a decrease of approximately 23.9%[22] - Cash inflow from operating activities for the first three quarters of 2024 is 1,367,691,390.73, down from 1,874,131,001.01 in 2023, showing a decrease in cash generation[27] - The cash inflow from investment activities totaled 2,508,098,115.21, significantly increasing from 528,639,464.14 in the first three quarters of 2023[28] - The net cash flow from investment activities was -950,050,766.71, worsening from -137,147,755.87 in the same period of 2023[28] - The cash outflow from financing activities was 248,828,091.97, down from 333,289,197.75 in the first three quarters of 2023[29] - The net increase in cash and cash equivalents was -1,013,522,516.10, compared to -8,194,783.60 in the same period of 2023[29] - The ending balance of cash and cash equivalents was 1,840,124,511.87, a decrease from 2,891,274,796.93 at the end of the same period in 2023[29] - The cash inflow from recovering investments was 2,307,885,508.22, a substantial increase from 501,496,756.80 in the first three quarters of 2023[28] - The cash outflow for purchasing fixed assets and intangible assets was 188,019,727.66, up from 149,651,195.84 in the same period of 2023[28] - The cash paid for long-term assets was 3,270,129,154.26, significantly higher than 426,076,500.00 in the first three quarters of 2023[28] Operational Performance - The company signed new contracts worth approximately RMB 1.4 billion in the first three quarters, with a total order backlog of about RMB 2.65 billion as of the end of the reporting period[16] - The company reported a foreign exchange loss of -190,401,449.68 in the first three quarters of 2024, compared to -108,513,934.09 in 2023, indicating increased volatility in currency exchange[23] - The company experienced a credit impairment loss of -11,477,062.92 in the first three quarters of 2024, compared to -3,187,147.18 in 2023, reflecting worsening credit conditions[23] - The operating profit for the first three quarters of 2024 is -69,661,013.72, down from 392,084,940.00 in 2023, indicating a substantial decrease in operational performance[23] - The total comprehensive income for the first three quarters of 2024 is -79,103,195.69, a stark contrast to 336,381,200.67 in the previous year[25] - Basic and diluted earnings per share for the first three quarters of 2024 are both reported at -0.09, compared to 0.44 in 2023, indicating a loss per share[25] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 72,246, with the top ten shareholders holding significant stakes[12] - There were no changes in the top 10 shareholders due to securities lending or borrowing activities[15] Strategic Outlook - The company has not disclosed any new product or technology developments in the recent reporting period[16] - The company has not indicated any market expansion or acquisition strategies in the latest report[16] - The company has advised investors to be cautious due to various factors affecting order execution[16]

Financial Performance - JOINN Laboratories reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 25%[6]. - The company achieved a net profit of RMB 300 million, up 30% compared to the same period last year[6]. - Revenue for the first half of 2024 was RMB 849,357,000, a decrease of 16.1% compared to RMB 1,012,077,000 in the same period of 2023[12]. - Gross profit for the first half of 2024 was RMB 211,301,000, down 52.8% from RMB 447,799,000 in the first half of 2023[12]. - The company reported a net loss attributable to equity shareholders of RMB 169,742,000 for the first half of 2024, a decline of 287.3% compared to a profit of RMB 90,627,000 in the same period of 2023[12]. - The gross margin decreased to 24.9% in the first half of 2024 from 44.2% in the same period of 2023, a reduction of 19.3 percentage points[12]. - The company reported a net loss of RMB 172.2 million for the six months ended June 30, 2024, compared to a profit of RMB 89.5 million for the same period in 2023, resulting in a net profit margin of -20.3%[30]. - The company reported a total comprehensive loss for the six months ended June 30, 2024, was RMB 169,213 thousand, compared to a total comprehensive income of RMB 102,760 thousand in 2023[91]. Market Expansion and Strategy - JOINN Laboratories plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by 2025[6]. - The company is exploring potential acquisitions to enhance its capabilities in biopharmaceuticals, with a budget of RMB 500 million allocated for this purpose[6]. - The company aims to enhance its market share and international influence in the non-clinical pharmacology and toxicology evaluation business, focusing on expanding upstream and downstream capabilities[36]. - The company plans to improve service quality by establishing new technologies and methods, optimizing internal management systems, and expanding production capacity to maintain its market share in non-clinical research services[37]. Research and Development - The company is investing RMB 200 million in R&D for new drug development, focusing on oncology and rare diseases[6]. - The company is focusing on enhancing its R&D service capabilities and quality, leveraging AI and information technology to improve operational efficiency[13]. - The company aims to expand its upstream and downstream business capabilities and build a new drug discovery platform to enhance one-stop service levels[13]. - The company is continuously updating and improving its non-clinical safety evaluation system for innovative drugs, including new types of ADC and PROTAC drugs[19]. - The company has established a high-level technical team of over 40 people and set up laboratories in Suzhou and Beijing for drug quality research and testing[23]. Operational Efficiency - JOINN Laboratories aims to enhance operational efficiency, targeting a reduction in operational costs by 10% by the end of 2024[6]. - The company plans to enhance its project management capabilities and operational efficiency to ensure the smooth launch of new experimental facilities[37]. - The company will continue to improve its performance evaluation, training, and compensation systems to boost employee productivity and support overall strategic goals[38]. Facilities and Compliance - The construction of the Suzhou Zhaoyan Phase II facility, covering 20,000 square meters, has been completed in 2023 and is expected to be operational by early 2025, enhancing business throughput and performance growth[15]. - The company has successfully passed the FDA GLP inspection for its Beijing facility for the third time, demonstrating its compliance with international GLP operational management standards[17]. - The company is actively advancing the construction of the Guangzhou Zhaoyan Anping base to support strategic planning and business needs[15]. Shareholder Information - The board does not recommend the payment of an interim dividend for the six months ending June 30, 2024[42]. - As of June 30, 2024, the company has a total of 749,888,699 issued shares, including 630,893,493 A shares and 118,995,206 H shares[44]. - Major shareholder Mr. Zhou holds 74,725,981 A shares, representing approximately 11.84% of the A shares and 9.96% of the total shares[46]. Financial Position and Assets - Total assets as of June 30, 2024, were RMB 9,661,274,000, a decrease of 3.6% from RMB 10,027,159,000 at the end of 2023[12]. - Cash and cash equivalents as of June 30, 2024, were RMB 2,158.2 million, a decrease of 24.6% from RMB 2,862.9 million as of December 31, 2023[32]. - The company reported a total of RMB 1,843,164,000 in financial assets at fair value through profit or loss as of June 30, 2024, an increase of 92.5% from RMB 961,138,000 as of December 31, 2023[132]. Employee and Talent Management - The company has a professional service team of 2,585 members as of June 30, 2024, reflecting ongoing talent development initiatives[14]. - The company is actively applying for national and regional talent policies to ensure long-term stability of its talent pool[14]. - The company will actively recruit industry experts with overseas experience to strengthen its domestic team's international business capabilities[37]. Related Party Transactions - The company has significant related party transactions with entities controlled by major shareholders, including Shutaishen (Beijing) Biopharmaceutical Co., Ltd.[163]. - Revenue from services provided to Shuyishen Group decreased to RMB 10,385,000 for the six months ended June 30, 2024, down from RMB 31,542,000 for the same period in 2023, representing a decline of approximately 67.0%[166].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 849,357 thousand, a decrease of 16.1% compared to RMB 1,012,077 thousand for the same period in 2023[2] - Gross profit for the same period was RMB 211,301 thousand, down 52.8% from RMB 447,799 thousand in 2023[2] - The net loss attributable to equity shareholders for the six months ended June 30, 2024, was RMB (169,742) thousand, compared to a profit of RMB 90,627 thousand in 2023, representing a decline of 287.3%[2] - Total comprehensive loss for the period was RMB (169,213) thousand, compared to a comprehensive income of RMB 102,760 thousand in the previous year[4] - Basic and diluted loss per share for the period was RMB (0.23), compared to earnings per share of RMB 0.12 in the same period last year[4] - The company reported a significant increase in research and development expenses, totaling RMB 47,840 thousand for the period, compared to RMB 56,933 thousand in 2023[3] - Total revenue from external customers for the six months ended June 30, 2024, was RMB 849,357,000, a decrease from RMB 1,012,077,000 for the same period in 2023, representing a decline of approximately 16.1%[20] - Reported segment gross profit for the six months ended June 30, 2024, was RMB 211,301,000, down from RMB 447,799,000 in the same period of 2023, indicating a decrease of about 52.8%[18] - The gross profit margin for the six months ended June 30, 2024, was approximately 24.8%, down from 44.3% in the same period of 2023[18] - The company reported a decrease in government grants received, totaling RMB 9,571,000 for the six months ended June 30, 2024, compared to RMB 15,108,000 in 2023, a decline of about 36.5%[24] - The company's profit decreased from RMB 89.5 million for the six months ended June 30, 2023, to a loss of RMB 172.2 million for the six months ended June 30, 2024, resulting in a net profit margin drop from 8.8% to -20.3%[66] Assets and Liabilities - The company's total assets as of June 30, 2024, were RMB 8,559,794 thousand, compared to RMB 8,281,041 thousand as of December 31, 2023[6] - Non-current assets increased to RMB 4,168,390 thousand as of June 30, 2024, from RMB 2,905,192 thousand at the end of 2023[5] - Current liabilities decreased to RMB 5,492,884 thousand as of June 30, 2024, from RMB 7,121,967 thousand at the end of 2023[5] - The company's total liabilities as of June 30, 2024, were RMB 1,938,946,000, down from RMB 2,065,701,000 as of December 31, 2023, reflecting a decrease of approximately 6.1%[21] - Trade receivables, net of loss provisions, amounted to RMB 202,397,000 as of June 30, 2024, slightly down from RMB 206,014,000 as of December 31, 2023[35] - Trade payables increased to RMB 64,587,000 as of June 30, 2024, compared to RMB 43,323,000 as of December 31, 2023[37] - As of June 30, 2024, cash and cash equivalents were RMB 2,158.2 million, a decrease of 24.6% from RMB 2,862.9 million as of December 31, 2023[68] - The capital debt ratio remained relatively stable at 18.1% as of June 30, 2024, compared to 17.4% as of December 31, 2023[69] Operational Developments - The company has a professional service team of 2,585 employees as of June 30, 2024, reflecting ongoing investment in talent development[40] - The construction of the Suzhou Zhaoyan Phase II facility, covering 20,000 square meters, has been topped out in 2023 and is expected to be operational by early 2025, enhancing business throughput and performance growth[41] - A new 22,000 square meter supporting facility in Suzhou is under renovation and is projected to be completed and operational by the end of 2024, aimed at providing a better working environment for employees[41] - The wholly-owned subsidiary Guangxi Weimei Biotechnology Co., Ltd. plans to initiate the construction of a non-human primate model animal testing facility in the second half of 2024, focusing on enhancing animal welfare[42] - The company successfully passed the FDA GLP inspection for its Beijing facility in the first half of 2024, marking the fifth successful inspection for both the Beijing and Suzhou facilities, ensuring compliance with international GLP standards[43] - The company has developed and optimized various ophthalmic disease models, including laser-induced mouse models and rabbit autoimmune uveitis models, to meet diverse market research needs[43] - The company has improved various drug administration methods for central nervous system drugs, establishing long-term catheter methods and verifying their effectiveness[45] - The company has established a high-level technical team of over 40 people for quality research and testing of innovative drugs, including protein drugs and gene therapy products[51] - The company has maintained a stable growth trend in the number of ongoing projects, with a total order amount of approximately RMB 2.9 billion, providing a guarantee for future performance[52] Strategic Initiatives - The company aims to enhance its non-clinical CRO business and expand upstream and downstream capabilities, including early drug discovery and clinical CRO services[71] - Plans to expand capacity include the completion of a 20,000 square meter facility in Suzhou, expected to be operational by early 2025[74] - The company intends to recruit more industry experts with overseas experience to strengthen its international business capabilities[73] - The company aims to expand its registration team to enhance international registration capabilities, addressing the growing demand for registrations[75] - The company plans to enhance its laboratory scale and team size for clinical testing, particularly in the U.S., to better support clinical trial needs[75] - The internationalization strategy includes supporting BIOMERE to expand its laboratory facilities in North America to increase service throughput[77] - The company will strengthen its business development team in the U.S. to enhance market promotion and leverage BIOMERE's brand reputation[77] Shareholder Information - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[33] - The company approved a dividend of RMB 0.16 per ordinary share for the 2023 profit distribution plan, to be paid in July 2024[33] - No interim dividend will be paid to shareholders for the six months ending June 30, 2024[80] Compliance and Governance - The company has adopted corporate governance codes in compliance with the Hong Kong Stock Exchange regulations[78] - The audit committee reviewed the interim financial results for the six months ended June 30, 2024, and confirmed compliance with relevant accounting standards[92]

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Joinn Laboratories (6127 HK) Waiting longer for recovery to materialize Target Price HK$10.36 Joinn reported 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked (Previous TP HK$14.41) attributable net loss of RMB272mn, a significant downturn from an attributable Up/Downside 24.6% net profit of RMB188mn in 1Q23. The 1Q24 revenue accounted for 13.4% of Current Price HK$8.31 our full-year estimate, in line with its historical a ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 324,809,103.67, representing a decrease of 12.07% compared to the same period last year[3]. - The net profit attributable to shareholders of the listed company was a loss of RMB 272,222,474.99, a decline of 244.98% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 280,666,741.34, down 251.92% year-on-year[3]. - The total revenue for Q1 2024 was CNY 324,809,103.67, a decrease of 12.0% compared to CNY 369,386,010.95 in Q1 2023[21]. - Net profit for Q1 2024 was a loss of CNY 273,363,603.07, compared to a profit of CNY 187,710,078.62 in Q1 2023[22]. - The total comprehensive income for Q1 2024 was a loss of CNY 272,499,809.53, compared to a profit of CNY 183,307,433.87 in Q1 2023[24]. - Basic earnings per share decreased by 244.00%[10]. - Diluted earnings per share also decreased by 244.00%[10]. - Basic earnings per share for Q1 2024 was CNY -0.36, compared to CNY 0.25 in Q1 2023[24]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 9,733,254,487.30, a decrease of 2.93% from the end of the previous year[4]. - The equity attributable to shareholders of the listed company was RMB 7,993,144,600.58, down 3.46% from the end of the previous year[4]. - The company's total liabilities as of March 31, 2024, were RMB 1.74 billion, compared to RMB 1.75 billion at the end of the previous period, indicating a decrease of about 0.3%[19]. - The company's total equity attributable to shareholders decreased to CNY 7,993,144,600.58 from CNY 8,279,315,724.35 as of December 31, 2023[20]. - The company's total assets decreased from RMB 10.03 billion to RMB 9.73 billion, a decline of about 3%[18]. Cash Flow - The net cash flow from operating activities was RMB 119,953,519.31, not applicable for year-on-year comparison[3]. - The company reported a decrease in cash flow from operating activities due to reduced payments for experimental models[10]. - In Q1 2024, the cash inflow from operating activities was 492,589,961.10, a decrease of 22.4% compared to 635,825,537.05 in Q1 2023[27]. - The net cash flow from operating activities in Q1 2024 was 119,953,519.31, a significant improvement from a negative cash flow of –13,668,184.06 in Q1 2023[28]. - The cash inflow from investment activities in Q1 2024 was 111,453,520.72, down 50.0% from 222,354,944.59 in Q1 2023[29]. - The net cash flow from investment activities in Q1 2024 was –67,562,298.65, compared to a positive cash flow of 106,476,212.61 in Q1 2023[29]. - The cash outflow from financing activities in Q1 2024 was 37,928,364.49, an increase from 24,852,351.87 in Q1 2023[30]. - The net cash flow from financing activities in Q1 2024 was –37,928,364.49, worsening from –24,852,351.87 in Q1 2023[30]. - The cash and cash equivalents at the end of Q1 2024 amounted to 2,865,314,156.35, a decrease from 2,961,151,889.94 at the end of Q1 2023[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 74,233[11]. - The top ten shareholders held a total of 22.29% of shares, with the largest shareholder holding 167,160,633 shares[11]. Business Operations - The laboratory services business contributed a net profit of RMB -21,043,700, a decline of 130.01% year-on-year[5]. - The company signed new contracts worth RMB 400 million during the reporting period, with the number of new projects increasing by approximately 20% year-on-year, resulting in a total backlog of RMB 3.38 billion[15]. - The company emphasized the importance of monitoring investment risks due to various factors affecting order execution[15]. Non-Recurring Items - The company reported non-recurring gains and losses of RMB 8,444,300 for the reporting period[6]. - Non-recurring gains and losses amounted to a total of -82,637.33 and -558,720.76 respectively, with a tax impact of 1,422,161.37[8]. - The company has not identified any significant non-recurring gains or losses beyond those listed in the regulatory announcement[8]. Research and Development - The company reported a significant increase in research and development expenses, totaling CNY 22,967,298.39 in Q1 2024, down from CNY 27,611,585.58 in Q1 2023[21]. Fair Value Changes - The fair value change of biological assets resulted in a net loss of RMB 284,048,900[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 251.92%, primarily due to reduced net profit from laboratory services and losses from changes in the fair value of biological assets[10]. Other Comprehensive Income - Other comprehensive income for Q1 2024 showed a net amount of CNY 863,793.54, compared to a loss of CNY -4,402,644.75 in Q1 2023[23]. - Investment income for Q1 2024 was CNY 6,972,038.25, a significant increase from CNY 514,120.05 in Q1 2023[22].

Financial Performance - JOINN Laboratories reported a revenue increase of 25% year-over-year, reaching RMB 1.5 billion in the latest fiscal year[36]. - The company's revenue for the year ended December 31, 2023, was RMB 2,376,487 thousand, representing an increase from RMB 2,267,971 thousand in 2022, which is a growth of approximately 4.8%[43]. - The total revenue for the year ended December 31, 2023, was RMB 2,376.5 million, representing a 4.8% increase from RMB 2,268.0 million for the year ended December 31, 2022[59]. - The company achieved a revenue of RMB 2.376 billion in 2023, with a net profit from laboratory services of RMB 473 million[45]. - The company's net profit for the year decreased by 63.5% to RMB 391.6 million from RMB 1,073.2 million in the previous year, with a net profit margin dropping from 47.3% to 16.5%[65]. - Earnings per share (EPS) for 2023 was RMB 0.53, down from RMB 1.44 in 2022, indicating a decline in profitability per share[43]. Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[36]. - The company plans to enter two new international markets by the end of 2024, targeting a 15% market share in each[36]. - The company is focusing on market expansion strategies, particularly in the biopharmaceutical sector, to enhance its competitive position[43]. - The company is actively seeking strategic investment opportunities to enhance product development, portfolio, channel expansion, or cost control[75]. - The company plans to enhance its pharmacology and toxicology research capabilities, improve project management efficiency, and ensure compliance with GLP standards[77]. Research and Development - JOINN is investing RMB 200 million in R&D for new technologies aimed at enhancing drug testing capabilities[36]. - The company is investing in research and development to innovate new therapies and improve existing product lines, which is critical for long-term sustainability[43]. - Research and development expenses increased by 24.2% to RMB 96.9 million, driven by continuous investment in R&D projects[64]. - The company has developed and optimized 11 new ophthalmic disease models to enhance drug evaluation capabilities[50]. - The company has developed an AI-based automated behavioral assessment system for CNS diseases, achieving 100% accuracy in drug delivery techniques using MRI-guided stereotactic injection[52]. Operational Efficiency - The company aims to increase operational efficiency by 10% through the implementation of advanced data analytics tools[36]. - The company aims to improve operational efficiency to counteract the declining gross profit margin observed in recent years[43]. - The company has set a goal to reduce operational costs by 5% through strategic partnerships and supply chain optimization[36]. Sustainability Initiatives - JOINN's commitment to sustainability includes a target to reduce carbon emissions by 20% over the next three years[36]. - The management team emphasized a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[101]. Client and Supplier Relationships - The company served approximately 850 clients, including major pharmaceutical and biotechnology companies, as of December 31, 2023[169]. - The company maintains stable relationships with major suppliers, primarily located in China, and has not faced any significant procurement difficulties for general laboratory consumables or equipment during the reporting period[172]. - The company has established long-term procurement contracts with suppliers of non-human primate experimental models, ensuring sufficient supply at reasonable prices without any adverse operational impacts reported[173]. Employee and Management - JOINN's employee stock ownership plan has seen participation rise to 75% among eligible employees, fostering greater alignment with company performance[36]. - The company has a professional service team of 2,510 members as of December 31, 2023[46]. - The company has established long-term incentive mechanisms to attract and retain talent, promoting sustainable and healthy development[126]. Corporate Governance - The board consists of 9 members, including 5 executive directors and 4 independent non-executive directors[198]. - The company has adopted the corporate governance code as per Appendix C1 of the listing rules[194]. - The board is responsible for ensuring that the company operates in the best interests of its shareholders[198]. Financial Position - The total assets decreased to RMB 10,027,159 thousand in 2023 from RMB 10,364,216 thousand in 2022, representing a decline of approximately 3.2%[44]. - Total liabilities decreased to RMB 1,746,118 thousand in 2023 from RMB 2,173,350 thousand in 2022, a reduction of about 19.6%[44]. - The company's net assets increased to RMB 8,281,041 thousand in 2023, up from RMB 8,190,866 thousand in 2022, reflecting a growth of approximately 1.1%[44]. Challenges and Risks - The company faces risks from fluctuating international economic conditions and potential impacts on international business revenue due to geopolitical instability[84]. - Intense market competition in the non-clinical CRO industry requires the company to maintain its core competitive advantages and complete fundraising projects promptly to avoid profitability challenges[87]. - The company must keep pace with technological innovations in the pharmaceutical research sector to maintain its industry leadership; failure to adapt could reduce client demand for services[89].

昭衍新药 | 2024年4月3日 评级：中性 香港股市 | 医药更新报告 昭衍新药（6127 HK） 目标价：8.48 港元 终端需求回升仍需时间，2024 年仍将面对挑战 股票资料（更新至2024年4月2日） 现价 9.16港元 2023年收入增速显著放缓 总市值 13,587.91百万港元 流通股比例（H股） 84.83 % 公司2023年收入同比增加4.8%至23.8亿元（人民币，下同），毛利同比下滑9.4%至9.8 已发行总股本 119.00百万 亿元，股东净利润同比下降 63.0%至 4.0 亿元。剔除由于实验猴市场价下滑产生的约 2.9 52周价格区间 8.62-25.714港元 亿生物资产公允值损失后，核心业务盈利同比下降 7.3%至约6.9 亿元，2023 年收入与盈 3个月日均成交额 13.74百万港元 利情况均符合公司 1 月发布的盈利预告。由于下游药企经营环境不佳，削减研发支出并 主要股东 冯氏家族（占32.25%） 来源：彭博，中泰国际研究部 终止约8亿元订单，导致收入增速显著放缓，核心业务盈利下降。 预计2024年仍面临挑战，下调2024-25年收入与盈利预测 我们在今年1月的报告中 ...