Precision Medicine and Cancer Treatment - The company achieved significant breakthroughs in precision medicine, focusing on CAR-T and BNCT therapies, solidifying its leadership in the cancer treatment sector[11] - A strategic investment of RMB 48 million was completed in February 2024 for the development of the LY007 CAR-T product, which has successfully completed 12 clinical trials[12] - The group aims to accelerate the commercialization of the CAR-T product LY007 and enter domestic Phase II clinical trials, seeking breakthroughs through patent exports[21] - Shanghai Longyao received approval for the IND application of LY007, the first CAR-T therapy targeting CD20 in China, with 12 patients successfully treated as of the report date[30] - The company is actively pursuing strategic collaborations and international technology licensing to drive growth in its three core precision medicine business segments[11] - The company plans to enhance its cancer precision testing and treatment integrated biotech service platform, focusing on innovative drug development and clinical transformation[11] Boron Neutron Capture Therapy (BNCT) Development - The company secured a bank loan of RMB 50 million for the construction of the Boron Neutron Capture Therapy Hospital, which is expected to begin operations in Q4 2025[13] - The company faced delays in the Boron Neutron Capture Therapy Hospital's construction due to extreme weather conditions, necessitating emergency repair plans[13] - The construction of the boron neutron capture therapy center is ongoing, with the opening expected to be delayed to Q4 2025 due to severe weather impacts[34] - The group plans to ensure the opening of BNCT hospitals and develop a network of BNCT treatment centers in Asia, aiming for the first sales of BNCT equipment[21] - The company has entered into agreements to purchase boron neutron capture therapy equipment and drugs, aiming to be the first provider of this advanced cancer treatment service in the Greater China region[79] Financial Performance and Revenue - The group recorded a revenue of approximately HKD 70,509,000 for the fiscal year ending December 31, 2024, representing a significant decrease of about 66.74% compared to HKD 211,985,000 for the fiscal year ending December 31, 2023[24] - The revenue from medical laboratory testing and health check services decreased by 79.70% from approximately HKD 192,910,000 in 2023 to about HKD 39,158,000 in 2024[26] - The sales revenue of the healthcare and pharmaceutical products segment decreased from approximately HKD 881,000 in 2023 to about HKD 686,000 in 2024, a decline of approximately 22.13%[31] - The insurance brokerage services segment saw a significant revenue increase from approximately HKD 18,163,000 in 2023 to about HKD 30,600,000 in 2024, an increase of 68.47%[35] - The logistics services segment's revenue increased from approximately HKD 31,000 in 2023 to about HKD 65,000 in 2024, representing a growth of 110%[36] - The company recorded a gross loss of approximately HKD 4,940,000 in 2024, a decrease of about HKD 39,264,000 compared to a gross profit of HKD 34,324,000 in 2023[38] - The company recorded a net loss attributable to shareholders of approximately HKD 198,146,000 for the fiscal year 2024, an increase from HKD 95,447,000 in fiscal year 2023[59] - The increase in net loss was primarily due to a decrease in demand for COVID-19 nucleic acid testing and intensified market competition in medical laboratory testing and health check services[59] Strategic Collaborations and Partnerships - The company signed a memorandum of cooperation with the Hong Kong-Shenzhen Innovation and Technology Park in April 2024, enhancing its integration into the Greater Bay Area biotech ecosystem[15] - The group has established a joint laboratory with Shanghai Guanhua Pharmaceutical Technology Co., Ltd. to enhance its one-stop testing solution capabilities, expanding its service footprint in the Asia-Pacific region[19] - The company has partnered with Abbott to upgrade its medical laboratory, becoming the first private lab in Hong Kong to install a customized virtual biochemical immunoassay system, improving efficiency and reducing human error[75] - The company has established partnerships with several domestic hospitals, including Huashan Hospital, to provide treatment services at the boron neutron capture therapy center set to open in Q4 2025[80] Corporate Governance and Management - The company has adopted the GEM Listing Rules Appendix C1 Corporate Governance Code principles and has complied with the code provisions, with one exception regarding attendance at the annual general meeting[123] - The board consists of three executive directors and three independent non-executive directors as of December 31, 2024[125] - The company emphasizes the importance of corporate governance for its success and has implemented measures to ensure transparency and accountability to shareholders[123] - The board is responsible for the overall strategic development of the group and monitoring management, administration, and operations[130] - The company has established appropriate insurance for directors to protect against legal claims[129] Employee and Operational Metrics - The group employed a total of 141 full-time employees as of December 31, 2024, down from 162 in 2023[106] - Total employee costs for the fiscal year 2024 were approximately HKD 65,779,000, a decrease from HKD 92,607,000 in the fiscal year 2023[106] - Contributions to the mandatory provident fund plan amounted to approximately HKD 2,231,000 for the fiscal year 2024, down from HKD 2,996,000 in the fiscal year 2023[107] Risk Management and Compliance - The company has adopted a risk management system aligned with the COSO framework to ensure operational effectiveness and compliance[176] - The group has not established an internal audit function due to cost considerations but will continue to review the necessity of such a department annually[178] - The company has implemented measures to ensure the accuracy and timeliness of its disclosures regarding inside information[178] Environmental, Social, and Governance (ESG) Initiatives - The company’s ESG report for 2024 covers key business segments including medical laboratory testing services in Hong Kong and tumor immunotherapy in China[197] - The board oversees the implementation of ESG policies and strategies, emphasizing the importance of a robust ESG framework for sustainable development[200] - The report covers the promotion of ESG concepts to employees and clients since 2016, with a summary of results expected for the 2024 fiscal year[198]
中国生物科技服务(08037) - 2024 - 年度财报