Financial Performance - Total revenue for the fiscal year 2023 reached HKD 1,785,579,000, an increase of 11.9% compared to HKD 1,595,543,000 in the previous year[10] - Non-patent drug revenue grew by 6.4% to HKD 1,267,598,000 from HKD 1,191,360,000[10] - Brand healthcare product revenue surged by 28.2% to HKD 517,981,000 from HKD 404,183,000[10] - Gross profit increased by 20.4% to HKD 747,172,000, with a gross margin of 41.8%, up from 38.9%[10] - Profit attributable to equity holders rose by 41.3% to HKD 251,044,000, with a profit margin of 14.1%, compared to 11.1% in the previous year[10] - Adjusted EBITDA for the year was HKD 568,172,000, reflecting a growth of 28.7% from HKD 441,614,000[10] - The adjusted EBITDA margin improved to 31.8% from 27.7%[10] - Adjusted EBITDA for the fiscal year 2023 reached HKD 500,000,000, showing significant growth compared to previous years[22] - Profit attributable to equity holders for fiscal year 2023 was HKD 250,000,000, reflecting a positive trend[23] - The adjusted EBITDA grew by 28.7%, with the gross profit margin rising from 38.9% to 41.8%[53] - The company reported a total revenue of HKD 1,785.6 million for the fiscal year 2023, representing a 12% increase from HKD 1,595.5 million in the previous year[97] - Yearly profit surged by HKD 95.5 million or 50.9% to HKD 283.2 million, reflecting increased operating profit due to the gradual easing of social distancing and travel restrictions[121] Market and Product Development - The company is focusing on expanding its product pipeline, including the development of new specialty drugs and biosimilars to capture fast-growing markets[2] - The company aims to enhance its R&D capabilities and commercial networks to address unmet medical needs[14] - The company is actively exploring partnerships with local and overseas R&D institutions to develop innovative drug manufacturing technologies[2] - The company aims to enhance its R&D capabilities to develop more affordable complex generics, improving access to essential medicines[20] - The company is focusing on developing chronic disease and high-growth treatment areas to provide affordable healthcare solutions[44] - The company launched 22 new products during the reporting period, including Entecavir Tablet and Olmesartan Tablets[42] - The company plans to introduce a new oral anticoagulant and a novel echinocandin for treating invasive fungal infections, enhancing its product portfolio[89] - The company has successfully obtained exclusive licensing agreements for 53 high-efficiency specialty drugs across various therapeutic areas, including oncology and cardiovascular care[66] Operational Efficiency - Cash generated from operating activities was approximately HKD 677.7 million, supporting capacity-building investments and a proposed final dividend of HKD 0.0238 per share, a 33.5% increase from the previous year[53] - The production of liquid formulations increased by 43.1% to approximately 2 million liters, showcasing the company's ability to respond effectively to market needs[45] - The production of eye drop products grew by 18.1%, reaching over 48,000 liters, while solid oral dosage forms increased by 12.0%, totaling over 3.3 billion capsules and tablets[46] - The company is expanding production capabilities to meet growing market demand, focusing on modernizing equipment and optimizing processes[85] - The company has made significant progress in market access in the Greater Bay Area through strategic collaboration with the Hong Kong University Shenzhen Hospital[87] Financial Position - Total assets increased by 13.1% to HKD 5,380,499,000 as of March 31, 2023[26] - Total liabilities rose by 18.2% to HKD 2,123,977,000 as of March 31, 2023[26] - Total equity grew by 10.1% to HKD 3,256,522,000 as of March 31, 2023[26] - The company reported a cash balance of HKD 1,036.4 million at the end of the reporting period, maintaining a robust cash position[62] - The group's net capital debt ratio decreased from 29.2% as of March 31, 2022, to 15.6% as of March 31, 2023, primarily due to a net cash inflow from operating activities of HKD 677.7 million during the reporting period[141] - Bank loans increased by HKD 202.1 million or 15.1%, primarily due to the acquisition of a syndicated loan for refinancing existing floating-rate bank loans[126] Corporate Governance - The board consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced composition[149] - The company has complied with all corporate governance code provisions during the reporting period, except for the separation of the roles of chairman and CEO, which is detailed in the report[146] - The board has established an independence assessment mechanism to ensure strong independent elements, allowing for effective independent judgment[140] - The board is committed to maintaining high standards of corporate governance and has adopted most best practices outlined in the corporate governance code[145] - The company has implemented a written guideline for employees regarding securities trading to ensure compliance with standards[147] Strategic Initiatives - The company has begun supplying a specialized drug to patients at the Hong Kong University Shenzhen Hospital after obtaining regulatory approval, with plans to expand coverage to 14 additional hospitals in the Greater Bay Area[68] - The launch of the e-Jacob Pharma2U digital platform is set for the second half of the year, aimed at enhancing customer service through digital transformation[69] - The company has entered into a strategic partnership with the University of Hong Kong-Shenzhen Hospital to expand into the Greater Bay Area market, which has shown a GDP growth of approximately 7.0% annually over the past decade[93] Employee and Operational Growth - The total number of employees increased to 1,789 as of March 31, 2023, up from 1,736 the previous year, indicating strategic business development and expansion[95] - Employee costs increased by HKD 47.3 million or 11.1%, reflecting the growth in production staff and salary adjustments to support sales growth[102]
雅各臣科研制药(02633) - 2023 - 年度财报