Sinotherapeutics (688247)2023-04-27 16:00Financial Performance - The company's operating revenue for Q1 2023 was ¥42,418,265.20, a decrease of 32.86% compared to the same period last year[5] - The net profit attributable to shareholders was ¥7,716,721.48, down 61.92% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,374,407.65, reflecting a decline of 72.57%[5] - Total revenue for Q1 2023 was ¥42,418,265.20, a decrease of 32.8% compared to ¥63,179,209.56 in Q1 2022[20] - Operating profit for Q1 2023 was ¥7,823,729.78, down 66.7% from ¥23,452,801.43 in Q1 2022[21] - Net profit for Q1 2023 was ¥7,716,721.48, a decline of 61.9% compared to ¥20,263,118.79 in Q1 2022[21] - Total comprehensive income for Q1 2023 was ¥7,692,372.68, a decrease of 62.0% from ¥20,255,766.17 in Q1 2022[22] - Basic earnings per share were ¥0.02, down 65.73% year-on-year[6] - Basic earnings per share for Q1 2023 was ¥0.02, down from ¥0.05 in Q1 2022[22] Cash Flow and Liquidity - The net cash flow from operating activities increased by 97.80% to ¥18,585,769.41, primarily due to the collection of receivables[6] - Cash flow from operating activities for Q1 2023 was ¥18,585,769.41, an increase of 97.5% compared to ¥9,396,461.26 in Q1 2022[25] - The net cash flow from financing activities was -190,392.00 in the previous period, indicating improved cash management[26] - The net increase in cash and cash equivalents was -222,102,490.77 in the prior year, reflecting a significant cash outflow[26] - The beginning balance of cash and cash equivalents was 511,651,941.84 year-over-year, showing a strong starting position[26] - The ending balance of cash and cash equivalents was 289,549,451.07 in the previous period, indicating a decline in liquidity[26] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,328,874,706.25, a slight decrease of 0.26% from the end of the previous year[6] - Total assets decreased slightly to ¥1,328,874,706.25 from ¥1,332,333,946.07, a decrease of about 0.3%[19] - Total liabilities decreased to ¥143,898,463.87 from ¥155,050,076.37, a reduction of approximately 7.2%[18] - The company’s equity attributable to shareholders increased to ¥1,184,976,242.38 from ¥1,177,283,869.70, an increase of about 0.7%[19] - The company reported a total current assets of ¥950,917,454.71, slightly down from ¥953,710,436.33[17] - The company’s non-current assets totaled ¥377,957,251.54, a minor decrease from ¥378,623,509.74[17] Research and Development - Research and development expenses totaled ¥10,885,029.09, a decrease of 41.50% compared to the previous year[6] - Research and development expenses decreased to ¥10,885,029.09 in Q1 2023 from ¥18,605,791.17 in Q1 2022, representing a reduction of 41.7%[20] - The company did not achieve revenue recognition for R&D technology transfer during the reporting period, resulting in a 100% year-on-year decline in related income[8] Market and Competition - The company faced increased competition in the U.S. market, leading to a 23% year-on-year decline in sales share[8] - The company’s product Posaconazole enteric-coated tablets and sustained-release bupropion hydrochloride tablets were included in the National Basic Medical Insurance Drug List, effective March 1, 2023, which is expected to enhance market accessibility[14] - The company’s Ursodeoxycholic acid capsules were selected in the eighth batch of national centralized procurement, effective July 2023, which is anticipated to boost sales growth[14] Inventory and Receivables - Accounts receivable decreased to ¥33,388,777.90 from ¥64,302,436.57, a reduction of about 48.0%[16] - Inventory increased to ¥34,621,655.40 from ¥29,376,771.68, reflecting an increase of approximately 17.3%[17] - The company reported a credit impairment loss of ¥1,619,789.58 in Q1 2023, compared to a loss of ¥606,233.66 in Q1 2022[21] Return on Equity - The return on equity (ROE) was 0.65%, a decrease of 2.18 percentage points compared to the previous year[6]