Financial Performance - The company's revenue for the year ended December 31, 2022, was RMB 2,379.6 million, representing a 13.1% increase from RMB 2,104.1 million in 2021[4] - Gross profit for the same period was RMB 815.7 million, up 25.3% from RMB 651.0 million in the previous year, with a gross margin of 34.3% compared to 30.9% in 2021[4] - The company reported a net loss of RMB 504.2 million for 2022, compared to a profit of RMB 300.6 million in 2021[4] - Adjusted net loss under non-IFRS was RMB 133.9 million, down from a profit of RMB 321.1 million in the previous year[4] - The total liabilities related to the convertible bonds were allocated between the debt and equity portions, with a difference of USD 3,556,000 recognized in profit or loss[39] - The company reported a total order backlog of approximately RMB 1,050.0 million, representing an 8.8% increase compared to RMB 965.0 million in the same period last year[102] Cash and Liquidity - As of December 31, 2022, cash and cash equivalents amounted to RMB 678,569,000, a decrease of 15.3% from RMB 800,947,000 in 2021[34] - The company repurchased convertible bonds with a total consideration of USD 19,200,000, equivalent to RMB 126,751,000, for a principal amount of USD 30,000,000[39] - The company has sufficient buffer space according to assessments, with no impairment losses recognized for cash-generating units as of December 31, 2022[6] - The company has a discount rate of 15% for cash flow forecasts, with a projected growth rate of 2.5% beyond the five-year period[15] Investments and Assets - The fair value of listed equity securities decreased to RMB 1,407 thousand in 2022 from RMB 5,028 thousand in 2021[11] - The fair value of unlisted investments was RMB 1,045,209 thousand in 2022, down from RMB 1,241,702 thousand in the previous year[11] - The net book value of intangible assets decreased to RMB 476,061 thousand in 2022 from RMB 531,444 thousand in 2021, a decline of 10.4%[90] - The fair value of financial assets at fair value through profit or loss decreased to RMB 1,046,616 thousand by the end of 2022, down from RMB 1,246,730 thousand at the beginning of 2022, a drop of 16%[96] Trade Receivables and Credit Risk - Trade receivables from third parties increased to RMB 447,610 thousand in 2022 from RMB 432,462 thousand in 2021, representing a growth of 3%[80] - The provision for impairment losses on trade receivables rose to RMB 15,124 thousand in 2022, up from RMB 9,452 thousand in 2021, indicating a significant increase of 59%[84] - The aging analysis of trade receivables shows that amounts overdue by more than 1 year increased to RMB 5,962 thousand in 2022 from RMB 3,086 thousand in 2021, reflecting an increase of 93%[81] - The expected credit loss rate for trade receivables was 2.20% overall in 2022, with specific rates of 2.10% for receivables under 6 months, 4.30% for 7 to 12 months, and 10.20% for over 12 months[85] Research and Development - Research and development investment for the year reached RMB 135.8 million, a 47.0% increase from RMB 92.4 million as of December 31, 2021[114] - The company has incubated a total of 91 startups, with 10 of them completing or nearing completion of new financing rounds, totaling approximately USD 158.0 million[113] - The CRO business has established multiple core technology platforms, including PROTAC technology, with PROTAC-related services accounting for nearly 10.2% of total CRO revenue[115] - The company has completed or is advancing nearly 123 new drug projects within its CMC research center, which has a total of 155 research personnel[112] Operational Highlights - The company has maintained a customer retention rate of 100% among its top ten clients, who contribute 56.0% of total revenue[111] - The company aims to strengthen its BD team's capabilities to drive order growth and enhance its strategic integration in biochemistry[102] - The company is leveraging advanced technologies such as Micro ED and AI-assisted drug design to accelerate drug discovery processes[135][136] - The group recorded a net loss during the reporting period, with specific figures not disclosed in the provided content[193] Expenses and Financial Costs - Sales cost for the reporting period was approximately RMB 1,564.0 million, an increase of 7.6% compared to RMB 1,453.1 million for the year ended December 31, 2021, aligning with business growth[167] - Administrative expenses were approximately RMB 273.6 million, a 20.9% increase from RMB 226.3 million for the year ended December 31, 2021, reflecting a rapid increase in personnel[168] - The group recorded other expenses of approximately RMB 254.0 million during the reporting period, compared to RMB 12.7 million for the year ended December 31, 2021, primarily due to increased foreign exchange losses, derivative financial instrument losses, and losses from the repurchase of convertible bonds[190] Future Plans and Strategies - The company plans to redeem all outstanding convertible bonds at 108.21% of the principal amount on February 11, 2025[31] - The company plans to establish investment funds to alleviate cash flow pressure related to its EFS incubation business[133] - The group intends to allocate 10% of the proceeds to recruit, train, and retain personnel in biopharmaceutical research and development, amounting to RMB 121.71 million[189] - The group aims to expand its CMO business with an allocation of 10% of the proceeds, totaling RMB 121.71 million[189]
维亚生物(01873) - 2022 - 年度业绩