Shanghai RAAS(002252)2022-04-27 16:00Financial Performance - The company's operating revenue for 2021 was ¥4,287,726,749.67, representing a 55.26% increase compared to ¥2,761,682,036.39 in 2020[14]. - The net profit attributable to shareholders for 2021 was ¥1,294,510,050.46, a decrease of 2.21% from ¥1,323,711,055.48 in 2020[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,368,820,159.04, an increase of 3.96% from ¥1,316,680,599.25 in 2020[14]. - The net cash flow from operating activities for 2021 was ¥1,294,013,219.19, a 10.71% increase from ¥1,168,847,146.49 in 2020[14]. - The total assets at the end of 2021 were ¥27,236,582,048.82, a 6.84% increase from ¥25,493,798,616.93 at the end of 2020[14]. - The net assets attributable to shareholders at the end of 2021 were ¥25,902,445,517.58, a 3.10% increase from ¥25,122,780,033.73 at the end of 2020[14]. - The company reported a basic earnings per share of ¥0.19 for 2021, down 9.52% from ¥0.21 in 2020[14]. - In 2021, the company achieved operating revenue of 4.288 billion yuan, a 55.26% increase from 2.762 billion yuan in the previous year, and a net profit attributable to shareholders of 1.295 billion yuan, a decrease of 2.21% from 1.324 billion yuan[31]. - The revenue from blood products was ¥4,284,719,023.99, accounting for 99.93% of total revenue, with a year-on-year growth of 55.20%[40]. Dividend Distribution - The company plans to distribute a cash dividend of 0.28 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[3]. - The cash dividend distribution represents 100% of the total profit distribution amount, adhering to the company's policy of a minimum of 80% cash dividend in mature stages[125]. - The total cash dividend paid in 2021 was RMB 168,519,697.68 (including tax) for the previous year's profit distribution[125]. - The company's net profit for the year 2021 was RMB 773,898,460.31, with a distributable profit of RMB 2,564,671,592.65 after accounting for a 10% legal reserve[125]. Market and Industry Trends - The blood products industry experienced continuous growth in raw plasma supply, maintaining a tight balance between supply and demand[20]. - The company anticipates that the market concentration in the blood products industry will increase as leading enterprises gain advantages due to differentiated technology and optimized product structures[20]. - The blood product industry in China is experiencing a high demand, with a significant gap between supply and demand expected to persist in the short term[22]. - The industry is characterized by high entry barriers and strict regulations, with only about 30 operational blood product companies in China[21]. - The company is benefiting from the ongoing consolidation in the blood product industry, which is expected to increase market concentration[23]. Product and Technology Development - The company is focused on expanding its market presence and developing new products and technologies[3]. - The company is actively restructuring its marketing system to enhance channel coverage and strengthen its market share in key academic regions[24]. - The company has established a long-term cooperative mechanism with key opinion leaders (KOLs) to boost its sales channels[24]. - The company is focusing on improving technology and increasing the comprehensive utilization rate of plasma to enhance its competitive advantage[22]. - The company is in the pre-clinical development stage for several new products, including subcutaneous human immunoglobulin and activated prothrombin complex, aimed at enhancing product variety and competitiveness[53]. - The company is preparing for the registration of several new products, including human hepatitis B immunoglobulin and rabies immunoglobulin, which are expected to enhance the product line[53]. Risks and Challenges - The company faces risks including raw material supply risks, rising plasma costs, potential product safety risks, and goodwill impairment risks[3]. - There is a risk of insufficient raw material supply for plasma, which directly impacts production scale; the company plans to enhance management of plasma collection stations and increase their capacity[86]. - Rising costs of plasma collection are a concern due to increased labor income and inflation; the company aims to optimize technology and improve donor retention rates[86]. - The company has recognized goodwill impairment risks following the acquisition of Zhengzhou Laisai, Tonglu Biology, and Zhejiang Haikang, which may affect financial performance if these subsidiaries face significant operational challenges[87]. Governance and Management - The company has a diverse board with members holding various significant positions in other organizations, enhancing its governance[98]. - The company’s governance structure includes a remuneration and assessment committee responsible for evaluating senior management performance[108]. - The company has established a mechanism for profit distribution decisions, requiring board proposals to be submitted for shareholder approval[170]. - The company is committed to improving its governance structure and ensuring that independent directors fulfill their responsibilities to protect the legal rights of minority shareholders[167]. Environmental and Social Responsibility - The company has established a wastewater treatment facility with a capacity of 600m³/d, which operates continuously[136]. - The company utilizes a natural gas boiler for low nitrogen emissions and has installed noise reduction facilities in its boiler room[136]. - The company has constructed a new anaerobic reactor with a capacity of approximately 200 cubic meters for wastewater treatment[137]. - The company has established proper waste storage facilities for medical, hazardous, and general industrial waste in compliance with regulations[136]. - All companies reported no administrative penalties due to environmental issues during the reporting period[155]. Strategic Partnerships and Acquisitions - The company completed the acquisition of 45% equity in GDS, a global leader in blood testing instruments and reagents, enhancing its capabilities in quality control and product safety[38]. - Following the completion of overseas mergers and acquisitions, the company established a strategic partnership with its major shareholder, enhancing its market share and industry position through various collaborative mechanisms[34]. - The company has a robust merger and acquisition strategy, having successfully integrated three domestic blood product companies between 2014 and 2016, significantly increasing raw plasma collection and optimizing product structure[37]. Research and Development - The company increased its R&D investment, focusing on both blood products and other biopharmaceutical fields, and expanded its R&D projects during the reporting period[33]. - The company's R&D investment amounted to ¥129,019,787.36 in 2021, a decrease of 0.52% compared to ¥129,692,987.55 in 2020, with R&D expenditure accounting for 3.01% of operating revenue, down from 4.70%[54]. - The company aims to improve product quality through ongoing research, including studies on the quality of intravenous immunoglobulin and human albumin[53]. Employee and Management Practices - The total number of employees at the end of the reporting period was 2,966, with 3,204 employees receiving salaries during the period[119]. - The company has 1,141 technical personnel, 501 production personnel, and 242 sales personnel, indicating a strong focus on technical expertise[119]. - In 2021, the company implemented various training programs, including leadership training for frontline managers and skills training for all employees[121]. - The company aims to maintain a leading position in employee income within the industry through performance-based salary adjustments and bonuses[120].