Allist(688578)2024-04-29 08:56Financial Performance - In 2023, the company achieved operating revenue of CNY 2,018.18 million, a year-on-year increase of 155.14%, primarily due to sales of the core product, Furmetin, which generated CNY 1,977.51 million [6] - The net profit attributable to shareholders was CNY 644.17 million, representing a year-on-year growth of 393.54% [6] - In Q1 2024, the company reported operating revenue of CNY 743 million, a significant increase of 168.65% compared to the same period last year [6] - The net profit attributable to shareholders for Q1 2024 was CNY 306.05 million, a substantial increase of 777.51% year-on-year [6] Cost Management - In 2023, the sales expenses accounted for 45.61% of operating revenue, a decrease of 8.96 percentage points from the previous year [6] - In Q1 2024, the sales expenses ratio further decreased to 42.14%, down 16.12 percentage points year-on-year [7] - Management expenses as a percentage of operating revenue were 6.52% in 2023, reduced by 5.17 percentage points from the previous year [7] Product Development and Pipeline - The core product, Furmetin, has been included in the national medical insurance directory, establishing a solid foundation for sales in 2024 [7] - The company is conducting clinical trials for various indications of Furmetin, with some in Phase III [7] - The company has developed AST2169, a KRAS G12D inhibitor, which received clinical trial approval in March 2024 [10] - Furmetin has shown promising results in clinical trials, with a progression-free survival (PFS) of 20.8 months for first-line treatment of advanced NSCLC [11] Market Expansion and Strategy - The company has established a specialized marketing team of approximately 900 members, focusing on oncology and innovative drugs [7] - The market for third-generation EGFR-TKIs is expected to continue growing, driven by the replacement of first- and second-generation drugs in first-line treatments [15] - The company has secured exclusive commercialization rights for the RET inhibitor, Prugiwang, in mainland China, which is expected to expand the market presence [22] Shareholder Returns - The company plans to distribute a cash dividend of CNY 4.0 per 10 shares, totaling CNY 180 million, which represents 27.94% of the net profit attributable to shareholders [9] - The board has proposed an additional mid-term dividend for H1 2024, contingent on meeting profitability and cash distribution conditions [9] Clinical Research and Collaborations - The company has initiated multiple exploratory clinical trials for Furmetin in collaboration with international partners, aiming for global market approval [21] - The company emphasizes a dual strategy of in-house development and external collaborations to enhance its product pipeline [20]