Original link: https://ljf.com/2022/06/13/1108/
In 2021, the Group’s revenue continued to grow strongly by 83.3% year-on-year, and its net profit increased by 107.3% year-on-year.
CRDMO Platform – Overall Performance
The Group’s CRDMO platform is a perfect demonstration of the “follow and win molecules” strategy. During the reporting period, the Group enabled customers and partners to discover, develop and manufacture biological drugs through the integrated CRDMO platform, realizing the whole process from concept to commercial production, and once again achieved impressive results as follows:
- Integrated projects increased by 43.7% to 480 as at 31 December 2021 from 334 in the same period last year, including 447 non-COVID integrated projects, fully demonstrating that even after deducting the contribution of COVID-19 projects, the Group Business growth remains strong.
- Preclinical projects increased by 58.6% from 169 in the same period last year to 268 on December 31, 2021.
- Early-stage (Phase I and II) clinical development projects increased by 26.7% from 135 in the same period last year to 171 (119 Phase I projects and 52 Phase II projects) as of December 31, 2021 .
- Late-stage (Phase III) clinical development projects increased by 14.3% from 28 in the same period last year to 32 on December 31, 2021, laying a solid foundation for launching more commercial production projects.
Management Discussion and Analysis
The Group’s revenue for the year ended 31 December 2021 increased by 83.3% year-on-year to RMB10,290.1 million, while the Group’s net profit also increased by 107.3% year-on-year to RMB3,508.6 million. The Group’s total outstanding orders (including outstanding service orders and outstanding potential milestone payment orders) also increased by 20.1% from US$11,324 million as at December 31, 2021 to October 2021 $13,597 million on February 31, of which outstanding service orders increased 19.9% from $6,629 million to $7,946 million and outstanding potential milestone payment orders increased 20.4% from $4,695 million to 5,651 million Dollar. The Group’s total outstanding orders within three years also increased by 98.2% from US$1,458 million as at 31 December 2021 to US$2,890 million as at 31 December 2021. Outstanding service orders refer to the amount of revenue for which the Group has signed contracts but has not yet provided services. Outstanding potential milestone payment orders represent the total outstanding milestone payments that have been contracted by the Group but have not been fulfilled and payments have not been collected. This milestone revenue takes longer to be charged at various stages of development and is also subject to factors such as project success rate and project progress, which may not be fully controlled by the Group.
future outlook
With the widespread deployment of digitization and artificial intelligence in the biopharmaceutical industry, especially since the application of the COVID-19 epidemic, explosive innovation breakthroughs in the industry have also accelerated. It is expected that from 2020 to 2025, the global The growth rate of the biopharmaceutical market will reach 10.7%.
Financial Review
The Group’s revenue increased by 83.3% from approximately RMB5,612.4 million for the year ended 31 December 2021 to approximately RMB5,612.4 million for the year ended 31 December 2021 10,290.1 million yuan.
R&D spending
The Group’s research and development expenses increased by 65.2% from approximately RMB303.7 million for the year ended 31 December 2021 to approximately RMB303.7 million for the year ended 31 December 2021 RMB501.6 million as we continued to invest in innovation and technology to enhance and develop the Group’s cutting-edge technology platform.
Administrative expenses
The Group’s administrative expenses increased by 71.3% from approximately RMB511.4 million for the year ended 31 December 2021 to approximately RMB511.4 million for the year ended 31 December 2021 RMB 875.9 million, mainly due to increased investment in information technology infrastructure to enhance the Group’s corporate infrastructure, digitalization projects, as well as staff-related costs, insurance expenses, consulting expenses, etc. to support the Group’s operations. Rapid expansion and M&A activity around the world.
Net profit and net interest rate
In summary, the Group’s net profit increased by 107.3% from approximately RMB1,692.7 million for the year ended 31 December 2021 to the year ended 31 December 2021 of approximately RMB3,508.6 million. The Group’s net profit margin for the year ended 31 December 2021 was 34.1%, compared to 30.2% for the year ended 31 December 2020. The increase in net profit margin was due to (i) the increase in gross profit as described above; and (ii) the increase in the fair value gain on equity investments at fair value through profit or loss, but was attributable to the increase in administrative expenses, research and development expenses and income tax expenses. offsets.
Net profit attributable to owners of the Company increased by 100.6% from approximately RMB1,688.9 million for the year ended 31 December 2021 to 31 December 2021 approximately RMB 3,388.5 million. The net profit margin attributable to owners of the Company increased from 30.1% for the year ended 31 December 2021 to 32.9% for the year ended 31 December 2021. The reasons for these increases are as described above.
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