Jinwu Financial News | Yao Ming Biotech (02269) announced that for the year ended December 31, 2023, net profit attributable to company owners recorded about 3.4 billion yuan (RMB, same below), a year-on-year decrease of 23.09%. The basic profit per share is $0.82, without final interest.
During the period, revenue was recorded at $17.034 billion, up 11.56% year over year. Among them, revenue from non-COVID-19 surged 37.7% year on year, and revenue from post-COVID-19 and commercial production projects surged 101.7% year over year. The growth is mainly due to: (i) successfully implementing the Group's “follow and win molecules” strategy, leading technology platforms, the best project delivery times and excellent project execution records to drive the Group's revenue growth; (ii) expanding the scope of services provided to the biopharmaceutical industry and rapidly developing technology platforms (such as ADCs and bispecific antibodies) to increase Group revenue; (iii) increasing research service revenue from the Group's various cutting-edge technologies; and (iv) using existing and newly expanded production capacity, including production capacity in Europe and the US.
During the period, gross profit was recorded at 6.828 billion yuan, an increase of 1.55% over the previous year. Gross margin was 40.1%, down 3.9 percentage points year over year. Mainly due to the impact of the expected decline in production capacity at the new production facilities in Ireland, Germany and the US, this is partly offset by the efficiency achieved by WBS and other continuous improvement initiatives.
For the year ended December 31, 2023, the Group's total number of uncompleted orders increased to US$20.592 billion, including US$13.398 billion in uncompleted service orders and US$7.194 billion in uncompleted potential milestone payment orders. At the same time, the Group's total uncompleted orders also increased to US$3.85 billion within three years, ensuring sustainable growth.
For the year ended December 31, 2023, the number of the Group's integrated projects increased from 588 in 2022 to 698, including 132 new integrated projects and a historical record for the number of new non-COVID-19 projects added each year, fully demonstrating the company's steady and sustainable business growth. The number of commercial production projects increased from 17 to 24 in 2022, while nine “winning molecules” post-clinical and commercial production projects were added, reaching a record high and boosting the growth momentum.