Summary by Futu AI
Song Pharmaceutical Co., Ltd. (stock code: 1672) announces audited condensed consolidated annual results for the year ended 31 December 2023. For the year, the Group's revenue was approximately RMB56.6 million, up 4.6% from 2022; gross profit translated from a loss of about RMB24.7 million in 2022 to a profit of approximately RMB26.0 million. R&D costs decreased 18.8% to approximately RMB216.8 million from approximately RMB267.1 million, mainly due to improved R&D efficiency in clinical and preclinical projects and lower intangible asset depreciation and amortization costs. Loss for the year decreased from approximately RMB314.8 million to approximately RMB144.7 million. The Group's cash and cash equivalents and fixed deposits of approximately RMB2,274.6 million are expected to support R&D activities and operations until 2028. The Group has not distributed any dividends and repurchased and written off shares during the reporting period to enhance shareholder value.