Summary by Futu AI
Four Circle Pharmaceutical Holdings Group Limited announced its annual results for the year ended 31 December 2023 with total revenue of approximately RMB1,860.5 million, down 14.7% from the same period last year. Medical and cosmetic product revenue grew by a remarkable 200.3% to RMB449.9 million, mainly driven by pandemic control liberalization and warming consumer demand. Pharmaceutical revenue fell 29.0% to RMB1,398.8 million, impacted by lower collection prices and monitoring catalogs. Revenue from innovative pharmaceuticals and other pharmaceuticals fell sharply by 80.6% to RMB11.8 million, driven by the shedding of some raw material pharmaceutical companies. Gross profit rose slightly to 69.6% and R&D expenses decreased 38.3% to RMB577.7 million. Operating profit was RMB161.7 million and a loss for the same period last year. Financial expenses increased to RMB269.3 million and income tax expenses decreased to RMB96.4 million. The full-year loss was about RMB257.7 million, a significant decrease from last year. Company owners accounted for a loss of RMB54.0 million and a loss of non-controlling interests of RMB203.7 million. The Board of Directors does not recommend a final dividend.