On March 27, GLONGHUI | Biosetu-B (02315.HK) announced that for the year ended December 31, 2023, revenue increased by 34.3% year-on-year to approximately RMB 717 million. The increase was mainly due to increased revenue from model animal sales and antibody development. Gross profit (that is, revenue reduced sales costs) increased 29.2% year over year to approximately RMB 506 million. The increase in gross profit was mainly due to increased revenue from model animal sales and antibody development.

The company's business model corresponds to the transfer of early-stage antibody sequences produced by “thousands of antibodies”, the joint development/authorization transfer/transfer of drug development services for the development of pre-clinical and early-clinical drug molecules, and the provision of innovative model animals and pre-clinical research services with high technical barriers. The above businesses fall into two different business segments. Through unique technical advantages and high-quality R&D services, all of the company's business lines maintained rapid sales revenue growth in 2023. Orders and revenue growth in overseas markets were particularly prominent, and the company's sales revenue maintained a rapid growth of more than 34.3% in 2023. In 2023, revenue from the antibody development business reached RMB 176 million, an increase of 38.6% over the previous year. Model animal sales revenue reached RMB 273 million, an increase of 61.1% over the same period last year. In 2023, overseas revenue was RMB 408 million, accounting for 57.0% of total revenue, an increase of 65.9% over the same period last year.