SHENZHEN, March 30, 2024/PRNewswire/ -- On March 29, A-share listed company Libang Instruments (300206.SZ) disclosed its 2023 annual report. The report shows that in 2023, Libang achieved total revenue of 1,938 billion yuan, an increase of 11.22% over the previous year. The diversified business layout was continuously optimized to achieve steady operation and qualitative growth.
Benefiting from product innovation, global localization, and improved organizational efficiency, Libang achieved year-on-year growth in domestic and international market revenue. In the domestic market, with the gradual increase in medical demand and the acceleration of domestic substitution, Libang successfully seized market opportunities with its technology and brand advantages, and achieved a year-on-year increase in revenue of 15.99% to 979 million yuan. In the international market, Libang continued to expand overseas business with innovative solution capabilities and high-quality localized customer service, and achieved revenue of 959 million yuan, an increase of 6.74% over the previous year.
Diversified businesses are growing across the board, and revenue potential continues to rise
Looking at the business sector, Libang has achieved remarkable diversified business results with an accurate grasp of market demand and a forward-looking strategic layout, and continues to consolidate its dominant position in the industry. In 2023, the revenue of all Libang product lines increased year-on-year, showing a positive trend of going hand in hand, and profitability continued to improve. Among them, the in vitro diagnosis business achieved revenue of 355 million yuan, an increase of 19.79% over the previous year, making it the fastest growing business segment of Libang.
Libang continues to innovate independently in the field of blood gas analysis, and has formed a comprehensive product layout including the i15 blood gas biochemical analyzer covering the electrochemical platform, the i20 blood gas blood oxygen electrolyte analyzer with the photochemical platform, and the i500 fully automatic blood gas electrolyte analyzer on the wet blood gas platform. Together with various blood collection devices and POCT management software, we provide customers with comprehensive solutions for POCT blood gas analysis. With the support of the new wet blood gas i500 (it obtained the NMPA registration certificate at the end of 2023, and supporting reagents are being registered), the comprehensive competitive strength of Libang Blood Gas products is expected to continue to increase, further laying a solid foundation for participating in global competition.
During the reporting period, Libang's newly launched iT30/50 telemetry monitor integrates core vital signs monitoring parameters such as ECG, blood oxygen, blood pressure, body temperature, and breathing. CNBP continuously monitors non-invasive blood pressure, demonstrating the excellent comprehensive performance of domestic wearable monitoring devices. Libang's comprehensive ultrasound solution, based on big data and intelligent algorithms, meets the clinical needs of multiple scenarios such as screening/diagnosis/treatment consultations, and greatly improves doctors' work efficiency. In addition, Libang also released a large number of strategic new products, such as iV series monitors, UHD series 4K ultra-high-definition intelligent electronic colposcopes, and MP series pulsed magnetic stimulators. The overall competitive strength of the products continues to increase.
Currently, a new round of technological revolution and industrial transformation is spawning. The National Development and Reform Commission recently issued a document. High-end medical devices such as artificial intelligence-assisted medical devices, wearable devices, and smart medical care have been included in the incentive industry catalogue. Under the new opportunities of favorable policies, Libang's intelligent innovative product matrix continues to improve. Coupled with system integration and overall solution capabilities, future growth space is expected to be further enhanced.
R&D investment remains high, driving long-term business development
In the process of innovative R&D, technology transformation, and commercial implementation, Libang has continuously invested in high-intensity and high-level R&D for many years to ensure the technical advancement of products and drive long-term business development.
Continue to carry out technological innovation in core areas of advantage, and develop innovative application scenarios in depth. For example, after more than 20 years of research and development, Libang ECG's core technology and algorithms have reached the highest level of sampling accuracy in the industry; on the software, the analysis algorithm has achieved technological breakthroughs for foreign brands; on the Internet, the gateway-free informatization direct connection scheme has fully empowered next-generation models and achieved seamless access to many mainstream international information technology suppliers, demonstrating the resilience and endogenous high-quality growth momentum of Libang ECG's business.
In actively expanding the layout of information technology solutions, we continue to innovate and break through core technology. For example, Libang's smart health business is based on the interconnection of hardware products. By connecting equipment and data, data and platforms, platforms and systems, it has achieved effective sharing of medical data. It has formed a “Internet of Things - Interconnection - Interconnection - Sharing” information technology product strategic layout, opening up new profit growth points and driving the industry to the middle and upper end of the value chain.
Continuous R&D and innovation capabilities have become one of Libang's core competencies. Since its launch, Libang has invested more than 2,369 million yuan in R&D, of which the R&D investment in 2023 was 347 million yuan, an increase of 16.77% over the previous year. As of the end of the reporting period, Libang held 1,133 valid domestic and foreign authorized patents, and obtained 179 new domestic and foreign authorized patents in 2023. Focusing on clinical transformation and continuously seizing key technological heights, it provides strong support for the sustainable growth of the business.
Effective team building to enhance the long-term competitiveness of the organization
As the scale of the business expands and future growth expectations continue to improve, Libang continues to strengthen customer-centered organizational capacity building around the implementation of the strategy, and is steadily expanding production capacity.
During the reporting period, Libang continued to strengthen the construction and improvement of the PMT team, optimized and adjusted the organizational structure of the domestic marketing system, further consolidated the team management ability of domestic sales managers through the organization of domestic sales management training camps, and enhanced the team's professional ability and long-term market competitiveness. In terms of localization in the international market, Libang has further improved its global layout, deepened its marketing and sales localization strategy, and established an extensive overseas terminal network in Africa, the Middle East, Latin America, Asia Pacific, Europe and other regions. Integrating the world's high-quality scientific and technological innovation resources, the number of overseas customers has grown steadily.
Based on new quality productivity, Libang actively integrates into the overall development of digital intelligence in the industry, automates the transformation of various product lines, and accelerates the release of future growth momentum. According to the annual report, Libang has launched a construction project with a production capacity of 12 million blood gas test cards per year (current production capacity is 10 million pieces/year), focusing on developing/purchasing high-speed automated and intelligent equipment, expanding production batches, improving turnover tools, and building an information-based management platform. The types, models and total production capacity of blood gas products that can be supplied will rapidly increase, thereby increasing the overall profit level.
With the continuous advancement of the “innovative, platform-based, and international” development strategy, Libang's overall business endogeneity is steady, the global layout continues to be optimized, and the business quality trend is improving. Facing future development, Libang will continue to protect long-term business development and innovation growth through a series of strategic initiatives such as product innovation and iteration, industrial chain synergy, and omni-channel layout.