① In 2023, the non-COVID-19 business achieved revenue of 420 million yuan, an increase of 208.23% over the previous year, accounting for 87.82% of the overall revenue. ② “The company has registered products in Southeast Asia, but products in Europe and the US have not been released yet.”
“Science and Technology Innovation Board Daily”, April 15 (Reporter Zheng Bingxun) Today, Innote (688253.SH), a leader in the POCT (Timely Testing) diagnostic industry, officially released its 2023 performance report and 2024 quarterly report.
Affected by the decline in the COVID-19 pandemic, after demand for nucleic acid testing declined, Innote's revenue and net profit growth rate in 2023 was significantly lower than in 2022. However, it is also because the impact of COVID-19 is gradually being clarified and non-COVID-19 products are gradually gaining strength. In 2023, Innote's revenue contributed by the non-COVID-19 business increased dramatically, and the performance was impressive in the first quarter of 2024.
Specifically, Innote achieved revenue of 478 million yuan in 2023, a slight increase of 7.03 percentage points over the previous year. The growth rate for the same period in 2022 was 36.62%; net profit to mother was 174 million yuan, up 15.44% year on year, and 25.31% for the same period in 2022. Among them, the non-COVID-19 business achieved revenue of 420 million yuan, an increase of 208.23% over the previous year, accounting for 87.82% of the overall revenue.
Continuing until 2024, Innote Q1 achieved revenue of 282 million yuan, a year-on-year increase of 109.36%, and a growth rate of 93.55% for the same period in 2023; net profit to mother was 146 million yuan, up 171.44% year on year, and 104.21% for the same period in 2023.
In this context, Innote plans to distribute a cash dividend of 4 yuan for every 10 shares in 2023. Based on a total share capital of 136 million yuan as of the end of 2023, it plans to distribute a total discovery dividend of 54.243 million yuan, accounting for 31.29% of the net profit due to mother for the whole year. In contrast, Innote's 2022 dividend plan is 1.66 yuan for 10 payments, with a total cash dividend of 22.5861 million yuan, accounting for 14.99% of the net profit returned to mother for the year.
According to data, Innote has been in the field of respiratory pathogen detection for more than 10 years. The products mainly test for respiratory pathogens. The tests cover more than 15 types of respiratory pathogens such as influenza A, B, mycoplasma pneumoniae, and the coronavirus. Respiratory products are also Innote's main source of revenue.
Taking 2023 as an example, Innote's revenue for respiratory non-COVID-19 products was 405 million yuan, up 246.17% year over year, accounting for 84.83% of total revenue. The annual output of this product was 31.7071 million copies, up 312.65% year on year, and sales volume was 246.375 million copies, up 264.82% year on year, with a production and sales rate of 77.70%. In the same period, revenue from respiratory COVID-19 products was 582,114 million yuan, a year-on-year decrease of 81.25%.
It is worth mentioning that in addition to the respiratory field, Innote is speeding up coverage of many other testing fields such as the digestive tract, eugenics, and hepatitis. For example, Innote's “Calprotectin and Lactoferrin Combined Test Kit (Colloidal Gold Method)” obtained a new domestic Class II medical device registration certificate in 2023, further enriching the product layout in the digestive tract field.
However, as of now, the revenue from non-respiratory products is low, and the contribution to Innote's performance is still limited. Take the eugenics series of products as an example. In 2023, it achieved revenue of 4.141,600 yuan, accounting for only 0.87%.
It is also important to note that in recent years, Innote's revenue contribution from overseas has declined rapidly year by year. Overseas revenue in 2023 was 1,30591 million yuan, down 49.12% year on year, accounting for 2.73% of revenue. This accounted for 9.45% and 5.75% in 2021 and 2022, respectively.
The “Science and Technology Innovation Board Daily” reporter telephoned the Innotel Securities Department about this phenomenon. The company personnel said, “The decline in the share of revenue from overseas products is actually due to the fact that overseas revenue mainly came from COVID-19 products in previous years, while the relatively small share is due to the fact that the company has entered overseas markets for a short time, and the main layout of products is still concentrated in the field of eugenics and childcare.”
In fact, Innote's overseas layout in 2023 also has some new developments. For example, the “influenza A virus, influenza B virus, respiratory syncytial virus, and metapulmonary virus antigen test kit (latex method)” has obtained new overseas certification in the Thai market, which is one of Innote's breakthroughs in rapid joint testing for respiratory pathogens in the international market.
According to information, Innote has already set up a subsidiary in Singapore as the headquarters for future international market development, and uses Southeast Asia as an entry point for the international market. “Judging from the company's overall plan, we hope to have a presence in places where there is demand around the world. However, as of now, the company already has registered products in Southeast Asia, but products from Europe and the US have yet to be released.” The company employee mentioned above said.