翰宇药业并未在2024H1报告中披露营收下滑的原因，但在2023年业绩交流会上，公司方面曾透露：公司2023年度亏损主要原因为报告期内公司醋酸阿托西班注射液、注射用生长抑素、特利加压素、卡贝缩宫素分别中标国家第八批、第九批集采，产品销售价格较去年同期大幅下降，导致营业收入以及销售毛利率下降，同时国际业务合同主要在2024年履行，对2023年的利润贡献较小，综合导致2023年亏损。In the first half of this year, the revenue decline trend of Hybio Pharmaceutical has not been stopped, and the net loss has narrowed to some extent. In the formulation sector, affected by the block orders of major varieties, the revenue continues to decline, and the revenue contribution of the active pharmaceutical ingredient sector becomes the first. In the first half of this year, with the efforts of all parties, Hybio Pharmaceutical has achieved some relief in terms of cash flow.
On August 23, Caixin reported that Hybio Pharmaceutical (300199.SZ) released its H1 2024 operating performance, with revenue continuing to decline by 20% YoY. However, in terms of net income, due to the execution of the peptide active pharmaceutical ingredient order signed last year and the fulfillment of the GLP-1 active pharmaceutical ingredient new order signed this year, the amount of loss has narrowed to some extent. In terms of the long-term cash flow issue that has been plaguing Hybio Pharmaceutical, there has been some relief in the first half of this year due to the efforts of the management team.
In H1 2023, Hybio Pharmaceutical achieved revenue of 256 million yuan, a year-on-year decline of 21.38%; net income attributable to shareholders of the parent company was -10 million yuan, a year-on-year increase of 69.65%; non-recurring net income was -60 million yuan, a year-on-year increase of 43.85%. Among them, Q1 achieved revenue of 150 million yuan, a year-on-year decline of 14.73%; Q2 achieved revenue of 105.5 million yuan, a year-on-year decline of nearly 30%. And the company's revenue declined by 38.75% YoY in 2023, which means that the revenue decline trend of Hybio Pharmaceutical has not been stopped.
Hybio Pharmaceutical did not disclose the reasons for the revenue decline in the H1 2024 report, but at the performance communication meeting in 2023, the company revealed that the main reason for the loss in 2023 was that the acetic acid atomine injection, injection of growth inhibiting hormone, terlipressin, and cabergoline oxytocin injection were respectively selected in the eighth and ninth batch of national joint procurement, and the product sales prices decreased significantly compared to the same period last year, resulting in a decline in revenue and gross margin. At the same time, the major international business contracts will be fulfilled in 2024, which contributed less to the profit in 2023 and resulted in a loss for the year.
In the announcement in response to the Shenzhen Stock Exchange's annual report inquiry in June this year, Hybio Pharmaceutical once again emphasized the above reasons. This bearish factor is also reflected in the H1 2024 performance. During the reporting period, the revenue of the formulation sector decreased by 56.82% YoY, and the gross margin decreased by 24.46% compared to the same period last year. This also led to the active pharmaceutical ingredient sector surpassing the formulation sector and becoming the first in terms of the proportion of total revenue. The active pharmaceutical ingredient sector achieved revenue of 113 million yuan, a YoY increase of 219.18%, and the gross margin increased by 13.90% compared to the same period last year.
At the aforementioned communication meeting, Hybio Pharmaceutical also disclosed that in September of last year, it signed a 219 million yuan GLP-1 active pharmaceutical ingredient order, of which 78 million yuan in revenue was included in the 2023 performance, and the remaining disclosed peptide active pharmaceutical ingredients and peptide formulation export orders will be delivered successively starting in 2024.
In the first half of this year, Hybio Pharmaceutical's active pharmaceutical ingredient sector signed multiple new orders for overseas markets. The company's subsidiary, Hybio Wuhan, signed a "Product Supply Agreement" with overseas customer DS3 RX LLC, intending to purchase GLP-1 active pharmaceutical ingredients from the company, with a product value of approximately 162-174 million yuan. Subsequently, Hybio Pharmaceutical signed another contract with the same customer, intending to purchase GLP-1 active pharmaceutical ingredients worth approximately 59,000 yuan. This transaction will be exported to the United States, Canada, and other countries and regions.
In terms of peptide drugs, during the reporting period, Hybio Pharmaceutical's semaglutide injection for weight loss indication has received a clinical trial approval notice, and liraglutide injection has obtained temporary approval from the U.S. FDA. After the patent or exclusivity issue is resolved, the company will obtain the qualification to sell in the U.S. terminal market with the approval of the U.S. FDA. Based on the ordering needs of the cooperative party, the company has realized the first batch of liraglutide injections for export to the United States.
It is worth mentioning that, hybio pharmaceutical has been questioned multiple times about the risk of cash flow. In the above-mentioned inquiry letter from the Shenzhen Stock Exchange, the Shenzhen Stock Exchange specifically focused on hybio pharmaceutical's liquidity risk and solvency. In the first half of 2024, hybio pharmaceutical's short-term borrowings reached 0.435 billion yuan, and long-term borrowings were 0.755 billion yuan.
In the first half of this year, hybio pharmaceutical has repeatedly announced information related to the controlling shareholder using shares as collateral for external loans or applying for comprehensive credit lines from banks. From the financial report data perspective, the net cash flow from operating activities of the company in the first half of the year was 0.033 billion yuan, compared to -0.038 billion yuan in the same period last year, an increase of 187.58% year-on-year, easing the company's cash flow tightness to some extent.