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市场竞争激烈叠加降库存,康泰生物上半年业绩大幅下滑|财报解读

Intense market competition combined with inventory reduction, Shenzhen Kangtai Biological Products' performance in the first half of the year has significantly declined | Interpretation of financial reports

cls.cn ·  Aug 28 23:05

① Due to factors such as market competition and inventory reduction, H1 Kangtai Biotech's total revenue and net profit to mother both declined. ② The sales revenue of the non-immunization vaccine business segment, which accounts for the largest share of the company's revenue, decreased by more than 30% year-on-year. ③ Kangtai Biotech's accounts receivable continued to rise, and cash flow was drastically reduced.

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Financial Services Association, August 28 (Reporter He Fan) Due to factors such as market competition and inventory reduction, Kangtai Biotech's (300601.SZ) H1 revenue and net profit both declined.

Among them, the sales revenue of non-immunization vaccine products, which account for the largest share of revenue, decreased by more than 30% year-on-year. On the other hand, Kangtai Biotech's accounts receivable continued to rise, and cash flow declined sharply.

This evening, Kangtai Biotech disclosed its semi-annual report. The company H1 achieved operating income of 1.202 billion yuan, a year-on-year decrease of 30.54%; net profit attributable to shareholders of listed companies was 0.165 billion yuan, a year-on-year decrease of 67.61%.

Kangtai Biotech said that the decline in the company's revenue was affected by factors such as market competition and inventory reduction. In addition, combined factors such as equity incentive amortization expenses and an increase in fixed asset depreciation expenses led to a year-on-year decrease in net profit.

On a quarterly basis, Q1 achieved revenue of 0.452 billion yuan, a year-on-year decrease of 39.65%, net profit of 54.0659 million yuan, a year-on-year decrease of 73.69%; Q2 achieved revenue of 0.75 billion yuan, a year-on-year decrease of 23.60%, and net profit to mother of 0.111 billion yuan, a year-on-year decrease of 63.51%.

By product, non-immunization planning vaccines are the product category with the largest share of Kangtai Biotech's revenue, accounting for 95.76% of total revenue and a gross margin of 85.80%, a decrease of 2.65 percentage points compared with the same period last year. In addition, H1 of this type of product achieved revenue of 1.151 billion yuan, a year-on-year decrease of 33.76%; the immunization program vaccine achieved revenue of 26.8273 million yuan, an increase of 406.74% over the previous year, but the gross margin of this type of product was only 32.49%.

Judging from the batch issuance volume of the company's main marketed products, the freeze-dried human rabies vaccine (human diploid cells), which was marketed and sold in April this year, has now been approved by 26 provinces, autonomous regions, and municipalities directly under the Central Government. The H1 batch has issued 0.9049 million doses, achieving sales revenue of 0.117 billion yuan.

It is worth noting that Kangtai Biotech's accounts receivable climbed to 2.803 billion yuan, accounting for 19.40% of total assets; at the same time, the company's cash and cash equivalent balance was only 0.297 billion yuan, a year-on-year decrease of 0.872 billion yuan; net cash flow from operating activities decreased by 83.04% year on year. In response, the company said this was due to a decrease in sales payments and an increase in expenses for purchasing raw and auxiliary materials during the reporting period.

Meanwhile, during the reporting period, Kangtai Biotech's R&D expenses decreased by 56.36% year on year. Currently, the company is developing nearly 30 projects, including Sabin variant polio inactivated vaccine (Vero cells), ACYW135 group meningococcal conjugate vaccine, and hepatitis A inactivated vaccine.

The translation is provided by third-party software.


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