Securities code: Boji Medical Technology Co.Ltd(300404) securities abbreviation: Boji Medical Technology Co.Ltd(300404) Boji Medical Technology Co.Ltd(300404)
Record of investor relations activities
□ specific object research □ analyst meeting
Investor relations event □ media interview □ performance briefing
Event category □ press conference □ Roadshow
□ site visit
■ others (investor telephone exchange)
Names of participants: Cinda securities, TEDA Manulife, Haifutong, industrial fund, Donghai fund, Hengyue fund, and names of personnel: Great Wall Fund and Taiping fund
Time: afternoon of April 2, 2022 ( Saturday Co.Ltd(002291) )
Location: Guangzhou
Deputy general manager and Secretary of the board of directors of the listed company: Wei Fangqun
Personnel name: securities affairs representative: Chen Shaohua
1. The management introduces the operation of the company
2. Communication and interaction:
Question 1: at present, the company has formed the whole process integration. Which of preclinical, clinical, cdmo and independent incubation will the company focus on in the future? And what are the development priorities in more subdivided businesses?
Investor relations activity a: (1) although the layout of integration capability has been in the past few years, the clinic is still the top priority of the main content of the campaign, and the investment in clinical talents has been increased in the past two years.
(2) Clinical business has always been the most advantageous and competitive business of Boji. In the clinical business, the company will focus on the development of liver disease, digestion, tumor and traditional Chinese medicine business. The company will develop the competitive advantage of subdivided fields based on clinical practice and cooperate to develop preclinical and cdmo business.
Question 2: in the pre increase of the company's performance, the performance in 2021 will increase significantly, especially in terms of profitability. What business will promote the performance increase?
A: in recent years, the operating revenue of the company has increased steadily, and the gross profit margin is the same as that of the same industry
Similar, but the net profit margin is relatively low, mainly due to the increase of various expenses caused by the integrated layout in previous years, which puts some pressure on the operation of the enterprise. As the company's new business sector gradually rebounded, the net profit rate of the company gradually increased.
Question 3: how many orders does the company have on hand? What is the proportion of each business order?
A: by the end of June 2021, the company had about 1.2 billion unconfirmed revenue orders in hand. The order structure of unrecognized revenue on hand is roughly the same as the proportion of revenue of each business segment.
Question 4: will there be quarterly differences in business revenue? What are the reasons for quarterly fluctuations in business?
A: there will be some seasonal fluctuations. The proportion in the fourth quarter was relatively high. The company's main revenue came from clinical research service revenue. Due to the influence of the lunar new year, subjects are prone to fall off. Clinical trial institutions (hospitals) will gradually recruit more subjects to participate in clinical trials from the third quarter to ensure the availability, consistency and accuracy of clinical trial data in a research cycle. The company's projects usually achieve phased results in the fourth quarter, so as to enter the next stage of research in the second year. Therefore, the company's revenue accounted for a relatively high proportion of operating revenue in the fourth quarter of each year.
Q5: in the first half of 2021, the cash flow from operating activities decreased by 70%. What is the reason?
A: it is mainly due to the increase of project funds paid in the first half of the year.
Question 6: will the growth of income from 2022 to 2024 be similar to the performance evaluation goal of equity incentive?
A: in recent years, the company's revenue has maintained steady growth. With the completion of the company's fund-raising projects and the acceptance of more orders by GLP, cdmo and innovative drug R & D platforms, we believe that the revenue will achieve a higher growth level and the net profit will be greatly improved in the next few years.
Question 7: is there a KPI for the future goal of net profit margin?
A: the gross profit margin and net profit margin will vary with different business structures. The gross profit margin of the company's clinical research services is lower than that of preclinical research services and other consulting services. With the income generated by new businesses, the company hopes that the net profit margin can keep up with the average level of the industry as soon as possible.
Question 8: what was the revenue range of traditional Chinese medicine platform last year? And the revenue forecast for this year and next year, and the impact of traditional Chinese medicine policy on the company's business?
A: Traditional Chinese medicine has always been the characteristic field of the company. About 20 large clinical projects of traditional Chinese medicine are under research every year, and the overall income of traditional Chinese medicine accounts for about 20%.
With the increase of national support for traditional Chinese medicine and the enthusiasm of traditional Chinese medicine research and development, the business of the company will also strengthen the undertaking of traditional Chinese medicine projects this year. It is believed that orders will increase.
In addition, in 2021, the company will integrate the clinical and preclinical business of traditional Chinese medicine into Xinglin traditional Chinese medicine, a wholly-owned subsidiary. In the future, the company will also coordinate and integrate the traditional Chinese medicine industrial park cooperated with the government to build a company with integrated services of traditional Chinese medicine.
Question 9: what are the company's traditional Chinese medicine patents? Is it preclinical research or purchase of traditional Chinese medicine?
A: the company's patents on traditional Chinese medicine are invention patents, most of which are obtained in the process of the company's independent research and development projects.
Question 10: what are the highlights of the company's China US double report? From the current situation, what is the trend of China US double report?
A: at present, the company serves dozens of overseas application projects every year. It won 13 ind the year before last and 10 ind last year. It has a high reputation in the industry. The main advantages of the company are: first, it has rich experience and has helped Chinese enterprises get multiple inds since its establishment; Second, there are many FDA pre reviewers in the team; Third, there are subsidiaries in China and Washington, and the communication with customers is very smooth.
From the company's acceptance of orders, the business has a good momentum of development.
Q11: how about the mobility of clinical staff? What level does equity incentive cover?
A: the company's core technicians in the clinical sector are very stable. Equity incentive will comprehensively consider the importance and stability of employees' positions, and try to retain core backbone talents.
Question 12: please introduce the current situation and future planning of cdmo of the company.
A: the income of cdmo, a subsidiary company of science and Technology Park, is still relatively low. At present, chemical API workshop, oral solid workshop, eye drops workshop and traditional Chinese medicine extraction workshop have been built. At present, it mainly focuses on clinical sample processing and production reporting by the holder. At present, one variety has been used
After obtaining the listing license, many other varieties are still in the production application and R & D stage, so the machines and personnel basically operate at full capacity, but the current output value is not high. The production capacity can be further released only after being approved.
70000 square meters of phase III has been under construction, and the main construction is expected to be completed within this year. At present, more than 30 start-up pharmaceutical enterprises have been introduced into the science and Technology Park, and dozens of pharmaceutical R & D enterprises will be introduced after the completion of phase III. The future science and technology park is mainly positioned as a cdmo + incubator. On the one hand, more independent projects will be established and all or part of the rights and interests will be transferred after obtaining the approval; On the other hand, an industrial fund was established to invest in the park entry projects to help them enjoy some rights and interests in the later stage after obtaining the approval. Question 13: please introduce the current progress of the company's "3CL" project.
A: the company is developing oral therapeutic drugs against covid-19 virus, which are optimized based on the existing structure according to the action mode of existing compounds or drugs with covid-19 virus 3CL protein, and obtain candidate compounds with independent intellectual property rights and better drug properties. At present, the optimization of lead compounds has been completed, and it is about to enter the virus inhibition experiment at the cell level and animal level. The relevant technical scheme has submitted a patent application, and the project is still in the stage of drug discovery.
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