Jiangsu Gdk Biological Technology Co.Ltd(688670) ( Jiangsu Gdk Biological Technology Co.Ltd(688670) . SH) announced on April 9 that in 2021, the company achieved an operating revenue of 392 million yuan, a year-on-year decrease of 33.41%; The net profit attributable to the shareholders of the listed company was about 824602 million yuan, a year-on-year decrease of 46.79%; The basic earnings per share was 1.1 yuan, a year-on-year decrease of 53.19%. The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares.
" Jiangsu Gdk Biological Technology Co.Ltd(688670) products are very single, and the epidemic has a great impact on the company's business. The company's compressed goods sales last year failed to boost its performance." On April 10, a person in charge of sales of a vaccine company who has worked for more than 20 years told the reporter of Economic Information Daily that the competition in the influenza vaccine market is becoming increasingly fierce, and there are "big and small years". Combined with the market situation and epidemic prevention and control situation this year, he is still cautious about the performance of Jiangsu Gdk Biological Technology Co.Ltd(688670) this year.
Jiangsu Gdk Biological Technology Co.Ltd(688670) focuses on the development, production and sale of human vaccines. The company's main products include 10 kinds of human vaccine products for the prevention of 5 infectious diseases, including influenza, rabies, chicken pox, herpes zoster and pneumonia. One of the products on the market is tetravalent influenza virus split vaccine, which is one of the first two enterprises in China to realize the batch issuance and marketing of tetravalent influenza vaccine.
During the reporting period, the company's operating revenue decreased by 33.41% compared with the same period of the previous year, mainly due to the covid-19 epidemic, the nationwide implementation of covid-19 vaccine booster and covid-19 vaccination for children under the age of 12. The company's tetravalent influenza vaccination was greatly affected, resulting in a decline in product sales during the reporting period. According to the vaccination situation in the market, the company changed the estimated sales return rate of tetravalent influenza vaccine from 0% to 10% as the change of accounting estimate, accrued the estimated liabilities and offset the sales revenue at the same time. The decline in operating income was accompanied by an increase in the company's R & D expenses and provision for asset impairment, resulting in a year-on-year decrease in net profit of 46.79%.
In terms of revenue structure, the company's operating revenue mainly comes from tetravalent influenza virus split vaccine, accounting for 99.56% of the operating revenue in 2021. Specifically, during the reporting period, the sales volume of tetravalent influenza virus split vaccine of the company was 3.502 million doses, a year-on-year decrease of 26.8%, and the total operating revenue was 391 million yuan, a year-on-year decrease of 33.70%.
In terms of quarterly performance, since the influenza virus strain may mutate every year, it is necessary to vaccinate the influenza vaccine every year, and the validity period of the influenza vaccine is one year. The peak season of influenza vaccine sales in the northern hemisphere is from September to December, and the sales off-season is from January to June of the next year. The operating performance of main influenza vaccine enterprises also shows obvious seasonal fluctuation characteristics, that is, the performance is mainly reflected in the second half of the year, and there is a basic loss in the first half of the year.
While the operating revenue decreased, the operating cost of the company also decreased accordingly. However, due to the implementation of the relevant provisions of the new revenue standard, the warehousing, logistics and distribution fees related to contract performance were disbursed in the sales expenses in 2020 and included in the operating costs since 2021, resulting in the decline of operating costs lower than that of operating revenue.
Specifically, in 2021, the company's operating cost was 577788 million yuan, a year-on-year decrease of 22.39%, lower than the decline rate of 33.41% of operating revenue. The company's gross profit margin was 85.42%, a year-on-year decrease of 2.07 percentage points.
During the reporting period, the expense rate during the company's sales period was 53.18%, with a year-on-year increase of 3.11 percentage points. The R & D investment of the company was 477107 million yuan, a year-on-year increase of 67.21%; R & D investment accounted for 12.16% of operating revenue, an increase of 7.32 percentage points over the same period last year. In addition, the capitalization rate of the company's annual R & D investment was 26.10%.
In terms of cash flow, during the reporting period, the net cash flow from the company's operating activities decreased slightly year-on-year, and the net cash flow from investment activities decreased by 925 million yuan compared with the same period of the previous year, mainly because the company steadily promoted the construction of the new tetravalent influenza virus cracking vaccine workshop project during the reporting period, and paid a large amount of engineering equipment. The net cash flow from financing activities increased by 189012% year-on-year, mainly due to the company's initial public offering of common shares (A shares) in 2021.
At the end of the reporting period, the company's construction in progress increased by 215976% over the end of the previous year, with a total of 342 million yuan, mainly due to the increase in investment in the construction of a new tetravalent influenza virus split vaccine workshop.
In 2021, due to the covid-19 epidemic, the nationwide implementation of covid-19 vaccine booster and covid-19 vaccination for children under the age of 12, influenza vaccination was greatly affected, resulting in a decline in product sales and an increase in inventory at the end of the reporting period. The company has fully accrued the inventory falling price reserve of 541874 million yuan for the inventory commodity four price influenza vaccine that is expected to be unable to be sold.
The annual report said that the company will steadily promote the review progress of varieties under research, carry out the clinical research of products under research with clinical approval, accelerate the research and development progress of products under research in preclinical research, track and reserve new technologies and varieties of innovative vaccines, focus on the prevention and control of major infectious diseases such as influenza vaccine, rabies vaccine, varicella vaccine, herpes zoster vaccine and pneumococcal vaccine, and optimize and expand the layout of product pipelines. And will continue to improve the scientific management level of vaccine production and steadily increase the production capacity of major products; Strictly abide by the quality lifeline, strictly control the product quality, and provide safe, effective and high-quality vaccine products.
