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, hybio pharmaceutical's revenue decline trend did not stop, and the net profit loss has narrowed to some extent. The dosage form sector was affected by the collection of major varieties, and revenue continued to decline, with the revenue contribution of the active pharmaceutical ingredient sector becoming the first. In the first half of this year, hybio pharmaceutical has made some efforts to alleviate the cash flow situation.
Caifin News, August 23 (Reporter: Lu Afeng) On the 23rd, hybio pharmaceutical (300199.SZ) announced the business performance of 2024H1, with the revenue continuing to decline, a 20% year-on-year decrease. However, in terms of net profit, due to the execution of the polypeptide active pharmaceutical ingredient order signed last year and the fulfillment of the new GLP-1 active pharmaceutical ingredient order this year, the loss amount 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 under the efforts of the management.
In 2023H1, hybio pharmaceutical achieved revenue of 0.256 billion yuan, a year-on-year decline of 21.38%; the net profit attributable to the mother was -0.01 billion yuan, a year-on-year increase of 69.65%; and the non-net profit was -0.06 billion yuan, a year-on-year increase of 43.85%. Among them, Q1 achieved revenue of 0.15 billion yuan, a year-on-year decline of 14.73%; Q2 achieved revenue of 0.1055 billion yuan, a year-on-year decline of nearly 30%. In 2023, the company's revenue decreased by 38.75% year-on-year, indicating that the revenue decline trend of hybio pharmaceutical did not stop.
Hybio pharmaceutical did not disclose the reasons for the decline in revenue in the 2024H1 report, but at the 2023 performance exchange meeting, the company revealed: the main reasons for the company's loss in 2023 were that during the reporting period, the company's acetic acid atosiban injection, somatostatin for injection, terligatide, and carboprost respectively won bids for the eighth and ninth batches of national centralized procurement, and the product sales prices dropped significantly compared to the same period last year, resulting in a decrease in operating income and sales gross margin, while the main international business contracts will be fulfilled in 2024, contributing little to the profits in 2023, which comprehensively resulted in a loss in 2023.
In the announcement replying to the Shenzhen Stock Exchange's annual report inquiry letter in June this year, hybio pharmaceutical once again emphasized the above reasons. This bearish factor is also reflected in the 2024H1 performance. During the reporting period, the revenue of the dosage form sector decreased by 56.82% year-on-year, and the gross margin decreased by 24.46% compared to the same period of the previous year. This also led to the active pharmaceutical ingredient sector surpassing the dosage form sector for the first time in terms of the proportion of total revenue, with the active pharmaceutical ingredient sector achieving revenue of 0.113 billion yuan, a year-on-year increase of 219.18%, and the gross margin increasing by 13.90% compared to the same period of the previous year.
At the above-mentioned exchange meeting, hybio pharmaceutical also revealed that in September of last year, hybio pharmaceutical signed a 0.219 billion GLP-1 active pharmaceutical ingredient order, of which 0.078 billion yuan in revenue was included in the 2023 performance, and the remaining disclosed polypeptide active pharmaceutical ingredients and polypeptide dosage form export orders will be delivered one after another starting in 2024.
In the first half of this year, hybio pharmaceutical signed several new orders for active pharmaceutical ingredients for export, including signing a "Product Supply Agreement" with overseas customer DS3 RX LLC through its subsidiary HanYu Wuhan, intending to purchase GLP-1 active pharmaceutical ingredients, with a product value of about 0.162 billion yuan to 0.174 billion yuan. Subsequently, hybio pharmaceutical signed another contract with the same customer, intending to purchase GLP-1 active pharmaceutical ingredients worth about 0.0059 million yuan. This transaction will be exported to countries and regions such as the United States and Canada.
In terms of polypeptide drugs, during the reporting period, hybio pharmaceutical's Semaglutide injection for weight loss indications has received a notice of clinical trial approval, and Liraglutide injection has obtained tentative approval from the US FDA. After the patent or exclusivity issues are resolved, the company will obtain the qualification to sell in the terminal market in the United States approved by the US FDA. The company has realized the first batch of exports of Liraglutide injection to the United States according to the ordering demand of the partner.
It is worth mentioning that Hybio Pharmaceutical has been questioned about cash flow risk multiple times in the past. In the aforementioned inquiry letter from the Shenzhen Stock Exchange, the Shenzhen Stock Exchange paid special attention to Hybio Pharmaceutical's liquidity risk and debt-paying ability. In the first half of 2024, Hybio Pharmaceutical's short-term borrowings reached 0.435 billion yuan, and long-term borrowings reached 0.755 billion yuan.
In the first half of this year, Hybio Pharmaceutical has issued several announcements about the controlling shareholder using shares as collateral for external loans or applying for comprehensive credit line from banks. According to the financial report data, 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, a year-on-year growth of 187.58%. The company's tight cash flow situation has been alleviated to some extent.
