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SHENZHEN, China, March 27, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading online personal finance company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter and Fiscal Year 2023 Operational Highlights Three MonthsEnded December31, 2022 Three MonthsEnded September30, 2023 Three Months Ended December31, 2023 Twelve MonthsEnded December31, 2022 Twelve MonthsEnded December31, 2023 QoQ YoY YoY Total loan amount facilitated andoriginated (RMB in million) 21,700 29,462 26,134 (11.3 %) 20.4 % 73,655 105,557 43.3 % Number of active borrowers 1,370,496 1,809,815 1,603,760 (11.4 %) 17.0 % 3,326,774 4,495,997 35.1 % The total loan amount facilitated and originated[1] in the fourth quarter of 2023 was RMB26,134 million, representing an increase of 20.4% from RMB21,700 million in the same period of 2022. The total loan amount facilitated and originated in 2023 was RMB105,557 million, representing an increase of 43.3% from RMB73,655 million in 2022. Total number of active borrowers[2] was 1,603,760 in the fourth quarter of 2023, representing an increase of 17.0% from 1,370,496 in the same period of 2022. Total number of active borrowers was 4,495,997 in 2023, representing an increase of 35.1% from 3,326,774 in 2022. As of December 31, 2022 As of September 30, 2023 As of December 31, 2023 Total outstanding loan balance (RMB in million) 37,992 49,685 48,847 Delinquency rates for all outstanding loans that are pastdue for 31-60 days 1.02 % 1.11 % 1.57 % Delinquency rates for all outstanding loans that are pastdue for 91-180 days 1.93 % 2.50 % 3.12 % The total outstanding loan balance[3] as of December 31, 2023 was RMB48,847 million, compared with RMB37,992 million as of December 31, 2022. The delinquency rate for all outstanding loans that are past due for 31-60 days[4] as of December 31, 2023 was 1.57%, compared with 1.02% as of December 31, 2022. The delinquency rate for all outstanding loans that are past due for 91-180 days[5] as of December 31, 2023 was 3.12%, compared with 1.93% as of December 31, 2022. [1] Represents the total amount of loans that the Company facilitated and originated during the relevant period. [2] Represents borrowers who made at least one transaction on the Company's platform during the relevant period. [3] Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are charged-off and are excluded in the outstanding loan balance, except for Xiaoying Housing Loan. As Xiaoying Housing Loan is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loan delinquent for more than 60 days in the outstanding loan balance. [4] Represents the balance of the outstanding principal and accrued outstanding interest for loans that were 31 to 60 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for loans that the Company facilitated and originated as of a specific date. Loans that are delinquent for more than 60 days are charged-off and excluded in the calculation of delinquency rate by balance. Xiaoying Housing Loan was launched in 2015 and ceased in 2019, and all the outstanding loan balance of housing loan as of December 31, 2022, September 30, 2023 and December 31, 2023 were overdue more than 60 days. To make the delinquency rate by balance comparable, the Company excludes Xiaoying Housing Loan in the calculation of delinquency rate. [5] To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal and accrued outstanding interest for loans that were 91 to 180 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for the loans that the Company facilitated and originated as of a specific date. Loans that are delinquent for more than 180 days are excluded in the calculation of delinquency rate by balance, except for Xiaoying Housing Loan. All the outstanding loan balance of housing loan as of December 31, 2022, September 30, 2023 and December 31, 2023 were overdue more than 180 days. To make the delinquency rate by balance comparable, the Company excludes Xiaoying Housing Loan in the calculation of delinquency rate. Fourth Quarter 2023 Financial Highlights (In thousands, except for share and per share data) Three MonthsEnded December31, 2022 Three MonthsEnded September30, 2023 Three MonthsEnded December31, 2023 QoQ YoY RMB RMB RMB Total net revenue 955,640 1,396,864 1,192,664 (14.6 %) 24.8 % Total operating costs and expenses (681,687) (962,120) (938,472) (2.5 %) 37.7 % Income from operations 273,953 434,744 254,192 (41.5 %) (7.2 %) Net income 274,639 347,190 188,968 (45.6 %) (31.2 %) Non-GAAP adjusted net income 277,939 374,507 230,782 (38.4 %) (17.0 %) Net income per ADS—basic 5.28 7.26 3.90 (46.3 %) (26.1 %) Net income per ADS—diluted 5.16 7.02 3.84 (45.3 %) (25.6 %) Non-GAAP adjusted net income per ADS—basic 5.34 7.80 4.74 (39.2 %) (11.2 %) Non-GAAP adjusted net income per ADS—diluted 5.22 7.56 4.68 (38.1 %) (10.3 %) Total net revenue in the fourth quarter of 2023 was RMB1,192.7 million (US$168.0 million), representing an increase of 24.8% from RMB955.6 million in the same period of 2022. Income from operations in the fourth quarter of 2023 was RMB254.2 million (US$35.8 million), compared with RMB274.0 million in the same period of 2022. Net income in the fourth quarter of 2023 was RMB189.0 million (US$26.6 million), compared with RMB274.6 million in the same period of 2022. Non-GAAP[6] adjusted net income in the fourth quarter of 2023 was RMB230.8 million (US$32.5 million), compared with RMB277.9 million in the same period of 2022. Net income per basic and diluted American depositary share ("ADS") [7] in the fourth quarter of 2023 was RMB3.90 (US$0.55) and RMB3.84 (US$0.54), compared with RMB5.28 and RMB5.16, respectively, in the same period of 2022. Non-GAAP adjusted net income per basic and adjusted diluted ADS in the fourth quarter of 2023 was RMB4.74 (US$0.67) and RMB4.68 (US$0.66), compared with RMB5.34 and RMB5.22, respectively, in the same period of 2022. [6] The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, and (iii) adjusted net income (loss) per diluted ADS, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. For more information on non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measures Statement" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. [7] Each American depositary share ("ADS") represents six Class A ordinary shares. Fiscal Year 2023 Financial Highlights Twelve Months Ended December 31, (In thousands, except for share and per share data) 2022 2023 YoY RMB RMB Total net revenue 3,562,950 4,814,884 35.1 % Total operating costs and expenses (2,480,657) (3,377,202) 36.1 % Income from operations 1,082,293 1,437,682 32.8 % Net income 811,995 1,186,794 46.2 % Non-GAAP adjusted net income 873,658 1,276,696 46.1 % Net income per ADS—basic 15.42 24.72 60.3 % Net income per ADS—diluted 15.12 24.48 61.9 % Non-GAAP adjusted net income per ADS—basic 16.56 26.58 60.5 % Non-GAAP adjusted net income per ADS—diluted 16.26 26.34 62.0 % Total net revenue in 2023 was RMB4,814.9 million (US$678.2 million), representing an increase of 35.1% from RMB3,563.0 million in 2022. Income from operations in 2023 was RMB1,437.7 million (US$202.5 million), compared with RMB1,082.3 million in 2022. Net income in 2023 was RMB1,186.8 million (US$167.2 million), compared with RMB812.0 million in 2022. Non-GAAP adjusted net income in 2023 was RMB1,276.7 million (US$179.8 million), compared with RMB873.7 million in 2022. Net income per basic and diluted American depositary share ("ADS") in 2023 was RMB24.72 (US$3.48) and RMB24.48 (US$3.45), compared with RMB15.42 and RMB15.12, respectively, in 2022. Non-GAAP adjusted net income per basic and adjusted diluted ADS in 2023 was RMB26.58 (US$3.74) and RMB26.34 (US$3.71), compared with RMB16.56 and RMB16.26, respectively, in 2022. Mr. Justin Tang, the Founder, Chief Executive Officer and Chairman of the Company, commented, "We are pleased to conclude the year with solid operational and financial results, emphasizing our commitment to sustained growth. In 2023, we facilitated and originated 43% more loans than in 2022 and delivered notable year-over-year growth in both revenue and profit. Total net revenue increased 35% on an annual basis, while income from operations increased 33%, and net income improved by 46%. However, as we entered the second half of 2023, particularly in the fourth quarter, we experienced increased risk levels in asset quality. While we strengthened our risk control system and implemented various measures to manage delinquency rates, we also made the strategic decision to proactively reduce loan volumes in the fourth quarter, prioritizing profitability over sheer volume growth." "For fiscal year 2024, our strategic approach will remain consistent and somewhat conservative, aligning with current market conditions in China. We believe the regulatory environment has become stable, and the government is committed to promoting economic recovery. However, we recognize that challenges and uncertainties exist as the country undergoes a transformative shift in its economic growth model away from the rapid expansion of the past, and structural adjustments are imperative. All of this has far-reaching impacts on various sectors, including our targeted market. Despite these challenges, we remain committed to executing our strategy and prioritizing profitable growth. Our commitment to delivering value to shareholders is unwavering, and we intend to pay dividends as and when profitability and smooth operations allow. This overall approach reflects our dedication to navigating the evolving economic landscape while ensuring the sustainable success of our business and returning value to our shareholders." Mr. Kent Li, President of the Company, added, "During the fourth quarter of 2023, our total loan amount facilitated and originated was RMB26 billion, a 20% year-over-year increase but an 11% quarter-over-quarter decline. Delinquency rates for loans past due for 31-60 days and 91-180 days were 1.57% and 3.12%, respectively, at the end of the quarter, compared with 1.02% and 1.93%, respectively, a year ago. Our team remains vigilant in monitoring asset dynamics and has taken further steps to mitigate risk by reducing our exposure to higher risk areas and adjusting our business approach to ensure sustainable profitability. We aim for continued gradual improvement over the course of 2024, and these measures have begun to have a positive impact on our risk indicators." Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, added, "We are pleased to deliver solid financial results in 2023. Total net revenue increased by 35% year-over-year to RMB4.8 billion, and net income rose by 46% to approximately RMB1.2 billion. In response to heightened asset quality risks in the fourth quarter, we proactively reduced loan volumes to safeguard profitability, resulting in a 15% sequential decline in total net revenue for the quarter. We recognized RMB26.9 million and RMB46.8 million of impairment losses on long-term investments related to our indirect investment in Newup Bank of Liaoning in 2022 and 2023, respectively, mainly due to the depreciation in the market valuation of the Chinese banking sector. However, the bank's loan portfolio and operations remain healthy, and we believe it continues to be a good investment for us. Looking ahead, we will not pursue pure loan volume growth at the expense of profitability, which is always our strategic focus to ensure long-term growth and returns to shareholders. We will continue to strengthen our risk management system to improve asset quality and balance our revenue and profitability growth." Fourth Quarter 2023 Financial Results Total net revenue in the fourth quarter of 2023 increased by 24.8% to RMB1,192.7 million (US$168.0 million) from RMB955.6 million in the same period of 2022, primarily due to an increase in the total loan amount facilitated and originated this quarter compared with the same period of 2022. Three Months Ended December 31, (In thousands, except for share and per share data) 2022 2023 YoY RMB % of Revenue RMB % of Revenue Loan facilitation service 562,137 58.8 % 615,482 51.6 % 9.5 % Post-origination service 106,777 11.2 % 166,807 14.0 % 56.2 % Financing income 248,639 26.0 % 307,692 25.8 % 23.8 % Other revenue 38,087 4.0 % 102,683 8.6 % 169.6 % Total net revenue 955,640 100.0 % 1,192,664 100.0 % 24.8 % Loan facilitation service fees in the fourth quarter of 2023 increased by 9.5% to RMB615.5 million (US$86.7 million) from RMB562.1 million in the same period of 2022, primarily due to an increase in the total loan amount facilitated this quarter compared with the same period of 2022. Post-origination service fees in the fourth quarter of 2023 increased by 56.2% to RMB166.8 million (US$23.5 million) from RMB106.8 million in the same period of 2022, primarily due to the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided. Financing income in the fourth quarter of 2023 increased by 23.8% to RMB307.7 million (US$43.3 million) from RMB248.6 million in the same period of 2022, primarily due to an increase in average loan balances compared with the same period of 2022. Other revenue in the fourth quarter of 2023 increased by 169.6% to RMB102.7 million (US$14.5 million), compared with RMB38.1 million in the same period of 2022, primarily due to an increase in referral service fee for introducing borrowers to other platforms and increase in guarantee income generated from financing guarantee business operated by a subsidiary which holds the financing guarantee license and commenced the financing guarantee business in 2023. Origination and servicing expenses in the fourth quarter of 2023 increased by 28.3% to RMB755.2 million (US$106.4 million) from RMB588.7 million in the same period of 2022, primarily due to the increase in commission fees and collection expenses resulting from the increase in total loan amount facilitated and originated this quarter compared with the same period of 2022. Provision for loans receivable in the fourth quarter of 2023 was RMB99.4 million (US$14.0 million), compared with RMB75.4 million in the same period of 2022, primarily due to an increase both in loans receivable held by the Company as a result of the increase in total loan amount facilitated and originated this quarter and in estimated default rate compared with the same period of 2022. Income from operations in the fourth quarter of 2023 was RMB254.2 million (US$35.8 million), compared with RMB274.0 million in the same period of 2022. Income before income taxes and gain (loss) from equity in affiliates in the fourth quarter of 2023 was RMB211.1 million (US$29.7 million), compared with RMB382.5 million in the same period of 2022. Income tax expense in the fourth quarter of 2023 was RMB35.7 million (US$5.0 million), compared with RMB75.0 million in the same period of 2022. Net income in the fourth quarter of 2023 was RMB189.0 million (US$26.6 million), compared with RMB274.6 million in the same period of 2022. Non-GAAP adjusted net income in the fourth quarter of 2023 was RMB230.8 million (US$32.5 million), compared with RMB277.9 million in the same period of 2022. Net income per basic and diluted ADS in the fourth quarter of 2023 was RMB3.90 (US$0.55), and RMB3.84 (US$0.54), compared with RMB5.28 and RMB5.16, respectively, in the same period of 2022. Non-GAAP adjusted net income per basic and diluted ADS in the fourth quarter of 2023 was RMB4.74 (US$0.67), and RMB4.68 (US$0.66), compared with RMB5.34 and RMB5.22 respectively, in the same period of 2022. Cash and cash equivalents was RMB1,195.4 million (US$168.4 million) as of December 31, 2023, compared with RMB1,427.9 million as of September 30, 2023. Fiscal Year 2023 Financial Results Total net revenue in 2023 increased by 35.1% to RMB4,814.9 million (US$678.2 million) from RMB3,563.0 million in 2022, primarily due to an increase in the total loan amount facilitated and originated this year compared with 2022. Twelve Months Ended December 31, (In thousands, except for share and per share data) 2022 2023 YoY RMB % of Revenue RMB % of Revenue Loan facilitation service 2,044,344 57.4 % 2,740,974 56.9 % 34.1 % Post-origination service 372,451 10.5 % 596,582 12.4 % 60.2 % Financing income 966,277 27.1 % 1,137,336 23.6 % 17.7 % Other revenue 179,878 5.0 % 339,992 7.1 % 89.0 % Total net revenue 3,562,950 100.0 % 4,814,884 100.0 % 35.1 % Loan facilitation service fees in 2023 increased by 34.1% to RMB2,741.0 million (US$386.1 million) from RMB2,044.3 million in 2022, primarily due to an increase in the total loan amount facilitated this year compared with 2022. Post-origination service fees in 2023 increased by 60.2% to RMB596.6 million (US$84.0 million) from RMB372.5 million in 2022, primarily due to the cumulative effect of increased volume of loans facilitated during the year. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided. Financing income in 2023 increased by 17.7% to RMB1,137.3 million (US$160.2 million) from RMB966.3 million in 2022, primarily due to an increase in average loan balances compared with 2022. Other revenue in 2023 increased by 89.0% to RMB340.0 million (US$47.9 million), compared with RMB179.9 million in 2022, primarily due to an increase in referral service fee for introducing borrowers to other platforms and increase in guarantee income generated from financing guarantee business operated by a subsidiary which holds the financing guarantee license and commenced the financing guarantee business in 2023. Origination and servicing expenses in 2023 increased by 34.9% to RMB2,869.8 million (US$404.2 million) from RMB2,126.7 million in 2022, primarily due to the following factors: (i) an increase in commission fees and collection expenses resulting from the increase in total loan amount facilitated and originated this year, and (ii) an increase in interest expenses as a result of an increase in payable to institutional funding partners and investors. Provision for loans receivable in 2023 was RMB229.1 million (US$32.3 million), compared with RMB158.6 million in 2022, primarily due to an increase in loans receivable held by the Company as a result of the increase in the total loan amount facilitated and originated this year and in estimated default rate compared with 2022. Provision for contingent guarantee liabilities in 2023 was RMB67.5 million (US$ 9.5 million) due to increase in guarantee liability arising from financing guarantee business operated by a subsidiary which holds the financing guarantee license and commenced the financing guarantee business in 2023. Income from operations in 2023 was RMB1,437.7 million (US$202.5 million), compared with RMB1,082.3 million in 2022. Income before income taxes and gain (loss) from equity in affiliates in 2023 was RMB1,403.1 million (US$197.6 million), compared with RMB1,223.5 million in 2022. Income tax expense in 2023 was RMB249.4 million (US$35.1 million), compared with RMB389.4 million in 2022. Net income in 2023 was RMB1,186.8 million (US$167.2 million), compared with RMB812.0 million in 2022. Non-GAAP adjusted net income in 2023 was RMB1,276.7 million (US$179.8 million), compared with RMB873.7 million in 2022. Net income per basic and diluted ADS in 2023 was RMB24.72 (US$3.48), and RMB24.48 (US$3.45), compared with RMB15.42 and RMB15.12, respectively, in 2022. Non-GAAP adjusted net income per basic and diluted ADS in 2023 was RMB26.58 (US$3.74), and RMB26.34 (US$3.71), compared with RMB16.56 and RMB16.26 respectively, in 2022. Cash and cash equivalents was RMB1,195.4 million (US$168.4 million) as of December 31, 2023, compared with RMB602.3 million as of December 31, 2022. Recent Development Share Repurchase Plan In the fourth quarter of 2023, the Company repurchased an aggregate of 35,922 ADSs for a total consideration of US$143,400. Since the beginning of 2023, the Company had repurchased an aggregate of 837,729 ADSs for a total consideration of US$3.46 million. The Company has approximately US$5.5 million remaining for potential repurchases under our current share repurchase plan. Declaration of Semi-Annual Dividend The Company today announced that the Company's board of directors (the "Board") has approved a semi-annual dividend policy. Under this policy, the determination to declare and pay such semi-annual dividend and the amount of dividend in any particular half year will be made at the discretion of the Board and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors that the Board may deem appropriate. Pursuant to the semi-annual dividend policy, the Board has approved the declaration and payment of a semi-annual dividend of US$0.17 per ADS (approximately US$0.028 per ordinary share) for the second half of 2023. The holders of the Company's ordinary shares shown on the Company's record at the close of trading on May 10, 2024 (U.S. Eastern Daylight Time) will be entitled to these dividends. These shareholders, including the Bank of New York Mellon, the depositary of our ADS program (the "Depositary"), will receive the payments of dividends on or about May 31, 2024. Dividends to the Company's ADS holders will be paid through the Depositary on or after May 31, 2024, and the precise timing of receipt will vary based on the processing efficiency of the respective holding brokerage. Business Outlook The Company expects the total loan amount facilitated and originated for the first quarter of 2024 to be between RMB21.0 billion and RMB22.5 billion. This forecast reflects the Company's current and preliminary views, which are subject to changes. Conference Call X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on March 27, 2024 (7:00 PM Beijing / Hong Kong Time on March 27, 2024). Dial-in details for the earnings conference call are as follows: United States: 1-888-346-8982 Hong Kong: 852-301-84992 Mainland China: 4001-201203 International: 1-412-902-4272 Passcode: X Financial Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until April 3, 2024: United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 3077685 Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com. About X Financial X Financial (NYSE: XYF) (the "Company") is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system. For more information, please visit: http://ir.xiaoyinggroup.com. Use of Non-GAAP Financial Measures Statement In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We use in this press release the following non-GAAP financial measures: (i) adjusted net income, (ii) adjusted net income per basic ADS, and (iii) adjusted net income per diluted ADS, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0999 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 29, 2023. Disclaimer Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. Use of Projections This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not diff materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information. For more information, please contact: X FinancialMr. Frank Fuya ZhengE-mail: ir@xiaoying.com Christensen IR In ChinaMr. Rene VanguestainePhone: +86-178-1749 0483E-mail: rene.vanguestaine@christensencomms.com In USMs. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com X Financial Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) As of December 31, 2022 As of December 31, 2023 As of December 31, 2023 RMB RMB USD ASSETS Cash and cash equivalents 602,271 1,195,352 168,362 Restricted cash 404,689 749,070 105,504 Accounts receivable and contract assets, net 1,161,912 1,659,588 233,748 Loans receivable from Xiaoying Credit Loans and other loans, net 3,810,393 4,947,833 696,888 Loans at fair value 120,280 - - Deposits to institutional cooperators, net 1,770,317 1,702,472 239,788 Prepaid expenses and other current assets, net 71,082 48,767 6,870 Deferred tax assets, net 88,428 135,958 19,149 Long-term investments 495,995 493,411 69,495 Property and equipment, net 5,861 8,642 1,217 Intangible assets, net 36,550 36,810 5,185 Loan receivable from Xiaoying Housing Loans, net 10,061 8,657 1,219 Financial investments 192,620 608,198 85,663 Other non-current assets 67,204 55,265 7,784 TOTAL ASSETS 8,837,663 11,650,023 1,640,872 LIABILITIES Payable to investors and institutional funding partners at amortized cost 2,627,910 3,584,041 504,802 Payable to investors at fair value 141,289 - - Guarantee liabilities - 61,907 8,719 Financial guarantee derivative 107,890 - - Short-term borrowings 70,209 565,000 79,579 Accrued payroll and welfare 63,681 86,771 12,221 Other tax payable 255,691 289,819 40,819 Income tax payable 270,089 446,500 62,888 Deposit payable to channel cooperators 19,700 19,700 2,775 Accrued expenses and other current liabilities 476,035 622,324 87,653 Dividend payable - 59,226 8,342 Other non-current liabilities 51,193 37,571 5,292 Deferred tax liabilities 722 30,040 4,231 TOTAL LIABILITIES 4,084,409 5,802,899 817,321 Commitments and Contingencies Equity: Common shares 207 207 29 Treasury stock (124,597) (111,520) (15,707) Additional paid-in capital 3,191,194 3,196,942 450,280 Retained earnings 1,622,851 2,692,018 379,163 Other comprehensive income 63,599 69,477 9,786 Total X Financial shareholders' equity 4,753,254 5,847,124 823,551 Non-controlling interests - - - TOTAL EQUITY 4,753,254 5,847,124 823,551 TOTAL LIABILITIES AND EQUITY 8,837,663 11,650,023 1,640,872 X Financial Unaudited Condensed Consolidated Statements of Comprehensive Income Three Months Ended December 31, Twelve Months Ended December 31, (In thousands, except for share and per share data) 2022 2023 2023 2022 2023 2023 RMB RMB USD RMB RMB USD Net revenues Loan facilitation service 562,137 615,482 86,689 2,044,344 2,740,974 386,058 Post-origination service 106,777 166,807 23,494 372,451 596,582 84,027 Financing income 248,639 307,692 43,338 966,277 1,137,336 160,190 Other revenue 38,087 102,683 14,463 179,878 339,992 47,887 Total net revenue 955,640 1,192,664 167,984 3,562,950 4,814,884 678,162 Operating costs and expenses: Origination and servicing 588,730 755,238 106,373 2,126,742 2,869,845 404,209 General and administrative 42,445 48,142 6,781 171,524 186,515 26,270 Sales and marketing 2,497 3,711 523 15,448 12,539 1,766 (Reversal of) provision for accounts receivable and contract assets (25,550) 6,250 880 21,836 12,234 1,723 Provision for loans receivable 75,396 99,365 13,995 158,576 229,137 32,273 (Reversal of) provision for contingent guarantee liabilities - 25,926 3,652 (14,000) 67,520 9,510 (Reversal of) provision for credit losses on deposits to institutional cooperators (1,831) (246) (35) 1,296 (674) (95) (Reversal of) provision for credit losses for other financial assets - 86 12 (765) 86 12 Total operating costs and expenses 681,687 938,472 132,181 2,480,657 3,377,202 475,668 Income from operations 273,953 254,192 35,803 1,082,293 1,437,682 202,494 Interest income (expenses), net 396 (2,587) (364) 3,756 (20,365) (2,868) Foreign exchange gain (loss) 6,175 3,232 455 (19,963) (4,023) (567) Income (loss) from financial investments 28,702 1,686 237 20,900 (12,225) (1,722) Impairment losses on financial investments - - - (8,875) - - Impairment losses on long-term investments (26,866) (46,771) (6,588) (26,866) (46,771) (6,588) Fair value adjustments related to Consolidated Trusts 209 - - (6,168) (531) (75) Change in fair value of financial guarantee derivative 91,380 - - 137,654 24,966 3,516 Other income, net 8,590 1,346 190 40,724 24,351 3,430 Income before income taxes and gain (loss) from equity in affiliates 382,539 211,098 29,733 1,223,455 1,403,084 197,620 Income tax expense (74,977) (35,659) (5,022) (389,358) (249,438) (35,133) Gain (loss) from equity in affiliates, net of tax (32,923) 13,529 1,906 (22,102) 33,148 4,669 Net income 274,639 188,968 26,617 811,995 1,186,794 167,156 Less: net income attributable to non-controlling interests - - - - - - Net income attributable to X Financial shareholders 274,639 188,968 26,617 811,995 1,186,794 167,156 Net income 274,639 188,968 26,617 811,995 1,186,794 167,156 Other comprehensive income, net of tax of nil: Gain (loss) from equity in affiliates 39 (52) (7) 204 (7) (1) Income (loss) from financial investments - 475 67 - 475 67 Foreign currency translation adjustments (12,887) (8,214) (1,157) 57,085 5,410 762 Comprehensive income 261,791 181,177 25,520 869,284 1,192,672 167,984 Less: comprehensive income attributable to non-controlling interests - - - - - - Comprehensive income attributable to X Financial shareholders 261,791 181,177 25,520 869,284 1,192,672 167,984 Net income per share—basic 0.88 0.65 0.09 2.57 4.12 0.58 Net income per share—diluted 0.86 0.64 0.09 2.52 4.08 0.57 Net income per ADS—basic 5.28 3.90 0.55 15.42 24.72 3.48 Net income per ADS—diluted 5.16 3.84 0.54 15.12 24.48 3.45 Weighted average number of ordinary shares outstanding—basic 311,832,013 291,312,698 291,312,698 316,444,826 288,115,969 288,115,969 Weighted average number of ordinary shares outstanding—diluted 317,710,296 294,631,195 294,631,195 322,403,387 290,833,214 290,833,214 X Financial Unaudited Reconciliations of GAAP and Non-GAAP Results Three Months Ended December 31, Twelve Months Ended December 31, (In thousands, except for share and per share data) 2022 2023 2023 2022 2023 2023 RMB RMB USD RMB RMB USD GAAP net income 274,639 188,968 26,617 811,995 1,186,794 167,156 Less: Income (loss) from financial investments (net of tax of nil) 28,702 1,686 237 20,900 (12,225) (1,722) Less: Impairment losses on financial investments (net of tax of nil) - - - (8,875) - - Less: Impairment losses on long-term investments (net of tax) (20,150) (35,079) (4,941) (20,150) (35,079) (4,941) Add: Share-based compensation expenses (net of tax of nil) 11,852 8,421 1,186 53,538 42,598 6,000 Non-GAAP adjusted net income 277,939 230,782 32,507 873,658 1,276,696 179,819 Non-GAAP adjusted net income per share—basic 0.89 0.79 0.11 2.76 4.43 0.62 Non-GAAP adjusted net income per share—diluted 0.87 0.78 0.11 2.71 4.39 0.62 Non-GAAP adjusted net income per ADS—basic 5.34 4.74 0.67 16.56 26.58 3.74 Non-GAAP adjusted net income per ADS—diluted 5.22 4.68 0.66 16.26 26.34 3.71 Weighted average number of ordinary shares outstanding—basic 311,832,013 291,312,698 291,312,698 316,444,826 288,115,969 288,115,969 Weighted average number of ordinary shares outstanding—diluted 317,710,296 294,631,195 294,631,195 322,403,387 290,833,214 290,833,214
Submitted a New Drug Application (NDA) of Stapokibart (CM310) for the treatment of moderate-to-severe AD in adults. The NDA was accepted by the China's NMPA and granted priority review. Advanced a Phase III clinical study of Stapokibart for the treatment of CRSwNP in 2023. The results of the clinical trial are positive with co-primary endpoints both achieved. We expect to file an NDA for CRSwNP indication in 2024. Launched and advanced Phase III clinical studies respectively to evaluate the efficacy and safety of Stapokibart in patients with seasonal allergic rhinitis under background therapy and in adolescent subjects with moderate-to-severe AD. Entered into a global exclusive license agreement with AstraZeneca for the research, development, registration, manufacturing and commercialization of CMG901 and received an upfront payment of US$63 million in 2023. As of the date of this announcement, AstraZeneca has conducted multiple clinical studies regarding CMG901/AZD0901 for the treatment of advanced solid tumors. Rapidly expanded manufacturing capacity and continue to recruit talents to meet the growing needs of commercialized sales of products, research and development, clinical, production and operation of the Company. CHENGDU, China, March 27, 2024 /PRNewswire/ -- Keymed Biosciences Inc. (HKEX: 02162) today announced its 2023 annual results, along with recent pipeline highlights and corporate updates. "We made solid advances across our business in 2023 toward our goal to become a fully-integrated innovative biopharmaceutical company," said Dr. Bo Chen, Chairman, Executive Director, and Chief Executive Officer of Keymed Biosciences. "We successfully filed for NDA for Stapokibart (CM310), gaining priority review status, and have reported positive results from multiple clinical studies. We continued to develop our innovative and differentiated pipelines, actively explored value-accretive strategic partnerships, further expanded our cGMP-compliant manufacturing capacity and efficiently prepared for the company to become a commercial organization. The year 2024 is set to be an exciting one for Keymed, as the commercialization of our first product will propel us from being a clinical-stage biotech to a commercial-stage biopharmaceutical company. We will build on our plans to enable the successful launch of our product, as we continually strive to develop, manufacture and commercialize innovative biological therapies for patients worldwide." Pipeline Highlights The progress of core pipeline products: Stapokibart (CM310) (IL-4Rα antibody) Submitted a New Drug Application (NDA) of Stapokibart (CM310) for the treatment of moderate-to-severe AD in adults. The NDA was accepted by the China's NMPA and granted priority review. Launched a randomized, double-blinded, placebo-controlled Phase III clinical study to evaluate the efficacy and safety of Stapokibart in adolescent subjects with moderate-to-severe AD in February 2024, and the patient enrollment is currently in progress. Advanced a Phase III clinical study of Stapokibart for the treatment of CRSwNP and completed the unblinding of data from the double-blind treatment period and the preliminary statistical analysis in December. The results of the Phase III clinical trial are positive with co-primary endpoints both achieved. We expect to file an NDA for CRSwNP indication in 2024. Launched and advanced a Phase III clinical study to evaluate the efficacy and safety of Stapokibart in patients with seasonal allergic rhinitis under background therapy in 2023, and a multi-center, single-arm Phase II clinical study to evaluate the safety of Stapokibart in patients with seasonal allergic rhinitis. Our partner, CSPC, has initiated the critical Phase II/III clinical study for the treatment of moderate-to-severe asthma, and the patient enrollment is currently in progress. CMG901/AZD0901 (Claudin 18.2 antibody conjugated) Entered into a global exclusive license agreement with AstraZeneca for the research, development, registration, manufacturing and commercialization of CMG901 and received an upfront payment of US$63 million in 2023. As of the date of this announcement, AstraZeneca has conducted multiple clinical studies regarding CMG901/AZD0901 for the treatment of advanced solid tumors. In November 2023, the latest data from Phase I clinical study of CMG901 in the treatment of advanced gastric/gastroesophageal junction (G/GEJ) cancer has been presented by way of oral presentation at the American Society of Clinical Oncology (ASCO) Plenary Series. Among 89 evaluable patients with claudin 18.2-positive G/GEJ cancer confirmed objective response rate (ORR) and confirmed disease control rate (DCR) were 33% and 70%, respectively. Among others,CMG901 showed a 42% confirmed ORR in 2.2 mg/kg dose cohort, with median progression free survival (mPFS) of 4.8 months. CM313 (CD38 antibody) Continuously proceeded with a Phase I clinical trial of CM313 to evaluate the safety, tolerability, pharmacokinetics, immunogenicity, and preliminary efficacy of CM313 monotherapy in hematological malignancies including relapsed/refractory multiple myeloma (RRMM) and lymphoma. In June 2023, we presented, in the form of a poster, the latest data from the Phase I clinical study of CM313 for the treatment of RRMM and relapsed/refractory lymphoma at the 28th European Hematology Association (EHA) Congress 2023. CM313 exhibited a good safety profile in general in this study for it at dose levels of ≥2.0 mg/kg and yielded preliminary efficacy in patients with RRMM. Continuously proceeded with a Phase Ib/IIa clinical study in 2023 to evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, immunogenicity and preliminary efficacy of CM313 injection in subjects with systemic lupus erythematosus (SLE). In December 2023, the latest data from the investigator-initiated single-arm, open-label, exploratory clinical study to evaluate CM313, which aimed to evaluate the safety and preliminary efficacy of CM313 for the treatment of primary immune thrombocytopenia in adults, were presented in a poster form at the 65th American Society of Hematology (ASH) Annual Meeting. As of June 30, 2023, a total of 21 patients were enrolled in the study. 7 subjects completed 8 treatments with follow-up period of more than 8 weeks. Among the 7 patients, 100.0% (7/7) achieved a platelet count ≥50 × 109/L within 8 weeks after administration with the first dose, with a median time to response of 1 week (range from 1 to 3). CM326 (TSLP antibody) Continuously proceeded with a Phase II clinical study to evaluate the efficacy and safety of CM326 in adult patients with moderate-to-severe AD. Continuously proceeded with a Phase Ib/IIa clinical trial to evaluate the safety, tolerability, pharmacokinetics/pharmacodynamics, immunogenicity, and preliminary efficacy of CM326 in subjects with CRSwNP. Our partner, CSPC, has initiated the Phase II clinical study for the treatment of moderate-to-severe asthma. Progress of other pipeline products: CM355/ICP-B02 (CD20xCD3 bispecific antibody) Continuously proceeded with a Phase I/II clinical trial to assess the safety, tolerability, PK, and the preliminary anti-tumor activity of CM355 in relapsed or refractory non-Hodgkin's lymphoma (r/r NHL). As of the date of this announcement, all the 13 patients who were treated CM355 at dose ≥6mg achieved response with the ORR of 100%. CM336 (BCMAxCD3 bispecific antibody) Continuously proceeded with a Phase I/II clinical study in 2023 to assess the safety, tolerability, pharmacokinetics, and the anti-tumor activity of CM336 in RRMM. CM350 (GPC3xCD3 bispecific antibody) Continuously proceeded with a Phase I/II clinical study in 2023 to assess the safety, tolerability, pharmacokinetics, and the preliminary efficacy of CM350 in patients with advanced solid tumors. CM338 (MASP-2 antibody) Continuously proceeded with a Phase II clinical study in 2023 to evaluate the efficacy and safety of CM338 injection in subjects with immunoglobulin A nephropathy (IgAN). CM369/ICP-B05 (CCR8 antibody) Continuously proceeded with a Phase I trial to evaluate the safety, tolerability, pharmacokinetic characteristics, and efficacy of CM369 in subjects with advanced solid tumors and relapsed or refractory NHL. We will explore the combination of CM369 with other immunotherapies in various cancer indications after collecting the safety data of monotherapy. CM383 (Aβ protofibrils antibody) Submitted an IND application for CM383 in February 2024, and we are about to conduct a Phase I clinical study of the safety, tolerability, pharmacokinetics, pharmacodynamics and immunogenicity of single dose-escalation administration in healthy subjects. Financial and Business Highlights Revenue amounted to RMB354 million for the year ended December 31, 2023, mainly representing collaboration income from AstraZeneca in respect of granting the relevant license; R&D expenses increased by RMB89 million to RMB596 million; As at December 31, 2023, our time deposits, cash and cash equivalents and bank wealth management products amounted to RMB2,719 million. The production capacity of the production base in Chengdu has reached 18,600 litres in total, and all the designs thereof are in compliance with the requirements of cGMP of the NMPA and FDA. Continue to recruit talents to meet the growing needs of commercialized sales of products, research and development, clinical, production and operation of the Company. About Keymed Biosciences Inc. Keymed Biosciences Inc. (HKEX: 02162) focuses on the urgent unmet clinical needs, and is committed to providing high-quality, affordable, innovative therapies for patients in China and overseas. Keymed was founded by medical and scientific experts from world-renowned universities who have strong experience in the transformation of scientific and technological achievements to commercialization at home and abroad. The core leadership team includes the inventors of the first PD-1 antibody drugs that were pioneered and approved in the United States and China. The Company was listed on the main board of Hong Kong Stock Exchange on July 8, 2021. To accelerate the efficiency of our research and discovery, we have established a fully-integrated platform encompassing all of the key functions in the biologic drug development. These include target validation, lead molecule discovery and optimization, preclinical evaluation, process development, translational research, clinical development and manufacturing. This integrated platform has enabled us to rapidly and cost-effectively identify, build, expand and advance our diversified pipeline of innovative and differentiated antibody-based therapies, including monoclonal antibodies, antibody drug conjugates (ADCs) and bispecific antibodies. For more information, please visit www.keymedbio.com.
LOUISVILLE, Ky., March 26, 2024 /PRNewswire/ -- This April, Louisville based Michter's Distillery will begin releasing its 10 Year Kentucky Straight Bourbon. "Our team was humbled and deeply grateful when a few months ago Michter's became the first American whiskey to be named the World's Most Admired Whiskey," stated Michter's President Joseph J. Magliocco. "Our production team has always given tremendous consideration to what they feel is ready to release, but after this honor, the stakes seem even higher." The ultimate gatekeepers for any release of Michter's are Dan McKee, Master Distiller, and Andrea Wilson, Master of Maturation. Commenting on the 2024 release of Michter's 10 Year Bourbon, McKee stated, "This a wonderful single barrel whiskey. It's brimming with all the characteristics that I look for in a special bourbon." Wilson and the Michter's production team spent a good deal of time selecting the barrels for this year's bottling. "We know that Michter's fans everywhere look forward to our 10 Year Bourbon. We are excited to share the 2024 release, which again is overaged to a beautiful maturity with an excellent nose, creamy texture and an array of characteristics on the palate, that ascend through to the finish, making every drop an enjoyable moment," observed Wilson. Michter's 10 Year Bourbon has a suggested retail price of $185 per 750ml bottle in the United States. In late October 2023, the UK based publication Drinks International announced the results of a poll of an Academy of independent global whisky experts, journalists, bartenders, and drinks buyers from more than 20 countries. For the first time ever, an American whiskey (Michter's) was voted the World's Most Admired Whiskey. Michter's has a rich and long legacy of offering traditional American whiskeys of uncompromising quality. With each of its limited production offerings aged to its peak maturity, Michter's highly acclaimed portfolio includes bourbon, rye, sour mash whiskey, and American whiskey. For more information about Michter's, please visit michters.com, and follow us on Instagram, Facebook, and X. Contact:Joseph J. Magliocco+1 (502) 774-2300 x580jmagliocco@michters.com
Revenue Increased by 11.6% Y-o-Y to RMB17,034.3 Million Gross Profit Rose by 1.5% to RMB6,827.9 Million Non-COVID Revenue Achieved 37.7% Y-o-Y Growth, Strong Momentum Sustained Non-COVID Late-Phase and Commercial Manufacturing Revenue Grew by 101.7% Y-o-Y "R" in CRDMO Thrived with Extended Partnerships, Milestone and Research Services Revenue Exceeded US$87 Million 132 New Integrated Projects Set an All-Time High (Excluding COVID Projects) Free Cash Flow Reached RMB0.6 Billion to Underpin Sustainable Growth Total Backlog Amounted to US$20,592 Million * * * CRDMO Business Model Enabled Sustainable Long-Term Growth "Follow and Win the Molecule" Strategies Delivered Solid Revenue Increases 698 Total Integrated Projects, including 51 Phase III Projects and 24 Commercial Manufacturing (CMO) Projects with Potential for Further Growth "Win-the-Molecule" Strategy Contributed 18 External Projects and Accelerated Growth Late-Phase & Commercial Manufacturing Revenue Increased to RMB7,731.5 Million, Accounting for 45.4% of Total Revenue Global Presence and Talent Pool Enhanced to Support Business Momentum Non-COVID Growth Trend Sustained Across Various Geographic Markets, Especially in Europe and Rest of Asia Microbial and New Modalities Emerged as New Drivers of Future Growth Premier Quality System with 33 Successful Global Regulatory Inspections Continued WBS (WuXi Biologics Business System) Initiatives Executed to Improve Operational Efficiencies Sufficient Capacity to Start Any Project within 4 Weeks HONG KONG, March 26, 2024 /PRNewswire/ -- WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group", stock code: 2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) service company offering end-to-end solutions for biologics discovery, development and manufacturing, is pleased to announce its audited annual results for the year ended December 31, 2023 ("Reporting Period"). 2023 Financial Highlights Revenue: The Group's revenue increased to RMB17,034.3 million with an increase of 11.6% y-o-y. The increase was primarily attributed to: (i) the successful execution of the Group's "Follow and Win the Molecule" strategies, coupled with the leading technology platform, best-in-industry timeline and excellent execution track record, contributing to the growth of the Group's revenue; (ii) enlarged spectrum of services offered to the biologics industry, fast-growing technology platforms including ADCs and bispecific antibodies, contributing to the Group's revenue stream; (iii) the growth of research services revenue generated from the Group's various cutting-edge technologies; and (iv) the utilization of existing and newly expanded capacities, including ramp-up of the manufacturing sites in Europe and the U.S.. Gross Profit and Gross Profit Margin: The Group's gross profit increased by 1.5% to RMB6,827.9 million, with a gross profit margin of 40.1%. The decrease of gross profit margin was mainly due to the expected ramp-up impact of new manufacturing facilities in Ireland, Germany, and the U.S., which was partially offset by the efficiency achieved from WBS and other continuous improvement initiatives. Net Profit & Net Profit Attributable to Owners of the Company: Net profit and net profit attributable to owners of the Company for the Reporting Period amounted to RMB3,570.6 million and RMB3,399.7 million respectively, representing a 21.5% and 23.1% decrease compared to the same period last year. The decreases were mainly due to: (i) a decrease in gross profit margin due to the ramp-up impacts; (ii) a decrease in investment gains and losses due to the downturn in the capital market; (iii) a decrease in foreign exchange gains; (iv) increases in selling and marketing expenses, administration expenses and R&D expenses; and (v) the listing expenses associated with the separate listing of WuXi XDC. Adjusted Net Profit: Excluding non-recurring investment gains and losses, foreign exchange impact, share-based compensation, and the WuXi XDC listing expenses, the Adjusted Net Profit for the period decreased by 2.0% y-o-y to RMB4,950.4 million. Margin of adjusted net profit was 29.1%. Basic Earnings Per Share (EPS): Basic EPS and adjusted basic EPS were RMB0.82 and RMB1.13, respectively. In 2023, the Group's Free Cash Flow reached RMB0.6 billion, solidifying a strong financial foundation to support the Group's ongoing capacity enhancement, globalization efforts, and continuous investment in cutting-edge technologies. 2023 Business Highlights Amid a challenging macroeconomic environment post COVID-19, the Group maintained its stable growth trajectory, underpinned by its unique CRDMO business model and the successful execution of its "Follow and Win the Molecule" strategies. The total number of integrated projects rose to a new height of 698 with 132 new integrated projects added to the pipeline, setting a historic record for non-COVID project additions within a fiscal year. 51 late-phase projects and 24 commercial manufacturing projects provided a solid foundation for the Group's continued revenue growth. The "Win-the-Molecule" strategy further propelled the growth of the project pipeline by contributing 18 external projects, including a record high of 9 late-phase and commercial manufacturing projects, which will boost near-term revenue growth and elevate long-term growth prospects. As of Dec 31, 2023, the Group's total backlog, which includes Services and Milestones, reached US$20,592 million. Of this total, Services accounted for US$13,398 million and Milestones contributed US$7,194 million, ensuring sustainable growth in both the short and long term. Bolstered by a robust non-COVID pipeline, the Group's non-COVID business maintained strong growth momentum with a notable 37.7% y-o-y revenue increase, reinforcing the Group's outlook for sustained long-term growth. Late-phase and commercial manufacturing revenue increased to RMB7,731.5 million, accounting for 45.4% of the total revenue in 2023, driven by the accelerated momentum of the Group's late-stage and commercial manufacturing businesses. Excluding COVID-19 projects, revenue from late-phase and commercial manufacturing grew substantially by 101.7% y-o-y, showcasing the Group's continued growth momentum in the post-COVID era. Leveraging industry-leading technology platforms, the Group's research business has flourished, establishing numerous drug discovery collaborations with a wide range of clients. Notable examples include a research service agreement with GSK plc (LSE/NYSE: GSK) for multiple novel bi- & multi-specific TCEs antibodies, and a research service agreement with BioNTech SE (NASDAQ: BNTX) for the discovery of investigational monoclonal antibodies (mAbs). These partnerships underscore the Group's strong research capabilities – the "R" in its CRDMO business model. The Group is devoted to providing a full range of CRDMO services through its industry-leading and globally accessible proprietary technology platforms. By the end of 2023, the Group boasted a diverse portfolio with 114 bispecific projects, including 45 WuXiBodyTM projects, 143 ADC projects, and 25 vaccine projects on its integrated platforms. These advanced platforms not only underpin the Group's integrated CRDMO business model but are also pivotal in driving the Group's ongoing growth. To address burgeoning capacity demands and fulfill its "Global Dual Sourcing" strategy, the Group is enhancing its global footprint through capacity increases in Ireland, Germany, the U.S., and Singapore. With diversified manufacturing facilities in China, the U.S., Ireland, Germany, and Singapore, the Group offers a versatile and robust global supply chain network, ensuring it can meet the needs of its clients and partners around the world. To maximize its business potential, the Group's subsidiary, WuXi XDC Cayman Inc., a leading global CRDMO focused on ADC and the broader bioconjugate market, was listed on the Main Board of the Hong Kong Stock Exchange on November 17, 2023 (stock code: 2268.HK), embarking on a new chapter of growth and opportunity. Excluding COVID-19 projects, the combined revenue from the North American and European markets grew strongly by 52.5% y-o-y. Furthermore, non-COVID revenue from Europe saw a significant surge of 172.4%, fueled by ongoing business momentum and enhanced global outreach. The Group has consistently advanced its WBS initiatives, implementing over 370 WBS projects in 2023 and achieving cost savings exceeding RMB245 million across materials, capital expenditure, and operating expenses. Moreover, these initiatives have resulted in a significant reduction in inventory, equivalent to RMB270 million. The Group is committed to further developing WBS as a management system to drive continuous improvement and create value for its clients and partners. The Group continues to adhere to the highest quality standards, and has completed 33 regulatory inspections conducted by the U.S. FDA, EU EMA, China NMPA and other global regulatory agencies since 2017. As of Dec 31, 2023, the Group's total staff reached 12,740, with a top-tier biologics development team of 4,432 scientists. The Group's international hiring has been fruitful. Talent retention has remained robust, with a key talent retention rate of approximately 97%, surpassing the industry average. The Group has incorporated Environmental, Social and Governance (ESG) as an essential part of its sustainable business growth strategies. The Group's ESG performance has been evaluated by major ESG rating agencies and institutional investors, resulting in recognitions that include: listing on the Dow Jones Sustainability™ World Index and Emerging Markets Index; an MSCI AAA Rating; the EcoVadis Platinum Medal; ranking as a Sustainalytics Industry and Regional Top-Rated Company; and scoring a CDP "A" rating for water security and "A-" for climate change. Amidst an increasingly dynamic macroeconomic environment in 2023, the Group maintained its growth momentum supported by strong execution, advanced technologies, flexible manufacturing capacities, a premier quality system, and a persistent pursuit of operational excellence. Adhering to its "Follow and Win the Molecule" strategies and capitalizing on its distinctive CRDMO business model, the Group will continue to build momentum around its long-term growth and accelerate the empowerment of global partners for the benefit of patients worldwide. Solid Business Performance Sustained Despite Macroeconomic Uncertainties Throughout 2023, the Group adeptly navigated the global biopharmaceutical industry's evolving dynamics and maintained strong business momentum by executing its "Follow and Win the Molecule" strategies and leveraging its unique CRDMO business model. The Group added 132 new integrated projects, reaching an all-time high (excluding COVID-19 projects) since its inception, which brought the total number of integrated projects to 698. In addition, 51 late-phase projects and 24 commercial manufacturing projects laid a solid foundation for the Group's enduring revenue growth. The Group's revenue exceeded RMB17.0 billion in 2023, marking a 11.6% increase from 2022. This growth was propelled by a robust non-COVID pipeline, which resulted in a 37.7% y-o-y increase in non-COVID revenue. The booming development of the non-COVID business more than offset the sales decline in the COVID sector. As of Dec 31, 2023, total backlog, service backlog and milestone backlog reached US$20,592 million, US$13,398 million and US$7,194 million respectively, providing high visibility of the Group's sustainable growth. Backlog within three years increased to US$3,850 million, reinforcing stable short-term growth. Even with the strong backlog and a record number of projects, the Group is still able to start any new project within four weeks, supported by its strong capabilities and ample capacity. Late-Phase and Commercial Manufacturing Projects Drive Future Growth With the execution of its proven "Follow and Win the Molecule" strategies, the Group accelerated business momentum in late-stage and commercial manufacturing projects. By the end of the Reporting Period, the number of late-phase and commercial manufacturing projects had increased to 51 and 24 respectively. Late-phase and commercial manufacturing revenue increased by 12.8% y-o-y to RMB7,731.5 million, accounting for 45.4% of the total revenue in 2023. Excluding COVID-19 projects, late-phase and commercial manufacturing revenue saw a remarkable 101.7% y-o-y increase, indicating strong future growth potential. During the Reporting Period, one of the Group's strategic partners, Amicus Therapeutics, Inc. (NASDAQ: FOLD), received the U.S. FDA, the U.K. MHRA and the European Commission's approval for Pombiliti™, a long-term enzyme replacement therapy used in combination with miglustat therapy for adults with late-onset Pompe disease. Pombiliti™ was initiated within the Group in 2012, starting from a mere concept and has since achieved commercialization. This success was made possible through the Group's proprietary integrated technology platform and extensive manufacturing capabilities. Such an achievement truly attests to the effectiveness of the Group's long-standing "Follow the Molecule" strategy, which turns concepts into commercialized biologics therapeutics. Leveraging its track record of reliable execution, swift timelines and cutting-edge technology, the Group has forged an outstanding reputation for its capabilities and scale in commercial manufacturing, garnering widespread recognition from global customers. During the Reporting Period, the Group's "Win-the-Molecule" strategy continued to accelerate pipeline expansion by adding 18 external projects, including a record-breaking 9 late-phase and commercial manufacturing projects. This strategy will continue to spur the rise of late-phase and commercial revenues and contribute to the Group's long-term growth. CRDMO Platform – Research (R):Thriving Research Business Achieved Remarkable Success The Group continuously focuses on enhancing its capabilities in innovative biologics generation and optimization, as well as enriching and optimizing its existing technological platforms. These efforts are integral to its CRDMO business model and have fostered the prosperous development of its research business. In addition to the partnership with GSK plc (LSE/NYSE: GSK), the Group's research capability was further showcased through a research service agreement with BioNTech SE (NASDAQ: BNTX), where the Group used its proprietary antibody discovery platforms to discover two undisclosed targets for BioNTech's preclinical investigational monoclonal antibodies. In return, the Group received a US$20 million upfront payment from BioNTech for exclusive rights to these antibodies, and will receive potential additional payments for research, development, regulatory, and commercial milestones, plus tiered royalties. During the Reporting Period, the Group also opened its Boston Research Service Center in the United States. The facility is the Group's third research service center globally and the first in the U.S. to offer discovery services to clients of all sizes, complementing the full range of services the Group offers within the U.S. and around the world. CRDMO Platform – Development (D):New Premier Technology Platform Launched to Boost Development Strength With the goal of enabling its global partners to bring more high-quality and affordable biologics to patients worldwide, the Group's industry-leading biologics development team strives for innovation with the mission of "Turning Ideas into Life-Improving Biologics and Vaccines". During the Reporting Period, the Group enabled 110 INDs and provided research and development services for over 670 different molecules. As part of its drive to foster innovation, the Group launched a new advanced technology platform during the Reporting Period -- WuXiUI™, a novel proprietary bioprocessing platform that significantly boosts productivity and quality for various cell lines and product modalities. This ultra-intensified fed-batch solution aims to revolutionize upstream processing by enhancing productivity by 3-6 times and reducing manufacturing costs substantially compared to traditional processes. WuXiUI™ offers exceptional flexibility and competitiveness in meeting different commercial market supply and manufacturing needs. The Group's continual launch of new technology platforms empowers its clients to embrace the wave of next-generation innovative drugs, while achieving a balance of quality, speed, and cost. CRDMO Platform – Manufacturing (M):Expanding Capacities to Strengthen Manufacturing Capabilities To accommodate the ever-changing needs of its worldwide customers, the Group is continuously enhancing its "Global Dual Sourcing" strategy and increasing its global capacity to ensure supply chain resilience. During the Reporting Period, the Group's manufacturing facility in Dundalk, Ireland, received the 2023 Facility of the Year Award ("FOYA") in the Operations category from the International Society for Pharmaceutical Engineering ("ISPE"). The Ireland facility has been ramping up rapidly and efficiently since its GMP release in Q4 2022, supported by substantial commercial manufacturing demand from global clients. The Group plans to enhance its manufacturing presence in Germany, installing a new drug product fill-and-finish line at its Leverkusen site and doubling the Wuppertal site's capacity from 12,000L to 24,000L. These enhancements, along with the drug product facility in Leverkusen, will boost the Group's clinical and commercial manufacturing capacities in Europe. In response to rising contract manufacturing demand, the Group will also increase its Worcester, Massachusetts facility's capacity to 36,000L, up from the initially planned 24,000L. With the Worcester facility's commencement, the Group will be well positioned to provide full-spectrum integrated services in the U.S., encompassing biologics discovery, development, and both clinical and commercial manufacturing. The Group's Singapore CRDMO Center Project is also gaining momentum. In coordination with local authorities, land acquisition has been completed and the Group is making progress with various applications. Groundbreaking has recently taken place and the design and construction of the site are progressing as planned. Furthermore, the Group has entered into a strategic partnership with Pharmadule Morimatsu to provide modular facilities for two production facilities at the Singapore site. With these developments, the Group reinforces its global presence in China, the U.S., Ireland, Germany, and Singapore, enabling it to offer enhanced service to its global customers with greater proximity and agility. Microbial and New Modalities to Be Next Growth Engines The Group has strategically leveraged its capabilities and capacity to establish integrated platforms for various new modalities. These platforms have seen rapid success and expansion, significantly broadening the Group's service spectrum, and emerging as key drivers for future growth. With its extensive antibody development knowledge and skilled scientific team, the Group had accumulated 114 bispecific projects with different formats by the end of the Reporting Period. The Group's proprietary bispecific antibody platform, WuXiBodyTM, known for its flexibility and capability to combine almost any mAb pair, continued to earn global recognition, with rights to 45 projects granted to external partners. WuXi XDC achieved remarkable progress as well, securing 143 integrated projects for ADCs and other bioconjugates globally, with 21 in phase II/III, which further reinforced its leading position in the global ADC and broader bioconjugates outsourcing services market. During the Reporting Period, WuXi Vaccines also experienced consistent growth and prosperity, with the number of projects increasing to 59, including 25 integrated projects. This underscores its superior technical and quality strengths, CMC, and regulatory capabilities, alongside its growing reputation in the industry. Additionally, the Group has established comprehensive capabilities to provide end-to-end services for next-generation biological products that are based on microbial fermentation technologies. The incorporation of the use of microbial expression systems such as E. coli and yeast into the Group's integrated technology platforms allows faster, more efficient and cost-effective production across multiple modalities, including enzymes, antibody fragments, recombinant proteins, and virus-like particles (VLP). Successful Listing of WuXi XDC on the Hong Kong Stock Exchange In July 2023, the Group announced the spin-off and separate Hong Kong Stock Exchange listing of its subsidiary, WuXi XDC Cayman Inc., which was successfully listed on the Main Board of HKEX on November 17, 2023, under the stock code 2268.HK. WuXi XDC remains a subsidiary of the Group, ensuring full consolidation. The separate listing allows WuXi XDC to develop as a unique global leading CRDMO, focusing initially on ADCs and expanding to all bioconjugates, and bring a more defined business focus and strategy to support the growth of the Group. This, in turn, will lead to a more organized and efficient allocation of capital and resources for the Group as a whole, and benefit the Group through continued consolidation of financials, as well as improved governance, market communication, and operational and financial transparency, thereby creating value for the Group and its shareholders. World-Class Quality System Underpins Future Growth The Group remains dedicated to meeting the highest industry quality standards. With its world-class quality system, the Group has completed 33 regulatory inspections conducted by the U.S. FDA, EU EMA, China NMPA, and other global regulatory agencies since 2017 with no critical issues identified and zero data integrity findings, which distinguishes the Group as the first and only biologics company certified by these regulatory agencies for commercial manufacturing in China. The Group has completed more than 1,200 GMP audits by global clients, and more than 120 audits by EU Qualified Persons. These audits and certifications demonstrate to clients that the Group's quality system adheres to global standards, ensuring the provision of the highest quality biologics to patients worldwide. Seasoned Talent Team The Group emphasizes workforce development, implementing a strategic human resources strategy to attract, train, and retain global talent. As of Dec 31, 2023, the Group's total employee count had reached 12,740, including a top-tier biologics development team with 4,432 scientists. The Group's global recruitment efforts have successfully enhanced its operations and competencies at all of its facilities, enabling the Group to maintain a solid growth trajectory and efficiently meet its project commitments. Furthermore, the Group's talent retention remained strong, with a key talent retention rate of approximately 97%, which is markedly higher than the average in the sector. ESG as a Long-Term Business Strategy The Group regards sustainability as the cornerstone of its business development strategy, aligning it with its vision and mission to drive long-term success. It embraces social, environmental and governance responsibilities, actively working to maintain a strong ESG performance for the benefit of all stakeholders and the broader good of society. During the Reporting Period, the Group's ESG targets and metrics were prioritized and monitored in the focus areas, including Diversity, Equity and Inclusion ("DEI"), climate change and energy saving, and resource efficiency. Also during the Reporting Period, the Group committed to the Science-Based Targets initiative ("SBTi"), established a dedicated DEI Committee, and became a signatory to the United Nations Global Compact. With its many ESG initiatives and achievements, the Group has received recognition from various major ESG rating agencies and institutional investors, including: a listing on the Dow Jones Sustainability™ World Index and Emerging Markets Index; an MSCI AAA Rating; the EcoVadis Platinum Medal; ranking as a Sustainalytics Industry and Regional Top-Rated Company; and scoring a CDP "A" rating for water security and "A-" for climate change. Management Comment Dr. Chris Chen, CEO of WuXi Biologics, said, "Despite challenges from an uncertain macroenvironment, our unique CRDMO business model and the successful implementation of 'Follow and Win the Molecule' strategies led to new opportunities and stable growth in 2023. With a notable recovery in the second half, 132 new integrated projects were added during the year, including a record increase in non-COVID projects. The total number of integrated projects grew to 698, featuring 51 in late-phase and 24 in commercial manufacturing, underscoring our continued strong growth momentum. The 'Win-the-Molecule' strategy introduced 18 external projects, including a record 9 late-phase and commercial manufacturing projects, reflecting increased recognition from global customers. Powered by a robust pipeline, the non-COVID sector remained a pivotal growth driver, with overall non-COVID revenue increasing by 37.7% y-o-y and revenue from non-COVID late-phase and commercial manufacturing surging by 101.7% y-o-y. With active business development and enhanced global presence, non-COVID revenue from North America and Europe witnessed a rapid 52.5% y-o-y growth, fueled by deeper collaboration and strong industry trust." Dr. Chris Chen added, "In 2023, we achieved positive advancements across our Research, Development, and Manufacturing segments. In Research, we secured service agreements with GSK and BioNTech, demonstrating the capabilities of our integrated discovery platforms in enabling global partners to develop new modalities. In Development, we facilitated 110 INDs for global clients, and launched new technology platforms such as WuXiUITM and WuXiHighTM. We will continue to invest in cutting-edge technologies and enhance our R&D capabilities to maintain our position at the technological forefront, ensuring the delivery of high-quality results to our customers. In Manufacturing, with 24 ongoing projects and an expected rise in commercial projects and potential blockbusters, we anticipate a bright future for growth. To support this accelerated momentum, we have furthered our 'Global Dual Sourcing' strategy and increased global capacity with solid free cash flow, laying the groundwork for a comprehensive global biomanufacturing network with major operations in China, the U.S., Ireland, Germany, and Singapore. In the face of uncertainties, we are dedicated to finding certainty and stability through our strategic initiatives. Looking ahead to 2024, we are committed to serving and contributing to the global healthcare community, adhering to the highest standards of compliance and the legal requirements of all jurisdictions where we operate. In our pursuit to deepen trust with our customers and enhance collaboration, we will continue to improve operational efficiency through additional WBS efforts, while steadfastly upholding global ESG and quality standards. Our ongoing investments in capabilities, capacity, and innovative technology platforms will drive the acceleration and transformation of biologics discovery, development, and manufacturing processes worldwide, benefiting global partners and patients alike." Dr. Ge Li, Chairman of WuXi Biologics, concluded, "WuXi Biologics continued to achieve consistent and steady business growth, driven by our distinctive CRDMO business model and a steadfast commitment to meeting our customers' needs. Looking ahead, we will adhere to our end-to-end CRDMO model, further improve our execution capabilities, enhance our global footprint, and strive for operational excellence, all while maintaining a customer-centric approach. We remain dedicated to delivering groundbreaking therapies to patients and fulfilling our vision that 'every drug can be made and every disease can be treated'." Key Financial Ratios (For the Twelve Months Ended Dec 31) Key Financial Ratio 2023 2022 Change Revenue (In RMB million) 17,034.3 15,268.7 11.6 % Gross Profit (In RMB million) 6,827.9 6,724.0 1.5 % Margin (%) 40.1 % 44.0 % Net Profit (In RMB million) 3,570.6 4,549.9 (21.5 %) Margin (%) 21.0 % 29.8 % Net Profit Attributable to Owners of the Company (In RMB million) Margin (%) 3,399.7 20.0% 4,420.3 29.0% (23.1 %) Adjusted Net Profit (In RMB million) 4,950.4 5,053.9 (2.0 %) Margin (%) 29.1 % 33.1 % EBITDA (In RMB million) 5,613.2 6,353.4 (11.7 %) Margin (%) 33.0 % 41.6 % Adjusted EBITDA (In RMB million) 6,993.0 6,857.4 2.0 % Margin (%) 41.1 % 44.9 % Adjusted Basic EPS (In RMB) 1.13 1.18 (4.2 %) About WuXi Biologics WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide. With over 12,000 skilled employees in China, the United States, Ireland, Germany and Singapore, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of December 31, 2023, WuXi Biologics is supporting 698 integrated client projects, including 24 in commercial manufacturing. WuXi Biologics views Environmental, Social, and Governance (ESG) responsibilities as an integral component of our ethos and business strategy, and we aim to become an ESG leader in the biologics CRDMO sector. Our facilities use next-generation biomanufacturing technologies and clean-energy sources. We have also established an ESG committee led by our CEO to steer the comprehensive ESG strategy and its implementation, enhancing our commitment to sustainability. For more information about WuXi Biologics, please visit: www.wuxibiologics.com Forward-Looking Statements This announcement may contain certain "forward-looking statements" that are not historical facts, but instead are predictions about future events based on our expectations as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our clients' intellectual property. Our forward-looking statements in this announcement speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section. Non-IFRS Measures To supplement the Group's condensed consolidated financial statements which are presented in accordance with the IFRS, the Company has provided adjusted net profit, adjusted net profit margin, adjusted EBITDA, adjusted EBITDA margin and adjusted basic and diluted earnings per share as additional financial measures, which are not required by, or presented in accordance with, the IFRS. The Company believes that the adjusted financial measures are useful for understanding and assessing underlying business performance and operating trends, and that the Company's management and investors may benefit from referring to these adjusted financial measures in assessing the Group's financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that the Group does not consider indicative of the performance of the Group's core business. These non-IFRS financial measures, as the management of the Group believes, are widely accepted and adopted in the industry in which the Group is operating. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the IFRS. Shareholders of the Company and potential investors should not view the adjusted results on a stand-alone basis or as a substitute for results under IFRS. And these non-IFRS financial measures may not be comparable to similarly-titled measures represented by other companies.
高端化戰略成效卓著，品牌影響力穩步提升香港 - Media OutReach Newswire - 2024年3月26日 - 中國白酒行業領先代表，港股白酒第一股——珍酒李渡集團有限公司（「珍酒李渡」或「公司」；股份代號：06979.HK，連同其附屬公司統稱「集團」）欣然宣佈截至2023年12月31 日止年度（「2023財政年度」或「年內」）之全年業績。 管理層合照，從左至右：珍酒李渡執行董事兼副總裁羅永紅先生；珍酒李渡執行董事兼公司秘書吳光曙先生；珍酒李渡執行董事兼董事長吳向東先生；珍酒李渡副總裁兼首席財務官王連博先生；珍酒李渡執行董事兼副總裁朱琳女士。 主要財務及業務摘要如下： 2023年度 (截至2023年12月31 日止全年) (人民幣 千元) 2022年度 (截至2022年12月31 日止全年) (人民幣 千元) 增幅 收入 7,030,467 5,855,917 20.1% 旗艦品牌珍酒收入 4,583,208 3,822,696 19.9% 毛利 4,079,948 3,238,930 26.0% 毛利率 58.0% 55.3% 2.7個百分點 經調整淨利潤(非國際財務報告準則計量) 1,622,602 1,197,289 35.5% 經調整淨利率(非國際財務報告準則計量) 23.1% 20.4% 2.7個百分點 每股末期股息(港元) 0.18 - 不適用 集團旗下醬香型白酒旗艦品牌——珍酒，按2023年收入計 名列中國第四大醬香型白酒品牌，且增速最快，貢獻收入佔集團年內整體收入之約65.2%，同比增加19.9%，主要得益於珍酒品牌旗下各價格帶產品收入普遍實現增長；同時，經銷網絡質量全面優化，來自經銷合作夥伴及零售商的單經銷商收入貢獻提高。 毛利率增長主要由於集團對產品組合進行的戰略優化，有效提升了高端白酒產品以及同價位區間毛利率較高之白酒產品的收入貢獻；隨著產能擴大，集團更逐步以自產基酒取代第三方基酒採購，顯著降低單位成本。 為回報廣大股東對集團的支持，董事會建議派發每股普通股末期股息0.18港元，合共約6.10億港元。 把握醬酒市場轉換升級機遇 實現可持續高質量增長 年內，白酒行業集中度進一步提升，競爭激烈。為應對高端醬酒序列從勻速增長向高質量增長邁進的轉換升級，充分抓住白酒市場高端化市場整合趨勢帶來的市場機遇，集團針對品牌、產能、渠道和團隊等四大要素制定清晰戰略，穿越週期，實現了可持續的高質量增長。對此，集團持續推進產品結構優化，繼續擴大次高端及以上級別的產品組合，並提升同價位毛利率較高白酒產品之收入貢獻。同時，為迎合市場對價格實惠且品質優良的白酒產品的需求，集團還進一步優化了對中端價位白酒產品的開發。 集團白酒研發團隊與專業機構合作，透過在基酒釀造過程中實施嚴格的控制措施，改進釀造技術以開發標誌性配方，發揮白酒產品的極致風味。產能方面，集團投入資源積極提升白酒基酒產能，並進一步提高對優質基酒的儲存能力。年內，集團分配更多資源推動渠道周轉和終端動銷，包括利用沉浸式推廣策略，推進多渠道銷售網絡，將經銷商端渠道庫存維持在健康水平，密切關注銷售業績，確保最佳的經銷及銷售效率。得益於此，集團年內白酒產品銷售毛利錄得人民幣約8.4億元的增長，毛利率較2022年同期提升約2.7個百分點。 ESG表現獲業界認可 致力成為白酒行業引領者 近年來各界對環境、社會及管治（ESG）相關議題的關注與日俱增，本集團作為最早著力部署ESG舉措的企業之一，內部制定了相關管治框架及領導團隊，建立了常態化 ESG 管理及考核標準體系。自 2022 年起，集團便已確定4大戰略目標及超過300項 ESG 提升計劃，涵蓋節能節水、綠色包裝、質量安全、員工關懷、鄉村振興等多個方面。集團已於2023年完成ESG管理與提升工作達150多項，超前實現環境管治方面的戰略目標，贏得社會各界認可。 集團於2023年12月獲中國內地金融和信息數據提供商萬得（「Wind」）給予ESG「AA」評級，更獲評為2023年度 Wind 中國上市公司「ESG 實踐最佳 100 強」，是大中華地區唯一上榜的白酒企業。此外，集團旗下品牌珍酒還獲評為國家級綠色工廠，成為2023年度入選的5家白酒企業之一，入錄《中國民營企業社會責任優秀案例(2023)》，其ESG有關實踐更獲《人民日報》多次報導。集團各項ESG工作成果顯著，未來將在鞏固現行措施的基礎上，加強ESG相關的風險預警及管控能力，朝著成為白酒行業ESG引領者的目標堅實邁進。 打造全新品牌形象 鞏固發展潛力及知名度 白酒行業增長模型正從粗放爆發式轉向高質量增長，市場分割向頭部品牌集中，想在其中脫穎而出，品牌運營是核心所在。年內，集團在品牌推廣方面投入大量資金，旗下品牌珍酒將白酒產品視覺化呈現與非物質文化遺產「點翠」相結合，推出全新品牌形象推廣戰略，通過全方位、立體的傳播方式，在各大機場、高鐵站、城市LED顯示屏投放，相關品牌片更於中國中央廣播電視台央視頻道黃金時段播出，打造具有品牌專屬特色的「珍」符號。年內，珍酒獲選入《2023中國品牌創新案例》，成為品牌發展典範，更依靠強勁品牌實力，連續兩年登上《胡潤品牌榜》，排名提升31位，品牌價值漲幅20%。 珍酒李渡集團創始人兼董事長吳向東先生表示：「2023年，在充滿挑戰的宏觀經濟和資本市場環境下，珍酒李渡集團成功於4月27日在香港聯交所上市，成為近8年來第一家成功上市的白酒企業，更是2023年度香港聯交所IPO募資冠軍。多年來，集團始終貫徹七項原則，即一絲不苟釀美酒、精雕細琢造產品、耕植文化創品牌、誠心誠意建管道、精心策劃搞體驗、實實在在做企業、勇擔責任促振興。依託於此，我們才得以在白酒行業的激烈競爭中站穩腳跟，穩步前進。展望2024年，我們會繼續在品牌建設、品牌打造、渠道管理、區域擴張及組織架構上下足功夫，為應對各項挑戰做好充分準備，全面投入本職工作，努力回報廣大投資者的信任和支持。」 [1] 據弗若斯特沙利文的資料顯示，按2023年收入計，珍酒李渡是中國第三大民營白酒公司，珍酒則為中國第四大醬香型白酒品牌，在五大醬香型白酒品牌中實現了最高的同比增長率。 Hashtag: #珍酒李渡集團發佈者對本公告的內容承擔全部責任關於珍酒李渡集團有限公司珍酒創建於1975年，建基於中國醬香型白酒核心產區——貴州遵義。1988年獲第五屆全國評酒會評選為國家質量獎優質獎銀獎，與茅台、習酒並稱「貴州三大醬香品牌」。同年，經外交部禮賓司、經貿部交際司和人民大會堂管理局認可，成為四大國宴用酒之一。 珍酒李渡作為中國領先的白酒集團，致力於提供多種白酒產品，包括醬香型、兼香型和濃香型，以醬香型白酒為核心。據弗若斯特沙利文的資料顯示，按2023年收入計，公司是中國第三大民營白酒公司。公司於中國主要經營四個白酒品牌，包括旗艦品牌珍酒、上升期品牌李渡，以及兩個地區領先品牌湘窖及開口笑。集團矢志傳承中華民族古老的傳統白酒釀造技術，並再度創新，為老技藝注入新活力，打造出不少標誌性配方和經典口味。公司致力於開發品類豐富、芳香醇厚的白酒產品，以滿足消費者的多樣喜好，把握更廣泛的市場機遇，弘揚中國傳統白酒文化。
HONG KONG SAR - Media OutReach Newswire - 26 March 2024 - Kerry Logistics Network Limited ('Kerry Logistics Network' or together with its subsidiaries, the 'Group' or 'KLN Group'; Stock Code 0636.HK) today announced the Group's annual results for 2023. Group's Financial Highlights Revenue* decreased by 42% to HK$47,408 million (2022: HK$82,330 million) Core operating profit* dropped by 61% to HK$2,207 million (2022: HK$5,645 million) Core net profit* decreased by 69% to HK$1,214 million (2022: HK$3,952 million) Profit attributable to the Shareholders was HK$791 million, which represents a drop of 78% (2022: HK$3,579 million) Integrated Logistics ('IL') business recorded a segment profit* of HK$1,295 million (2022: HK$1,385 million), which represents a decrease of 7% International Freight Forwarding ('IFF') business recorded a segment profit* of HK$1,394 million (2022: HK$4,721 million), which represents a drop of 70% Proposed final dividend of 13 HK cents per Share to be payable on or around Thursday, 6 June 2024 * For continuing operations only Vic Cheung, Group Managing Director of Kerry Logistics Network, said, "2023 was undoubtedly a challenging year globally. Nevertheless, the global economy was in a better shape than it was in 2022. For the global logistics industry, while growth stalled, both freight rates and volume saw a slight rebound as the market continued to normalise gradually. Despite a tough market, new opportunities emerged amid changing consumer demands and the reshuffle of global supply chains. KLN Group was able to turn challenges into opportunities and provided customers with viable and cost-effective alternatives to keep their cargoes moving and delivered. KLN Group's overall performance in 2023 was in line with expectations and on par with global peers." Segmental Reporting During the period, KLN Group took out the E-commerce and Express business from its segmental reporting following the transfer of companies engaging in express delivery services in the Asia Pacific and Europe to S.F. Holding in 2023 Q3 and the subsequent announcement in December 2023 to deconsolidate Kerry Express Thailand through dividend distribution. The purpose of the restructuring was to reinforce KLN Group's strategy of focusing on its core business of integrated logistics and international freight forwarding, with an aim to enhancing its overall performance and prospects. Integrated Logistics The IL division overall reported a 7% decrease in segment profit, dragged down by the drop in the Hong Kong business as a result of the shrunken demand for pandemic-related services and a slower recovery of the retail market than anticipated. Nevertheless, despite the performance of the Hong Kong business, the IL division in other markets recorded growth. In the Mainland of China, despite a delay in market recovery, the IL business recorded a 17% increase following the successful execution of a series of cost management measures. The IL business in other parts of Asia recorded an 11% increase mainly supported by the stable performance of Kerry Siam Seaport in Thailand. International Freight Forwarding The IFF division reported a 70% decline in segment profit in 2023 due to excess inventories, subdued purchasing power and stagnant export growth, in particular in Asia. The drop in air and ocean freight rates since 2022 Q3 from the all-time highs in 2021 as the global logistics market normalised has caused further contraction in profit margin in 2023, compared to that of 2022. Nonetheless, riding on stabilised freight rates and a pick-up in consumer demand, KLN Group delivered sustainable results on the Asia-US trade routes and remained the leading player in the world's busiest trade lane in 2023. In 2023, the Group continued to leverage the strengthened resources with S.F. Holding to capitalise on the cross-selling and collaborations in various verticals and businesses. A joint venture was formed to manage the international cargo terminal of the Ezhou Airport in Central China. Various mega industrial projects were completed and records were broken by project logistics teams in the Mainland of China, Central Asia and Europe in 2023. The segment delivered satisfactory results and is expected to become one of the development drivers of the IFF division soon. Vic Cheung concluded, "Global growth is likely to remain weak in 2024. The Red Sea crisis is bringing new variables to the Group's IFF business. Nevertheless, we are determined to provide customers with alternative solutions in the near-term and are optimistic that our IL business in Asia is likely to benefit from the shifts in the supply chain in the mid-term. KLN Group's agility, resilience and innovation in providing solutions powered by its global network, solid presence in Asia and the most diversified service offerings will again enable the Group to come out on top. Looking ahead, the Group will continue to create synergies with S.F. Holding through extensive collaborations, actively identify new opportunities to grow its business sustainably and deliver greater value for its shareholders." Hashtag: #KerryLogisticsNetworkThe issuer is solely responsible for the content of this announcement.Kerry Logistics Network Limited (Stock Code 0636.HK)Kerry Logistics Network is an Asia-based, global 3PL with a highly diversified business portfolio and extensive coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal) and e-commerce to industrial project logistics and infrastructure investment. With a global presence across 60 countries and territories, Kerry Logistics Network has established a solid foothold in half of the world's emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across the Mainland of China, India, Southeast Asia, the CIS, Middle East, LATAM and other locations. Kerry Logistics Network generated a revenue of over HK$47.4 billion in 2023. It is listed on the Hong Kong Stock Exchange and is a constituent of the Hang Seng Corporate Sustainability Benchmark Index.
2023
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