康龙化成(300759):2023年3月31日投资者关系活动记录表附件之演示文稿（英文版） 焦点速看
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Growth
Performance Business Financial
Strategy
Overview Highlights Highlights
(RMB mm) 10,266.3
18 Years
+37.9%
Drug discovery service provider
In operation
7,443.8
(2)
globally
5,133.6
3,757.2
20 Locations All Top 20
2,908.1
Global pharmaceutical companies are
Operation sites in China / U.S. / U.K
(1)
our customers
| 2018mm)32.6%948.1 | 2019 | 2020 | 2021 |
Gross Profit
Customers served in 2022
(1)
technicians) (RMB mm)
YoY:
37.3% 36.5%
32.6% 35.4% 35.9%
+40.3%
3,749.3
~ 800
~30%
| 2019 | 2020 | 2021 | 202217.9%Y:1,834.3 .5% |
49.4%
North America,
(3)
(RMB mm)
64.7% Non-listed
Europe（including
36.0%
biopharmaceutical
UK）, 14.5%
companies and
19.6%
20.7%
17.9%
Margin 10.8% 14.6% YoY:
Research institutes
1,834.3
+25.5%
China-based customers revenue growth in 2022: 47.5% 1,462.0 1,064.0
Overseas customers revenue growth in 2022:35.9%
549.1
Source: 2019 Annual Report ,2020 Annual Report , 2021 Annual Report, 2022 Annual Report1. As of December 31 ,2022;
313.2
2. By 2020 revenue, Frost & Sullivan analysis;
3. Non-IFRSs net profit for the period excludes the impact from certain expense such as Share-based compensation expenses,
pharmaceutical R&D and manufacturing spending in China is expected to grow at a CAGR of 10.7% from 2022 to 2027.
? According to Frost & Sullivan’s forecast, From 2022 to 2027, the outsourcing penetration rate of the global drug R&D and manufacturing spending will further
increase from 2022 to 2027 and the market share of the Chinese drug R&D and manufacturing outsourcing services is expected to reach 25.3% in 2027.
Global Drug R&D and Global Drug R&D and Manufacturing Chinese Drug R&D and Manufacturing Manufacturing Spending Outsourcing Services Market Size Outsourcing Services Market Size (Unit: US $100 million) (Unit: US $100 million)
2027 market share is
8,134
expected 25.3%
RMB 408.7 billion
Forecast
2,675
5,999
CAGR
25.3%
6.3%
Forecast
4,754
CAGR Forecast
+12.3%
11.2%
1,572
CAGR
13.0%
6.0%
CAGR
1,025
CAGR
8.1%
11.3%
+4.9%
2027 2027 2027
2018 2022 2018 2022 2018 2022
Discovery R&D Services Trend CDMO Services Trend Clinical Development Services TrendGlobal discovery CRO China’s discovery R&D Global CDMO services China’s CDMO Global clinical China’s clinical services market size CRO services market market size services market size development services development services size market size market sizeIn 2022-2027 In 2022-2027 In 2022-202748.4%China market share China market share China market share forecast forecast forecast46.7%
1,573
penetration
(Unit: US $100 million)
42.6% rate
359
(Unit: US $100 million)
818
penetration
Forecast
(Unit: US $100 million)
rate
40.8%
CAGR
Forecast
16.0%
CAGR Forecast
penetration
14.8% CAGR
rate
penetration
749 547
8.4%
91
rate
333
180
379
446
CAGR
182
115
13.8%
CAGR
11.8% 32 CAGR
99
9.6% 59
| CMC (Small Molecule CDMO) ServicesChemistry development and manufacturing, material science/pre-formulation, formulation development and manufacturing, and analytical development services.Location: China, U.S. and U.K.RevenueRMB 2,406.7 mmGross ProfitRMB 831.7 mm | Clinical Development ServicesOverseas clinical development services (radiolabeled sciences and clinical trial services) and domestic clinical development services (clinical research services and site management services covering different service needs of clinical research).Location: China, U.S. and U.K.RevenueRMB 1,393.6 mmGross ProfitRMB 159.7 mm |
Tianjin
| 2018? Groin37.420709.6 | 2019s Profit40.2%18-2022CA956.1 | 202042.6%R: 41.01,378.6 | 2021(43.4%YoY g+ 411,980.0 |
37.4%
Customer
Delivery
Structure
Structure
YoY growth:
| 2019s Profi27.7%2CAGR: 5249.7 | 202032.6%.2%398.0 | 2021(RM34.8%YoY gro+ 36.8608.0 | 2022 mm)34.6%th:831.7 |
| Beijing(China)Ningbo(China)GMP intermediates, APITianjin(China）GMP intermediates, APINon GMP Starting Material, IntermediatesShaoxing (China)GMP intermediates, API Non GMP Starting Material, Intermediates Coventry(US)GMP intermediates, APIHoddesdon& Cramlington(UK) GMP intermediates, API |
Source: 2022 Annual Report. As of December 31, 2022
| 2019oss Prof25.0%-2022CAGR:113.9 | 2020it18.8% 15.9%118.2 | 2021(R10.3%YoY grow+62.098.6 |
| 7,393 |
Biocatalysis
3D spheroid and organoid models
Biocatalysis
（continuous production technology）
ESG Governance
? Business integrity, improve regulatory
? Built a three-tiered ESG governance framework
compliance, 0 legal actions due to
with “governance, management, and
corruption or fraud.
implementation” level
? Information Security
? Issued and implemented the ESG Management
? Ethics of Clinical Trials
Measures and the ESG Information Management
? Animal Welfare
Handbook
? Marketing Compliance
? Developed the 2021-2025 environmental targets
? Issue the first standalone ESG Report
Environmentally Sustainable
and Low-Carbon Operations
Responsible Operations
? High-quality products
? Responding to Climate Change
? Innovative technologies
? Sustainable Environmental Goals
? Quality Services
? Environmental Management
? Stable and sustainable supply
chain
? Pollution Prevention and Control
? Resource Protection
Empowering Talent Development
Green and Low-Carbon Operations2021-2025 Environmental Targets2022 MSCI ESG:BBB/per RMB10,000 of output value
Achieved a “B” scoring for CPD Climate Change
? Joined the ACS GCI2 Pharmaceutical Roundtable.
water Energy CO2
? Received a Gold certification from the My Green
consumption consumption emissions
Lab.
Reduce 10% Reduce 10% Reduce 10%
Maintaining 100% compliance in waste
In the 12th China Securities Golden Bauhinia Awards,
? Included in HSCI, HSHCI, MSCI China Health Care Index, CHINEXT Composite, SZSE Component IndexInfluential Enterprise of Top 50 Valuable Eighth of the “Top Best ESG Practice the Year” awarded on Listed Companies on 25 Pharmaceutical Listed CompanyCCV Award CeremonyGEMCompanies” Revenue
RMB mm
Revenue
RMB mm
Biologics and CGT Services
87.9%
Other
| 2021RMB mmGross PMargin35.92,672.0 2021 | 2022ofit and Margin36.5oY growth3,749.3 40.3% |
Gross Profit and Margin (1)
RMB mm
Net Profit and Margin
(2)
owners of the company
Margin
35.9% 36.5% Margin 22.3% 13.4% Margin 19.6% 17.9%
YoY growth
3,749.3
YoY growth
YoY growth
1,661.0
YoY growth
+40.3%
+4.1%
+25.5%
-17.2% 1,834.3
2,672.0
2,058.0
2,142.8
1,374.6
1,462.0
| 2021 | 2022 |
17.9%
19.6%
Margin
Profit attributable to owners of the parent
1,661.0 1,374.6
1,834.3
Add:
YoY growth
Share-based compensation expenses
56.8 157.2 +25.5%
1,462.0
Convertible Bonds related (gains)/losses
(12.9) 142.0
Foreign exchange related (gains)/losses
(23.4) 77.7
Realized and unrealized (gains)/losses
from equity investments
(219.5) 82.8
Non-IFRS adjusted net profit attributable
to owners of the parent
| 2021 | 2022 |
molecule manufacturing capacities achieved solid growth in the first 9 months of 2022.? Biologics and CGT Services - Since 2021, we began to build our Biologics and CGT Services through internal buildup and external acquisitions for the medium and
long-term growth of the company. As these new business are still in the integration and investment stage, there are certain negative impact on the profitability in 2022.
? Addition of overseas small molecule manufacturing capacities - Since 2022, with the strategy of establishing a global service network for the small molecule CDMO
services, we have acquired manufacturing sites in UK and US in January and July 2022, respectively. As we are in the process of integrating these manufacturing
capacities into our services platform, there are certain negative impact on the profitability in 2022.
Non-IFRSs net profit attributable to
Revenue
owners of the company
RMBmm
RMBmm
| 10,266.3 1 | |
| 1 | 0,018.2 |
| 1,834.3 | |
| 7,443.8 | |
| 7,292.8 | |
| 1,560.3 | |
| 1,462.0 | |
With the relatively low revenue in the integration stage, the administrative expenses as % of total revenue increased.
(1)
Administrative expenses as % of Total Revenue
Selling and distribution expenses as % of Total Revenue
? Administrative expenses as % of Total Revenue: During the reporting period, the Company completed several overseas acquisitions.
With the relatively low revenue in the integration stage, the administrative expenses as % of total revenue increased.
(1)
Administrative expenses as % of Total Revenue
Selling and distribution expenses as % of Total Revenue
14.5%
13.7%
13.4%
12.1%
11.3%
2.2%
2.1%
1.9% 1.9%
1.8%
| 2018Researc1.1% | 2019 and Devel1.7% | 2020pment Cos2.1% | 2021t as % of T | 2022tal Revenu |
| 2018 | 2019 | 2020(2.1)% | 2021(1.2)% | 2022 |
| 2018 | 2019 | 2020 | 2021 | 2022 |
(1)
Trade Payables Turnover
Trade Receivables and Contract Assets Turnover
(2)
(1)
Trade Payables Turnover
Trade Receivables and Contract Assets Turnover
Days
Days
78.5
77.7
19.9
75.2
19.1
18.4
65.6 65.6 17.3
16.8
| 2018Days11.9 | 2019Inven12.4 | 2020tories Turn12.6 | 2021(2)ver | 2022 |
| 2018Days7.8 | 2019Contr8.2 | 2020act Costs T11.9 | 2021(2)rnover | 2022 |
Days
15.0
12.0
11.9
12.6
12.4
11.9
11.7
9.6
8.2
7.8
| 2018 | 2019 | 2020 | 2021 | 2022 |
| 2018 | 2019 | 2020 | 2021 | 2022 |
Capital Expenditure
Bank-related Assets, Bank Facilities and Loans
note
Capital Expenditure
Bank-related Assets, Bank Facilities and Loans
RMB mm RMB mm
9,115.7
641.0
1,434.0
844.4
781.0
217.7 560.8
| 2018BSC | nk--Baonve | elatk Lrtobl | 2019d Aanse Bo | setsnds | 2020 | UnLT- | tilisBan | 2021d B Loa | nkinns | Fa | 2022ilitie |
ST-Bank Loans LT-Bank Loans
Convertoble Bonds
? Continue to build and improve our “end-to-end, fully integrated and global” pharmaceutical R&D service platform
Strengthen the leading position in the
Continue to strengthen the fully
Continue accelerating the build-up of
small molecule R&D service area
integrated clinical development services
biologics and CGT services platform
platform
Continue to strengthen our talent
Further enhance management
pool to support our long-term
capabilities
and sustainable growth
Continue to expand domestic
and overseas market shares
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