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Public company info - BBI Life Sciences Corporation , 01035.HK
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BBI Life Sciences Corporation, 01035.HK - Company Profile
Chairman WANG Qisong
Share Issued (share) 561,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Biotechnology
Corporate Profile Business Summary: The Group is a renowned supplier of life science products and services in the People’s Republic of China (the “PRC”). Its wide-range products and services include (1) DNA synthesis products; (2) genetic engineering services; (3) life sciences research consumables; (4) protein and antibody related products and services；and (5) third party detection (the “Five Business Segments”). Performance for the year: For the year ended 31 December 2019 (the “Reporting Period” ), the revenue of the Group was approximately RMB703.77 million, representing an increase of 21.0% as compared with RMB581.60 million for the same period of 2018. For the year ended 31 December 2019, the gross profit increased by 23.1% from RMB283.28 million for the same period of 2018 to RMB348.67 million. After deducting non-recurring one-off expenses (being share-based payment), the adjusted gross profit of 2019 was approximately RMB 350.79 million (where the adjusted gross profit margin was 49.8%), representing a year-on-year increase of 23.0%. For the year ended 31 December 2019, the profit of the Group increased by 13.3% from approximately RMB75.95 million for the same period of 2018 to approximately RMB86.03 million. After deducting non-recurring one-off expenses (being share-based payment), the adjusted net profit of 2019 was approximately RMB 91.33 million, representing a year-on-year increase of 14.9%. For the year ended 31 December 2019, profit attributable to equity holders of the Company increased by 11.4% from approximately RMB79.10 million for the same period of 2018 to approximately RMB88.09 million. After deducting the above item of non-recurring one-off expenses, the adjusted net profit attributable to equity holders of the Company was RMB 93. million, representing a year-to-year increase of 13.0%. Business Review DNA synthesis products As one of the leading suppliers of DNA synthesis products in the PRC, the DNA synthesis segment is a solid foundation for the Group's continued growth. During the Reporting Period, revenue of such segment recorded a year-on-year increase of 22.8% to RMB267.13 million as compared to the same period in 2018 (2018: RMB217.62 million), which was mainly due to the leading position of such segment in the industry. With the continuous renewal of process as well as iterative calculation and quality optimization of automated facilities, the Group was able to respond to market demand promptly while satisfying customers’ demand for high-quality customized products and services, which maintained and consolidated the Group's excellent reputation in the industry and sustained a continuous increase in orders. Overall gross profit margin of this segment increased to 55.8% during the Reporting Period from 54.1% for the same period of last year. Genetic engineering services During the Reporting Period, revenue of genetic engineering services recorded a year-on-year increase of 28.7% to RMB162.94 million (2018: RMB126.57 million). During the Reporting Period, the Group continuously enlarged its service portfolio and was committed to setting up domestic service outlets and enhancing service quality, which enhanced the quick response ability of the whole value chain significantly, leading to a remarkable increase in the revenue of the segment. Meanwhile, the gross profit margin declined to 42.4% (2018: 43.9%) as a result of the strategic price adjustment and the increased preliminary management cost due to additional service outlets. Life science research consumables During the Reporting Period, while consolidating overseas markets and optimizing the integration of domestic production and logistics models, the Group improved the quality and standard of its products, leading to an increase of the orders received in China and abroad. This segment recorded a revenue of RMB209.53 million. As the similar market in South Korea with a large base is still in the development stage, an increase of 15.9% was recorded as compared with the same period last year. The gross profit margin of the Reporting Period increased by 3.3% to 51.8% (2018: 48.5%) as compared with the same period last year due to the structural adjustment of high value-added products. Protein and Antibody Related Products and Services During the Reporting Period, revenue of the protein and antibody related products and services segment amounted to RMB63.25 million (2018: RMB56.61 million) as a result of the expansion of product and service portfolio. The majority of the customers in the protein and antibody market are more reliant on the brands, revenue increased 11.7% as compared with the same period of last year. Due to low ratio of revenue and scale in the segment, low sales growth and the relocation of new plants, depreciation increased as compared to last year, resulting in a decline in gross profit, with its gross profit margin declined to 36.0% (2018: 39.2%). Third Party Detection The third party detection sector focused on developing medical-related detection as well as diagnosis and scientific research services. During the Reporting Period, the revenue of this segment reached RMB0.92 million and the gross profit was -105.3%, which is due to large initial investment and labor and depreciation of equipment. Prospects: After the outbreak of Coronavirus Disease 2019 ( “COVID-19 outbreak” ) in early 2020, a series of precautionary and control measures have been and continued to be implemented across the country/region, including extension of the Chinese New Year holiday nationwide, postponement of work resumption after the Chinese New Year holiday in some regions, certain level of restrictions and controls over the travelling of people and traffic arrangements, quarantine of certain residents, heightening of hygiene and epidemic prevention requirements in factories and offices and encouraged social distancing, etc. During the process of virus detection, it is required the professional diagnostic kits. As an important upstream supplier of raw materials fornucleic acid diagnostic kits, the Group is keen to capture the demand for such products from many molecular diagnostic companies. The Group has rapidly adjusted the production of DNA synthesis and gene synthesis according to the published information of 2019-nCoV detection primers and probes and gene sequence to ensure product supply. As of 10 February 2020, approximately 7.9 million detection probes and primers have been produced, and these diagnostic materials were promptly sent to local and overseas diagnostic kit companies. Also, 2019-nCoV diagnostic kits were assembled and delivered swiftly to various hospitals and related detection and diagnosis institutions. During the epidemic outbreak, it is realized that breakthrough is of utmost importance in surviving in the industry. The Group firmly believes in the correctness of the development direction of the Group’ s strategies and its determination to continue to further promote its business: 1.Relying on the production and operation of its DNA synthesis production building at Shanghai headoffice to improve the integrated capacity for high-quality DNA synthesis products applied in the area of precision medicine, consolidate and expand the current market share, and enhance the retention of industrial-grade customers. (1)Enhancing the production capacity and technologies of industrial-grade DNA products; active-developing and serving a broad industrial customer base; and seeking diversified cooperation with them. (2)In the meantime, the Group will also include (but not limited to) capital operations such as mergers and acquisitions or equity investment to accelerate the layout. 2.Expanding the business of third party diagnostic and detection and extending the terminal application to the downstream: With the commencement of operation of medical laboratory, the Group will undertake business in related fields such as hospitals and medical examination agencies, and accelerate the development of major disease diagnosis services such as targeted drugs, so as to improve professional services in both horizontal and vertical areas. Meanwhile, the Group will accelerate the research and development of vitro diagnosis products, especially diagnostic kits, to further enhance the Group’ s product and service portfolio and build a closed-loop industry ecosystem. 3.Expanding overseas markets continuously and strengthening the coverage of direct sales network to highlight the advantages on layout of the subsidiaries and branches domestically and internationally. The Group will pay close attention to the development of the COVID-19 outbreak, and evaluate and actively respond to its impact on the financial position and operating results of the Group. As at the date on which this set of financial statements were authorised for issue, the Group was not aware of any material adverse effects on the financial statements as a result of the COVID-19 outbreak. In conclusion, the management of the Company is confident in the future development of the Group and believes that they are able to create more returns for the Group and its shareholders (the “Shareholders” ).

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