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Public company info - China Isotope & Radiation Corporation-H shares , 01763.HK
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China Isotope & Radiation Corporation-H shares, 01763.HK - Company Profile
Chairman Meng Yanbin
Share Issued (share) 80,000,000
Par Currency Renminbi
Par Value 1.0
Industry Medicine
Corporate Profile Business Summary: The Group is primarily engaged in the research, development, manufacturing and sale of diagnostic and therapeutic radiopharmaceuticals and radioactive source products for medical and industrial applications. The Group provides irradiation service for sterilisation purpose and EPC service for the design, manufacturing and installation of gamma ray irradiation facilities and independent clinical laboratory services to hospitals and other medical institutions. Performance for the year: During the Reporting Period, the Group achieved revenue was RMB3,988.9 million, representing a year-on-year increase of 22.8%. Net profit for the year was RMB624.9 million, representing a year-on-year increase of 6.4%, and net profit attributable to equity shareholders of the Company was RMB329.0 million, representing a year-on-year increase of 2.2%. Business Review: 1.Pharmaceuticals We are a leading manufacturer of diagnostic and therapeutic radiopharmaceuticals in China, primarily engaged in the research, development, manufacturing and sale of a wide range of imaging diagnostic and therapeutic radiopharmaceuticals, UBT kits and analyzers and in vitro diagnostic reagents and kits in the domestic market. During the Reporting Period, the Group adhered to the strategic development plan of each business segment. In respect of pharmaceutical segment, we have developed demonstration base construction projects by supporting nuclear medicine application for medical diagnosis of Chinese Society of Nuclear Medicine, and consistently promoted the development of existing business by intensifying our efforts in marketing to introduce nuclear medicine diagnosis technologies to clinical departments. Meanwhile, we placed sources to explore new markets, continuously optimised service capabilities, and improved the industrial structure. We proactively explored emerging markets through taking steps such as building and deepening the “one-stop” solution platform for brachytherapy, an overall service plan on nuclear medicine, and setting up the “1+N” service system for breath test diagnosis. During the Reporting Period, we recorded RMB3,311.1 million of revenue from sales of pharmaceuticals in 2019, representing a year-on- year increase of 22.9%. In particular, our revenue from sales of Sodium iodine-131 oral solution increased by 11.6% compared to 2018; revenue from sales of Fluorine-18-FDG injections increased by 18.6% compared to 2018; revenue from sales of Technetium-99m instantly labeled pharmaceuticals increased by 25.1% compared to 2018; revenue from sales of Strontium-89 chloride injections increased by 16.4% compared to 2018; revenue from sales of Iodine-125 sealed sources increased by 27.2% compared to 2018; and revenue from sales of UBT kits and relevant products increased by 31.2% compared to 2018. 2.Radioactive source products We are a major manufacturer of medical and industrial radioactive source products in China and also a radioactive source producer with a most complete range of radioactive source product offerings in China, primarily engaged in the research, development, manufacturing and sale of various medical and industrial radioactive sources products as well as provision of related technical services. During the Reporting Period, we continued to export domestically-produced cobalt-60 radioactive sources on a large scale. The development of China’s industrial radioactive source market has become relatively leveled off under the background of a new normal for economic development. Although approval authority for license for acquisition of gamma knife equipment was delegated, the implementation of such policy was tardy, and military medical institutions were being adjusted through reform. Faced with such problems, the Company took the initiative to overcome difficulties, recording RMB379.1 million of revenue from sales of radioactive source products in 2019, representing a year-on-year decrease of 7.4%. In particular, benefiting from the in-depth investigation and research of the market demand for traditional products and the extensive exploration of various of instrument sources, revenue from sales of instrument and meter calibration sources increased by 26.7% year on year and revenue from sales of thickness gauge sources increased by 16.8% year on year in 2019. 3. Irradiation In the field of irradiation processing, we are mainly aimed at providing the manufacturers of medical devices, food, traditional Chinese medicine and cosmetics for sterilisation in China, and meanwhile EPC services related to the design, manufacturing and installation of gamma ray irradiation facilities is also accessible. During the Reporting Period, China’s irradiation processing industry developed steadily, but there would be fierce competition for the market. In terms of the design business of irradiation facilities, the output of irradiation facilities in the current domestic market tends to have reached a plateau, with few irradiation stations being established. We have been keeping abreast of the latest market development trend and fully investigated what customers were demanding in a great effort to meet the needs of customers in all respects. In 2019, the irradiation processing business realised revenue of RMB74.9 million, representing a year-on-year increase of 11.8%; and EPC services realised revenue of RMB10.1 million, representing a year-on-year increase of 92.4%. 4. Independent clinical laboratory services and other businesses Our independent clinical laboratory services, as a downstream extension of our in vitro diagnostic reagents sales of the Company, are mainly being offered to medical institutions. We offer independent clinical laboratory services with respect to hepatitis, endocrine, bone metabolism, cardiovascular disease, diabetes and other diseases. During the Reporting Period, revenue from independent clinical laboratory services and other businesses of the Group was RMB213.7 million, representing a year-on-year increase of 186.9%. In addition, our medicine equipment business was developing rapidly, with 50 licenses for acquisition of high-end radiation therapy equipment having been obtained, which paved the way for the rolling out of the Company’s high-end radiation therapy equipment. MARKETING During the Reporting Period, we have established a brand management system through systematically organising brand definition system and brand structure, which would consolidate the Company’s leading position in the industry and improve the brand influences of the Company, whereby progressively strengthen its market competitiveness. On the other hand, as we integrated resources in the market in a coordinated way and deepened the development of three marketing platforms (i.e. the radiopharmaceutical marketing center, the radioactive source marketing center and the brachytherapy business division), enabling each of such marketing platforms continue to fully play their roles in their respective market segment and further explore market potential. Upon the acquisition of Ningbo Junan Pharmaceuticals Technology Co., Ltd., we have significantly developed our ability in exploring market and competitiveness in sale of Iodine-125 sealed sources, promoting the rapid expansion of our existing businesses. During the whole year, we started 11 new demonstration base construction projects for the promotion of nuclear medicine application for medical diagnosis, of which two hospitals passed the acceptance test and was officially established. At present, there are 58 participating hospitals in the PRC. The accelerated popularisation of nuclear medicine application for clinical diagnosis and treatment has effectively facilitated market expansion for products of the Company. The project “overall nuclear medicine solutions” created by us has brought some sales revenue, which will continuously enhance our market service capacity and increase the revenue from new business. We have established a nationwide sales network and had diversified marketing campaigns. During the Reporting Period, we held seven sessions of “Seminar on Nuclear Cardiology” and more than 250 academic salons, with 4,160 doctors participating in. Moreover, by taking well-targeted steps, the “1+N” breath test diagnosis system has been established and a media presentation for Armillariella Oral Solution, used as combination therapy for Hp, was held successfully. As of 31 December 2019, the Group has conducted various marketing campaigns through its own sales personnel, technical service promoters and distributors, and its sales network has covered 31 provinces, municipalities and autonomous regions in China. Furthermore, the Group has a broad end-user base. As of 31 December 2019, the Group’s sales network covered more than 11,000 hospitals and other medical institutions, including 1,800 tertiary hospitals, 5,000 secondary hospitals and 4,400 primary hospitals in China. SCIENTIFIC RESEARCH AND INNOVATION The Group owns strong research and development strengths. Our research and development team comprising 218 research and development staff focuses on the extensive researching and optimisation of production technologies, the development of new products and the safety and efficacy upgrading of existing products. The Group first conducts detailed market analysis and then strictly selects research and development projects according to its own advantages, industrial expertise and market demand. We have been proactively researching and developing various imaging diagnostic and therapeutic pharmaceuticals and are striving to fill in the blanks in the China therapy fields so as to meet the therapy demand. As of 31 December 2019, we owned eight imaging diagnostic and therapeutic radiopharmaceuticals under research and development, including one radiopharmaceutical pending approval for production (i.e. sodium iodine-131 capsule for therapeutic purpose), two radiopharmaceuticals at the stage of clinical trial (i.e. sodium iodine-131-MIBG injection and sodium fluorine-18 injection), one therapeutic radiopharmaceutical pending application and approval for clinical trial (i.e. palladium-103 sealed source) and four imaging diagnostic and therapeutic radiopharmaceuticals under various stages of research and development. In 2019, we achieved remarkable results in our work on intellectual properties with a total of 86 patents applied including 26 patents for inventions and 31 licensed patents including five patents for inventions. As of 31 December 2019, we had registered more than 290 patents and had filed applications for more than 120 patents, which further solidified our business strengths in China. In 2019, the Group has finished its preparation work for establishment of five research and development centers in respect of radiopharmaceuticals, stable isotope and breath test technology, precision medicine examination, radioactive source and industrial application, and irradiation application technology, and established China’s first radiopharmaceutical research and development incubation company with Shanghai Jiading Industrial Zone Development (Group) Co., Ltd. (上海嘉定工業區開 發（集團）有限公司) and Shanghai Institute of Applied Physics, Chinese Academy of Sciences, to continuously improve the basic conditions of research and development and innovate operating system and model. In addition, the development of medical domestically-produced cobalt-60 radioactive source technology was successfully completed, giving birth to the first set of domestically-produced cobalt-60 radioactive source for gamma knife, which was awarded the “2019 Top Ten Innovative Projects of Central Enterprises under SASAC”. “Urea 14C Capsule and the Micro Scale Sub Package Methods” ( 《尿素[14C]膠囊及其微量分裝方法》) won the Excellent Patent of the 21st China Patent Awards (already announced), while “R&D and Industrialisation of Carbon-14 Urea Breath Test Kits with Card”《(卡式尿素[14C]呼氣試驗藥盒研發和產業化》) won the second prize of 2019 Shenzhen Scientific and Technological Progress Prize. INTERNATIONAL BUSINESS During the Reporting Period, we recorded revenue of RMB47.6 million from export of cobalt sources, neutron sources, UBT analyzers, RIA kits and other products to more than 50 countries such as Canada, South Korea and Peru. During this period, breakthroughs were made in our international business: a subsidiary of us recorded overseas revenue from its used sources recycling business; through CN101 framework agreement on final source products entered into with companies in the Europe and the United States, we can export massive quantities of products in the forthcoming three years, changing the previous situation of single raw material export, marking the quality of domestically-produced cobalt-60 industrial source products further recognised in the world market, and at the same time, two batches of raw materials of cobalt sources, totaling two million curies, were exported for the whole year; and we continued to expand its access to the international market, with new registration certificates for UBT diagnostic products having been obtained from six countries. With regard to Morocco donation project, the relevant work on the air transportation of cobalt-60 source for gamma knife and the sea transportation of gamma knife treatment systems has been completed, and it is expected that the equipment installation and commissioning will be carried out at the beginning of 2020. In order to promote international cooperation in the field of nuclear technology, we offered training in nuclear technology application to countries in the Mekong area, Northwest Africa, Central Africa and the League of Arab States. We have participated in more than 40 international conferences, professional exhibitions and other comprehensive exhibitions on nuclear medicine, radiotherapy, digestive diseases, in vitro diagnosis, medical equipment, irradiation processing, etc, in a great effort to build up its international brand image with reference to the standards of international enterprises. Prospects: Currently, the world economy is still in the middle of profound readjustment after the international financial crisis. China is still facing complicated and austere situations in its economic development, and the downward pressure on the economy is further increasing. In order to speed up the adjustment to economic structure and the transformation of development pattern, the Chinese government has continuously deepened supply-side reform, comprehensively pushed forward the implementation of a series of development strategies such as innovation-driven development and coordinated development between regions, providing a good environment for industrial upgrading, quality and efficiency improvement, and offering new impetus and space for the development of nuclear technology application industry. As a leading enterprise in the industry, we will firmly seize the important strategic period of opportunities for industrial development, and continuously strengthen our analysis of future situations to accurately grasp development trends. With the guidance of our development strategy, we will further accelerate production capacity construction, strengthen scientific research and innovation, intensify marketing, and improve our enterprise management level. Moreover, we will overcome all difficulties and obstacles on the way forward with indomitable mind and fearless heart, in a great effort to accelerate the development of our Company. In terms of capacity building, in order to meet the increasing demand for radiopharmaceuticals in China’s densely inhabited districts in a timely manner, we will accelerate arrangements for the network of pharmaceuticals centres, with proposed establishment and operation of a number of pharmaceuticals centres in 2020, laying a solid foundation for the formation of a network arrangement system covering major cities in China in 2022. In addition, progress has been made in the construction of medical bases. In the first half of 2019, Guangdong medical base was officially completed and went into operation, while two new types of modern production and research bases in Hebei Province and Sichuan Province were being constructed in an orderly manner. The successive completion and operation of the medical bases will further enhance our research and development and production capacity, and help meet the requirements of standardised and large-scale production and operation of radiopharmaceuticals for imaging diagnosis and medical treatment, so as to meet the demand in China’s growing radiopharmaceuticals market. In terms of technological research and development, in order to realise the Company’s high-quality and sustainable development, we will unswervingly stick to technological innovation, further accelerate the construction of the CIRC Institute, continuously improve such institute’s system, and prepare its efforts in introducing and fostering talents in a solid manner, whereby steadily enhancing the overall scientific research strength of the Company. Meanwhile, we will increase investment in scientific research, make full use of internal and external resources of innovation to innovate the Company’s various fields of research and development, striving to achieve major breakthroughs in advantageous fields and key technologies and continuously enhancing the Company’s core competitiveness. In terms of marketing, we will further intensify our marketing efforts, and vigorously construct the platform of “overall nuclear medicine solutions” to expedite the transformation from selling products to selling services and system solutions. While optimising our operations, we will intensify our brand-building efforts to build the “CIRC” brand framework system, and comprehensively enhance the popularity and influence of the “CIRC” brand, so as to further enhance the company’s market competitiveness. In terms of management, we will continue to intensify our efforts in reform and innovation. Based on the initial reform achievements in 2019 in the fields of research and development system, equity incentive, market-oriented selection, performance-linked compensation, etc., we will deepen reform and innovation, vigorously eradicate institutional obstructions that hold back development, and make efforts to build a community of common interests between our Company and our employees so as to fully stimulate our Company’s innovative vitality and endogenous dynamic. In the future development, the Group will spare no efforts to promote the rapid development of the nuclear technology application industry with adherence to market orientation, taking increasing economic benefits and promoting development quality as its core guidance and driven by reform and innovation, so as to consolidate its leading position in the industry.

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