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Public company info - Viva Biotech Holdings , 01873.HK
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Viva Biotech Holdings, 01873.HK - Company Profile
Chairman MAO Chen Cheney
Share Issued (share) 1,925,000,000
Par Currency U.S. Dollar
Par Value 2.5E-5
Industry Biotechnology
Corporate Profile Business Summary: The group's principally engaged in providing the structure-based drug discovery services to biotechnology and pharmaceutical customers worldwide for their pre-clinical stage innovative drug development. Performance for the year: The Group’s revenue in the Reporting Period was approximately RMB323.1 million, representing an increase of 53.9% as compared to approximately RMB210.0 million in the year ended December 31, 2018. During the Reporting Period, the Group’s gross profit was approximately RMB155.9 million, representing an increase of 47.8% as compared to approximately RMB105.5 million in the year ended December 31, 2018. Business Review Upholding the mission of becoming a cradle for innovative biotechnology companies around the world, the Group continues to operate a leading structure-based early stage drug discovery service platform, and a systemic, and scientific incubation platform. The group’s innovative and twin drivers of cash-for-service (CFS) business and equity-for-service (EFS) business contributed to each other to secure remarkable progress. During the Reporting Period, The group’s revenue increased significantly to RMB323.1 million from RMB210.0 million for the corresponding period of last year, representing a year-on-year increase of 53.9%; The group’s net profit increased to RMB265.9 million from RMB90.6 million for the corresponding period of last year, representing a year-on-year increase of 193.5% and The group’s adjusted Non-IFRS Net Profit increased to RMB318.0 million from RMB135.5 million for the corresponding period of last year, representing a year-on-year increase of 134.7%. Cash-for-service (CFS) business Throughout 2019, the Group’s CFS business delivered more than 13,700 protein structures and more than 1,200 independent drug targets to The group’s customers. During the Reporting Period, the Group also continued to expand the extensive and diversified qualify customer base with customer orders registering a substantial increase. Revenue from the CFS business increased significantly to RMB245.6 million from RMB154.7 million for the corresponding period of last year, representing a year-on-year increase of 58.8%. As of December 31, 2019, the Company had provided drug discovery services to more than 438 biotechnology and pharmaceutical customers worldwide, including nine out of the ten largest global pharmaceutical companies (in terms of revenue in 2019) and 29 companies named in the Fierce Biotech Top 15 Promising Biotechs; and the contract amount of The group’s orders on hand reached approximately RMB349 million, up by 91.8% from the corresponding period of the previous year. Revenue generated from repeat customers accounted for 81.5% of the total revenue during the Reporting Period. Total revenue contributed by the top ten customers increased to RMB125.3 million in 2019 from RMB91.0 million for 2018 while total revenue from the top ten customers as a percentage of the Group’s total revenue decreased from 43.3% to 38.8%, reflecting The group’s ever-growing customer base and a diversified customer structure. Equity-for-service (EFS) business Throughout 2019, revenue generated by The group’s EFS business amounted to RMB77.5 million, representing a year-on-year increase of approximately 40.0%. During the Reporting Period, The group proactively explored project sources. These new investment projects covers more frontier, diversified fields, and a greater geographical distribution. For example, The group have expanded The group’s portfolio coverage of biological macromolecules, genes and cell therapies. The group have also established and improved a post-investment management system and deepened cooperation with scientific research institutes, incubators in the global biopharmaceutical field and venture capitals. The first Viva Biotech Partnership Summit was launched in Shanghai, achieving initial success in establishment of the innovative pharmaceutical industry and capital ecosystem. During the Reporting Period, The group received and reviewed 635 early-stage projects and after selection and assessment, The group added 19 startups to The group’s incubation portfolio companies, made additional investments in two of The group’s existing incubation portfolio companies and was in negotiation for incubation and investment in three new companies. Among the new incubation portfolio companies, 15 were added after April 15, 2019, being the latest practicable date in the Prospectus with respect to the Global Offering of the shares of the Company. During the Reporting Period, research and development of the incubated projects of certain companies rolled out smoothly. In particular, a consideration of RMB10.0 million and US$4.0 million was recorded from partial disposal of equity interests in two incubation portfolio companies, Weimou Biotech (Shanghai) Co. Ltd. (維眸生物科技（上海）有限公司) and Proviva Therapeutics, Inc, respectively. Increase in Employees, Facilities and Scale As of December 31, 2019, employees of the Group increased from 486 as of December 31, 2018 to 731, 614 of whom are R&D staff. The laboratory and office premise of the Group located at Zhangjiang High-Tech Park, Shanghai was expanded by approximately 8,000 square meters and primarily caters for the increasing demand of CFS customer orders. In September 2019, Viva Biotech Chengdu New Drug Incubation and Production R&D Center project, covering an area of 50 mu, was started and launched in Wenjiang District, Chengdu, which integrates new drug R&D, commercialization and production. R&D Investment and Technology Platform Throughout 2019, the R&D investment of the Company amounted to RMB45.0 million, primarily used in the development of structure based drug discovery (SBDD) platform, fragment based drug discovery (FBDD) platform, affinity selection mass spectrometry (ASMS) screening platform and membrane protein targeted drug discovery platform, significant increase of existing equipment, recruitment of R&D talents and increase in the number of employees. In particular, the ASMS screening platform held the Group was well recognized by The group’s customers because it can accommodate a wide range of screening formats and conditions, and is fast, flexible, high throughput and more cost effective. Business Partners and Scientist Team Leveraging on the vision and R&D experience in various therapeutic in assessing areas and innovative drugs of The group’s management team and key business partners, The group’s core capacities to assess project value and the professional barriers in The group’s R&D activities are constantly strengthened. As of December 31, 2019, The group attracted 6 top-tier scientists and professionals from the People’s Republic of China (“PRC”) and overseas to join as business partners, bringing the total number of business partners to over 20, they all have great achievements in their respective academic fields and play a leading role in The group’s incubation program, assisting us in the exploring and screening of potential candidates, advising us on the due diligence of the potential incubation projects, and supporting The group’s incubation portfolio companies on their R&D activities. Prospects: In 2019, the global innovative drug market witnessed vibrant growth and China’s contract research organization (CRO) industry entered a stage of high speed and high quality development. Demand for early preclinical drug R&D outsourcing service surged, while reducing R&D cost and enhancing success rate and efficiency of R&D activities has become essential in maintaining core competitiveness. The capital market witnessed a vibrant biopharmaceutical initial public offering financing and merger and acquisition market. The Company will capture such historical opportunities to proactively recruit quality customers and biotech companies with high potentials at the early R&D stage of new drugs, construct and continuously raise technology barriers and expand and integrate industrial chain through improving operational efficiency, strengthening talent recruitment and enhancing platform capability, with an aim to establish an virtuous cycle of win-win cooperation. To Strengthen Platform Construction and Integrate Layout alongside the Industry Chain In terms of technology platforms, the Company is actively building new technology platforms such as Cryo-EM and Computational Chemistry, being committed to further expanding in technology fields such as new drug discovery in terms of bio-macromolecules and biological detection. In terms of incubation platform, the Company plans to continue to optimize and improve the scalability and sustainability of EFS model, thereby forging an open cooperation platform for global biopharmaceutical innovators. The Company will accelerate its strategic cooperation with quality CMO/CDMO companies by vertically integrating new drug discovery, R&D and production platforms in the industry service chain, so as to rapidly improve the service offerings of the Company, enhance the incubation capability of the EFS business and attract more CFS customers. Through strategic placement of investment in a number of funds and professional platform along the entire industrial chain, the Company’s incubation portfolio and its diversity, adaptability, variety and risk resilience will be further strengthened.

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