China Isotope & Radiation Corporation ("CIRC" or the
"Company" , together with its subsidiaries, the "Group"; Stock
Code: 1763.HK) announces the audited consolidated financial
statements of the Group for the year ended 31 December 2023 ("2023"
or the "Reporting Period").
For the year ended 31 December 2023, the Group operated five
business segments, namely pharmaceuticals, radioactive source
products, irradiation, radiation therapy equipment and related
services and other businesses. In 2023, the Group continued to
intensify our market development efforts and achieved continued
growth in economic efficiency. For the year of 2023, the Group
recorded revenue of RMB6.635 billion, representing a year-on-year
increase of 7.8%; gross profit was RMB3,482.2 million, gross margin
was 52.5%; realized net profit of RMB776.1 million, representing a
year-on-year increase of 2.8%, with net profit attributable to the
parent company achieving RMB371.0 million.
Pharmaceutical segment: Magnificent development in existing
industries and businesses with steady expansion of industry
influence
In 2023, in respect of pharmaceutical segment, the Group provided a
stable supply of radiopharmaceuticals to domestic medical
institutions and strengthened the promotion of nuclear medicine
diagnosis and treatment technology to clinical departments and
other market development work, while continuously promoting
development in existing industries and businesses. Through academic
conferences and other means, the Group conducted scientific
popularization for the general public and nuclear medicine clients
on new products such as "therapeutic sodium iodine-131 capsule" and
scientific radionuclide, enhancing its influence in the field of
nuclear medicine. In December 2023, therapeutic sodium iodine-131
capsule manufactured by HTA Co., Ltd., a subsidiary of the Group,
has successfully entered the National Drug List for Basic Medical
Insurance, Work-Related Injury Insurance and Maternity Insurance
(2023) as a drug covered by the national medical insurance
negotiations.
During the Reporting Period, the Group recorded RMB4,128.6 million
in revenue from sales of pharmaceuticals, representing a
year-on-year increase of 5.2%, accounting for 62.2% of the total
revenue, recorded RMB1,682.8 million in revenue from imaging
diagnostic and therapeutic radiopharmaceuticals, representing a
year-on-year increase of 15.3%, and recorded RMB2,323.8 million in
revenue from breath test.
Radioactive source products business: Successfully providing
service for the Shenzhou XV manned spacecraft and remaining a high
market share
In 2023, the supporting radioactive source developed by the Group
for the Shenzhou XV manned spacecraft performed satisfactorily
during the mission by ensuring accurate ignition command of the
thrust reverser engine by the Y-altitude control device and safe
and soft landing of the returning capsule, thereby guaranteeing the
successful completion of Shenzhou XV manned mission. The technology
of reusing retired radioactive source has made outstanding
contributions in the field of applied research on circular economy,
and won the First Prize of Sichuan Province Low Carbon Science and
Technology Award. During the Reporting Period, a new type of
domestically produced krypton [85kr] thickness gauge sources was
officially launched into the market.
During the Reporting Period, the Group recorded RMB586.2 million in
revenue from radioactive source products, representing a
year-on-year increase of 0.9%. Gamma knife source and
non-destructive testing radioactive source remained a stable and
high market share, achieving growth in revenue, of which, gamma
knife source realized operating revenue of RMB73 million and
non-destructive testing radioactive source realized operating
revenue of RMB89 million.
Irradiation business: Continuously innovating the mode of
cooperation and sales revenue of new products reaching a record
high
In 2023, the Company made innovation in the mode of cooperation and
made deep-seated efforts to lay out its business in and explore EB
curing industry, resulting in completion of technique and
production line of EB plates, while arranging for EB color-coated
plates and EB film so as to build EB curing industrial ecosystem.
BINE High-Tech Co., Ltd., a subsidiary of the Group, successfully
completed the after-sales maintenance for the 4 million curies BFT
gamma irradiation equipment of Grand Ten Holdings in Malaysia,
which is the first export project of BINE High-Tech Co., Ltd. and
has maintained safe operation for 10 years without any
incident.
During the Reporting Period, the Group actively explored the
irradiation product market, with sales revenue of new irradiation
products soaring to over RMB28.5 million, reaching a record high.
The Group recorded RMB170.8 million in revenue from
irradiation-related business.
Radiation therapy equipment and related services: Accelerating
domestic manufacturing process of high-end radiotherapy equipment
and the first product has successfully obtained approval
In 2023, the Group accelerated domestic manufacturing process of
high-end radiotherapy equipment. On 28 September 2023, CNNC Accuray
(Tianjin) Medical Technology Co., Ltd. ("CNNC Accuray"), a
subsidiary of the Group, successfully obtained the medical device
registration certificate issued by the National Medical Products
Administration for its domestic high-end spiral tomotherapy system
(TOMO C). This product has become the first domestic spiral
tomotherapy product in the high-end medical field in China. The
official mass production launch event and investor exchange meeting
of TOMO C was held in Tianjin on 25 October.
In addition, CNHE-MDR, the outcome of the mobile digital medical
X-ray photography system research and development project, was
approved in June 2023 and obtained the medical device registration
certificate. The Smart Cobalt-60-based Cone Beam Focused
Stereotactic Therapy System project has completed the product type
testing and entered the clinical trial stage smoothly. The SPECT/CT
project has passed the general inspection and acceptance of the
State Administration of Science, Technology and Industry for
National Defence, with an acceptance rating of "excellent".
During the Reporting Period, the Group recorded RMB933.7 million in
revenue from nuclear medical equipment and related services,
representing a year-on-year increase of 27.5%, and accounting for
14.1% of total revenue, making it the second largest source of
revenue.
International business: Gradually deepening the global presence and
making breakthroughs in a number of businesses
During the Reporting Period, the Group robustly explored the
international market and exported breath test kits, radioimmunity
kits, radiopharmaceuticals dispensing equipment, medical equipment
and devices as well as other products to dozens of countries and
regions such as Indonesia, Brazil, Peru, Colombia, Ecuador, India,
Bangladesh, Singapore and Vietnam, realizing a total export revenue
of RMB430 million. International business revenue from regular
medical products maintained significant growth in 2023.
Marketing: Promoting brand building in an orderly manner and fully
utilizing the value of the IAEA platform
During the Reporting Period, the Group deepened its brand building
efforts. In May 2023, the Group successfully organized the "Sichuan
Medical Isotopes and Radiopharmaceutical Industry Development
Promotion Summit" in conjunction with eight departments in Sichuan
Province. In September 2023, the Group contributed to and
participated in the Conference on the High-quality Development of
the Nuclear Technology Application Industry, the 2nd China-ASEAN
Forum for Peaceful Use of Nuclear Technology, and etc. where the
Group launched cooperation demonstration projects, signed business
cooperation documents, and displayed nuclear medical equipment and
digital exhibits for nuclear medicine. The Group participated in
the Academic Annual Conference of the Nuclear Medicine Branch of
the Chinese Medical Association in 2023 to launch the Radiant
Intelligence 1.0 Intelligent Nuclear Medicine System, and co-hosted
the 2nd International Forum on the Development of Nuclear
Technology Application Industry in October 2023, fully
demonstrating the CIRC's leadership in nuclear technology
application industry.
Furthermore, the Group has been actively leveraging the value of
the IAEA Collaboration Center platform to enhance its international
influence. In August 2023, the Group hosted the "International
Training Course on Radiopharmaceuticals Preparation for the
Asia-Pacific Region" in the name of the IAEA Collaboration Center
for Radiopharmaceuticals and Radioactive Sources. The Group has
persisted in reform of its marketing center to foster the
synergistic, high-quality and safe development of its business in
radiopharmaceuticals, radioactive sources and radioactive
particles. In respect of the marketing of domestic nuclides,
internal resources were coordinated and integrated for production,
sales, distribution and services of domestic Lu-177 and Ge/Ga
generators, laying the foundation for market development after
reaching design capacity thereof in 2024.
Scientific research and innovation: Multiple projects conducting
clinical trial and work related to intellectual properties gaining
significant progress
The Group has always actively conducted research and development
work on various types of imaging diagnosis and therapeutic
pharmaceuticals to fill gaps in various fields of medical treatment
and meet the medical needs of China. As of 31 December 2023, the
Group had a number of imaging diagnosis and therapeutic
radiopharmaceuticals under research and development. Among them,
sodium fluorine injection has completed clinical trials and was
submitted for new drug application; iodine-MIBG injection was in
Phase III clinical trial; technetium sulfide colloidal injection,
Ga-Dotatate injection, fluorine betazine injection, fluorine
stamine injection, fluorine-L dopa injection and lutetium
oxyoctreotide injection were approved for the clinical trial, and a
variety of imaging diagnosis and therapeutic radiopharmaceuticals
were in preclinical research and development stage.
During the Reporting Period, the Group yielded remarkable results
in the work related to intellectual properties, with a total of 298
patents applied, 240 patent authorizations obtained, including 5
foreign design patent authorizations. As of 31 December 2023, the
Group had 945 active licensed patents, among which there were 149
invention patents, sustaining and enhancing its technological
strength. the Company had 11 registered trademarks, 38 registered
copyrights, 1 national standard, 1 energy industry standard and 6
group standards issued, and 1 national standard, 1 agricultural
industry standard, 4 nuclear industry standards and 12 group
standards under preparation/to be released.
In terms of technological awards and honors, during the Reporting
Period, the Group won 1 provincial and ministerial technology
award, 4 social science and technology awards, 1 group-level
science and technology award, and 3 awards in the CNNC Science and
Innovation Competition.
Outlook
Looking ahead, CIRC will give full play to the unique advantages of
nuclear medicine in the diagnosis and treatment of major diseases
such as neurodegenerative diseases, cardiovascular and
cerebrovascular diseases and malignant tumors, and provide quality
products, services and integrated solutions to better protect
people's lives and health and facilitate the construction of
"Healthy China".
In 2024, the Company will firmly grasp the development
opportunities, spare no effort, to maintain a good growth momentum,
make every effort to drive the economic performance to a record
high and practically improve the innovation and value creation
capabilities, continuously strengthen the core functions and
enhance the core competitiveness, and perform the three major roles
of scientific and technological innovation, industry control, and
safety support, in order to accomplish the planning objectives and
tasks and accelerate the establishment of an internationally
renowned isotope and radiation technology application products and
services supply group.
About China Isotope & Radiation Corporation
China Isotope & Radiation Corporation (referred as "CIRC" or
"the Company") since its establishment in 1983, has been dedicated
to exploring and developing nuclear technology applications.
Boasting over 40 years of industry experience, the Company has
emerged as a prominent leader in the domestic nuclear technology
industry. The Group is primarily engaged in the research,
development, manufacturing and sale of diagnostic and therapeutic
radio pharmaceuticals and radioactive source products for medical
and industrial applications, the provision of irradiation service
for sterilization purpose and engineering, procurement and
construction ("EPC") service for the design, manufacturing and
installation of gamma ray irradiation facilities and the provision
of nuclear medical equipment and services such as independent
clinical laboratory services to hospitals and other medical
institutions.
The nuclear medicine industry is an industry with immense
potential, demanding threshold, and high returns. As a leader in
China's nuclear medicine industry, CIRC is the largest domestic
manufacturer of imaging diagnostic and therapeutic
radiopharmaceuticals, UBT diagnostic kits and test analyzers, as
well as radioimmunity analysis kits. In field of radioactive source
products, it is the only core enterprise in the field of
radioactive source research and application that has industrialized
and scaled research and production capabilities. In field of
radiation, it is the third largest radiation processing service
provider in China, and the only supplier in China that provides
upstream production and downstream design and installation services
for radiation equipment. And two of its subsidiaries have been
approved by the Ministry of Ecology and Environment of the People's
Republic of China as two of the three EPC service providers
authorized to engage in the design, manufacturing, and installation
of radiation equipment.China Isotope & Radiation Corporation
("CIRC" or the "Company" , together with its subsidiaries, the
"Group"; Stock Code: 1763.HK) announces the audited consolidated
financial statements of the Group for the year ended 31 December
2023 ("2023" or the "Reporting Period").
For the year ended 31 December 2023, the Group operated five
business segments, namely pharmaceuticals, radioactive source
products, irradiation, radiation therapy equipment and related
services and other businesses. In 2023, the Group continued to
intensify our market development efforts and achieved continued
growth in economic efficiency. For the year of 2023, the Group
recorded revenue of RMB6.635 billion, representing a year-on-year
increase of 7.8%; gross profit was RMB3,482.2 million, gross margin
was 52.5%; realized net profit of RMB776.1 million, representing a
year-on-year increase of 2.8%, with net profit attributable to the
parent company achieving RMB371.0 million.
Pharmaceutical segment: Magnificent development in existing
industries and businesses with steady expansion of industry
influence
In 2023, in respect of pharmaceutical segment, the Group provided a
stable supply of radiopharmaceuticals to domestic medical
institutions and strengthened the promotion of nuclear medicine
diagnosis and treatment technology to clinical departments and
other market development work, while continuously promoting
development in existing industries and businesses. Through academic
conferences and other means, the Group conducted scientific
popularization for the general public and nuclear medicine clients
on new products such as "therapeutic sodium iodine-131 capsule" and
scientific radionuclide, enhancing its influence in the field of
nuclear medicine. In December 2023, therapeutic sodium iodine-131
capsule manufactured by HTA Co., Ltd., a subsidiary of the Group,
has successfully entered the National Drug List for Basic Medical
Insurance, Work-Related Injury Insurance and Maternity Insurance
(2023) as a drug covered by the national medical insurance
negotiations.
During the Reporting Period, the Group recorded RMB4,128.6 million
in revenue from sales of pharmaceuticals, representing a
year-on-year increase of 5.2%, accounting for 62.2% of the total
revenue, recorded RMB1,682.8 million in revenue from imaging
diagnostic and therapeutic radiopharmaceuticals, representing a
year-on-year increase of 15.3%, and recorded RMB2,323.8 million in
revenue from breath test.
Radioactive source products business: Successfully providing
service for the Shenzhou XV manned spacecraft and remaining a high
market share
In 2023, the supporting radioactive source developed by the Group
for the Shenzhou XV manned spacecraft performed satisfactorily
during the mission by ensuring accurate ignition command of the
thrust reverser engine by the Y-altitude control device and safe
and soft landing of the returning capsule, thereby guaranteeing the
successful completion of Shenzhou XV manned mission. The technology
of reusing retired radioactive source has made outstanding
contributions in the field of applied research on circular economy,
and won the First Prize of Sichuan Province Low Carbon Science and
Technology Award. During the Reporting Period, a new type of
domestically produced krypton [85kr] thickness gauge sources was
officially launched into the market.
During the Reporting Period, the Group recorded RMB586.2 million in
revenue from radioactive source products, representing a
year-on-year increase of 0.9%. Gamma knife source and
non-destructive testing radioactive source remained a stable and
high market share, achieving growth in revenue, of which, gamma
knife source realized operating revenue of RMB73 million and
non-destructive testing radioactive source realized operating
revenue of RMB89 million.
Irradiation business: Continuously innovating the mode of
cooperation and sales revenue of new products reaching a record
high
In 2023, the Company made innovation in the mode of cooperation and
made deep-seated efforts to lay out its business in and explore EB
curing industry, resulting in completion of technique and
production line of EB plates, while arranging for EB color-coated
plates and EB film so as to build EB curing industrial ecosystem.
BINE High-Tech Co., Ltd., a subsidiary of the Group, successfully
completed the after-sales maintenance for the 4 million curies BFT
gamma irradiation equipment of Grand Ten Holdings in Malaysia,
which is the first export project of BINE High-Tech Co., Ltd. and
has maintained safe operation for 10 years without any
incident.
During the Reporting Period, the Group actively explored the
irradiation product market, with sales revenue of new irradiation
products soaring to over RMB28.5 million, reaching a record high.
The Group recorded RMB170.8 million in revenue from
irradiation-related business.
Radiation therapy equipment and related services: Accelerating
domestic manufacturing process of high-end radiotherapy equipment
and the first product has successfully obtained approval
In 2023, the Group accelerated domestic manufacturing process of
high-end radiotherapy equipment. On 28 September 2023, CNNC Accuray
(Tianjin) Medical Technology Co., Ltd. ("CNNC Accuray"), a
subsidiary of the Group, successfully obtained the medical device
registration certificate issued by the National Medical Products
Administration for its domestic high-end spiral tomotherapy system
(TOMO C). This product has become the first domestic spiral
tomotherapy product in the high-end medical field in China. The
official mass production launch event and investor exchange meeting
of TOMO C was held in Tianjin on 25 October.
In addition, CNHE-MDR, the outcome of the mobile digital medical
X-ray photography system research and development project, was
approved in June 2023 and obtained the medical device registration
certificate. The Smart Cobalt-60-based Cone Beam Focused
Stereotactic Therapy System project has completed the product type
testing and entered the clinical trial stage smoothly. The SPECT/CT
project has passed the general inspection and acceptance of the
State Administration of Science, Technology and Industry for
National Defence, with an acceptance rating of "excellent".
During the Reporting Period, the Group recorded RMB933.7 million in
revenue from nuclear medical equipment and related services,
representing a year-on-year increase of 27.5%, and accounting for
14.1% of total revenue, making it the second largest source of
revenue.
International business: Gradually deepening the global presence and
making breakthroughs in a number of businesses
During the Reporting Period, the Group robustly explored the
international market and exported breath test kits, radioimmunity
kits, radiopharmaceuticals dispensing equipment, medical equipment
and devices as well as other products to dozens of countries and
regions such as Indonesia, Brazil, Peru, Colombia, Ecuador, India,
Bangladesh, Singapore and Vietnam, realizing a total export revenue
of RMB430 million. International business revenue from regular
medical products maintained significant growth in 2023.
Marketing: Promoting brand building in an orderly manner and fully
utilizing the value of the IAEA platform
During the Reporting Period, the Group deepened its brand building
efforts. In May 2023, the Group successfully organized the "Sichuan
Medical Isotopes and Radiopharmaceutical Industry Development
Promotion Summit" in conjunction with eight departments in Sichuan
Province. In September 2023, the Group contributed to and
participated in the Conference on the High-quality Development of
the Nuclear Technology Application Industry, the 2nd China-ASEAN
Forum for Peaceful Use of Nuclear Technology, and etc. where the
Group launched cooperation demonstration projects, signed business
cooperation documents, and displayed nuclear medical equipment and
digital exhibits for nuclear medicine. The Group participated in
the Academic Annual Conference of the Nuclear Medicine Branch of
the Chinese Medical Association in 2023 to launch the Radiant
Intelligence 1.0 Intelligent Nuclear Medicine System, and co-hosted
the 2nd International Forum on the Development of Nuclear
Technology Application Industry in October 2023, fully
demonstrating the CIRC's leadership in nuclear technology
application industry.
Furthermore, the Group has been actively leveraging the value of
the IAEA Collaboration Center platform to enhance its international
influence. In August 2023, the Group hosted the "International
Training Course on Radiopharmaceuticals Preparation for the
Asia-Pacific Region" in the name of the IAEA Collaboration Center
for Radiopharmaceuticals and Radioactive Sources. The Group has
persisted in reform of its marketing center to foster the
synergistic, high-quality and safe development of its business in
radiopharmaceuticals, radioactive sources and radioactive
particles. In respect of the marketing of domestic nuclides,
internal resources were coordinated and integrated for production,
sales, distribution and services of domestic Lu-177 and Ge/Ga
generators, laying the foundation for market development after
reaching design capacity thereof in 2024.
Scientific research and innovation: Multiple projects conducting
clinical trial and work related to intellectual properties gaining
significant progress
The Group has always actively conducted research and development
work on various types of imaging diagnosis and therapeutic
pharmaceuticals to fill gaps in various fields of medical treatment
and meet the medical needs of China. As of 31 December 2023, the
Group had a number of imaging diagnosis and therapeutic
radiopharmaceuticals under research and development. Among them,
sodium fluorine injection has completed clinical trials and was
submitted for new drug application; iodine-MIBG injection was in
Phase III clinical trial; technetium sulfide colloidal injection,
Ga-Dotatate injection, fluorine betazine injection, fluorine
stamine injection, fluorine-L dopa injection and lutetium
oxyoctreotide injection were approved for the clinical trial, and a
variety of imaging diagnosis and therapeutic radiopharmaceuticals
were in preclinical research and development stage.
During the Reporting Period, the Group yielded remarkable results
in the work related to intellectual properties, with a total of 298
patents applied, 240 patent authorizations obtained, including 5
foreign design patent authorizations. As of 31 December 2023, the
Group had 945 active licensed patents, among which there were 149
invention patents, sustaining and enhancing its technological
strength. the Company had 11 registered trademarks, 38 registered
copyrights, 1 national standard, 1 energy industry standard and 6
group standards issued, and 1 national standard, 1 agricultural
industry standard, 4 nuclear industry standards and 12 group
standards under preparation/to be released.
In terms of technological awards and honors, during the Reporting
Period, the Group won 1 provincial and ministerial technology
award, 4 social science and technology awards, 1 group-level
science and technology award, and 3 awards in the CNNC Science and
Innovation Competition.
Outlook
Looking ahead, CIRC will give full play to the unique advantages of
nuclear medicine in the diagnosis and treatment of major diseases
such as neurodegenerative diseases, cardiovascular and
cerebrovascular diseases and malignant tumors, and provide quality
products, services and integrated solutions to better protect
people's lives and health and facilitate the construction of
"Healthy China".
In 2024, the Company will firmly grasp the development
opportunities, spare no effort, to maintain a good growth momentum,
make every effort to drive the economic performance to a record
high and practically improve the innovation and value creation
capabilities, continuously strengthen the core functions and
enhance the core competitiveness, and perform the three major roles
of scientific and technological innovation, industry control, and
safety support, in order to accomplish the planning objectives and
tasks and accelerate the establishment of an internationally
renowned isotope and radiation technology application products and
services supply group.
About China Isotope & Radiation Corporation
China Isotope & Radiation Corporation (referred as "CIRC" or
"the Company") since its establishment in 1983, has been dedicated
to exploring and developing nuclear technology applications.
Boasting over 40 years of industry experience, the Company has
emerged as a prominent leader in the domestic nuclear technology
industry. The Group is primarily engaged in the research,
development, manufacturing and sale of diagnostic and therapeutic
radio pharmaceuticals and radioactive source products for medical
and industrial applications, the provision of irradiation service
for sterilization purpose and engineering, procurement and
construction ("EPC") service for the design, manufacturing and
installation of gamma ray irradiation facilities and the provision
of nuclear medical equipment and services such as independent
clinical laboratory services to hospitals and other medical
institutions.
The nuclear medicine industry is an industry with immense
potential, demanding threshold, and high returns. As a leader in
China's nuclear medicine industry, CIRC is the largest domestic
manufacturer of imaging diagnostic and therapeutic
radiopharmaceuticals, UBT diagnostic kits and test analyzers, as
well as radioimmunity analysis kits. In field of radioactive source
products, it is the only core enterprise in the field of
radioactive source research and application that has industrialized
and scaled research and production capabilities. In field of
radiation, it is the third largest radiation processing service
provider in China, and the only supplier in China that provides
upstream production and downstream design and installation services
for radiation equipment. And two of its subsidiaries have been
approved by the Ministry of Ecology and Environment of the People's
Republic of China as two of the three EPC service providers
authorized to engage in the design, manufacturing, and installation
of radiation equipment.
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