R & D investment nearly tripled, and loss of Connaught intensified



On the evening of March 28, kangxinuo (688185) officially disclosed its 2020 annual report. During the reporting period, the net profit attributable to the company was about -397 million yuan, while in the same period of last year, the net profit attributable to the company was about -157 million yuan. It is not difficult to see that the loss of kangxinuo will increase in 2020, and the main reason for this situation is that the company has increased investment in R & D.

As the company’s first annual report after landing on the science and technology innovation board, the business situation of kangxinuo in 2020 has attracted market attention. On March 28, kangxinuo disclosed the company’s annual report for 2020. During the reporting period, the company realized an operating revenue of about 24.8904 million yuan, corresponding to a net profit of about -397 million yuan. In the same period of last year, the company realized a net profit of about -157 million yuan, and the company’s loss increased in 2020.


研发投入增近两倍 康希诺亏损加剧

Kangxinuo also gives an explanation for the reasons for the company’s increasing losses in 2020. Kangxinuo said that the company increased investment in R & D, especially since the outbreak of the epidemic, continued to promote the R & D Progress of relevant products in research, promoted clinical trials, and the R & D expenses increased significantly; in addition, the company promoted the commercialization of products, and the number of employees and various operating expenses continued to increase.

According to the data provided by kangxinuo, in 2020, the company’s R & D expenses reached 428 million yuan, an increase of 182.37% over the same period of last year; by the end of the reporting period, the company had 726 employees, an increase of 69.23% over the 429 employees at the end of 2019. In response to related issues, Beijing Business Daily reporter called the office of secretary of kangxinuo for an interview, but no one answered.

Statistics show that Conchino is an innovative vaccine company, mainly engaged in the development and production of high quality human vaccine. Due to the joint development and reconstitution of New Coronavirus vaccine with the Institute of biomedical engineering of the Academy of Military Medical Sciences, the company has gained considerable attention in the market. On August 13, 2020, kangxinuo officially landed on the science and technology innovation board and successfully ranked among the “a + H” stocks.

For the main work of the company in 2020, kangxinuo has given six aspects, including innovative vaccine research and development, foreign cooperation, establishment of overseas subsidiaries, listing of science and technology innovation board, recruitment and introduction of talents, and improvement of management system. Among them, in the field of innovative vaccine research and development, in 2020, Conchino mainly developed recombinant New Coronavirus vaccine, infant DTcP, DTcP enhanced vaccine, PCV13i vaccine and PBPV vaccine. In the above vaccine, the recombinant New Coronavirus vaccine has been authorized by Mexico and Pakistan for emergency use and China’s conditional listing approval.

According to Conchino, novel coronavirus pneumonia products, including 16 new vaccines, were designed to prevent Ebola virus diseases, meningitis, new crown pneumonia, DPT, pneumonia, tuberculosis and herpes zoster as of December 31, 2020.

Wang Chikun, an independent economist, told Beijing Business Daily that the net profit loss of biomedical R & D enterprises has become the norm of the industry. With continuous R & D investment and the fact that the commercialized sales of products have not yet been realized, such enterprises are basically in a state of perennial loss. According to the financial data, from 2016 to 2019, the net profit attributable to kangxinuo is about – 49.85 million yuan, – 64.45 million yuan, – 138 million yuan and – 157 million yuan respectively.

However, over the years, the R & D investment of Connaught is also at a high level. From 2016 to 2019, the R & D investment of the company is about 51.63 million yuan, 89.41 million yuan, 124 million yuan and 158 million yuan respectively.

In terms of share price, the trading market shows that kangxinuo’s share price reached a high of 577 yuan / share on February 18, 2021. As of March 28, the company’s latest share price was 377.32 yuan / share, with a total market value of 93.37 billion yuan.

On March 28, kangxinuo also disclosed an announcement on the change of accounting firm. The company plans to employ Deloitte Huayong accounting firm (special general partnership) as the domestic audit institution and internal control audit institution in 2021, and Deloitte guanhuang Chenfang as the overseas audit institution in 2021.

It is understood that in 2020, the domestic auditor of kangxinuo is PwC Zhongtian Certified Public Accountants (special general partnership) (hereinafter referred to as “PwC”), and the overseas auditor of kangxinuo in 2020 is luobingxian Yongdao Certified Public Accountants (hereinafter referred to as “luobingxian Yongdao”). As for the reasons for the change of the auditor, Connaught said that given that PwC and PricewaterhouseCoopers have provided audit services for the company’s financial statements for five consecutive years, the board of directors of the company considered that it is a good corporate governance practice to rotate the auditors within a suitable period of time. After the audit Committee of the board of directors and the board of directors of the company reviewed and considered comprehensively, the board of directors decided to re employ the auditor.

Beijing Business News (reporter Dong Liangma)

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