China Securities Intelligent Financial News Jiang Bio (688317) disclosed its 2023 annual report on April 22. In 2023, the company realized total operating income of 0.274 billion yuan, down 88.21 from the same period last year; net profit loss of 0.137 billion yuan, profit of 0.76 billion yuan in the same period last year; non-net profit loss of 0.155 billion yuan, profit of 0.712 billion yuan in the same period last year; net cash flow from operating activities was -81.8847 million yuan, compared with 0.585 billion yuan in the same period last year; during the reporting period, Zhijiang Bio's basic earnings per share was -0.71 yuan, the weighted average return on net assets was -3.41 per cent.

Based on the closing price on April 19, Zhijiang Bio's current price-to-earnings ratio (TTM) is about -20.15 times, the price-to-book ratio (LF) is about 0.72 times, and the price-to-sales ratio (TTM) is about 10.05 times.

The company's recent price-to-earnings (TTM), price-to-book (LF), and price-to-sales (TTM) historical charts are shown below:

Statistics show that the compound growth rate of total operating income of Zhijiang Biology in the past three years is -48.87%, ranking 15th among the 15 companies in the in vitro diagnostic industry that have disclosed 2023 data. The compound annual growth rate of net profit in the last three years is -152.76%, ranking 14/15.

According to the annual report, the company is a leading domestic molecular diagnostic company with advanced technology and complete products, focusing on the research and development, production and sales of molecular diagnostic reagents and equipment.

by product, in 2023, the company's main business, nucleic acid detection kit revenue of 0.201 billion yuan, down 79.52 percent year-on-year, accounting for 73.17 percent of operating income; molecular diagnostic instrument revenue of 0.056 billion yuan, down 90.78 percent year-on-year, accounting for 20.37 percent of operating income.

by the end of 2023, the total number of employees of the company was 305, with per capita income of 899500 yuan, per capita profit of -448700 yuan and per capita salary of 400100 yuan, which changed by -83.18%, -125.67% and 14.39% respectively from the same period last year.

In 2023, the company's gross profit margin was 65.12, an increase of 13.47 percentage points year-on-year; the net profit margin was -49.89, a decrease of 82.57 percentage points from the same period last year. In terms of single-quarter indicators, the company's gross profit margin in the fourth quarter of 2023 was 73.22, up 17.31 percentage points year-on-year and 0.34 percentage points month-on-month; the net profit margin was -248.08, down 277.83 percentage points from the same period last year and 253.26 percentage points from the previous quarter.

By product, the gross margin of nucleic acid testing kits and molecular diagnostic instruments in 2023 was 75.19 percent and 49.33 percent, respectively.

during the reporting period, the total sales amount of the company's top five customers was 0.062 billion yuan, accounting for 22.68 of the total sales amount, and the total purchase amount of the company's top five suppliers was 0.12 billion yuan, accounting for 41.09 of the total annual purchase amount.

According to the data, the company's weighted average return on net assets in 2023 was -3.41%, down 22.41 percentage points from the same period last year; the company's return on invested capital in 2023 was -5.57%, down 23.61 percentage points from the same period last year.

As of 2023, the company's net cash flow from operating activities was -81.8847 million yuan, a decrease of 0.667 billion yuan year-on-year; net cash flow from financing activities -0.234 billion yuan, an increase of 0.137 billion yuan year-on-year; net cash flow from investment activities -77.6889 million yuan, The same period last year was -76.0205 million yuan. Further statistics found that the company's free cash flow in 2023 was -0.159 billion yuan, compared to 0.677 billion yuan in the same period last year.

Further statistics found that the company's free cash flow in 2023 was -0.159 billion yuan, compared with 0.677 billion yuan in the same period last year.

In 2023, the company's cash ratio to operating income was 168.63 percent.

in terms of operating capacity, in 2023, the turnover rate of the company's total assets was 0.06 times, compared with 0.52 times in the same period last year (the industry average in 2022 was 0.60 times, and the company ranked 20/38 in the same industry); The turnover rate of fixed assets was 0.40 times, compared with 3.84 times in the same period last year (the industry average in 2022 was 5.40 times, and the company ranked 24/38 in the same industry); the Company's accounts receivable turnover rate and inventory turnover rate were 1.66 and 0.25 times, respectively.

In 2023, the company's period expenses were 0.161 billion yuan, a decrease of 0.178 billion yuan from the same period last year; but the period expense rate was 58.66, an increase of 44.10 percentage points from the same period last year. Among them, sales expenses decreased by 63.17 year-on-year, management expenses increased by 7.47 year-on-year, research and development expenses decreased by 41.69 year-on-year, and financial expenses changed from -0.108 billion yuan to -84.785 million yuan in the same period last year.

In terms of significant changes in assets, as of the end of 2023, the Company's inventory was higher than at the end of the previous year.Decreased by 49.69, accounting for 4.40 percentage points of the company's total assets; fixed assets increased by 12.67 compared with the end of last year, accounting for 4.28 percentage points of the company's total assets; accounts receivable decreased by 55.15 compared with the end of last year, accounting for 2.29 percentage points of the company's total assets; monetary funds decreased by 12.02 compared with the end of last year, accounting for 1.63 percentage points of the company's total assets.

in terms of major changes in liabilities, as of the end of 2023, the company's accounts payable decreased by 62.04 compared with the end of the previous year, accounting for 3.74 percentage points of the company's total assets, mainly reported; contract liabilities decreased by 59.50 compared with the end of last year, accounting for 0.66 percentage points of the company's total assets; the salary payable to employees decreased by 27.57 compared with the end of last year, accounting for 0.32 percentage points of the company's total assets; taxes payable decreased by 86.49 compared with the end of last year, accounting for 0.52 percentage points of the company's total assets.

From the perspective of inventory changes, as of the end of 2023, the book value of the company's inventory was 0.254 billion yuan, accounting for 6.63 of net assets, a decrease of 0.25 billion yuan from the end of the previous year. Among them, the provision for inventory decline is 0.192 billion yuan, with a provision ratio of 43.14.

For the whole year of 2023, the company's R & D investment was 61.0038 million billion yuan, down 41.69 percent from the same period last year. R & D investment accounted for 22.24 percent of operating income, up 17.74 percentage points from the same period last year.

According to the data, during the reporting period, the company obtained 8 new domestic filing certificates; 1 new invention patent, 3 overseas patents, 2 utility model patents, and 3 software copyrights. By the end of the reporting period, the company had obtained 111 domestic medical device registration certificates/filing certificates, including 39 Class III medical device registration certificates and 3 Class II medical device registration certificates. It has obtained 76 intellectual property rights, including 29 invention patents, 27 utility model patents, 12 design patents, 5 overseas patents and 3 software copyrights.

In terms of solvency, the company's gearing ratio at the end of 2023 was 6.12, down 5.34 percentage points from the end of the previous year, and the interest-bearing gearing ratio was 0.07, up 0.01 percentage points from the end of the previous year.

In 2023, the company's current ratio was 13.38 and its quick ratio was 12.31.

According to the annual report, among the top ten tradable shareholders of the company at the end of 2023, the new shareholder was Shao Junbin, replacing Haitong Innovation Securities Investment Co., Ltd. at the end of the third quarter. In terms of specific shareholding ratio, Ningbo Ruidao Venture Capital Partnership (Limited Partnership), Dacheng Jingheng Hybrid Securities Investment Fund, Ye Guolin, and Zhang Huiyan's shareholding increased, while Shanghai Maijing Nano Technology Co., Ltd., Xu Chunhui, and Hong Kong Securities Clearing Company Limited's shareholding decreased.

In terms of chip concentration, as of the end of 2023, the total number of shareholders of the company was 21300, a decrease of 1002 from the end of the third quarter, a decrease of 4.49; the average market value of the shares held by each household fell from 200600 yuan at the end of the third quarter to 191500 yuan, a decrease of 4.54.

Indicator notes:

P/E

= Total market cap/net profit. When the company loses money when the P/E ratio is negative, it is not practical to use the P/E ratio to value, often using the P/E ratio or the price-to-sales ratio as a reference.

Price-to-Book Ratio

= Total market capitalization/net assets. The P/E valuation method is mostly used for companies with volatile earnings and relatively stable net assets.

Market-to-sales ratio

= Total market value/operating income. The price-to-sales valuation method is usually used for growth companies that are losing money or making small profits.

The P/E and P/S ratios in this article are calculated using TTM, which is based on data for the 12 months to the most recent financial report (including forecasts). The price-to-book ratio is calculated using the LF method, which is based on the most recent financial report data.

When the P/E ratio is negative, the current decile is not displayed, which will cause the line chart to be interrupted.