1globe Health Institute LLC

BEIJING, China,--( BUSINESS WIRE )--Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, announced today its unaudited financial results for the six months ended June 30, 2022. First Half of 2022 Financial Summary Sales for the six-month period ended June 30, 2022 were $1.2 billion, compared to $11.0 billion in the prior year period. Net income attributable to common shareholders totaled $481.6 million, or $4.84 per basic and $4.24 per diluted share, in the six-month period ended June 30, 2022, compared to net income attributable to common shareholders of $5.1 billion, or $51.42 per basic and $44.80 per diluted share, in the prior year period. Mr. Weidong Yin, Chairman, President and CEO of SINOVAC, commented, “The COVID-19 pandemic will ultimately end, but the past three years have again demonstrated the importance of vaccination to fight against infectious diseases and the global need to build a resilient health system. SINOVAC is the largest Chinese COVID-19 vaccine provider and is also working to provide accessible pharmaceutical products to meet increasing worldwide healthcare demand. In parallel, Sinovac’s regular non-COVID-19 vaccine business grew 37% year over year. In addition, two products passed WHO prequalification providing further proof of Sinovac’s overall vaccine production quality system and creating new commercial opportunities outside of China. Also in 2022, we invested heavily into R&D on COVID-19 vaccines in different age groups and technological platforms. While we have proved that our inactivated vaccine is safe and effective on children, our recombinant vaccine candidate is ready for IND.” Business Updates COVID-19 Vaccine – CoronaVac ® , the inactivated COVID-19 vaccine developed by SINOVAC, has been approved for use in more than 60 countries and regions worldwide. At this time, over 2.9 billion doses of CoronaVac ® have been delivered globally, making SINOVAC the largest China-based COVID-19 vaccine provider the international market. Notably, CoronaVac ® has become the only inactivated COVID-19 vaccine in the world approved for use for children as young as six months old, after the Secretary of Health of the HKSAR of the PRC approved the lowering of the minimum age for receiving CoronaVac ® from three years to six months old for "off-label use" in early August 2022. By gaining worldwide recognition and approvals, the Company and its scientific research partners are continuously carrying out a number of real-world studies and clinical trials in different countries and regions. According to a phase III clinical trial of CoronaVac ® among children aged 6 to 35 months, a high level of antibody positive conversion was observed with the antibody level equal to, or higher than that of adults. In 2022, study results have also confirmed the safety and effectiveness of CoronaVac ® for pediatric and adolescent populations in Chile, as well as the adequate prevention from three doses of SINOVAC COVID-19 vaccine, especially for individuals over 60 years old, from several Omicron waves in Hong Kong. Sabin Inactivated Polio Vaccine (“sIPV”) – the Poliomyelitis Vaccine (Vero Cell), inactivated, Sabin strains, was prequalified by the World Health Organization (“WHO”) in June 2022, and sIPV is now available for United Nations (UN) agencies to purchase to support the global polio endgame strategy. Hepatitis A Vaccine – Healive ® , the first and only WHO prequalified hepatitis A vaccine from China, celebrated its 20 th anniversary of market launch in July 2022. With more nations’ healthcare authorities’ approvals, such as Kenya and Indonesia this year, Healive ® has been registered in 21 countries and organizations around the world and authorized to be administered in 33 countries and regions, to susceptible individuals over 12 months old. Varicella Vaccine – the live attenuated varicella vaccine was prequalified by WHO in November 2022, marking the first WHO prequalified Chinese varicella vaccine, and the fourth SINOVAC vaccine to receive WHO approval. Quadrivalent Influenza Vaccine (“QIV”) – the latest development of SINOVAC's influenza vaccine product family, entered the global market this year, by gaining a couple of overseas commercialization approvals. A phase III clinical trial for QIV was initiated in Chile through a collaboration with the Pontificia Universidad Católica de Chile in July. Unaudited Financial Results for the First Half of 2022 Sales for the first half of 2022 were $1.2 billion, compared to $11.0 billion in the prior year period. The decrease was due to the lower sales of CoronaVac ® as the initial two-dosage vaccination schedules were completed around the globe in 2021 and third booster shots were only administered in certain countries including China in 2022. Sales of non-pandemic vaccines increased 37% from $128 million to $ 176 million on broad-based growth, especially in seasonal influenza vaccine. Selling, general and administrative expenses in the first half of 2022 were $155.9 million, compared to $162.7 million in the prior year period. Selling, general and administrative expenses did not decrease in proportion to total sales as expenses incurred to sell CoronaVac ® in the comparative period were a relatively low proportion of CoronaVac ® revenues. R&D expenses in the first half of 2022 were $184.4 million, compared to $53.9 million in the prior year period. The increase was due to the largely invested into R&D on COVID-19 vaccines and overseas clinical trials of regular products. Net income in the first half of 2022 was $790.4 million, compared to $8.6 billion in the prior year period. Net income attributable to common shareholders was $481.6 million, or $4.84 per basic and $4.24 per diluted share, in the first half of 2022, compared to a net income attributable to common shareholders of $5.1 billion, or $51.42 per basic and $44.80 per diluted share, in the prior year period. As the Company announced on February 22, 2019, the Company’s Board of Directors determined that certain shareholders became acquiring persons, as defined in the Company’s rights agreement (“Rights Agreement”), under which a trigger event occurred. As a result, the Company issued new common and preferred shares of SINOVAC. Without the effect of implementing the Rights Agreement and newly-issued common and preferred shares, basic and diluted earnings per share for the first half of 2022 would be $6.76 and $5.61, respectively. Non-GAAP adjusted EBITDA was $691.3 million in the first half of 2022, compared to $10.2 billion in the prior year period. Non-GAAP net income was $628.8 million in the first half of 2022, compared to $8.6 billion in the prior year period. Non-GAAP diluted earnings per share in the first half of 2022 was $3.41 compared to $44.78 per share in the prior year period. Non-GAAP diluted earnings per share in the first half of 2022, excluding the implementation of the Rights Agreement and the newly-issued common and preferred shares, would be $4.51. Reconciliations of non-GAAP measures to the nearest comparable GAAP measures are included at the end of this earnings announcement. As of June 30, 2022, cash and cash equivalents and restricted cash totaled $6.9 billion, compared to $11.6 billion as of December 31, 2021. In the first half of 2022, net cash used in operating activities was $808.2 million, net cash used in investing activities was $3.6 billion and net cash provided by financing activities was $11.7 million. The Company’s first half of 2022 financial statements are prepared and presented in accordance with U.S. GAAP. However, they have not been audited or reviewed by the Company’s independent registered accounting firm. Legal Proceedings Antigua Litigation As previously disclosed by the Company, on March 13, 2018, 1Globe Capital LLC (“1Globe”) filed a complaint against the Company in the Antigua Court. The trial of the matter took place from December 3 to 5, 2018. On December 19, 2018, the Antigua judge handed down his judgment (the “Antigua Judgment”), finding fully in favor of the Company, dismissing 1Globe’s claim and declaring the Rights Agreement was validly adopted as a matter of Antigua law. On January 29, 2019, 1Globe filed a Notice of Appeal against the Antigua Judgment. On March 4, 2019, 1Globe filed an application for urgent interim relief, seeking an injunction to prevent the Company from continuing to implement its Rights Agreement until the resolution of the appeal. This application was heard on April 4, 2019, at which the Court of Appeal issued an order restraining the Company from operating the Rights Agreement in any way that affects 1Globe’s rights or shareholding or otherwise distributing the exchange shares to the Company’s shareholders who did not trigger the Rights Plan until after the determination of the appeal (the “Exchange Shares”). 1Globe’s appeal against the Antigua Judgment was heard on September 18, 2019, and the appeal decision was announced by the Eastern Caribbean Supreme Court, Court of Appeal (the “Court of Appeal”) on December 9, 2021, upholding the Antigua Judgment in each point. The Court of Appeal also confirmed that SINOVAC’s Rights Agreement was consistent with its Articles of Incorporation and By-laws, and Antiguan business law. In January 2022, the Court of Appeal extended the order initially made on April 4, 2019, that restrains SINOVAC from taking further action under its Rights Agreement, including the distribution of the previously issued Exchange Shares, until the conclusion of any appeal to the Privy Council. 1Globe applied for leave to appeal to the Judicial Committee of the Privy Council (the “Privy Council”), and the hearing of the application was held on February 24, 2022, in which the Court of Appeal granted 1Globe leave to appeal to the Privy Council on certain grounds, although not including the challenge to the validity of the Rights Agreement. On April 19, 2022, 1Globe renewed its application directly to the Privy Council for leave to appeal on its ground of appeal concerning the validity of the Rights Agreement. On July 13, 2022, 1Globe filed its Notice of Appeal on those grounds on which the Court of Appeal had granted 1Globe leave to appeal. On September 16, 2022, 1Globe filed an application to the Privy Council seeking permission to amend its existing application for permission to appeal, and its existing Notice of Appeal, and to seek permission to appeal on another ground rejected by the Court of Appeal concerning the exercise of the Antigua Court’s discretion. Sinovac responded on October 21, 2022, and the parties now await a decision from the Privy Council upon these procedural applications. 1Globe has not yet taken steps to list a substantive hearing before the Privy Council. US Litigation As previously disclosed, on March 5, 2018, the Company filed a lawsuit in the Court of Chancery of the State of Delaware, seeking a determination on whether 1Globe, the Chiang Li Family, OrbiMed Advisors, LLC and certain other shareholders of the Company had triggered the Rights Agreement. On April 12, 2018, 1Globe filed an amended answer to the Company’s complaint, counterclaims and a third-party complaint against the Company and Mr. Weidong Yin, alleging, among other allegations, that the Rights Agreement is not valid. On March 6, 2019, the Delaware Chancery Court entered a status quo order, providing that the Company not distribute any of the Exchange Shares to the Company’s shareholders who did not trigger the Rights Plan until the final disposition of the pending Delaware litigation or further order of the Court. On April 8, 2019, the Delaware Chancery Court stated that the Delaware litigation was pending the final outcome of 1Globe’s appeal of the Antigua Judgment. Separately, Heng Ren Investments LP (“Heng Ren”) filed suit against SINOVAC and Weidong Yin on May 31, 2019 in Massachusetts state court for the alleged breach of fiduciary duties and wrongful equity dilution. SINOVAC moved the matter from the state court to Massachusetts federal court. Heng Ren alleged that Mr. Yin breached fiduciary duties owed to minority shareholders, that SINOVAC aided and abetted breaches of fiduciary duties and that both SINOVAC and Mr. Yin engaged in wrongful equity dilution in connection with the private placement of SINOVAC common shares (the “PIPE”) with private investors in 2018. Heng Ren requested damages, attorney fees, and prejudgment interest. In July 2021, SINOVAC moved to dismiss Heng Ren’s amended complaint. On March 4, 2022, the court granted the motion as to the breach of fiduciary duty claims, denied the motion as to the wrongful equity dilution claim, and denied reconsideration of its decision on the motion. SINOVAC had answered the complaint, and the litigation is pending. On December 5, 2022, a purported shareholder filed a putative class action complaint in Massachusetts federal court, asserting a claim under Section 204 of the Antigua and Barbuda International Business Corporations Act related to the PIPE transaction, alleging that all shareholders were harmed in an identical manner to one another by the PIPE transaction because the shares that were issued in the PIPE transaction allegedly undervalued the Company and all shareholders were purportedly wrongfully diluted as a result. The purported shareholder is represented by the same attorney who represents Heng Ren, and requests damages, attorneys’ fees, and prejudgment interest. The matter is in preliminary stages. PRC Litigation On May 16, 2018, Sinovac Hong Kong filed a complaint against Sinobioway Medicine, Mr. Aihua Pan, and Shandong Sinobioway Biomedicine Co., Ltd. in the Beijing Fourth Court. The complaint sought to hold the defendants jointly and severally liable for the torts they committed during an attempt of the defendants to take physical control of our facility in Shangdi site in Beijing on April 17, 2018. Later, Sinovac Hong Kong made an application to the court to add Sinovac Beijing as a third party to participate in the proceedings. The court has granted an order, permitting Sinovac Beijing to participate in the proceedings as a third party. At the hearing held on July 2, 2019, Sinovac Hong Kong, the defendants and Sinovac Beijing cross-examined the evidences submitted by each party. Based on the result of the cross-examination, the court declared that an independent evaluation firm shall be engaged by both the defendants and Sinovac Hong Kong to evaluate the losses and damages sustained by Sinovac Beijing as the result of the actions taken by the defendants on April 17, 2019. An independent evaluation firm was selected by the court and the evaluation was conducted accordingly. On September 17, 2020, the Beijing Fourth Court issued a judgment holding Sinobioway Medicine and Mr. Aihua Pan liable for torts and breaches of shareholders fiduciary duty under the PRC Company Law and liable for Sinovac Beijing’s losses of RMB15.4 million caused by their disruptive actions. Sinovac Beijing, Sinobioway Medicine and Mr. Aihua Pan filed notice to appeal to the Higher People’s Court of Beijing Municipality. On October 31, 2022, the Higher People’s Court of Beijing Municipality issued a judgment in favor of Sinovac Hong Kong, upholding the judgment issued by the Beijing Fourth Court and ruling that Shandong Sinobioway Biomedicine, as the sole shareholder of Sinobioway Medicine, is jointly and severally liable for all the relevant obligations of Sinobioway Medicine to Sinovac Hong Kong. On November 15, 2021, Sinobioway Medicine filed a complaint against Sinovac Beijing and Sinovac Hong Kong in Beijing Fourth Court. The complaint sought to dissolve and liquidate Sinovac Beijing with the argument that the board of directors of Sinovac Beijing has been unable to function for the benefit of the company and the two shareholders of Sinovac Beijing have gotten into a deadlock. The case is pending. In November 2021, Sinobioway Medicine filed a complaint against Sinovac LS, Sinovac Hong Kong, Mr. Weidong Yin and Keding Investment (Hong Kong) Limited with the Beijing Fourth Court, claiming that Sinovac LS has infringed the legitimate rights of Sinovac Beijing when doing the research and development of CoronaVac. Sinobioway Medicine listed Sinovac Beijing as a third party in the case. The case is pending. Status of Exchange Shares and Trading in the Company’s Shares As a result of the pending legal proceedings described above, the Exchange Shares are expected to remain in a trust for the benefit of the Company’s shareholders who did not trigger the Rights Plan until, at least, the conclusion of the appeal against the Antigua Judgement and the final disposition of the Delaware litigation or further order of the Delaware Chancery Court. The Exchange Shares remain issued and outstanding. The Nasdaq Stock Market LLC implemented a halt on trading of the Company’s common shares at the time the Exchange Shares were issued to the trust. The Company is currently unable to estimate when trading will resume, or if Nasdaq will take any additional action in regards to trading of the Company’s common shares. The Holding Foreign Companies Accountable Act Our auditor, Grant Thornton Zhitong Certified Public Accountants LLP, is an independent registered public accounting firm. In December 2020, the US Congress enacted the Holding Foreign Companies Accountable Act (“HFCAA”), which directs the US Securities and Exchange Commission (the “SEC”) to delist from US stock exchanges any company if the company’s principal audit firm is in a country in which the US Public Company Accounting Oversight Board (“PCAOB”) is unable to conduct a complete inspection of the firm. In December 2021, the PCAOB published a report providing its view that authorities in China and Hong Kong prevented the PCAOB from inspecting audit firms headquartered in China and Hong Kong. The list of audit firms included our auditor. However, on December 15, 2022, the PCAOB announced that it was effectively reversing its determination that it is unable to inspect audit firms based in Mainland China and Hong Kong. The PCAOB’s action follows an August 2022 agreement among the PCAOB, the China Securities Regulatory Commission (“CSRC”) and the Ministry of Finance of the PRC (“MOF”) that provided a framework for PCAOB inspections and several weeks of on-the-ground work by PCAOB staff in Hong Kong to conduct those inspections. In December 2022, congressional action shortened the HFCAA timeline for a potential trading prohibition from three years to two years. Despite the reversal from the PCAOB, the SEC indicated that the PCAOB’s inspection work of audit firms in China must continue in order to avoid having companies again face a potential delisting under the HFCAA, and China-based companies that list in the United States are expected to provide specific and prominent disclosures about heightened operational and legal risks associated with their business. About SINOVAC Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of vaccines that protect against human infectious diseases. SINOVAC’s product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, mumps, etc. The COVID-19 vaccine, CoronaVac ® , has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive ® , passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive ® , is an innovative vaccine under "Category 1 Preventative Biological Products" and commercialized in China in 2016. In 2022, SINOVAC’s Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO. SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine Panflu.1 ® , which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu ® , to the Chinese government stockpiling program. SINOVAC continually dedicates itself to new vaccine R&D, with more combination vaccine products in its pipeline, and constantly explores global market opportunities. SINOVAC plans to conduct more extensive and in-depth trade and cooperation with additional countries, and business and industry organizations. For more information, please visit the Company’s website at www.sinovac.com . Safe Harbor Statement This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. In particular, the outcome of any litigation is uncertain, and the Company cannot predict the potential results of the litigation it filed or filed against it by others. Additionally, the triggering of a shareholder rights plan is nearly unprecedented, and the Company cannot predict the impact on the Company or its stock price as a result of the trigger of the rights plan. Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, SINOVAC uses the following non-GAAP financial measures: non-GAAP adjusted EBITDA, non-GAAP net income and non-GAAP diluted EPS. For more information on these non-GAAP financial measures, please refer to the table captioned “Reconciliations of non-GAAP Measures to the Nearest Comparable GAAP Measures” in this results announcement. SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net income and non-GAAP diluted EPS help identify underlying trends in its business that could otherwise be distorted by the effect of certain income or expenses that SINOVAC includes in net income and diluted EPS. SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net income and non-GAAP diluted EPS provide useful information about its core operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Non-GAAP adjusted EBITDA, non-GAAP net income and non-GAAP diluted EPS should not be considered in isolation or construed as an alternative to income from operations, net income, diluted EPS, or any other measure of performance or as an indicator of SINOVAC’s operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. Non-GAAP adjusted EBITDA represents net income and excludes interest and financing expenses, interest income, net other income and income tax benefit (expenses), and certain non-cash expenses, consisting of share-based compensation expenses, amortization and depreciation that SINOVAC does not believe are reflective of the core operating performance during the periods presented. Non-GAAP net income represents net income before share-based compensation expenses and foreign exchange gain or loss. Non-GAAP diluted EPS represents non-GAAP net income attributable to common shareholders divided by the weighted average number of shares outstanding during the periods on a diluted basis, including accounting for the effect of the assumed conversion of options. SINOVAC BIOTECH LTD. Consolidated Balance Sheets As of June 30, 2022 and December 31, 2021 (Expressed in thousands of U.S. Dollars) June 30, 2022 December 31, 2021 (Unaudited) Current assets Cash and cash equivalents $ 6,857,905 $ 11,608,855 Restricted cash 9,189 10,905 Short-term investments 4,988,240 1,806,449 Accounts receivable - net 969,561 952,402 Inventories 266,864 375,511 Prepaid expenses and deposits 23,328 160,987 Total current assets 13,115,087 14,915,109 Property, plant and equipment – net 949,422 903,298 Prepaid land lease payments 44,932 39,730 Intangible assets - net 1,315 1,480 Long-term prepaid expenses 24 25 Long-term investments 697,115 655,835 Prepayments for acquisition of equipment 129,721 65,290 Deferred tax assets 64,821 52,031 Right-of-use assets 63,347 115,376 Total assets 15,065,784 16,748,174 Current liabilities Short-term bank loans and current portion of long-term bank loans 104 3,099 Loan from a non-controlling shareholder 1,501 1,582 Accounts payable and accrued liabilities 334,294 1,020,651 Income tax payable 158,540 1,267,504 Deferred revenue 32,763 79,941 Deferred government grants 11,209 12,559 Dividend payable 20,083 17,125 Lease liability 6,367 10,385 Total current liabilities 564,861 2,412,846 Deferred government grants 7,265 4,870 Long-term bank loans 12,150 12,668 Deferred tax liability 325,917 324,164 Loan from a non-controlling shareholder 4,479 4,708 Lease liability 57,118 112,465 Other non-current liabilities 137 444 Total long-term liabilities 407,066 459,319 Total liabilities 971,927 2,872,165 Commitments and contingencies Equity Preferred stock 15 15 Common stock 100 100 Additional paid-in capital 547,691 547,691 Subscriptions receivable - (7,109 ) Accumulated other comprehensive income (loss) (217,469 ) 130,622 Statutory surplus reserves 1,514,297 1,514,297 Accumulated earnings 7,623,373 7,141,819 Total shareholders' equity 9,468,007 9,327,435 Non-controlling interests 4,625,850 4,548,574 Total equity 14,093,857 13,876,009 Total liabilities and equity $ 15,065,784 $ 16,748,174 SINOVAC BIOTECH LTD. Consolidated Statements of Comprehensive Income For the six months ended 2022 and 2021 (Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data) Six months ended June 30 2022 2021 (Unaudited) (Unaudited) Sales $ 1,212,290 $ 10,981,056 Cost of sales 254,362 631,766 Gross profit 957,928 10,349,290 Selling, general and administrative expenses 155,880 162,657 Provision (recovery) for doubtful accounts 807 (561 ) Research and development expenses 184,394 53,911 Loss on disposal of property, plant and equipment 3,286 294 Government grants recognized in income (14 ) (686 ) Total operating expenses 344,353 215,615 Operating income 613,575 10,133,675 Interest and financing expenses (623 ) (1,522 ) Interest income 83,998 30,804 Other income (expense), net 229,458 (949 ) Income before income taxes 926,408 10,162,008 Income tax expense (135,962 ) (1,569,934 ) Net income 790,446 8,592,074 Less: income attributable to non-controlling interests (305,934 ) (3,483,748 ) Net income attributable to shareholders of Sinovac 484,512 5,108,326 Preferred stock dividends (2,958 ) (2,958 ) Net income attributable to common shareholders of Sinovac 481,554 5,105,368 Net income 790,446 8,592,074 Other comprehensive income, net of tax of nil Foreign currency translation adjustments (579,251 ) 30,995 Comprehensive income 211,195 8,623,069 Less: comprehensive income attributable to non-controlling interests (74,774 ) (3,495,019 ) Comprehensive income attributable to shareholders of Sinovac 136,421 5,128,050 Earnings per share Basic net income per share 4.84 51.42 Diluted net income per share 4.24 44.80 Weighted average number of shares of common stock outstanding Basic 99,502,243 99,294,743 Diluted 114,172,782 114,013,068 SINOVAC BIOTECH LTD. Consolidated Statements of Cash Flows For the six months ended 2022 and 2021 (Expressed in thousands of U.S. Dollars) Six months ended June 30 2022 2021 (Unaudited) (Unaudited) Operating activities Net income $ 790,446 $ 8,592,074 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes (15,837 ) (70,894 ) Share-based compensation - 1,512 Inventory provision 56,203 1,433 Provision (recovery) for doubtful accounts 807 (561 ) Loss on disposal of property, plant and equipment 3,286 294 Depreciation of property, plant and equipment 75,159 16,526 Amortization of prepaid land lease payments 2,503 1,372 Amortization of intangible assets 97 89 Government grants recognized in income (14 ) (686 ) Changes in: Accounts receivable (140,015 ) (1,133,990 ) Inventories 37,251 (301,530 ) Income tax payable (1,083,624 ) 1,327,797 Prepaid expenses and deposits 133,914 (42,465 ) Deferred revenue (45,121 ) (32,856 ) Accounts payable and accrued liabilities (622,923 ) 729,031 Other non-current liabilities (298 ) (9 ) Net cash provided by (used in) operating activities (808,166 ) 9,087,137 Financing activities Proceeds from bank loans 199 13,346 Repayments of bank loans (3,038 ) (13,902 ) Proceeds from shares subscribed - 37 Dividend paid to non-controlling shareholders (2,469 ) (37,798 ) Proceeds from subsidiary's financing 12,000 - Government grants received 5,021 1,235 Loan from a non-controlling shareholder - 7,110 Repayments of loan from a non-controlling shareholder (12 ) (25 ) Net cash provided by (used in) financing activities 11,701 (29,997 ) Investing activities Purchase of short-term investments (15,123,334 ) (4,379,773 ) Proceeds from redemption of short-term investments 11,890,425 1,548,716 Proceeds from disposal of equipment 603 52 Prepaid land lease payments (9,658 ) (12,390 ) Acquisition of property, plant and equipment (279,398 ) (431,485 ) Purchase of long-term investments (63,280 ) - Net cash used in investing activities (3,584,642 ) (3,274,880 ) Effect of exchange rate changes on cash and cash equivalents and restricted cash (371,559 ) 23,896 Increase (decrease) in cash and cash equivalents and restricted cash (4,752,666 ) 5,806,156 Cash and cash equivalents and restricted cash, beginning of period 11,619,760 1,050,204 Cash and cash equivalents and restricted cash, end of period 6,867,094 6,856,360 SINOVAC BIOTECH LTD. Reconciliations of Non-GAAP measures to the nearest comparable GAAP measures For the six months ended 2022 and 2021 (Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data) Six months ended June 30 2022 2021 (Unaudited) (Unaudited) Net income $ 790,446 $ 8,592,074 Adjustments: Share-based compensation - 1,512 Depreciation and amortization 77,759 17,987 Interest and financing expenses, net of interest income (83,375 ) (29,282 ) Other expense (income), net (229,458 ) 949 Income tax expense 135,962 1,569,934 Non-GAAP adjusted EBITDA 691,334 10,153,174 Net income 790,446 8,592,074 Less: Foreign exchange gain (161,619 ) (5,153 ) Add: Share-based compensation - 1,512 Non-GAAP net income 628,827 8,588,433 Net income attributable to common shareholders of Sinovac 481,554 5,105,368 Add: Preferred stock dividends 2,958 2,958 Net income attributable to common shareholders of Sinovac for computing diluted earnings per share 484,512 5,108,326 Add: Non-GAAP adjustments to net income (95,093 ) (1,830 ) Non-GAAP net income attributable to common shareholders of Sinovac for computing non-GAAP diluted earnings per share 389,419 5,106,496 Weighted average number of shares on a diluted basis 114,172,782 114,013,068 Diluted earnings per share 4.24 44.80 Add: Non-GAAP adjustments to net income per share (0.83 ) (0.02 ) Non-GAAP diluted earnings per share 3.41 44.78

又到一年年末，大家放松心情整理行囊之前都有一件不得不做的事，就是做这一年的年终总结。对于很多上市药企而言，2022年并不好过，更不好过的是，很多失败，还不能甩锅给疫情。对上市公司而言，沪深两大交易所的问询函是监管风向标。交易所普遍会针对财务报告、并购重组、关联交易、股票异常波动和媒体报道的社会热点等事件发出问询函，要求上市公司在规定时间内书面回函并公开披露。而今年有些上市公司“触发”问询函的原因，总是让人哭笑不得。现金不翼而飞、子公司失控、管理层大打出手……2022年，这些上市药企们踩过的坑，2023年还会再踩一遍吗？曾豪言收购“修正药业”，如今股价“腰斩”，前董事长被捕近日，吉药控股公告称，经吉林证监局调查，吉药控股涉嫌信息披露违法，吉药控股及其子公司因融资租赁、担保、金融借款、民间借贷等事项，发生重大诉讼6起，连续十二个月累计涉诉金额为8.04亿元，拟对公司、原董事长孙军以及原总经理许蔚合计罚款390万元。这并不是吉药控股第一次涉嫌信披违规，2019年7月，因为吉药控股先发公告称拟收购体量远大于自己的东北传统药企修正药业，短短几日后又宣布终止收购，股价大起大落的同时，也因信披违规受到了证监会处罚。因受疫情影响，吉药控股自2022年5月5日开市起停牌。直至6月29日才发布了2021年年报，随后，公司股票于6月30日开市起复牌同时被实施退市风险警示及其他风险警示，股票简称由“吉药控股”变更为“*ST吉药”。在年报中吉药控股提到，由于公司流动资金严重短缺，公司及部分子公司2021年度多项金融机构借款和融资租赁借款逾期、欠息，引发多起诉讼、导致多个银行账户被冻结、多项资产被查封，公司及部分子公司生产经营受到严重影响，致使公司本年度归属于上市公司股东净利润继续亏损。而其会计师事务所对财务报告的审计意见为：无法表示意见。经营一团糟的同时，公司原高管也不让人省心。8月12日晚，ST吉药公告称收到公安机关通知，公司原董事长孙军，原董事、副总经理王德恒因涉嫌职务犯罪已被批准逮捕。2018年至2021年，*ST吉药分别实现净利润2.17亿元、-17.72亿元、-3.8亿元和-4.51亿元。“子公司失控”，“并购大户”瑞康医药下一步还“买买买”吗？12月15日晚间，瑞康医药公告称，拟收购关联方持有的山东乐康金岳实业有限公司（以下简称乐康金岳）9.6409%的股份；交易完成后，乐康金岳将成为上市公司的全资子公司。在2022年陷入“子公司失控”的处境中后，最后并购大户的瑞康生物并没有就此停下步伐。早在2021年，瑞康医药公告称部分被收购子公司与公司发展战略发生分歧，拟有序清退，就开始起诉子公司追借款。诉讼案件总金额达11.74亿元，其中涉及瑞康医药子公司的诉讼金额高达9.54亿元。随后，瑞康生物2021年年报显示，因对未来期间经营管理未能达成一致，自2021年1月1日始，对甘肃瑞康医药有限公司及其子公司、太原维康鸿业科技有限公司及其子公司、北京金凯惠医疗器械有限责任公司及其子公司失去控制；自2021年10月1日始，对郑州源生吉医疗科技有限公司及其子公司失去控制。深交所随后在年中问询函中要求瑞康医药就“子公司失控”等问题进行解释，并要求公司于2022年5月23日前书面回复该函件。自2015年以来，瑞康医药不断扩张，几年时间内已经并购了一百多家公司。但规模扩大对营收的影响却未必全是好事。自2015年以来，瑞康医药营收从97.5亿一路攀升至2019年的352.59亿，随后大幅回落，净利润同样在连续上涨后呈现下滑趋势，2019年净亏损为9.28亿元，2020年和2021年才堪堪“回暖”。子公司“被”非法入股，未名医药报警立案11月23日，未名医药发布公告称，针对杭州强新生物科技有限公司入股公司控股子公司未名生物医药有限公司事项，公司已于2022年8月12日向淄博市公安局张店分局报案，淄博市公安局张店分局认为符合立案条件，立案侦查。据悉，今年8月，深交所曾向未名医药下发关注函，收到投资者投诉，杭州强新以约29亿元入资厦门未名，获得厦门未名约34%的股份，该事项已于2022年5月18日完成工商变更，根据协议，杭州强新将向厦门未名委派一名董事。但未名医药在10月份给深交所的回复函中表示，公司时任董事及时任董秘在2022年5月18日后陆续知晓杭州强新入股厦门未名。公司董事会确定未收到过杭州强新入股厦门未名事宜的相关文件，未就杭州强新入股厦门未名事宜召开过董事会，未就杭州强新入股厦门未名事宜履行过相应的审议程序，也不存在厦门未名敦促本公司履行信息披露义务信息的情形。目前公安机关已介入调查，相关工作仍在进展中。值得注意的是，未名医药还在回复中表示，公司对厦门未名拥有控制权，不存在失去控制权的情形。董事长曾“失联”，公司退市，揽海医疗梦碎上海滩2022年11月，据中国执行信息公开网显示，览海控股再次被列入被执行人名录，执行标的约为780万元，公司目前被执行总金额已达到11.23亿元。这家自诞生起就“高举高打”，又有名人效应背书的机构如今已然从繁华处退场，只留下令人唏嘘的故事结局。2016年，览海控股进行产业转型，进军医疗领域。因其实控人密春雷妻子董卿央视主持人的身份，这起跨界转型“范本”一直以来颇受关注。揽海医疗旗下一度6家子公司，其中有专科医院、综合医院、康复中心等等。不过，医疗的壁垒之高，远非资本可以轻易撬动。2022年年初，密春雷去向不明，6月20日，览海医疗发布公告称，上交所决定终止公司股票上市，涉及超3万股民投资者。与此同时还有其未按规定披露关联方资金占用、关联方债权未收回等信息，海南证监局因此对揽海医疗及密春雷等人采取出具警示函的行政监管措施，2022年7月25日，揽海医疗被上海证券交易所予以摘牌。华北制药36.75亿现金“不翼而飞”被质疑6月20日，华北制药收到了上交所的信息披露监管工作函，要求其对2021年年报的财务信息进行说明。其中华北制药在冀中能源集团财务有限责任公司存款余额在四个月间“不翼而飞”被质疑。据悉，根据华北制药年报及相关公告披露，截至2021年12月31日，华北制药在冀中能源集团财务有限责任公司存款余额为44.2亿元，2022年1月1日，公司使用财务公司存款偿还河北银行贷款本金及利息，财务公司存款余额降至36.75亿元；截至报告披露日，也就是4月27日，公司在财务公司的存款余额为0元。上交所要求华北制药说明这36.75亿元的去向，以及报告披露日至今是否新增存入财务公司存款。今年7月，华北制药回复了上交所的问题称，财务公司存款取出后未实施专户存储管理。财务公司存款及利息36.9亿元取出后转入物资供应分公司农业发展银行账户，主要用于日常生产经营活动、偿还银行借款支出等。自2021年年度报告披露日至今无新增存入财务公司存款。基石药业理财亏5000万元今年6月1日，停牌了两个月的基石药业-B终于恢复了交易，但值得注意的是，在恢复交易的头一天，即5月31日，基石药业还在公告中称由于投资理财亏损超5000万元。事情的经过是，2021年6月，时任基石药业财务副总裁的翁晓路发现投资事项机会并与相关第三方磋商，其后向时任首席执行官建议使用公司闲置资金投资招银国际及招银国际金融的银行集团，并声称投资事项能产生低风险的良好回报。得到首席执行官的口头批准后，翁晓路安排以CStone Pharm (HK)的名义于招银国际证券开设证券交易账户，并于2021年7月7日向招银国际证券汇款3000万美元。于2021年7月14日，翁晓路与招银国际证券确认认购本金额为约2.33亿港元，到期日为2021年12月30日。投资事项的总认购金额约为2.28亿港元（经扣除认购费用及其他开支后）。但这笔投资并非低风险，公告显示，截至2022年3月31日，未变现亏损约为名义金额的29%，也就是造成了大约超过5000万元的投资亏损。董事长引咎辞职，实控人取保候审，明星企业深陷资金“旋涡”作为首批登陆北交所的81家企业之一，也是首个遭北交所记录处分的药企，生物谷身上一度贴着大大的“惨”字。2022年4月底以来，因大股东占用生物谷超2亿资金，且迟迟无法归还，这家药企不仅屡遭监管问询，更是在不到一年的时间里经历了公司董事长、董秘等高管接连离职、公司第二大股东易主、实控人被取保候审、旗下在建项目延期等一系列变故。这些变故横生，起源于其年报的发布。2022年4月底，永中和会计师事务所对生物谷2021年年报出具了保留意见的审计报告，报告中提到，截至审计报告日，公司控股股东金沙江投资尚未归还生物谷资金合计2.77亿元。随后，北交所下发问询函，云南证监局同样对其出具了行政监管措施决定书。在受到监管机构关注后，生物谷大股东金沙江投资一度承诺将在6月30日前归还全部占用资金，但直到7月6日，仅归还了2000万元，仍有2.57亿元占用资金未收回。面对上市公司被大股东当“提款机”这一尴尬局面，生物谷原二股东海国新动能选择了“分手”，要求终止合作并退出金沙江投资，并与林艳和签署协议约定，约定林艳和以2.28亿元受让海国新动能持有的金沙江投资27.52%股权。原股东选择抽身离开的同时，公司高管们也开始选择离开是非之地。生物谷董事长林艳和、董事会秘书杨智玲和监事会主席蔡泽秋也于7月23日递交辞职报告。其中，林艳和的辞职原因是“个人原因”，杨智玲和蔡泽秋的辞职原因皆为“工作原因”。入职生物谷前后不到1个月的原总经理助理徐天水被选为公司新任董事长。9月底，生物谷公告表示实控人林艳和已被昆明市公安局取保候审，生物谷向深圳市中级人民法院申请财产保全，请求依法对其控股股东金沙江投资、实际控制人林艳和名下等值于2.73亿元的财产进行保全，即对金沙江和林艳和持有的全部生物谷股权进行了司法冻结或轮候冻结。原本风光无限的明星企业，徒留一地鸡毛。云南白药炒股赔近20亿元今年3月，云南白药披露了2021年业绩，全年营收363.74亿元，同比增长11.09%，归母净利润28.04亿元，同比增长-49.17%。值得注意的是，归母净利润出现下滑的主要原因是证券投资亏损。从年报披露数据来看，云南白药报告期内公允价值变动收益为-19.29亿元，形成变动的原因为“公司持有的证券、基金单位净值变化产生。”值得注意的是，在云南白药2022年中报中又披露了报告期内公允价值变动收益为-4.17亿元，形成原因依旧为“公司持有的证券、基金单位净值变化产生。”截至2022年上半年，尽管中报中说明本年处置了部分股票投资及基金投资，但云南白药的交易性金融资产仍高达28.88亿元。多年无实控人，嘉应制药夺权之争2021年9月，嘉应董秘被“关门殴打”一事冲上热搜，一时间，上市公司夺权上演“全武行”成为行业热议。事实上，这起事件的背后是嘉应制药内部两大派系老虎汇和新南方投资的“内斗风云”。据悉，嘉应制药长期处在无实控人的状态，此前其第一大股东老虎汇持股比例仅为持股比例为11.27%。而在引入朱拉伊的新南方投资后，老虎汇与新南方投资在2021年6月签订《表决权委托协议》，拟通过定增引入新南方投资，老虎汇将所持股份不可撤销地委托了给了新南方投资，达成了短暂的平衡。但之后由于新南方投资提名上述被殴打董秘黄利兵担任公司执行总经理遭到否决，以及新南方投资未能妥善处理所受让三位股东的利益，老虎汇、新南方投资双方“合作”破裂。去年11月，在嘉应制药第五次临时股东大会上，老虎汇一方的非独立董事徐胜利、独董肖义南被罢免，董事长朱拉伊取得董事会多数席位。今年9月，朱拉伊又因个人原因提交书面辞呈，辞去总经理一职，但仍担任公司董事长。迄今，嘉应制药总经理一职仍空缺。

转自：企业公告 整理：青于蓝8月8日至10月17日，深交所对未名医药三次下发关注函，这是因为子公司厦门未名34%股权“被偷卖”未名医药收到的关注函。其中8月22日再次的发出关注函，重点关注了未名医药是否存在失去厦门未名控制权的情形等问题。10月17日，未名医药再次收到深交所的问询函，未名控制权等五个问题；而未名医药将延期回复关注函更引发业界热议。  公开资料显示，厦门未名是未名医药的核心子公司，未名医药的核心产品神经生长因子等生物药的研发、生产和销售都归属于厦门未名。2022年上半年，厦门未名净利润0.67亿元，远高于母公司的归母净利润0.24亿元。8月8日，深交所对未名医药下发关注函，称收到投资者投诉，杭州强新以约29亿元入资厦门未名，获得约34%的股份，该事项已于2022年5月18日完成工商变更。8月19日，在对上述关注函的回复中未名医药表示，公司现任董事长岳家霖通过第三人于2022年7月22日调取工商备案材料时，方才知悉杭州强新入股厦门未名相关具体事项。公司认为厦门未名出现核心资产流失和重大利益被侵占，该交易既不合规也不合法。对此，8月22日，深交所再次发出关注函，重点关注了未名医药是否存在失去厦门未名控制权的情形等问题。未名医药回复，对杭州强新入股厦门未名事宜不予以认可。因此，公司对厦门未名拥有控制权，不存在失去控制权的情形。10月11日，未名医药发布公告表示要将子公司厦门未名持有的北京科兴26.91%的股权划转至未名医药。 与此同时，未名医药表示将免去未名医药创始董事长潘爱华在北京科兴的董事、董事长及法定代表人职务，委派未名医药现任董事长岳家霖担任北京科兴的董事、董事长和法定代表人。  10月17日，深交所再度对未名医药下发关注函指出，10月12日，在有关媒体报道的《厦门未名就事关公司发展的几个问题向未名医药全体股东的说明》中，厦门未名称，岳家霖被选举为未名医药董事长及法定代表人违反未名医药公司章程，为无效选举；杭州强新此次战略入资，厦门未名董事会及管理团队与未名医药主要股东及董事会成员多次沟通，在获得工商变更批准后，厦门未名将相关文件于2022年5月18日转给未名医药董事会，同时敦促未名医药履行公告义务；未名医药通过第三人于2022年7月22日调取工商备案材料时，才知悉杭州强新入股厦门未名与事实不符；入资协议签订后，厦门未名和杭州强新一直按照协议推进入资事项。  显然，上述表示与未名医药前期的复函内容相互矛盾。  深交所要求公司自查并说明岳家霖被选举为公司董事长及法定代表人是否违反《公司章程》相关规定，是否为无效选举；公司是否存在失去厦门未名控制权的情形；进一步自查并说明知晓杭州强新入股厦门未名相关事项的具体时间，是否收到杭州强新入资厦门未名的相关文件，公司内部是否就杭州强新入资厦门未名事项履行相应的审议程序，厦门未名是否敦促公司履行信息披露义务。  作为未名医药的核心资产，北京科兴的投资收益一度赶超母公司。此番内部操作北京科兴股权，似在重新夺得掌控权。  未名医药在继续延期回复深圳证券交易所关注函的公告中表示，截至2022年10月17日，因上述回函准备工作仍未完成，为确保回复内容的真实、准确、完整，经向深圳证券交易所申请，将继续延期回复《关注函》，预计在2022年10月21日之前完成《关注函》回复。小编持续关注中。推荐阅读：蒲公英Ouryao视频号我们上线了蒲公英Ouryao视频号，每期3分钟，学习制药英语，用制药点燃你的语言星球。你的每一次“在看”，我都看得见！