SHENYANG, China, March 19, 2013 /PRNewswire/ -- 3SBio Inc. (NASDAQ: SSRX) ("3SBio" or "the Company"), a leading China-based biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2012.
Full Year 2012 Financial Highlights:
Fourth Quarter 2012 Financial Highlights:
Full Year 2012 Business Highlights
Operations
Full Year Ended December 31, 2012 Unaudited Financial Results
Net revenues. Net revenues for 2012 increased by 23.7% to RMB669.9 million (US$107.5 million), from RMB541.6 million (US$86.1 million) in 2011. The increase was largely due to continued strong sales of EPIAO and TPIAO, underpinned by continued strong demand in the oncology and nephrology markets.
Net revenues from EPIAO in 2012 increased by 17.3% to RMB372.9 million (US$59.9 million) from RMB317.9 million (US$50.5 million) in 2011. Net revenues from TPIAO in 2012 increased by 27.6% to RMB210.4 million (US$33.8 million) from RMB164.8 million (US$26.2 million) in 2011. In addition, net revenues from our export business increased to RMB40.0 million (US$6.4 million), compared to RMB23.9 million (US$3.8 million) in 2011, while net revenues from Iron Sucrose Supplement were RMB34.3 million (US$5.5 million), representing an increase of 37.8% from RMB24.9 million (US$4.0 million) in 2011.
Gross profit. Gross profit for 2012 increased by 24.0% to RMB599.4 million (US$96.2 million) compared to RMB483.5 million (US$76.8 million) in 2011. Gross margin remained relatively stable for 2012, increasing 0.2% point to 89.5%, compared to 89.3% in 2011.
Operating expenses. Operating expenses were RMB470.6 million (US$75.5 million) for 2012, an increase of 30.0% from RMB361.9 million (US$57.5 million) in 2011.
Operating income. Operating income for 2012 increased by 5.9% to RMB128.8 million (US$20.7 million), compared to RMB121.6 million (US$19.3 million) in 2011. Operating margin for 2012 was 19.2%, compared to 22.5% in 2011. The decreased operating margin is primarily due to higher R&D expenses.
Interest income. The Company recorded interest income of RMB25.7 million (US$4.1 million) in 2012, compared to RMB18.5 million (US$2.9 million) in 2011. The increase is primarily due to the combined effect of increased time deposits and higher interest rates on time deposits.
Net income. Net income attributable to 3SBio Inc. for 2012 decreased by 5.7% to RMB102.4 million (US$16.4 million) compared to RMB108.6 million (US$17.3 million) in 2011. Net margin attributable to 3SBio Inc. for 2012 was 15.3% as compared to 20.1% in 2011. Net income attributable to 3SBio Inc. per ADS on a fully-diluted basis for 2012 decreased to RMB4.51 (US$0.72) from RMB4.84 (US$0.77) in 2011.
Cash and cash equivalents, restricted cash and time deposits. 3SBio had positive operating cash flow of RMB185.7 million (US$29.8 million) for the year ended December 31, 2012 and as of December 31, 2012, cash and cash equivalents, restricted cash and time deposits of RMB892.5 million (US$143.3 million).
Three Months Ended December 31, 2012 Unaudited Financial Results
Net revenues. Net revenues increased by 17.2% to RMB164.0 million (US$26.3 million) for the fourth quarter of 2012 from RMB139.9 million (US$22.2 million) for the same period in 2011. This increase was largely due to continued strong sales of EPIAO and TPIAO which grew by 6.9% and 30.8%, respectively, over the same period in 2011. TPIAO remained 3SBio's second largest revenue contributor in the quarter, accounting for 31.0% of total net revenues. Export sales increased by 40.6% to RMB13.8 million (US$2.2 million), compared to RMB9.8 million (US$1.6 million) in the fourth quarter of 2011, largely due to increased sales to Brazil. Revenues from Iron Sucrose Supplement rose by 26.3% to RMB8.5 million (US$1.4 million), compared to RMB6.7 million (US$1.1 million) in the fourth quarter of 2011.
Gross profit. As a result of continued sales growth from key products, gross profit for the fourth quarter of 2012 increased by 16.9% to RMB146.1 million (US$23.5 million) from RMB125.0 million (US$19.9 million) for the same period in 2011. Gross margins decreased 0.3% point to 89.1% for the fourth quarter of 2012 from 89.4% for the same period in 2011.
Operating expenses. Operating expenses were RMB134.6 million (US$21.6 million) for the fourth quarter of 2012, an increase of 36.1% from RMB98.9 million (US$15.7 million) for the same period in 2011
Operating income. Operating income for the fourth quarter of 2012 decreased by 55.9% to RMB11.5 million (US$1.8 million), compared to operating income of RMB26.1 million (US$4.1 million) for the same period in 2011. Operating margin for the fourth quarter of 2012 was 7.0% as compared to 18.7% for the same period in 2011. The decrease in operating margin was primarily due to increased sales and marketing expenses and higher general and administrative expenses.
Interest income. The Company recorded interest income of RMB7.3 million (US$1.2 million) for the fourth quarter of 2012, compared to RMB4.7 million (US$0.8 million) for the same period in 2011. The increase is primarily due to the combined effect of increased time deposits and higher interest rates on time deposits.
Net income. Net income attributable to 3SBio Inc. for the fourth quarter of 2012 decreased by 23.3% to RMB17.1 million (US$2.7 million) compared to net income attributable to 3SBio Inc. of RMB22.3 million (US$3.6 million) for the same period in 2011. Net income attributable to 3SBio Inc. per ADS on a fully-diluted basis for the fourth quarter of 2012 decreased by 24.2% to RMB0.75 (US$0.12), compared to RMB0.99 (US$0.16) for the same period in 2011. Net margin attributable to 3SBio Inc. for the fourth quarter of 2012 was 10.4% as compared to 15.9% for the same period in 2011.
Non-GAAP net income attributable to 3SBio Inc. for 2012 was RMB122.8 million (US$19.7 million), a 13.1% increase over non-GAAP net income for 2011 of RMB108.6 million (US$17.3 million). Non-GAAP net income attributable to 3SBio Inc. per ADS on a fully-diluted basis for 2012 increased to RMB5.41 (US$0.87) compared to non-GAAP net income attributable to 3SBio Inc. for 2011 of RMB4.84 (US$0.77). Non-GAAP net margin for 2012 was 17.8%, a 2.3% point decrease over 2011 net margin of 20.1%.
The difference between GAAP and non-GAAP net income is due to writedowns of RMB 11.3 million (US$1.8 million) in the second quarter and RMB 9.1 million (US$1.48 million) in the third quarter in available-for-sale securities, following declines deemed to be other than temporary in the market value of 3SBio's US$4.5 million investment in the common shares of Isotechnika (TSX:ISA). The carrying value of the investment in Isotechnika as of December 31, 2012 was RMB10.6 million (US$1.7 million).
Conference Call
3SBio's senior management will host a conference call on Tuesday, March 19, 2013 8:00pm China Standard Time (8:00am US Eastern or 5:00am US Pacific) to discuss its unaudited fourth quarter and full year 2012 results and recent business activity. The conference call may be accessed using the dial-in numbers below:
Conference ID: 15890708
Local dial-in:
China landline: 800-819-0121
China mobile: 400-620-8038
Hong Kong : 852-2475-0994
United States: 718-354-1231
International toll-free dial-in:
Hong Kong: 800930346
United States: 1-866-519-4004
United Kingdom: 080-8234-6646
International toll dial-in: 65 6723 9381
Replay- Conference ID: 15890708
A telephone replay will be available two hours after the call until March 27, 2013 at:
International: 61-2-8235-5000
United States: 1-866-214-5335
Webcast
A live webcast of the conference will be available on the investor relations section of 3SBio's website at www.3sbio.com and at http://www.media-server.com/m/p/bcshv7v5.
A replay of the webcast will be available within one hour after the conclusion of the call.
Non-GAAP Financial Measures: Reconciliation of GAAP to Non-GAAP
To supplement the Company's financial information presented in accordance with generally accepted accounting principles ("GAAP"), the Company has utilized some non-GAAP financial measures to provide investors and management with supplemental measures that facilitate comparisons of operating performance and trends with prior and future operating performance, representing net income excluding impairment loss on available-for-sale securities. These non-GAAP measurements may not otherwise be apparent on a GAAP basis and may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principals, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain expenses, particularly impairment losses on available-for-sale securities that may not be indicative of its operating performance and financial condition from a cash perspective. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance and liquidity. The management believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's net income as determined in accordance with GAAP. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Please see the attached reconciliation of GAAP to non-GAAP for an explanation of the amounts excluded to arrive at non-GAAP financial measures for the three-month periods ended December 31, 2011 and December 31, 2012 and for the year ended December 31, 2011 and December 31, 2012.
Statement Regarding Unaudited Financial Information
The unaudited financial information set forth above is preliminary and subject to adjustments and modifications. The audited financial statements and related notes are to be included in the Company's annual report on Form 20-F for the year ending December 31, 2012. Adjustments and modifications to the financial statements may be identified during the course of the audit work, which could result in significant differences from this preliminary unaudited financial information.
Currency Convenience Translation
For the convenience of readers, certain RMB amounts have been translated into US dollars at the rate of RMB6.2301 to US$1.00, the noon buying rate for US dollars in effect on December 31, 2012 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. A rate of 6.2939 was used for comparative purposes as of December 31, 2011, which was the noon buying rate for US dollars on that date for cable transfers of RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York.
About 3SBio Inc.
3SBio is a leading, fully integrated, profitable biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China. Its focus is on addressing large markets with significant unmet medical needs in nephrology, oncology, supportive cancer care, inflammation and infectious diseases. With headquarters and GMP-certified manufacturing facilities in Shenyang, PRC, 3SBio employs over 800 people. Shares trade in the form of American Depositary Shares (ADSs) on the NASDAQ stock market under the ticker symbol "SSRX". Please see www.3SBio.com for more information.
Cautionary Statement concerning Forward Looking Statements
Certain statements in the disclosures of 3SBio, Inc. (the "Company" or "3SBio") for the fourth quarter and fiscal year 2012 ("Disclosures") that are not purely historical in nature may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Disclosures include the press release, the conference call and any accompanying materials, and any other information issued, released or publicized by the Company with respect to the fourth quarter and fiscal year 2012.
These forward-looking statements address activities, events, conditions, or developments that we currently expect or anticipate may occur in the future, and include, but may not be limited to, discussions and statements regarding business growth and prospects, product pricing trends, operation objectives, market size or patient number or illness prevalence estimates, product development, pipeline progress, regulatory approval, certification and review progress, impact of the government policies and regulations, partnerships or collaborations and the progress thereof, capital expense estimate, future operations and strategies. Forward-looking statements can be identified by such terminology as "believe," "expect," "plans," "strategy," "potential", "prospects," "forecast," "estimate," "project," "anticipate," "aim," "will" or "would", "may" or "might", and words, phrases, expressions, and usages of similar meaning or substance or the negative of such words, phrases, expressions and usages.
Forward-looking statements are based on management's current assumptions, beliefs, expectations, and projections, in light of the information currently available, and actual results, performances, or achievements could differ materially from those implied or expressed by the forward-looking statements. Among the factors that could cause actual results to differ from what the Company currently anticipates may include: regulatory actions such as adverse drug pricing adjustments, competition from other domestic and foreign pharmaceutical companies; risks and uncertainties related to cooperation, joint venture, and partnerships; changes in China's healthcare insurance system; Chinese government policies and regulations; the segment market growth for our products; market acceptance of our products; hospital or patient demand for our products; progress of our clinical trials; receipt and timing of regulatory approvals for new products and indications; our ability to enhance production, sales and distribution network and other aspects of operation; our ability to effectively protect intellectual property; changes in the healthcare industry in China; and fluctuations in general economic and business conditions in China.
For additional information on factors identified above and other risk factors, uncertainties and assumptions, please refer to the Company's filings with the Securities and Exchange Commission at www.sec.gov, and, in particular, "Introduction - Cautionary Statement concerning Forward Looking Statements", Item 3.D "Risk Factors", Item 5. "Operating and Financial Review and Prospects", and other applicable discussions in 3SBio's annual report on Form 20-F for the year ended December 31, 2011.
All the statements in the Disclosures speak as of the date of the initial release, even if subsequently made available on the 3SBio website or otherwise. 3SBio undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, subsequent events or otherwise, after the date of this press release.
Investor Contacts
Bo Tan
Chief Financial Officer
3SBio Inc.
Tel: + 86 24 2581-1820
ir@3SBio.com
Tom Folinsbee
Director of Investor Relations
3SBio Inc.
Tel: + 852 8191-6991
ir@3SBio.com
3SBIO Inc. | |||||
December 31, | December 31, | December 31, | |||
RMB | RMB | US$ | |||
Assets | (audited) | (unaudited) | (unaudited) | ||
Current assets | |||||
Cash and cash equivalents | 245,813 | 450,557 | 72,319 | ||
Restricted cash | 665 | 668 | 107 | ||
Time deposits with financial institutions | 499,201 | 411,294 | 66,017 | ||
Accounts receivable, less allowance for doubtful accounts: | |||||
December 31, 2011 - RMB2,542; December 31, 2012 - RMB2,208(US$354) | 113,949 | 115,563 | 18,549 | ||
Notes receivable | 47,243 | 59,017 | 9,473 | ||
Inventories | 27,604 | 35,430 | 5,687 | ||
Prepaid expenses and other receivables | 26,672 | 35,643 | 5,721 | ||
Available-for-sale securities | 22,830 | 10,576 | 1,698 | ||
Amounts due from related parties | 6,000 | 1,263 | 203 | ||
Deferred tax assets | 2,750 | 3,276 | 526 | ||
Total current assets | 992,727 | 1,123,287 | 180,300 | ||
Time deposits with financial institutions | 20,000 | 30,000 | 4,815 | ||
Available-for-sale securities | 10,848 | 11,232 | 1,803 | ||
Investment in non-consolidated affiliates | 2,245 | 8,294 | 1,331 | ||
Property, plant and equipment, net | 198,053 | 224,245 | 35,994 | ||
Prepaid land use rights | 17,448 | 16,898 | 2,712 | ||
Prepayment and noncurrent deposits | 16,801 | 7,469 | 1,199 | ||
Intangible assets, net | 49,615 | 45,914 | 7,370 | ||
Long term receivables, less allowance for doubtful accounts: | |||||
December 31, 2011 - RMB 818; December 31, 2012 - RMB818 (US$131) | 3,111 | 2,355 | 378 | ||
Deferred tax assets | 262 | 335 | 54 | ||
Total assets | 1,311,110 | 1,470,029 | 235,956 | ||
Liabilities and shareholders' equity | |||||
Current liabilities | |||||
Accounts payable | 6,218 | 3,765 | 604 | ||
Deferred income | 374 | 1,981 | 318 | ||
Accrued expenses and other payables | 48,389 | 69,331 | 11,128 | ||
Income tax payable | 8,894 | 3,725 | 598 | ||
Total current liabilities | 63,875 | 78,802 | 12,648 | ||
Deferred income | 2,029 | 12,604 | 2,023 | ||
Total liabilities | 65,904 | 91,406 | 14,671 | ||
Shareholders' equity | |||||
Share capital - ordinary shares US$0.0001 par value, 500,000,000 shares authorized, 154,473,159 and 155,635,016 issued and outstanding as of December 31, 2011 and December 31, 2012, respectively | 124 | 125 | 20 | ||
Additional paid-in capital | 973,218 | 997,088 | 160,044 | ||
Accumulated other comprehensive loss | (126,290) | (119,319) | (19,152) | ||
Retained earnings | 387,317 | 489,671 | 78,598 | ||
Total shareholders' equity attributable to 3SBio Inc. | 1,234,369 | 1,367,565 | 219,510 | ||
Non-controlling interest | 10,837 | 11,058 | 1,775 | ||
Total shareholders' equity | 1,245,206 | 1,378,623 | 221,285 | ||
Total liabilities and shareholders' equity | 1,311,110 | 1,470,029 | 235,956 | ||
3SBio Inc. Consolidated statements of income (expressed in thousands, except per share, per ADS and other share and ADS data) | |||||||
For the Three Months Ended | For the Three Months Ended | ||||||
December 31, 2011 | December 31, 2012 | ||||||
RMB | US$ | RMB | US$ | ||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||
Net Revenues: | |||||||
EPIAO | 82,347 | 13,084 | 88,065 | 14,135 | |||
TPIAO | 38,806 | 6,166 | 50,772 | 8,149 | |||
Intefen | 1,354 | 215 | 1,095 | 176 | |||
Inleusin | 855 | 136 | 1,101 | 177 | |||
Iron sucrose | 6,691 | 1,063 | 8,454 | 1,357 | |||
Export | 9,805 | 1,558 | 13,784 | 2,212 | |||
Others | 24 | 4 | 679 | 109 | |||
Total net revenues | 139,882 | 22,226 | 163,950 | 26,315 | |||
Cost of revenues | (14,885) | (2,365) | (17,836) | (2,863) | |||
Gross profit | 124,997 | 19,861 | 146,114 | 23,452 | |||
Operating expenses | |||||||
Research and development costs | ( 12,741) | (2,024) | ( 16,787) | (2,694) | |||
Sales, marketing and distribution expenses | (65,876) | (10,467) | (90,969) | (14,602) | |||
General and administrative expenses | (20,389) | (3,239) | (27,059) | (4,343) | |||
Grant income | 94 | 15 | 199 | 32 | |||
Operating income | 26,085 | 4,146 | 11,498 | 1,845 | |||
Interest income | 4,748 | 754 | 7,276 | 1,168 | |||
Share of loss in non-consolidated affiliates | (809) | (129) | (45) | (7) | |||
Other (loss)/income, net | (1,628) | (259) | 3,508 | 563 | |||
Total other income, net | 2,311 | 366 | 10,739 | 1,724 | |||
Income before income tax expense | 28,396 | 4,512 | 22,237 | 3,569 | |||
Income tax expense | (6,517) | (1,035) | (5,177) | (831) | |||
Net income | 21,879 | 3,477 | 17,060 | 2,738 | |||
Less: net income attributable to non-controlling interest | 463 | 74 | 47 | 8 | |||
Net income attributable to 3SBio Inc. | 22,342 | 3,551 | 17,107 | 2,746 | |||
Net income attributable to 3SBio Inc. per share: | |||||||
Basic | 0.15 | 0.02 | 0.11 | 0.02 | |||
Diluted | 0.14 | 0.02 | 0.11 | 0.02 | |||
Basic weighted average number of shares outstanding | 154,070,555 | 154,070,555 | 155,194,488 | 155,194,488 | |||
Diluted weighted average number of shares outstanding | 157,321,335 | 157,321,335 | 160,614,812 | 160,614,812 | |||
Net income attributable to 3SBio Inc. per ADS: | |||||||
Basic | 1.02 | 0.16 | 0.77 | 0.12 | |||
Diluted | 0.99 | 0.16 | 0.75 | 0.12 | |||
Basic weighted average number of ADSs outstanding | 22,010,079 | 22,010,079 | 22,170,641 | 22,170,641 | |||
Diluted weighted average number of ADSs outstanding | 22,474,476 | 22,474,476 | 22,944,973 | 22,944,973 | |||
3SBio Inc. Consolidated statements of income (expressed in thousands, except per share, per ADS and other share and ADS data) | |||||||
For the Year Ended | For the Year Ended | ||||||
December 31, 2011 | December 31, 2012 | ||||||
RMB | US$ | RMB | US$ | ||||
(audited) | (audited) | (unaudited) | (unaudited) | ||||
Net Revenues: | |||||||
EPIAO | 317,889 | 50,507 | 372,912 | 59,857 | |||
TPIAO | 164,839 | 26,190 | 210,391 | 33,770 | |||
Intefen | 5,229 | 831 | 4,649 | 746 | |||
Inleusin | 2,788 | 443 | 2,963 | 476 | |||
Iron sucrose | 24,859 | 3,950 | 34,268 | 5,500 | |||
Export | 23,890 | 3,796 | 40,040 | 6,427 | |||
Others | 2,120 | 337 | 4,725 | 758 | |||
Total net revenues | 541,614 | 86,054 | 669,948 | 107,534 | |||
Cost of revenues | (58,073) | (9,227) | (70,504) | (11,317) | |||
Gross profit | 483,541 | 76,827 | 599,444 | 96,217 | |||
Operating expenses | |||||||
Research and development costs | ( 41,805) | (6,642) | ( 71,228) | (11,433) | |||
Sales, marketing and distribution expenses | (254,767) | (40,478) | (318,223) | (51,078) | |||
General and administrative expenses | (66,908) | (10,631) | (82,070) | (13,173) | |||
Grant income | 1,585 | 252 | 898 | 144 | |||
Operating income | 121,646 | 19,328 | 128,821 | 20,677 | |||
Interest income | 18,499 | 2,939 | 25,708 | 4,126 | |||
Impairment loss on available-for-sale securities | - | - | (20,427) | (3,279) | |||
Share of loss in non-consolidated affiliates | (1,590) | (253) | (655) | (105) | |||
Other loss, net | (2,185) | (347) | (994) | (160) | |||
Total other income, net | 14,724 | 2,339 | 3,632 | 582 | |||
Income before income tax expense | 136,370 | 21,667 | 132,453 | 21,259 | |||
Income tax expense | (28,210) | (4,482) | (29,878) | (4,796) | |||
Net income | 108,160 | 17,185 | 102,575 | 16,463 | |||
Less: net income attributable to non-controlling interest | 413 | 66 | (221) | (35) | |||
Net income attributable to 3SBio Inc. | 108,573 | 17,251 | 102,354 | 16,428 | |||
Net income attributable to 3SBio Inc. per share: | |||||||
Basic | 0.71 | 0.11 | 0.66 | 0.11 | |||
Diluted | 0.69 | 0.11 | 0.64 | 0.10 | |||
Basic weighted average number of shares outstanding | 153,310,128 | 153,310,128 | 154,726,537 | 154,726,537 | |||
Diluted weighted average number of shares outstanding | 157,148,685 | 157,148,685 | 158,971,682 | 158,971,682 | |||
Net income attributable to 3SBio Inc. per ADS: | |||||||
Basic | 4.96 | 0.79 | 4.63 | 0.74 | |||
Diluted | 4.84 | 0.77 | 4.51 | 0.72 | |||
Basic weighted average number of ADSs outstanding | 21,901,447 | 21,901,447 | 22,103,791 | 22,103,791 | |||
Diluted weighted average number of ADSs outstanding | 22,449,812 | 22,449,812 | 22,710,240 | 22,710,240 | |||
Reconciliations of GAAP net income attributable to 3SBio Inc. to non-GAAP net income attributable to 3SBio Inc. for the three months ended December 31, 2011 and 2012 (in RMB thousands, unaudited) | |||||||||||
Three months ended December 31, 2011 | Three months ended December 31, 2012 | ||||||||||
GAAP | Adjustment | Non-GAAP | GAAP | Adjustment | Non-GAAP | ||||||
RMB | US$ | RMB | RMB | US$ | RMB | US$ | RMB | RMB | US$ | ||
Net income attributable | 22,342 | 3,551 | - | 22,342 | 3,551 | 17,107 | 2,746 | - | 17,107 | 2,746 | |
Reconciliations of GAAP net income attributable to 3SBio Inc. to non-GAAP net income attributable to 3SBio Inc. for the years ended of 2011 and 2012 (in RMB thousands, unaudited) | |||||||||||
For the year ended December 31, 2011 | For the year ended December 31, 2012 | ||||||||||
GAAP | Adjustment | Non-GAAP | GAAP | Adjustment | Non-GAAP | ||||||
RMB | US$ | RMB | RMB | US$ | RMB | US$ | RMB | RMB | US$ | ||
Net income attributable to 3SBio Inc. | 108,573 | 17,251 | - | 108,573 | 17,251 | 102,354 | 16,428 | 20,427 | 122,781 | 19,707 | |
The adjustment for the year ended December 31, 2012 is for the exclusion of the impairment loss of RMB20,427,000 (US$3,279,000) on available-for-sale securities. | |||||||||||
