Core Viewpoint - The company has disclosed its quarterly report, ensuring the accuracy and completeness of financial information, and has undertaken legal responsibilities for any misrepresentation or omissions [2][3]. Financial Data - The company has not restated or adjusted previous accounting data and confirms that non-recurring gains and losses are applicable, specifically mentioning the refund of personal income tax handling fees as a non-recurring item [3][4]. - As of February 5, 2025, the company has repurchased a total of 1,028,148 shares, accounting for 0.95% of the total share capital, with a total transaction amount of approximately 41.99 million yuan [6]. Shareholder Information - The company has not reported any changes in the top ten shareholders or the status of shares lent out for margin trading [5]. Other Important Matters - The company has established a wholly-owned subsidiary in Germany, "Highfine Biotech GmbH," with a registered capital of 200,000 euros, aimed at enhancing its competitive edge and expanding its market presence in Europe [7]. - The company’s production capacity is being expanded, with the first phase of its Anhui production base having commenced operations in August 2022, and a new project expected to obtain production licenses by January 2025 [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure due to intensified industry competition, declining product prices, and reduced gross margins, alongside continued high R&D investment. However, the company has a strong pipeline of new products that are expected to contribute positively to future growth [4][5][6] Financial Performance Summary - In 2024, the company reported revenue of 1.255 billion yuan, a decrease of 21.45% year-on-year, and a net profit attributable to shareholders of 109 million yuan, down 61.58% year-on-year. The decline in net profit is attributed to increased competition in the industry [4][7] - For Q1 2025, the company achieved revenue of 352 million yuan, an increase of 1.06% year-on-year, while the net profit attributable to shareholders was 76 million yuan, a decrease of 27.57% year-on-year [4] - The company has revised its profit forecasts for 2025-2026 downwards and introduced a new forecast for 2027, expecting net profits of 251 million yuan, 348 million yuan, and 448 million yuan for 2025, 2026, and 2027 respectively [4][7] Market Position and Product Pipeline - The company maintains a solid market share for its major products, with a 23% market share for its pig circovirus vaccine and a 40% market share for its brucellosis vaccine. Several major products are expected to be launched in 2024, contributing to revenue growth in 2025 [5][6] - The company has a strong focus on R&D, with 179 million yuan invested in 2024, representing 14.25% of its revenue. It has obtained production licenses for several important vaccines and is progressing with the development of a novel mRNA vaccine for cats [6] Financial Metrics and Valuation - The company's gross margin for 2024 was 53.86%, and the net margin was 8.30%, reflecting a decline of 5.33 percentage points and 9.04 percentage points respectively. For Q1 2025, the gross margin was 54.53% and the net margin was 21.96% [5] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.22 yuan, 0.31 yuan, and 0.40 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 31.4, 22.6, and 17.5 [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure due to intensified industry competition, declining product prices, and reduced gross margins, alongside continued high R&D investment. However, the company has a strong pipeline of new products that are expected to contribute positively to future growth [4][5] - Revenue for 2024 is reported at 1.255 billion yuan, a decrease of 21.45% year-on-year, with a net profit attributable to the parent company of 109 million yuan, down 61.58% year-on-year. For Q1 2025, revenue is 352 million yuan, an increase of 1.06%, while net profit is 76 million yuan, a decrease of 27.57% [4][5] - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 251 million, 348 million, and 448 million yuan for 2025, 2026, and 2027 respectively [4][5] Financial Performance Summary - The company's gross margin and net margin for 2024 are 53.86% and 8.30%, respectively, showing declines of 5.33 percentage points and 9.04 percentage points. For Q1 2025, the gross margin is 54.53% and the net margin is 21.96% [5] - The company maintains a solid market share in key products, with a 23% market share in pig circovirus vaccines and a 40% market share in brucellosis vaccines. Several major products are expected to be launched in 2024, contributing to revenue growth in 2025 [5][6] R&D and Innovation - In 2024, the company invested 179 million yuan in R&D, accounting for 14.25% of its revenue. The company has secured production licenses for several important vaccines and is progressing with the development of the world's first mRNA vaccine for feline infectious peritonitis [6] - The company emphasizes continuous innovation and has a robust pipeline of new products, indicating strong long-term growth potential [6]

Core Viewpoint - The company operates in the veterinary pharmaceutical industry, focusing on the production and sales of veterinary biological products, particularly vaccines, which are essential for animal health and food safety in China [2][3]. Company Overview - The company is engaged in the research, development, production, and sales of veterinary biological products, with a product range that includes over a hundred types of vaccines for pigs, poultry, ruminants, and pets [6]. - The veterinary pharmaceutical industry in China has seen continuous growth, with the market size increasing from 41.213 billion yuan in 2013 to 69.651 billion yuan in 2023, and the veterinary biological products market growing from 9.4 billion yuan to 16.276 billion yuan during the same period [2]. Industry Dynamics - China's livestock industry is experiencing growth in output value, driven by rising consumer demand for protein quality and safety, which supports the veterinary pharmaceutical industry's expansion [3]. - The government has prioritized food safety and animal epidemic prevention, leading to a series of development plans and regulatory improvements to promote the healthy and high-quality development of the veterinary pharmaceutical industry [3]. - As of the end of 2024, the national pig inventory was 427.43 million heads, a decrease of 1.6% year-on-year, while the average price for pig sales increased by 10.9% to approximately 17.08 yuan per kilogram [3]. Business Model - The company employs a production model based on order demand, ensuring that production aligns with market needs and inventory levels [9]. - The sales strategy includes direct sales to large-scale farms, collaboration with selected distributors, and participation in government procurement for mandatory vaccination programs [10][11]. Performance Drivers - The company has maintained a stable market share in key vaccine products, with significant sales growth in the pig circovirus vaccine due to its superior product quality [12]. - The company focuses on customer-centric solutions, leveraging high R&D investment to enhance product competitiveness and drive innovation [12].

证券代码：600201 证券简称：生物股份 公告编号：临 2025-014 金宇生物技术股份有限公司 第十一届监事会第十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 金宇生物技术股份有限公司(以下简称"公司")第十一届监事会第十六次会 议通知于 2024 年 4 月 7 日以电子邮件、书面形式发出，会议于 2024 年 4 月 23 日下午 16:00 在公司会议室召开，应出席监事 3 人，实际出席监事 3 人。会议的 召集、召开程序符合《公司法》及《公司章程》的规定。会议由监事会主席董人 美女士主持，审议并通过了如下议案： 一、审议并通过《公司 2024 年度监事会工作报告》 表决结果：3 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东大会审议。 二、审议并通过《公司 2024 年年度报告及摘要》 公司监事会对董事会编制的 2024 年年度报告全文及摘要进行了审核，并发表 意见如下： 1、公司 2024 年年度报告编制和审议程序符合法律、法规、《公司章程》和公 司内部管理制度的各项规定； 2、公 ...

证券代码：600201 证券简称：生物股份 公告编号：临 2025-015 金宇生物技术股份有限公司 2024 年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、利润分配方案内容 （一）利润分配预案的具体内容 | 项目 | 本年度 | 上年度 | 上上年度 | | --- | --- | --- | --- | | 现金分红总额（元） | 33,054,129.78 | 89,365,410.08 | 67,024,057.56 | | 回购注销总额（元） | 0 | 0 | 0 | | 归属于上市公司股东的净利润（元） | 108,985,186.46 | 283,630,790.16 | 210,659,922.61 | | 本年度末母公司报表未分配利润 | | | 3,145,416,254.52 | | （元） | | | | | 最近三个会计年度累计现金分红总 | | | 189,443,597.42 | | 额（元） | | | | | 最近三个会计年度累计现金分红总 | | ...

金宇生物技术股份有限公司 二〇二四年度 审计报告 致同审字(2025) 第 441A016663 号 金宇生物技术股份有限公司全体股东: 一、审计意见 审计报告 致同会计师事务所（特殊普通合伙） | 录 | | | --- | --- | | J | II | | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-113 | +Thornton 后会计师赢多所(法院) 0 + * * 9 7 * * * 2 2 * * * 2 2 我们审计了金宇生物技术股份有限公司(以下简称生物股份公司)财务 报表,包括 2024年 12月 31日的合并及公司资产负债表, 2024年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制,公允反映了生物股份公司 2024年 12月 31日的合并及公司财务状况以及 2024年度的合并及 ...

金宇生物技术股份有限公司 2024年度独立董事述职报告（耿明） 本人耿明，作为金宇生物技术股份有限公司（以下简称"生物股份"、"公 司"）的独立董事，严格按照《公司法》《证券法》《上市公司独立董事管理办法》 《上海证券交易所上市公司自律监管指引第1号——规范运作》等法律法规及《公 司章程》《公司独立董事工作制度》的规定，忠实勤勉地履行独立董事职责，积 极出席相关会议，在充分了解公司经营运作情况和会议内容后认真审议各项议案， 充分发挥专业优势，客观、独立和公正地提出建议和发表独立意见，维护公司整 体利益及全体股东尤其是中小股东的合法权益，促进董事会规范有效运作，推动 公司健康、持续发展。现将本人2024年度履行独立董事职责情况汇报如下： 一、 基本情况 （一）个人履历 本人耿明，硕士研究生。2007年8月至2019年8月任比尔及梅琳达·盖茨基金 会北京代表处副主任；2019年10月至2021年3月期间任联合国开发计划署高级顾 问、全球流行病行动网络中国区高级顾问；2021年4月至2022年4月任晖致医药有 限公司大中华区企业事务主管；2022年8月至今，任瑞银集团社会影响力与公益 慈善大中华区主管。本人于202 ...

金宇生物技术股份有限公司 章 程 （2025 年 4 月修订） | 第二章 | 经营宗旨和范围 | 3 | | --- | --- | --- | | 第三章 | 股 份 | 3 | | 第四章 | 股东和股东会 | 5 | | 第五章 | 董事和董事会 | 19 | | 第六章 | 高级管理人员 | 30 | | 第七章 | 财务会计制度、利润分配和审计 | 31 | | 第八章 | 通知和公告 | 37 | | 第九章 | 合并、分立、增资、减资、解散和清算 | 38 | | 第十章 | 修改章程 | 41 | | 第十一章 | 附则 | 41 | 金宇生物技术股份有限公司章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以 下简称《证券法》）和其他有关规定，制定本章程。 第二条 公司经呼和浩特市人民政府以呼体改宏字（1992）4 号文批准，以定向 募集方式设立，在内蒙古自治区工商行政管理局注册登记，并取得营业执照，统一社会 信用代码为 911500001141618816。 第三条 ...

金宇生物技术股份有限公司 2024年度独立董事述职报告（申嫦娥） 本人申嫦娥，作为金宇生物技术股份有限公司（以下简称"生物股份"、"公 司"）的独立董事，严格按照《公司法》《证券法》《上市公司独立董事管理办法》 《上海证券交易所上市公司自律监管指引第1号——规范运作》等法律法规及《公 司章程》《公司独立董事工作制度》的规定，忠实勤勉地履行独立董事职责，积 极出席相关会议，在充分了解公司经营运作情况和会议内容后认真审议各项议案， 充分发挥专业优势，客观、独立和公正地提出建议和发表独立意见，维护公司整 体利益及全体股东尤其是中小股东的合法权益，促进董事会规范有效运作，推动 公司健康、持续发展。现将本人2024年度履行独立董事职责情况汇报如下： 一、基本情况 （一）个人履历 本人申嫦娥，管理学博士（会计专业财务管理方向），中国注册会计师。2003 年1月至今在北京师范大学工作，现任北京师范大学经济与工商管理学院会计学 专业教授、博士生导师。目前担任江苏联发纺织股份有限公司独立董事，北京科 净源科技股份有限公司独立董事，担任非上市公司第一前海国际有限公司（香港） 外部董事。担任金宇生物技术股份有限公司第十届董事会、第 ...