Core Viewpoint - The company is experiencing short-term performance pressure due to intensified industry competition and declining product prices, but it maintains a strong focus on innovation and has a solid pipeline of new products, leading to a "buy" rating. Group 1: Financial Performance - In 2024, the company's revenue is projected to be 1.255 billion yuan, a decrease of 21.45%, with a net profit of 109 million yuan, down 61.58% due to increased competition and reduced margins [1] - For Q1 2025, revenue is expected to be 352 million yuan, an increase of 1.06%, while net profit is projected at 76 million yuan, down 27.57% [1] - The company's net profit forecasts for 2025-2027 are adjusted to 251 million, 348 million, and 448 million yuan respectively, with corresponding EPS of 0.22, 0.31, and 0.40 yuan [1] Group 2: Market Position and Product Development - 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 [2] - The company maintains a strong market share in key products, with a 23% market share in pig circovirus vaccines and a 40% market share in brucellosis vaccines [2] - Several major products are set to launch in 2024, expected to contribute to revenue growth in 2025, including over 30 million yuan from the ruminant mycoplasma vaccine and over 10 million yuan from the cat trivalent vaccine [2] Group 3: Research and Development - In 2024, the company invested 179 million yuan in R&D, accounting for 14.25% of its revenue [3] - The company has secured production licenses for several important vaccines, including the Rev.1 strain of the Brucella vaccine, and is developing the world's first mRNA vaccine for feline infectious peritonitis [3] - The safety and efficacy of the African swine fever subunit vaccine meet the standards set by the Ministry of Agriculture and Rural Affairs, and the company is progressing with the review process [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600538 证券简称：国发股份 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人姜烨、主管会计工作负责人尹志波及会计机构负责人（会计主管人员）李斌斌保证季度报告 中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三) 主要会计数据、财务指标发生变动的情况、原因 ...

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 ...