相对沪深 300 表现 2024/04/26 产品结构优化，盈利能力提升。2023 年在养殖行业深度亏损，动保行业 竞争加剧的背景下，公司猪圆环疫苗销量同比增长 24.6%，圆支二联同 比增长 109.3%，牛二联灭活疫苗销量同比增长 22.9%，布病疫苗销量同 比增长 8.32%。随着非口蹄疫疫苗销量增长，2023 年公司毛利率同比提 升 4.02 个百分点，2024Q1 毛利率同比提升 1.11 个百分点。 表现 1M 3M 12M 生物股份 2.2% 1.3% -17.1% 沪深 300 1.1% 7.5% -9.5% 日均成交额（百万） 167.10 相关报告 《生物股份（600201）2023 年三季报点评：Q3 业绩持续增长，在研产品取得新进展（买入）*动 物保健Ⅱ*程一胜，熊子兴》——2023-11-04 《生物股份（600201）2023 年半年报点评报告： 经营业绩稳步增长，研发实力不断增强（买入）* 动物保健Ⅱ*程一胜，熊子兴》——2023-08-25 《生物股份（600201）2022 年年报及 2023 年一 季报点评报告：一季度业绩重回增长轨道，非洲猪 近一月换手（%） 1.22 研 ...

Group 1: 2023 Performance Overview - In 2023, the company achieved a revenue of 1.6 billion yuan, a year-on-year increase of 4.6% [3] - The net profit attributable to shareholders was 280 million yuan, up 34.6% year-on-year, with a non-recurring net profit of 250 million yuan, an increase of 29.8% [3] - The comprehensive gross profit margin was 59.2%, an increase of 4 percentage points year-on-year [3] - Operating cash flow net amount reached 410 million yuan, a 20.4% increase year-on-year, indicating improved cash flow stability [3] Group 2: Q1 2024 Performance Insights - In Q1 2024, the company reported a revenue of 350 million yuan, a year-on-year decrease of 4.4% [5] - The net profit attributable to shareholders was 110 million yuan, down 1.3% year-on-year, with a non-recurring net profit of 95 million yuan, a decline of 5.6% [5] - The gross profit margin increased to 60.8%, up 1.1 percentage points, reflecting ongoing product structure optimization [5] - Operating cash flow net amount was 46 million yuan, a significant increase of 231% year-on-year, demonstrating effective risk management [5] Group 3: Product Development and Market Strategy - The company has developed a differentiated competitive advantage with the successful launch of the M5-90 vaccine, contributing to overall revenue exceeding 100 million yuan in the brucellosis segment [4] - The mRNA animal vaccine platform focuses on efficient vaccine development and has completed safety and efficacy validation across multiple species [4] - The company plans to launch several key vaccines in 2024-2025, including those for small ruminant plague and bovine nodular dermatitis, ensuring sustainable growth [9] Group 4: Market Challenges and Responses - The company aims to enhance product competitiveness through continuous upgrades and the development of new products, such as the foot-and-mouth disease VLP vaccine [7] - In response to reduced investments in disease prevention by livestock enterprises, the company is strengthening partnerships with key clients and providing in-depth technical services [8] - The company is actively working on the ASF vaccine, with production capacity already established and ongoing collaboration for mRNA vaccine development [10]

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [10]. Core Views - The company is focusing on improving production processes and controlling costs, leading to a recovery in gross profit margins, particularly in the vaccine business, which saw a 4 percentage point increase to 59.46% in 2023 [1]. - The company is diversifying its product offerings, with non-oral vaccines showing stable growth and new products in the pipeline, which is expected to reduce reliance on oral vaccines [9]. - The company is projected to achieve net profits of 3.7 billion, 4.5 billion, and 5.2 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.9%, 22.5%, and 15.9% [18]. Financial Performance - In 2023, the company achieved operating revenue of 1.598 billion yuan, a year-on-year increase of 4.55%, and a net profit of 283.6 million yuan, up 34.64% year-on-year [16]. - The company’s large client segment performed well, with direct sales revenue reaching 570 million yuan, a 40.58% increase year-on-year [1]. - The company’s gross profit margin improved due to cost control, with raw material costs for the vaccine business decreasing by 25.55% year-on-year to 206 million yuan [1]. Product Development - The company has successfully launched several non-oral vaccine products, including a 24.57% increase in sales of the pig circovirus vaccine and a 109.25% increase in sales of the dual vaccine for roundworm [9]. - The company has a robust pipeline with 14 products currently in the registration or emergency evaluation stages, including vaccines for African swine fever and foot-and-mouth disease [9]. Valuation - The report sets a 6-month target price of 11.51 yuan, based on a 35 times price-to-earnings ratio for 2024 [18]. - The company's stock price was 8.91 yuan as of April 26, 2024, with a 12-month price range of 7.21 to 11.31 yuan [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][28] Core Views - The company focuses on non-oral strategic new products, with non-oral product revenue accounting for over 50% in 2023, indicating a successful diversification strategy [3][14] - The company has a robust gross margin of 59.19%, which has increased by 4.02 percentage points [14] - The company is expected to benefit from the gradual reversal of the pig cycle and the launch of new products, leading to further growth in performance [16] Financial Summary - In 2023, the company reported revenue of 1.598 billion yuan (+4.55%) and a net profit attributable to shareholders of 284 million yuan (+34.64%) [16] - The projected revenue for 2024 is 1.882 billion yuan, with a year-on-year growth of 17.8% [15] - The projected net profit for 2024 is 392 million yuan, with a year-on-year growth of 38.2% [15] - The company maintains a high R&D investment of 230 million yuan, accounting for 14.39% of revenue, with plans to develop over 40 new vaccine products in the next five years [17] Product Segmentation - The revenue from pig vaccines accounts for approximately 50%, with a focus on optimizing product structure and launching new vaccines for pig diarrhea, blue ear disease, and bacterial vaccines in 2024 [14] - Revenue from ruminant vaccines reached 30%, with rapid growth expected from the dual vaccine for cattle and several brucellosis vaccines [14] - Revenue from poultry vaccines is about 14%, with expectations for recovery in growth following business restructuring [14] Market Performance - The current stock price is 8.91 yuan, with a market capitalization of 9.982 billion yuan [6] - The stock has a P/E ratio projected to decrease from 35.2 in 2023 to 25.5 in 2024, indicating potential for value appreciation [15]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 1.598 billion yuan in 2023, representing a year-on-year increase of 4.55%. The net profit attributable to shareholders was 283.63 million yuan, up 34.64% year-on-year. The net profit after deducting non-recurring gains and losses was 254 million yuan, an increase of 29.74% year-on-year. The operating cash flow was 415 million yuan, reflecting a year-on-year growth of 20.36% [1]. - In Q4 2023, the company experienced a revenue decline of 9.76% year-on-year, with a net profit of -0.05 million yuan, indicating a loss compared to a profit of 0.01 million yuan in the same period of 2022. In Q1 2024, revenue was 348 million yuan, down 4.42% year-on-year, while net profit was 106 million yuan, a slight decrease of 1.05% year-on-year [1]. - The company achieved revenue and profit growth in 2023 despite a challenging environment in the aquaculture sector and intensified competition in the animal health industry, primarily due to product structure optimization and significant improvements in quality and efficiency. The overall gross margin for 2023 was 59.19%, an increase of 4.02 percentage points year-on-year, while the expense ratio was 36.42%, up 3.09 percentage points year-on-year. In Q1 2024, the overall gross margin improved to 60.80%, with an expense ratio of 26.35%, an increase of 2.36 percentage points year-on-year [1]. - The report highlights significant improvements in gross margins for government procurement and strong growth in key products such as pig vaccines. In 2023, government procurement revenue reached 286 million yuan, a slight year-on-year increase of 1.61%, driven by robust sales of ruminant vaccines. The gross margin for government procurement was 54.45%, up 9.63 percentage points year-on-year [1]. - The company continues to invest in research and development, with R&D expenditures of 230 million yuan in 2023, representing 14.39% of total revenue, which is leading in the industry. The company has received new veterinary drug registration certificates for two products and is advancing its pipeline with over 40 new vaccines planned for the next five years [1]. - The investment suggestion indicates that the company is deepening its "product + solution + service" integrated epidemic prevention system, aiming to consolidate its market share in foot-and-mouth disease vaccines while continuously increasing sales of non-foot-and-mouth disease vaccines. The company is expected to achieve steady growth in performance, with projected EPS of 0.33 yuan and 0.39 yuan for 2024 and 2025, respectively, corresponding to PE ratios of 27 and 23 [1][2]. Financial Summary - The company's projected revenues for 2024, 2025, and 2026 are 1.851 billion yuan, 2.195 billion yuan, and 2.444 billion yuan, respectively, with growth rates of 15.80%, 18.60%, and 11.36% [2]. - The net profit attributable to shareholders is expected to reach 365.24 million yuan in 2024, 441.87 million yuan in 2025, and 510.18 million yuan in 2026, with growth rates of 28.77%, 20.98%, and 15.46% [2]. - The projected EPS for the next three years is 0.33 yuan in 2024, 0.39 yuan in 2025, and 0.46 yuan in 2026, with corresponding PE ratios decreasing from 27 in 2024 to 20 in 2026 [2].

关于本报告 目录 本报告是金宇生物技术股份有限公司发布的第五份可持续发展年度报告。报告本着客观、透明和全面的原则，阐述了 公司秉持的可持续发展理念，展示了公司在高质量发展、产业链共赢、生态环境保护和社会责任实践方面最新发展情况和 取得的成效，旨在对各方的期望进行回应。 报告周期 本报告的时间跨度为 2023 年 1 月 1 日至 2023 年 12 月 31 日。为增强报告可比性和完整性，部分内容可 能超出此时间范围。 报告范围 本报告披露范围包括金宇生物技术股份有限公司 （以下简称"金宇生物"、"公司"或"我们"）及主 营业务附属子公司：金宇保灵生物药品有限公司（简称 "金宇保灵"）、扬州优邦生物药品有限公司（简称"扬 州优邦"）、辽宁益康生物股份有限公司（简称"辽宁 益康"）、金宇共立动物保健有限公司（简称"金宇共立"） 报告编制依据 本报告的编制主要参照全球报告倡议组织发布的 《可持续发展报告标准》（GRI 标准）方案和上海证券 交易所《上市公司自律监管指引第 1 号——规范运作》 等相关文件，同时参考与回应了联合国可持续发展目标 （SDGs）、摩根斯坦利资本国际公司环境、社会及管治 （Environm ...

关于金宇生物技术股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：金宇生物技术股份有限公司 审计单位：致同会计师事务所（特殊普通合伙） 联系电话：010-85665588 关于金宇生物技术股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同会计师事务所(特殊普通合伙) a 目 录 Grant Thornton 关于金宇生物技术股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同专字(2024)第 441A009536号 金字生物技术股份有限公司全体股东: 我们接受金字生物技术股份有限公司(以下简称"生物股份公司")委托, 根据中国注册会计师执业准则审计了生物股份公司 2023年 12月 31日的合并及公 司资产负债表,2023年度合并及公司利润表,合并及公司现金流量表,合并及公 司股东权益变动表和财务报表附注,并出具了致同审字(2024)第 441A014649号 无保留意见审计报告, 根据《上市公司监管指引第 8号一一上市公司资金往来、对外担保的监管要 求》等有关规定,生物股份公司竭制了本专项说明所附的金 ...

Financial Performance - Basic earnings per share for 2023 increased to CNY 0.26, a 36.84% increase compared to CNY 0.19 in 2022[41] - The weighted average return on net assets rose to 5.43%, an increase of 1.47 percentage points from 3.96% in 2022[41] - The net profit attributable to shareholders increased by 34.64% to ¥283,630,790.16 in 2023, up from ¥210,659,922.61 in 2022[58] - The net profit after deducting non-recurring gains and losses rose by 29.74% to ¥254,459,867.96 in 2023, compared to ¥196,135,571.52 in 2022[58] - The company achieved a revenue of 1.598 billion yuan in 2023, representing a year-on-year increase of 4.55%[96] - The company reported a basic earnings per share increase of 36.84% in 2023, indicating strong financial performance and effective operational strategies[64] - The company achieved operating revenue of CNY 1,598,225,460.25, representing a year-on-year growth of 4.55%[138] - Net profit attributable to shareholders reached CNY 28,363.08 million, marking a significant increase of 34.64% year-on-year[138] Research and Development - The company has established multiple research and development platforms, including those for viral vaccines, bacterial and protein expression, and gene engineering, covering various vaccine types[13] - The company is developing several vaccines, including a dual inactivated vaccine for swine fever and pseudorabies, currently in clinical trial stages[2] - The company has a total of 10 vaccine projects in various stages of development, including emergency evaluation, laboratory research, and clinical trials[2] - The company has established a high-level biosafety laboratory (ABSL-3) for vaccine research, becoming the first domestic enterprise to conduct significant vaccine research activities[161] - The company is focusing on mRNA vaccines and multi-valent vaccines to address significant animal diseases like African swine fever[111] - The company has increased investment in R&D for African swine fever projects, impacting raw material and collaboration costs[117] - The company is developing over 40 new R&D projects in the next five years, enhancing its competitive advantage in the biotechnology sector[96] - The company has established an integrated R&D platform for African swine fever vaccines, focusing on multiple technological routes including subunit and mRNA vaccines[96] Market Strategy and Operations - The company has implemented a marketing strategy transformation in response to national epidemic prevention policy adjustments, focusing on regional and customer analysis[72] - The company has implemented a production model based on order demand, ensuring timely adjustments to production plans according to market needs and inventory levels[82] - The company has established a "triangular" collaborative mechanism among R&D, production, and sales, leading to a growth model that leverages its comprehensive vaccine advantages[83] - The company focuses on differentiated marketing strategies to enhance product market share and increase resilience against market fluctuations[83] - The government procurement model is utilized for mandatory immunization programs, with the company participating in 1-2 tenders annually based on regional disease prevalence[83] - The company is transitioning to a market-oriented procurement model for animal vaccines, phasing out government procurement by 2025[181] - Future strategies include expanding marketing channels and enhancing product quality and production efficiency[136] Vaccine Development and Production - The company has developed a comprehensive vaccine portfolio covering over 100 types across four major series: pigs, poultry, ruminants, and pets[84] - The company is committed to improving vaccine production technology, focusing on advanced techniques such as suspension culture, concentration purification, and genetic engineering[100] - The company is actively involved in the innovation of vaccines for major animal diseases, including brucellosis and tuberculosis, supported by special funds for disease prevention[100] - The company has established a comprehensive animal disease prevention and control system, leveraging advanced laboratory facilities for research and development[101] - The company has established a smart manufacturing bio-industrial park, leading the industry in automated production and quality control[96] - The company has integrated smart manufacturing, big data, and artificial intelligence into its operations, creating a comprehensive disease prevention and control service system[96] Financial Health and Governance - The company has received a standard unqualified audit report from its accounting firm, indicating strong financial health[45] - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[29] - The company has no significant differences in governance compared to regulations set by the China Securities Regulatory Commission[16] - The company reported a 16.26% increase in sales expenses, totaling 342,251,882.20 CNY, compared to the previous year[126] - The main business cost was CNY 629.41 million, a decrease of 6.80% from the previous year[118] - The gross profit margin for the biopharmaceutical sector increased by 4.04 percentage points to 59.46%[119] Industry Trends and Market Outlook - The domestic animal health market has grown from RMB 41.213 billion in 2013 to RMB 67.345 billion in 2022, with the veterinary biological products market increasing from RMB 9.4 billion to RMB 16.567 billion during the same period[73] - The veterinary biological products industry is entering a long-term growth cycle, supported by increasing livestock output and rising consumer demand for food safety[73] - The industry is experiencing a gradual improvement in the supply-demand balance for pork, with expectations for pig prices to gradually improve in the future[100] - The government has implemented a series of policies to promote the use of biological products over chemical drugs in veterinary medicine[181] Customer and Supplier Dynamics - The company’s top five customers contributed 25.19% of total annual sales, amounting to 37,935.32 million CNY[125] - The company reported a significant reliance on a few major customers, with the top five suppliers accounting for 28.11% of total annual purchases[146]

金宇生物技术股份有限公司 2023 年度独立董事述职报告（吴振平） 本人吴振平，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 2023 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立性 要求，不存在影响独立性的情况。本人履历如下： 吴振平先生，法学硕士。1989 年至 2002 年在内蒙古大学法学院任副教授、法 学院副院长、民商法硕士生导师；2002 年至 2008 年，在北京普华律师事务所任合 伙人律师、广州分所主任。2008 年至今，任北京市金励律师 ...

证券代码：600201 证券简称：生物股份 公告编号：临 2024-020 金宇生物技术股份有限公司 关于 2023 年度计提资产减值准备及核销坏账的公告 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。 金宇生物技术股份有限公司(以下简称"公司") 于 2024 年 4 月 25 日召开 第十一届董事会第十四次会议及第十一届监事会第十三次会议，会议审议并通过 了《关于 2023 年度计提资产减值准备及核销坏账的议案》，现就公司计提资产减 值准备及核销坏账相关事宜公告如下： 一、本次计提资产减值准备及核销坏账的概况 （一）计提资产减值准备情况 为客观、公允地反映公司 2023 年度财务状况和经营成果，根据《企业会计准 则》及公司会计政策等相关规定，基于谨慎性原则，公司对截至 2023 年 12 月 31 日合并财务报表范围内的各类资产进行了全面清查和减值测试，根据测试结果对 存在减值迹象的资产相应计提了减值准备。2023 年，公司计提资产减值准备合计 5,792.00 万元，具体计提减值准备情况如下： | 项目 | | 2023 ...