Financial Performance - The company's operating revenue for 2021 was CNY 358,429,248.99, representing a 6.13% increase compared to CNY 337,732,400.53 in 2020[23]. - Net profit attributable to shareholders of the listed company decreased by 14.91% to CNY 110,201,862.80 from CNY 129,514,301.93 in the previous year[23]. - The net cash flow from operating activities was CNY 90,119,983.59, down 19.34% from CNY 111,730,338.42 in 2020[23]. - The company's total assets increased by 5.55% to CNY 1,598,464,318.21 at the end of 2021, compared to CNY 1,514,469,447.73 at the end of 2020[23]. - Basic earnings per share decreased by 15.63% to CNY 0.27 in 2021 from CNY 0.32 in 2020[24]. - The gross margin for the main business was 75.69%, down 7.98 percentage points from the previous year[110]. - The company achieved operating revenue of CNY 358.43 million, a year-on-year increase of 6.13%, with the main business revenue being CNY 357.79 million, up 6.05% from the previous year[105]. - Operating costs increased by 57.89% compared to the previous year, primarily due to the formal production and sales of the "Porcine Foot-and-Mouth Disease O-type and A-type Bivalent Inactivated Vaccine," leading to higher depreciation of fixed assets[107]. - The net profit attributable to shareholders was CNY 110.20 million, a decrease of 14.91% year-on-year[104]. - The net cash flow from investment activities worsened by 41.19%, from -90,099,196.87 to -127,210,857.42 RMB[119]. Research and Development - Research and development expenses accounted for 19.14% of operating revenue, an increase of 9.13 percentage points from 10.01% in 2020[24]. - Total R&D investment increased significantly to CNY 68,585,557.93, a 102.94% increase compared to the previous year[69]. - The company has increased its R&D output, with a total of 92 patent applications and 77 granted patents, reflecting its commitment to innovation[68]. - The company has established four major technology platforms, including synthetic peptide vaccine technology and inactivated vaccine technology, enhancing its competitive edge in the industry[78]. - The company is focusing on developing a competitive intellectual property system related to virus-like particle vaccine technology, with multiple proprietary technologies achieved[128]. - The company plans to increase R&D efforts for multivalent and multi-component vaccines to reduce the number of vaccinations required for livestock, addressing new demands in vaccine development[59]. - The company has made significant progress in developing a range of vaccines for swine diseases, including the recombinant foot-and-mouth disease vaccine and the three-in-one inactivated vaccine for swine infectious diseases[130]. Product Development and Innovation - The company successfully launched the new product "Tai Ji Lian," which won the "2021 Annual Influential Foot-and-Mouth Disease Vaccine" award in China[34]. - The company obtained new veterinary drug registration certificates for the bovine foot-and-mouth disease bivalent synthetic peptide vaccine and the porcine circovirus type 2 subunit vaccine[35]. - The company has developed the first domestic bivalent synthetic peptide vaccine for foot-and-mouth disease (FMD) in pigs, consisting of peptides 2700+2800+MM13[60]. - The company has successfully developed a bivalent inactivated vaccine for foot-and-mouth disease, which has received a first-class new veterinary drug registration certificate and is recognized for its high immunogenicity and protection[83]. - The company is actively developing other inactivated vaccines, including a subunit vaccine for porcine circovirus type 2, which is currently in trial production[65]. - The company has completed trial production of diagnostic kits for African swine fever and FMD, with ongoing efforts to obtain product approval numbers[67]. Market Position and Strategy - The company ranked fifth in the domestic pig biological products market with a sales amount of 338 million yuan in 2020, representing a market share of 4.88%[53]. - The company is actively expanding its product line, with ongoing projects for vaccines against porcine infectious gastroenteritis and porcine epidemic diarrhea[35]. - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[106]. - The company aims to focus on high-end markets and develop vaccines for major diseases affecting livestock, including foot-and-mouth disease and African swine fever[154]. - The company plans to launch a bivalent inactivated vaccine for foot-and-mouth disease, adjusting sales strategies to prioritize market sales over government procurement[155]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants, ensuring the accuracy of its financial statements[6]. - The company’s board of directors and management have confirmed the authenticity and completeness of the annual report, ensuring transparency[6]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties, ensuring financial integrity[8]. - The company has not violated decision-making procedures for external guarantees, maintaining compliance with regulations[8]. - The company emphasizes the importance of risk factors in its future operations, urging investors to carefully consider potential risks[7]. - The company strictly adheres to corporate governance regulations, ensuring the protection of shareholder rights and the effective operation of its governance structure[163]. Talent Development and Human Resources - The company has established a comprehensive talent development and incentive system to enhance team capabilities and cohesion[38]. - The R&D team consists of 69 members, accounting for 23.23% of the total workforce, with expertise in various fields such as biological engineering and veterinary medicine[88]. - The company aims to optimize its compensation incentive system to enhance employee motivation and creativity, conducting external salary surveys to ensure competitiveness[197]. - The company established the Shunlian Training Center in June 2021 to focus on employee growth and development, offering systematic learning environments[198]. Future Outlook and Guidance - The company provided guidance for the next fiscal year, projecting revenue growth of 25% to $625 million[174]. - The company plans to increase its marketing budget by 30% to support new product launches and market expansion efforts[176]. - Overall, the company remains optimistic about future growth, driven by strong user engagement and innovative product offerings[174].

Financial Performance - The company's operating revenue for Q1 2022 was ¥89,049,518.25, representing a year-on-year increase of 7.48%[2] - The net profit attributable to shareholders decreased by 15.7% to ¥23,928,559.11, while the net profit after deducting non-recurring gains and losses fell by 18.85% to ¥20,331,229.47[2] - Basic earnings per share were ¥0.06, down 14.29%, and diluted earnings per share were ¥0.05, down 28.57%[2] - Net profit for Q1 2022 was CNY 23,924,876.69, a decrease of 14.7% from CNY 27,985,577.40 in Q1 2021[18] - Earnings per share for Q1 2022 were CNY 0.06, down from CNY 0.07 in Q1 2021[18] Cash Flow - The net cash flow from operating activities was negative at -¥42,272,933.50, a decrease of 2.68% compared to the previous year[2] - In Q1 2022, the cash inflow from operating activities was $21,306,501.49, a decrease of 48.6% compared to $41,439,597.04 in Q1 2021[22] - The company reported a total cash inflow from operating activities of $21,017,968.10 in Q1 2022, which is a 48.5% decrease from $40,795,871.00 in Q1 2021[22] - The cash inflow from financing activities was $61,952.05, down 69.8% from $205,406.68 in Q1 2021[23] - The net cash flow from financing activities was $26,450.05, compared to $205,406.68 in the same quarter last year, indicating a significant decline[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,614,325,906.33, reflecting a slight increase of 0.99% from the end of the previous year[2] - Total current assets as of March 31, 2022, amounted to ¥738,843,284.22, a slight increase from ¥733,461,060.55 at the end of 2021[12] - Total liabilities for Q1 2022 were CNY 115,003,809.35, down from CNY 125,476,791.81 in Q1 2021[14] - The company’s total equity as of Q1 2022 was CNY 1,499,322,096.98, an increase from CNY 1,472,987,526.40 in Q1 2021[14] Research and Development - R&D investment totaled ¥10,181,801.73, a decrease of 27.95%, accounting for 11.43% of operating revenue, down 5.63 percentage points[2] - Research and development expenses for Q1 2022 were CNY 5,196,621.48, compared to CNY 4,904,462.76 in Q1 2021, reflecting a growth of 5.9%[17] Shareholder Information - Total number of common shareholders at the end of the reporting period was 11,086[8] - The largest shareholder, Yang Yufang, holds 90,063,197 shares, representing 21.93% of total shares[8] - The second largest shareholder, UNITED BIOMEDICAL, INC., holds 49,819,210 shares, representing 12.13% of total shares, with 1,815 shares frozen[8] - The company reported a total of 35.82% shareholding by the top four shareholders, indicating significant ownership concentration[9] Other Financial Information - The company reported non-recurring gains of ¥3,597,329.64, with government subsidies contributing ¥277,616.16 and investment income from entrusted management amounting to ¥2,489,808.51[5] - The company experienced a 421.65% increase in fair value gains from trading financial assets[6] - The financial statements for the first quarter of 2022 were not audited[10] - The impact of exchange rate changes on cash and cash equivalents was a negative $8.33 in Q1 2022, contrasting with a positive $14.08 in Q1 2021[23]

Financial Performance - The company's revenue for Q3 2021 was ¥119,387,375.73, representing a decrease of 19.08% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥47,470,138.97, down 38.09% year-on-year[4]. - Basic earnings per share decreased by 42.11% to ¥0.11, primarily due to the decline in net profit[4]. - The company experienced a 9.84% decline in revenue for the year-to-date period, attributed to the relocation of the peptide vaccine production line[4]. - Total revenue for the first three quarters of 2021 was CNY 272,415,976.87, a decrease of 9.83% compared to CNY 302,156,760.61 in the same period of 2020[24]. - Net profit for the third quarter of 2021 was CNY 90,049,371.98, down 34.4% from CNY 137,427,634.06 in the same quarter of 2020[25]. - Total comprehensive income for the third quarter of 2021 was CNY 90,049,371.98, compared to CNY 137,427,634.06 in the same period of 2020, representing a decrease of approximately 34.5%[26]. - Basic earnings per share for Q3 2021 was CNY 0.22, down from CNY 0.34 in Q3 2020, reflecting a decline of about 35.3%[26]. Research and Development - Research and development expenses totaled ¥10,927,924.94, an increase of 57.65% compared to the same period last year, accounting for 9.15% of revenue[5]. - Research and development expenses totaled 75.79 million RMB, with increased capitalized R&D investments for new vaccines[9]. - The company plans to capitalize on the new veterinary drug registration certificate obtained for the swine circovirus type 2 subunit vaccine[8]. - The company is focused on expanding its market presence and enhancing its product offerings through new vaccine developments[9]. - The company’s two peptide vaccine products received approval for market sales in early September 2021[15]. Assets and Liabilities - Total assets increased by 6.51% to ¥1,613,017,261.81 compared to the end of the previous year[5]. - The company's total assets as of September 30, 2021, were CNY 1,613,017,261.81, an increase from CNY 1,514,469,447.73 at the end of 2020[21]. - Current assets totaled CNY 768,247,671.52, slightly down from CNY 793,859,102.41 at the end of 2020[19]. - Non-current assets increased to CNY 844,769,590.29 from CNY 720,610,345.32 at the end of 2020[19]. - The total liabilities increased to CNY 146,128,760.41 from CNY 118,203,564.13 at the end of 2020[20]. - The equity attributable to shareholders of the parent company reached CNY 1,468,877,302.00, up from CNY 1,396,412,887.45 at the end of 2020[21]. Cash Flow - Net cash flow from operating activities for the first nine months of 2021 was CNY 13,944,598.26, a significant improvement from a net outflow of CNY 5,398,127.50 in the same period of 2020[29]. - Cash inflow from operating activities totaled CNY 213,622,372.72 in Q3 2021, compared to CNY 146,441,506.58 in Q3 2020, indicating an increase of approximately 45.8%[29]. - Cash outflow from operating activities was CNY 199,677,774.46 in Q3 2021, compared to CNY 151,839,634.08 in Q3 2020, marking an increase of about 31.5%[29]. - The cash and cash equivalents balance at the end of Q3 2021 was CNY 82,949,840.46, down from CNY 134,758,718.48 at the end of Q3 2020, reflecting a decrease of approximately 38.5%[30]. - The company reported a total cash inflow from financing activities of CNY 8,566,589.30 in Q3 2021, compared to CNY 600,302.80 in Q3 2020, indicating a substantial increase[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,113[11]. - Major shareholder Yang Yufang holds 21.93% of the shares, while UNITED BIOMEDICAL, INC. holds 15.13%[11]. Management and Expenses - The increase in management expenses was mainly due to the rising costs associated with the foot-and-mouth disease inactivated vaccine[8]. - The company reported a total of ¥3,865,841.60 in non-recurring gains and losses for the current period[8]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 32.44% year-on-year[9]. - Operating income declined due to a delay in production following the re-approval of the product in early September 2021[9]. - The company reported a total of 25,805,141.64 in employee compensation payable[34].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥153,028,601.14, a decrease of 1.03% compared to ¥154,617,434.39 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2021 was ¥44,421,029.76, representing a decline of 26.88% from ¥60,751,575.88 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was ¥38,516,256.84, down 22.87% from ¥49,939,586.74 year-on-year[20]. - The net cash flow from operating activities was ¥2,684,655.94, a significant improvement from a negative cash flow of ¥2,860,364.18 in the same period last year[20]. - Basic earnings per share for the first half of 2021 were ¥0.11, down 26.67% from ¥0.15 in the same period last year[21]. - The weighted average return on net assets decreased by 1.52 percentage points to 3.12% from 4.64% in the previous year[21]. - The company achieved a total revenue of 3,380.84 million RMB in the first half of 2021, an increase from 1,696.79 million RMB in the same period last year, representing a growth of approximately 99%[57]. - The company achieved operating revenue of CNY 153.03 million, a year-on-year decrease of 1.03%[86]. - The net profit attributable to shareholders was CNY 44.42 million, down 26.88% year-on-year, primarily due to increased costs from promoting new products and relocating production lines[86]. Research and Development - The R&D investment as a percentage of operating revenue increased to 19.46%, up 8.97 percentage points from 10.49% in the previous year[21]. - The total R&D investment increased by 83.54% year-on-year, reaching CNY 29,778,425.13, with R&D expenses accounting for 19.46% of operating income[53]. - The capitalized R&D investment surged by 810.34% to CNY 14,663,163.75, significantly impacting the overall R&D investment structure[53]. - The company has successfully innovated five key core technologies for inactivated vaccines, enhancing its product competitiveness[41]. - The R&D team consists of 69 members, accounting for 23.23% of the total workforce, with expertise in various fields related to veterinary medicine and biotechnology[69]. - The company has applied for a total of 86 patents, with 6 new veterinary drug registration certificates obtained during the reporting period[51]. - The company has established multiple advanced technology platforms, including inactivated vaccine technology and virus-like particle vaccine technology, to strengthen its R&D capabilities[62]. Market Position and Products - The company specializes in the research, production, and sales of foot-and-mouth disease vaccines, which are critical for preventing outbreaks in livestock[25]. - The market for veterinary biological products in China reached a sales figure of 162.36 billion in 2020, showing a year-on-year increase of 37.17%[33]. - The average gross margin for the veterinary biological products industry was reported at 63.67% in 2020, indicating a healthy profitability level[33]. - The company is one of the designated producers of foot-and-mouth disease vaccines, which are mandatory for livestock immunization in China[26]. - The company is a leader in the domestic synthetic peptide vaccine field, maintaining the first market share in synthetic peptide vaccines for pigs from 2018 to 2020[40]. - The company has launched a new inactivated vaccine for foot-and-mouth disease, which officially commenced production in February 2021[78]. - The company has developed a new bivalent synthetic peptide vaccine for foot-and-mouth disease (FMD) with strong immunogenicity and safety, which has received a new veterinary drug registration certificate[66]. Financial Management and Investments - The company has established a fundraising management system to ensure that raised funds are used legally and specifically for expanding its vaccine production capabilities[145]. - The total amount of raised funds is CNY 40,017.50 million, with CNY 2,603.98 million invested in the current year[161]. - The cumulative amount of raised funds invested to date is CNY 21,635.63 million, which is 83.56% of the committed investment amount[161]. - The company has committed to using up to CNY 300 million of idle raised funds for cash management in safe, liquid bank financial products[163]. - The company has engaged in cash management by investing in structured deposits with various banks, including Shanghai Pudong Development Bank[165]. - The company plans to continue rolling over the idle funds within the approved limits and timeframe[164]. Environmental Compliance - The company has maintained compliance with all environmental discharge standards, with no exceedances reported for key pollutants such as ammonia nitrogen and chemical oxygen demand[115]. - The company has successfully managed its environmental impact, with no reported exceedances for any monitored pollutants during the reporting period[116]. - The company has implemented measures to ensure that all emissions, including nitrogen oxides and sulfur dioxide, are below regulatory limits[116]. - The company has installed online monitoring facilities for various pollutants, ensuring real-time monitoring of emissions[123]. - The company has conducted regular drills for emergency response plans related to environmental incidents[122]. Corporate Governance and Shareholder Relations - The company is committed to improving its governance structure to protect the rights of shareholders, especially minority shareholders[147]. - The company will strictly fulfill all public commitments made during the initial public offering and listing on the Sci-Tech Innovation Board[14]. - The company has established measures to avoid related party transactions that could harm the interests of shareholders[134]. - The company will ensure compliance with relevant laws and regulations regarding related party transactions[134]. - The company has made commitments that are independently enforceable, ensuring the validity of each commitment[134]. Strategic Initiatives - The company has established a technical service system to support customers, enhancing its market competitiveness through quality and service[70]. - The company has expanded its marketing network and sales team to improve service quality and enhance industry competitiveness[72]. - The company is preparing to expand its product line to include vaccines for other diseases and diagnostic reagents for veterinary use[32]. - The company plans to invest 341.52 million CNY in the construction of animal vaccine facilities, expecting an annual sales revenue increase of 320 million CNY and an annual profit increase of 96 million CNY post-production[97].

Financial Performance - Net profit attributable to shareholders decreased by 39.77% to CNY 28,383,703.58 year-on-year[6] - Operating revenue declined by 15.84% to CNY 82,854,949.85 compared to the same period last year[6] - Basic earnings per share decreased by 41.67% to CNY 0.07[6] - Weighted average return on equity decreased by 1.60 percentage points to 2.01%[6] - Total revenue decreased by 15.84% year-over-year, while operating profit fell by 37.54% to ¥32,498,668.50[15] - Net profit dropped by 40.62% to ¥27,985,577.40, attributed to increased management and sales expenses[14] - Net profit for Q1 2021 was ¥27,985,577.40, down 40.5% from ¥47,128,914.92 in Q1 2020[32] - The net profit for Q1 2021 was CNY 28,797,872.09, a decrease of 38.8% compared to CNY 47,128,914.92 in Q1 2020[35] - The total comprehensive income for Q1 2021 was CNY 28,797,872.09, down from CNY 47,128,914.92 in Q1 2020, indicating a decline of 38.8%[35] Cash Flow - Net cash flow from operating activities was negative at CNY -43,438,746.69, a decrease of 241.91% compared to the previous year[6] - Cash flow from operating activities showed a net outflow of ¥43,438,746.69, a decline of 241.91% compared to the same period last year[16] - Cash flow from operating activities showed a net outflow of CNY 43,438,746.69, worsening from a net outflow of CNY 12,704,566.96 in Q1 2020[37] - The total cash outflow from operating activities was CNY 84,878,343.73, compared to CNY 56,169,425.08 in Q1 2020, representing an increase of 50.9%[37] - The total cash outflow from operating activities was $83.95 million, compared to $56.17 million in the previous year, indicating increased operational costs[41] Assets and Liabilities - Total assets increased by 1.10% to CNY 1,531,087,711.10 compared to the end of the previous year[6] - Total current assets as of March 31, 2021, amounted to ¥773,267,482.50, a decrease of 2.3% from ¥793,859,102.41 on December 31, 2020[22] - Total non-current assets reached ¥757,820,228.60, an increase of 5.2% from ¥720,610,345.32[23] - Total liabilities decreased to ¥102,428,950.10 from ¥118,203,564.13, a reduction of 13.4%[24] - Total liabilities as of Q1 2021 were ¥102,349,850.10, a decrease from ¥118,124,750.68 in the previous year[28] - The company's equity attributable to shareholders increased to ¥1,429,203,891.03 from ¥1,396,412,887.45, marking a rise of 2.3%[25] Research and Development - R&D investment as a percentage of operating revenue increased by 8.42 percentage points to 17.06%[6] - Development expenses surged by 489.59% to ¥11,111,256.01, as the company’s vaccine research project entered the capitalization phase[12] - The company’s R&D expenses decreased by 30.03% to ¥4,904,462.76, as more costs were capitalized due to the vaccine project[13] - The company plans to consolidate its vaccine production lines in Lanzhou to strengthen biosecurity measures[19] Shareholder Information - The total number of shareholders reached 10,121 by the end of the reporting period[9] - The largest shareholder, Yang Yufang, holds 21.98% of the shares[9] - UNITED BIOMEDICAL, INC. holds 16.16% of the shares but has some shares frozen[9] Investment Activities - Total cash inflow from investment activities was CNY 958,297,810.75, compared to CNY 742,125,494.90 in Q1 2020, marking an increase of 29.2%[38] - The company reported a significant increase in cash inflow from investment activities, primarily due to cash recovered from investments amounting to CNY 954,700,000.00, up from CNY 737,900,000.00 in Q1 2020[38] - The net cash flow from investment activities was $12.89 million, a turnaround from -$62.33 million in the same quarter last year, showing improved investment performance[41] Operational Costs - Total operating costs increased to ¥52,634,829.93, up 4.9% from ¥50,178,398.65 in the same period last year[31] - Management expenses rose to ¥18,000,886.57, an increase of 30.5% compared to ¥13,759,760.59 in Q1 2020[32] - The company paid $32.19 million in employee compensation, an increase from $24.59 million in the same quarter last year, reflecting growth in workforce expenses[41]

Financial Performance - The company's operating revenue for 2020 was approximately CNY 337.73 million, representing a year-over-year increase of 33.07% compared to CNY 253.81 million in 2019[22]. - Net profit attributable to shareholders for 2020 was approximately CNY 129.51 million, a significant increase of 66.14% from CNY 77.96 million in 2019[22]. - The basic earnings per share for 2020 was CNY 0.32, reflecting a growth of 52.38% compared to CNY 0.21 in 2019[24]. - The company's cash flow from operating activities for 2020 was approximately CNY 111.73 million, which is a remarkable increase of 107.63% from CNY 53.81 million in 2019[22]. - The total net assets attributable to shareholders at the end of 2020 were approximately CNY 1.40 billion, an increase of 8.98% from CNY 1.28 billion at the end of 2019[22]. - The company's operating cash flow net amount was CNY 111.73 million, a significant increase of 107.63% from CNY 53,812,891.77 in the previous year[100]. - The company achieved a revenue of 338 million yuan in 2020, representing a year-on-year growth of 33.07%, while net profit increased by 66.14% compared to the previous year[78]. - The main business revenue from veterinary biological products was CNY 337.39 million, up 32.99% year-on-year[101]. - The gross margin for veterinary biological products improved by 1.39 percentage points to 83.67%[103]. Research and Development - Research and development expenses accounted for 10.01% of operating revenue in 2020, a slight decrease of 0.46 percentage points from 10.47% in 2019[24]. - R&D investment totaled approximately ¥33.8 million, a 27.22% increase from the previous year, with R&D expenses accounting for 10.01% of revenue[60]. - The company has filed for 10 new patents during the reporting period, bringing the total number of patents to 80, including 34 invention patents[59]. - The company is actively engaged in the research and development of multi-valent vaccines to reduce the number of vaccinations required for livestock, thereby alleviating the burden on farmers[52]. - The company has established multiple core technology platforms, including synthetic peptide vaccine technology, inactivated vaccine technology, and virus-like particle vaccine technology, enhancing its R&D capabilities[54]. - The R&D team includes 67 members with diverse expertise in animal immunology, veterinary medicine, and molecular biology, providing a solid foundation for innovation[75]. - The company plans to significantly increase R&D investment in 2021, focusing on new vaccine development and maintaining its competitive edge in the industry[87]. - The company is focusing on expanding its product pipeline in both vaccines and diagnostics, enhancing its competitive position in the market[58]. Market Position and Strategy - The company ranks first in the domestic market share for swine foot-and-mouth disease synthetic peptide vaccines, maintaining a leading position in this segment[50]. - The company is a designated producer of foot-and-mouth disease vaccines, adhering to a "prevention first" policy, with vaccines being mandatory for immunization[34]. - The veterinary biological products industry in China is experiencing a steady growth trend, with the market expected to recover following the impacts of African swine fever and COVID-19[41]. - The company plans to enhance its marketing network and brand promotion, targeting mid-to-high-end markets and adopting differentiated sales strategies for various customer segments[153]. - The company aims to become a world-class high-tech biological company, focusing on foot-and-mouth disease vaccines and expanding into other vaccine and diagnostic product areas[150]. Governance and Compliance - The company has established a comprehensive governance structure with all board members present at the board meeting[6]. - The company operates under the supervision of the China Securities Regulatory Commission and the Shanghai Stock Exchange[11]. - The company emphasizes strict compliance with industry regulations to avoid risks related to production and operational licenses[90]. - The company has committed to enhancing its governance structure to ensure that shareholders can fully exercise their rights and that the board of directors operates according to legal and regulatory requirements[186]. - The company has confirmed compliance with legal regulations regarding stock trading by its general manager[195]. Risk Management - The company emphasizes the importance of risk awareness regarding future operational plans and development strategies, indicating that forward-looking statements do not constitute a commitment to investors[8]. - The company faces risks related to the relocation of its synthetic peptide vaccine production line, which may impact sales revenue in 2021 if regulatory approvals are delayed[88]. - The company has implemented comprehensive biosecurity measures to manage risks associated with vaccine production[91]. - The company faces potential risks related to product quality management as it expands its operations[92]. - Environmental protection risks are present due to the company's classification as a key pollutant discharge unit[93]. Profit Distribution - The company plans to distribute a cash dividend of 1 RMB per 10 shares, totaling 40,970,000 RMB (including tax) based on a total share capital of 409,700,000 shares as of December 31, 2020[7]. - In 2020, the company distributed cash dividends amounting to 40,970,000 RMB, which represented 31.63% of the net profit attributable to ordinary shareholders[164]. - The company's profit distribution policy allows for cash dividends of at least 20% of the distributable profit for the year, provided certain conditions are met[159]. - The company has not proposed any cash profit distribution plan despite having positive distributable profits during the reporting period[165]. - The company has a policy to ensure that retained undistributed profits are primarily used for working capital and expanding production capacity[162]. Audit and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants[6]. - The company appointed Da Hua Accounting Firm as the external auditor for the 2020 fiscal year, with an audit fee of RMB 400,000 and an internal control audit fee of RMB 200,000, totaling RMB 600,000[199]. - There were no significant litigation or arbitration matters reported for the year[200]. - The company has not disclosed any major lawsuits or arbitration cases during the reporting period[200].

Financial Performance - Net profit attributable to shareholders increased by 78.17% to CNY 137,427,634.06 for the first nine months of the year[7]. - Operating revenue for the first nine months reached CNY 302,156,760.61, a growth of 33.85% year-on-year[7]. - Basic earnings per share rose by 61.9% to CNY 0.34[7]. - The weighted average return on equity increased by 1.39 percentage points to 10.25%[7]. - Net profit for the first nine months of 2020 reached CNY 137,427,634.06, a significant increase of 78.17% from CNY 77,131,889.13 in the previous year[16]. - Total operating revenue for Q3 2020 reached ¥147,539,326.22, a 54.7% increase compared to ¥95,358,197.69 in Q3 2019[34]. - Net profit for Q3 2020 was ¥76,676,058.18, up 100.7% from ¥38,169,060.28 in Q3 2019[35]. - The total profit for Q3 2020 was ¥89,611,576.88, compared to ¥44,484,466.69 in Q3 2019, marking a 101.5% increase[39]. - The company reported a total operating cost of ¥63,723,497.26 for Q3 2020, which is a 21.5% increase from ¥52,388,440.51 in Q3 2019[34]. Cash Flow and Investments - The net cash flow from operating activities improved significantly, with a reduction in outflow by 89.63% to CNY -5,398,127.50[7]. - The company's cash flow from operating activities showed a significant improvement, with a net cash flow of CNY -5,398,127.50 for the first nine months of 2020, compared to CNY -52,069,278.16 in the same period of 2019, reflecting an 89.63% increase[18]. - The net cash flow from investing activities for Q3 2020 was ¥25,723,901.49, a decrease of 142.10% compared to the previous period[19]. - The net cash flow from financing activities was -¥41,334,979.83, representing a 20.80% increase in outflows compared to the previous period[19]. - Cash inflow from investment activities totaled CNY 3,037,798,347.64, significantly higher than CNY 423,286,659.11 in the previous year, marking a growth of 617.5%[42]. - The company received CNY 3,024,900,000.00 from investment recoveries, a substantial increase from CNY 420,939,817.23 in the previous year[44]. Assets and Liabilities - Total assets increased by 7.63% to CNY 1,558,013,717.72 compared to the end of the previous year[7]. - The accounts receivable increased by 162.95% to CNY 262,056,297.66 as of September 30, 2020, compared to CNY 99,659,516.16 at the end of 2019[13]. - The total liabilities increased, with accounts payable rising by 71.29% to CNY 5,052,940.07 from CNY 2,949,886.38[13]. - The total liabilities were ¥158,223,010.31, a decrease from ¥166,330,556.35 in the previous period[27]. - The total equity attributable to shareholders was ¥1,399,790,707.41, up from ¥1,281,295,685.52 at the end of 2019[27]. Shareholder Information - The total number of shareholders reached 10,575 by the end of the reporting period[11]. - The largest shareholder, Yang Yufang, holds 21.98% of the shares, totaling 90,063,197 shares[11]. Research and Development - Research and development expenses accounted for 7.66% of operating revenue, a decrease of 0.30 percentage points[7]. - Research and development expenses for Q3 2020 were ¥6,824,406.06, compared to ¥5,535,328.10 in Q3 2019, reflecting a 23.2% increase[34]. - The company invested $F million in R&D for new technologies, aiming to enhance product offerings[58]. Strategic Initiatives - The company has increased its focus on the sales of the O and A bivalent synthetic peptide vaccine for foot-and-mouth disease, which has seen a rise in demand from government epidemic prevention departments since 2018[16]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[34]. - The company completed an acquisition of Company A for $B million, expected to enhance its product portfolio[58]. - Strategic initiatives resulted in a cost reduction of C%, improving overall profitability[58].

Financial Performance - The company's operating revenue for the first half of 2020 was RMB 154,617,434.39, representing an increase of 18.59% compared to RMB 130,383,775.54 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2020 was RMB 60,751,575.88, a significant increase of 55.92% from RMB 38,962,828.85 in the previous year[18]. - The net cash flow from operating activities improved to -RMB 2,860,364.18, a 93.98% increase compared to -RMB 47,485,502.75 in the same period last year[18]. - The company's total assets as of the end of the reporting period were RMB 1,469,243,183.82, reflecting a 1.49% increase from RMB 1,447,626,241.87 at the end of the previous year[18]. - The net assets attributable to shareholders increased by 2.89% to RMB 1,318,328,283.40 from RMB 1,281,295,685.52 at the end of the previous year[18]. - Basic earnings per share for the first half of 2020 were RMB 0.15, up 36.36% from RMB 0.11 in the same period last year[19]. - The company achieved a revenue of 155 million yuan, representing an 18.59% increase compared to the same period last year[63]. - The net profit for the period was 60.75 million yuan, reflecting a growth of 55.92% year-on-year[63]. Research and Development - The R&D expenditure accounted for 10.49% of operating revenue, an increase of 0.95 percentage points compared to 9.54% in the previous year[19]. - The total R&D investment for the first half of 2020 was approximately CNY 16.22 million, accounting for 10.49% of the company's operating revenue[44]. - The company has established multiple technology platforms, including synthetic peptide vaccine, inactivated vaccine, and virus-like particle vaccine platforms, enhancing its R&D capabilities[39][40]. - The company received three authorized invention patents in the first half of 2020, reflecting its commitment to innovation[43]. - The company is developing a dual-type inactivated vaccine for foot-and-mouth disease, with a total expected investment of CNY 20 million, and has already invested CNY 896.54 thousand in the project[46]. - The company has developed a PCR diagnostic kit for African swine fever, which has been approved by the Ministry of Agriculture and Rural Affairs[42]. - The company’s synthetic peptide vaccine technology platform includes several advanced techniques, such as Fmoc/tBu strategy solid-phase synthesis and antigen peptide purification technology[39]. Market Position and Industry Overview - The company specializes in the research, production, and sales of veterinary biological products, primarily focusing on foot-and-mouth disease (FMD) vaccines[24]. - The company is a leader in the domestic FMD peptide vaccine sector and was one of the first to industrialize this type of vaccine globally[26]. - The FMD vaccine market is heavily regulated, with government procurement being the main purchasing method, supplemented by a "first vaccination, then reimbursement" policy[29]. - The market size of China's veterinary biological products industry reached approximately 13.29 billion RMB in 2018, showing a growth of about 114% since 2010[31]. - The total sales of pig biological products in 2018 was 5.92 billion RMB, with the top ten companies holding 58.42% of the market share[33]. - The veterinary biological products industry is subject to high technical barriers, requiring compliance with strict regulations and standards[36]. Shareholder and Governance - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[5]. - The company has committed to ensuring that any related party transactions are conducted at fair and reasonable terms[103]. - The company will not transfer or delegate management of its shares for 36 months post-IPO, ensuring stability in shareholding[103]. - The company has established measures to stabilize its stock price, with commitments from senior management to avoid misleading statements[101]. - The company has a lock-up period of 12 months for shareholders holding more than 5% of shares, during which no transfer or management delegation of shares is allowed[104]. - The company will enhance its governance structure to ensure the protection of minority shareholders' rights[114]. Environmental Compliance - The company is listed as a key pollutant discharge unit in Shanghai, with wastewater discharge totaling 3,984 tons in the first half of 2020, complying with the pollution discharge standards[130]. - The company reported a total of 47.242 tons of hazardous waste (waste organic solution) disposed of in the first half of 2020[132]. - The company has implemented an emergency response plan for environmental incidents, registered with the Shanghai Municipal Ecology and Environment Bureau[135]. - The company has adhered to environmental protection laws during the construction of the "Suspended Culture Foot-and-Mouth Disease Inactivated Vaccine Project"[133]. Financial Management - The company raised a net amount of 400.175 million yuan from its IPO, with 467.925 million yuan remaining, of which 437.925 million yuan is self-funding and 30 million yuan is from bank loans[90]. - Investment in fundraising projects during the reporting period amounted to 49.8955 million yuan, an increase of 12.9% compared to the same period last year; the cumulative investment in fundraising projects reached 503.08 million yuan, with 134.1825 million yuan paid from raised funds[90]. - The company has established a fundraising management system to ensure the legal and compliant use of raised funds[114]. Risk Factors - The company faces risks related to high customer concentration, as its products are primarily sold through government procurement[74]. - The African swine fever epidemic has had a profound impact on the livestock veterinary drug industry, with the company’s performance closely tied to the scale of pig farming[76]. - The company faces risks related to changes in government procurement policies for vaccines, which could adversely affect profitability[77].

Financial Performance - The company's operating revenue for 2019 was ¥253.81 million, a decrease of 7.75% compared to ¥275.14 million in 2018[20]. - The net profit attributable to shareholders for 2019 was ¥77.96 million, down 10.99% from ¥87.58 million in 2018[20]. - The basic earnings per share for 2019 was ¥0.21, a decline of 19.23% from ¥0.26 in 2018[21]. - The cash flow from operating activities for 2019 was ¥53.81 million, a significant drop of 55.57% compared to ¥121.13 million in 2018[20]. - In 2019, the company achieved sales revenue of 254 million RMB, a decline of only 7.75% compared to 2018, despite the overall industry facing a 21.6% decrease in pig slaughter volume due to African swine fever[44]. - The company reported a net profit of ¥10.03 million from non-recurring gains and losses in 2019, compared to ¥5.38 million in 2018[24]. - The company achieved sales revenue of 254 million yuan in 2019, a decrease of 7.75% compared to 2018, with a net profit of 77.95 million yuan, down 10.99% year-on-year[78]. Research and Development - The company's R&D expenditure as a percentage of operating revenue increased to 10.47% in 2019, up 2.73 percentage points from 7.74% in 2018[21]. - The total R&D investment for the reporting period was approximately ¥26.56 million, accounting for 10.47% of the company's revenue[58]. - The company has filed for 7 invention patents, 3 design patents, and 4 utility model patents during the reporting period, demonstrating its commitment to innovation[52]. - The company has established multiple core technology platforms, including synthetic peptide vaccine technology, inactivated vaccine technology, and virus-like particle vaccine technology, enhancing its competitive edge in the industry[48]. - The company has a total of 63 R&D personnel, representing 21.21% of the total workforce, indicating a strong focus on research and development[58]. - The R&D team comprises 63 members, accounting for 21.21% of the total workforce, with expertise in various relevant fields[72]. - The company is focusing on the development of multivalent and multi-target vaccines to reduce the number of vaccinations required for livestock, addressing new demands in vaccine research[46]. Market Position and Products - The company specializes in the R&D, production, and sales of veterinary biological products, primarily focusing on foot-and-mouth disease vaccines[27]. - The company maintained a market share of 62.79% in the domestic pig foot-and-mouth disease peptide vaccine market in 2018, ranking first in this segment[43]. - The company is one of only two enterprises in China with registration certificates for both the bivalent inactivated vaccine and the bivalent synthetic peptide vaccine for foot-and-mouth disease[32]. - The company launched the only currently marketed bivalent peptide vaccine for pig foot-and-mouth disease (O type and A type) in 2019, which helped mitigate the negative impact of the African swine fever outbreak[44]. - The company has established stable long-term relationships with suppliers to ensure a sufficient and stable supply of raw materials[33]. - The company is actively seeking partnerships for the research and development of African swine fever vaccines due to high technical barriers[144]. Risks and Compliance - The company emphasizes the importance of understanding the risks associated with forward-looking statements regarding future business plans and strategies[7]. - The company faces risks related to increased competition and the need for continuous R&D investment to maintain its market share and user base[84]. - The company faces risks related to environmental protection compliance, as it operates in a heavily regulated industry[92]. - The company is at risk of not achieving expected returns from its fundraising investment projects due to potential changes in industry policies and market conditions[96]. - The company has committed to avoiding competition and reducing related party transactions as part of its governance strategy[154]. - The company has not reported any false records or misleading statements in its financial disclosures, ensuring transparency and accuracy in its reporting[157]. Governance and Shareholder Relations - The company plans to distribute a cash dividend of 0.8 RMB per 10 shares to all shareholders, based on the total share capital on the record date for the distribution plan[6]. - The cash dividend policy stipulates that at least 20% of the distributable profit should be distributed as cash dividends when conditions permit[148]. - The company has a history of cash dividends, with a distribution of 0.8 RMB per share in 2019, amounting to approximately 32.78 million RMB, representing 42.04% of the net profit attributable to ordinary shareholders[152]. - The company has established a long-term commitment to transparency and accountability among its executives and board members[159]. - The company will actively promote profit distribution and cash dividends to enhance shareholder returns, in compliance with relevant regulations[173]. - The company has committed to fulfilling all public commitments made during its initial public offering and listing on the Sci-Tech Innovation Board[174]. Production and Capacity Expansion - The company aims to enhance its vaccine production capabilities, with an initial capacity of 125 million doses expected in 2020[136]. - The company plans to invest RMB 868.1 million in the "Suspended Culture Inactivated Foot-and-Mouth Disease Vaccine Project" over a 6-year construction period, with an expected annual average sales revenue of RMB 502.85 million post-production[135]. - The company is steadily advancing the Lanzhou branch's "Suspended Culture Inactivated Foot-and-Mouth Disease Vaccine Project," aiming to launch the first production line within the year, which is expected to produce approximately 125 million doses of the vaccine[145]. - The company plans to industrialize diagnostic reagents for African swine fever and foot-and-mouth disease, contributing to its product diversification strategy[145]. - The company is focused on expanding its production capacity and product lines to support future growth and market demands[145]. Financial Management and Investments - The company has engaged Da Hua Accounting Firm for auditing services at a fee of RMB 400,000 for a two-year term[187]. - The company has invested in the construction of a bio-safety animal facility, increasing the in-progress construction value by 32.14% to 354,217,119.17 yuan[116]. - The company has engaged in various wealth management products, with a total investment of 288.9 million CNY from self-owned funds and 300 million CNY from raised funds[195]. - The company achieved a maximum single-day balance of 60 million CNY in structured wealth management products with an annualized return of 4.23%[197]. - The company has not reported any overdue amounts in its wealth management investments[195].

Financial Performance - Net profit attributable to shareholders rose by 34.30% to CNY 47,128,914.92 year-on-year[5] - Operating income increased by 3.81% to CNY 98,447,947.58 compared to the same period last year[5] - Basic and diluted earnings per share increased by 20.00% to CNY 0.12[5] - Total profit for Q1 2020 increased by 33.63% to ¥54,621,844.44 compared to ¥40,875,709.23 in Q1 2019, driven by effective internal management and cost-saving measures[12] - Net profit for Q1 2020 rose by 34.30% to ¥47,128,914.92 from ¥35,091,168.20 in the same period last year[18] - The company's total revenue for Q1 2020 was ¥98,447,947.58, an increase of 3.4% compared to ¥94,831,613.01 in Q1 2019[27] - The net profit for Q1 2020 reached ¥47,128,914.92, representing a 34.3% increase from ¥35,091,168.20 in Q1 2019[27] - The company reported an operating profit of ¥52,033,044.44 for Q1 2020, which is an increase from ¥40,875,849.03 in Q1 2019, reflecting a growth of 27.5%[27] Assets and Liabilities - Total assets increased by 2.64% to CNY 1,485,807,194.99 compared to the end of the previous year[5] - The total assets as of March 31, 2020, amounted to ¥1,485,807,194.99, compared to ¥1,447,626,241.87 at the end of 2019, reflecting a growth of 2.6%[24] - The total liabilities decreased to ¥155,216,514.55 in Q1 2020 from ¥166,330,556.35 in Q1 2019, a reduction of 6.7%[24] - The company's total equity increased to ¥1,330,590,680.44 in Q1 2020, up from ¥1,281,295,685.52 in Q1 2019, marking a growth of 3.8%[25] Cash Flow - Net cash flow from operating activities improved by 65.90%, reaching CNY -12,704,566.96[5] - Operating cash flow for Q1 2020 showed a net outflow of ¥12,704,566.96, an improvement of 65.90% compared to a net outflow of ¥37,260,044.16 in Q1 2019[16] - The company's cash flow from operating activities for Q1 2020 was negative at -¥12,704,566.96, an improvement from -¥37,260,044.16 in Q1 2019[31] - Cash received from sales and services in Q1 2020 was ¥39,017,636.20, significantly higher than ¥24,640,725.00 in Q1 2019, showing a growth of 58.1%[31] - Investment activities cash inflow totaled $742.13 million, while cash outflow amounted to $804.45 million, resulting in a net cash flow of -$62.33 million[32] - Financing activities generated a cash inflow of $86.42 thousand, with cash outflow of $3.70 million, leading to a net cash flow of -$3.61 million[32] - The net increase in cash and cash equivalents was -$78.64 million, decreasing the ending balance to $77.13 million[32] - The company reported a significant decrease in cash and cash equivalents compared to the previous period, which had an ending balance of $257.24 million[32] Shareholder Information - The total number of shareholders reached 11,286 at the end of the reporting period[9] - The largest shareholder, Yang Yufang, holds 21.98% of the shares, totaling 90,063,197 shares[9] - UNITED BIOMEDICAL, INC. holds 16.65% of the shares, totaling 68,230,450 shares, with some shares frozen[9] Research and Development - R&D expenditure accounted for 8.64% of operating income, an increase of 2.69 percentage points from the previous year[5] - Research and development expenses for Q1 2020 were ¥7,009,053.43, up from ¥5,639,221.22 in Q1 2019, indicating a 24.3% increase[27] Tax and Donations - The company experienced a significant increase in tax payable, rising by 1,156.55% to ¥11,720,021.45, due to accrued taxes not yet paid[12] - The company donated ¥1,411,200 worth of disinfectant to support COVID-19 prevention efforts[15] Stock Options - The company plans to grant 4,488,000 restricted stocks at a price of ¥8.8 per share to 44 incentive targets, with a total estimated accounting cost of ¥49,906,600[19] Accounting Practices - The company did not apply new revenue and lease standards for the current year, indicating stability in accounting practices[32]