Financial Performance - The company reported a total revenue of 100 million RMB for the first half of 2021, representing a year-on-year increase of 20%[17]. - The net profit attributable to shareholders was 30 million RMB, up 15% compared to the same period last year[17]. - The company's operating revenue for the first half of the year reached ¥545,046,578.13, representing a 53.49% increase compared to ¥355,111,276.22 in the same period last year[24]. - Net profit attributable to shareholders increased by 56.45% to ¥286,142,392.70 from ¥182,896,507.41 year-on-year[24]. - The net profit after deducting non-recurring gains and losses rose by 53.96% to ¥278,537,455.21 compared to ¥180,910,678.36 in the previous year[24]. - The net cash flow from operating activities increased significantly by 139.20% to ¥278,410,459.53 from ¥116,390,076.01 year-on-year[24]. - The management has provided a revenue guidance of 220 million RMB for the full year 2021, indicating a growth target of 25%[17]. - The company achieved a total revenue of approximately $18.77 million for the research on pseudorabies virus vaccines and diagnostic reagents, with a net profit of about $2.20 million, indicating a strong performance in laboratory research[84]. - The company achieved a total revenue of 244.27 million, with a net profit of approximately 165.63 million, reflecting a strong performance in the first half of 2021[96]. Research and Development - Research and development expenses increased by 30% to 15 million RMB, reflecting the company's commitment to innovation[17]. - The R&D investment as a percentage of operating revenue was 7.02%, slightly down from 7.10% year-on-year[24]. - The company has invested over 140 million yuan in R&D since 2019, with 47 ongoing projects as of 2021, including significant progress on the "Pig δ Coronavirus Inactivated Vaccine" project[71]. - R&D expenses for the current period reached 38,263,524 yuan, a 51.87% increase compared to the previous period's 25,195,610 yuan[76]. - The company has established multiple core technology platforms, including pathogen and epidemiology research, gene editing, and high-efficiency expression technology, enhancing its R&D capabilities[65]. - The company has established a high-level R&D center and has been recognized by various government departments, including being designated as a National Enterprise Technology Center in December 2019[106]. - The R&D team consists of 181 professionals covering fields such as preventive veterinary medicine and animal science, providing a strong foundation for continuous innovation[111]. - The company has established multiple innovation platforms, including a national enterprise technology center and key laboratories, enhancing its R&D capabilities[71]. Market Expansion and Product Development - The company plans to launch two new products in Q3 2021, aiming to capture an additional 10% market share in the next year[17]. - The company is actively expanding its market presence and product offerings in the fields of poultry vaccines and pet vaccines[33]. - The company has developed a range of inactivated vaccines for pigs, including those for swine fever and porcine reproductive and respiratory syndrome, enhancing its product portfolio[38]. - The company is focused on continuous R&D to introduce new products that meet market demands, maintaining its competitive edge[42]. - The company is advancing the research on a dual-subunit inactivated vaccine for porcine circovirus type 2 and Actinobacillus pleuropneumonia, with a revenue of $6.4 million and a net profit of $513,069[87]. - The company is committed to reducing antibiotic usage in livestock through the development of innovative products and technologies[84]. - The company has launched new products, including a vaccine for porcine reproductive and respiratory syndrome, contributing to market expansion[100]. - The company is developing a broad-spectrum antimicrobial peptide product, which is expected to be effective against various pathogens without developing resistance, positioning it as an alternative to antibiotics[92]. Risk Management - The company has identified key risks including regulatory changes and market competition, which could impact future performance[5]. - The company faces risks related to technological innovation and talent retention, which could impact its research and development capabilities[139]. - The company must ensure compliance with regulatory requirements for veterinary drug production, including obtaining necessary licenses and certifications[140]. - The company is exposed to industry risks, particularly from the recurring African swine fever, which could impact overall demand for veterinary biological products[146]. - Regulatory changes in the veterinary drug industry may lead to increased production costs and delays in R&D progress[145]. Corporate Governance and Compliance - The board of directors has confirmed that the financial report is accurate and complete, ensuring transparency for investors[7]. - The company has made commitments regarding the absence of false records, misleading statements, or significant omissions in its prospectus and other disclosure materials[189]. - The company has committed to avoiding conflicts of interest and ensuring compliance with related party transactions[194]. - The company has established long-term commitments regarding the avoidance of conflicts of interest among its major shareholders[194]. - The company has committed to not transferring or entrusting the management of its pre-IPO shares for 36 months from the date of listing on the Sci-Tech Innovation Board[189]. Environmental Responsibility - The company has committed to environmental protection laws and has taken measures to manage pollution sources effectively, with all monitoring reports meeting relevant standards[182]. - The company has implemented a self-monitoring plan for emissions, conducted annually in accordance with discharge permits[179]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[180]. - The wastewater treatment facility has been operational since July 2013 and is functioning normally, ensuring compliance with environmental standards[176].

Financial Performance - Operating revenue for the period was CNY 318,927,420.10, representing an increase of 82.31% year-on-year[11] - Net profit attributable to shareholders was CNY 168,950,625.50, up 82.47% from the same period last year[11] - Basic earnings per share increased by 38.46% to CNY 0.36[11] - Total operating revenue for Q1 2021 was RMB 318,927,420.10, a 82.2% increase from RMB 174,932,713.89 in Q1 2020[44] - Net profit for Q1 2021 reached RMB 168,950,625.50, compared to RMB 92,592,590.72 in Q1 2020, representing an increase of 82.4%[47] - Operating profit for Q1 2021 was RMB 194,451,741.36, up from RMB 108,505,803.66 in Q1 2020, marking a growth of 79.3%[47] Cash Flow - Net cash flow from operating activities was CNY 249,064,874.40, a significant increase of 141.39% compared to the previous year[11] - Cash flow from operating activities for the first quarter of 2021 was RMB 249,064,874.40, up from RMB 103,178,083.85 in the first quarter of 2020, indicating a significant improvement[55] - The total cash inflow from operating activities was RMB 414,865,153.69 in the first quarter of 2021, compared to RMB 171,250,176.11 in the same period of 2020, reflecting strong operational performance[55] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 3,359,818,537.41, an increase of 8.00% compared to the end of the previous year[11] - The company's accounts receivable increased by 37.90% to approximately ¥210.83 million as of March 31, 2021, compared to ¥152.89 million at the end of 2020, mainly due to increased sales volume[22] - The company's inventory rose by 30.32% to approximately ¥92.62 million as of March 31, 2021, up from ¥71.07 million at the end of 2020, attributed to increased stocking in response to higher sales[22] - The company's total liabilities reached approximately $482.35 million, up from $402.40 million, indicating an increase of about 19.9%[35] - Current liabilities rose to approximately $433.38 million, up from $354.18 million, indicating a growth of about 22.3%[35] Research and Development - R&D investment accounted for 6.60% of operating revenue, a slight decrease of 0.08 percentage points from the previous year[11] - Research and development expenses for Q1 2021 were approximately ¥21.04 million, an increase of 79.98% compared to ¥11.69 million in Q1 2020, reflecting the company's commitment to enhancing R&D efforts[26] - Research and development expenses for Q1 2021 were RMB 21,038,754.76, compared to RMB 11,689,573.82 in Q1 2020, showing an increase of 79.5%[44] Shareholder Information - The total number of shareholders at the end of the reporting period was 9,008[17] - The largest shareholder, Wuhan Huazhong Agricultural University Asset Management Company, held 16.78% of the shares[17] Investment and Financial Activities - The company reported a significant increase in investment income of 658.41% to approximately ¥1.22 million in Q1 2021, compared to ¥0.16 million in Q1 2020, resulting from the maturity of structured deposits[26] - The company's financial expenses increased by 130.40% to approximately -¥13.08 million in Q1 2021, compared to -¥5.68 million in Q1 2020, primarily due to increased interest on deposits[26] - The net cash flow from investing activities was negative at RMB -5,345,327.22 for the first quarter of 2021, compared to RMB -15,306,082.93 in the same period of 2020, showing improved investment efficiency[55] Comprehensive Income - The company’s total comprehensive income for the first quarter of 2021 was RMB 168,328,095.29, reflecting a strong financial position[51]

Financial Performance - The company's operating revenue for 2020 increased by 66.15% compared to the previous year, reaching approximately ¥843.23 million, driven by the recovery of the downstream pig farming industry and market expansion [25]. - Net profit attributable to shareholders increased by 84.55% year-on-year, amounting to approximately ¥447.80 million, while the net profit after deducting non-recurring gains and losses rose by 108.07% to approximately ¥431.20 million [25]. - The net cash flow from operating activities surged by 158.34% year-on-year, totaling approximately ¥400.14 million, due to a significant increase in cash received from sales [25]. - Total assets grew by 126.83% year-on-year, reaching approximately ¥3.11 billion, while net assets attributable to shareholders increased by 142.05% to approximately ¥2.71 billion, primarily due to the issuance of 105 million new shares in 2020 [25]. - Basic earnings per share rose by 73.13% year-on-year to ¥1.16, attributed to a 29.17% increase in share capital and a substantial rise in net profit [26]. - The company achieved operating revenue of 843.23 million yuan, a year-on-year increase of 66.15%, and a net profit attributable to the parent company of 447.80 million yuan, up 84.55% year-on-year [146]. R&D and Innovation - The company invested over 150 million yuan in R&D over the past three years, with 50 ongoing projects in 2020, including significant progress on the "Pig δ Coronavirus Inactivated Vaccine (CHN-HN-2014 strain)" [86]. - The total R&D expenditure for 2020 was approximately 59 million yuan, representing a 24.73% increase from the previous year, with R&D expenses accounting for 7.01% of operating revenue [90]. - The company has established a comprehensive industrial chain for veterinary biological products, covering R&D, production, sales, and animal epidemic prevention technology services [86]. - The company has established multiple core technology platforms, including pathogen and epidemiology research, gene editing, and high-efficiency expression technology, enhancing its R&D capabilities over the past 20 years [77]. - The company is focusing on developing multivalent vaccines to improve immunization efficiency and reduce the number of vaccinations required [76]. - The company has made advancements in modern biotechnology vaccines, with a growing number of vaccines developed using gene engineering and cell engineering techniques [72]. Market Position and Strategy - The company ranks second in the non-mandatory immunization veterinary biological products market and first in the non-mandatory immunization pig biological products market as of 2019 [67]. - The company has maintained a leading position in the pig pseudorabies vaccine market for four consecutive years, with a market share of 16% [68]. - The company has a strong market presence and innovation capability, which supports its continuous and stable profitability [46]. - The company aims to build a "Chinese animal vaccine national brand" and improve its market risk resistance through strategic management and product structure optimization [146]. - The marketing strategy employs a "direct sales + distribution" model, effectively expanding the marketing service radius and enhancing market influence [137]. Risks and Challenges - The company faces risks related to the loss of technical talent, which could impact its R&D capabilities and continuous profitability [156]. - The ongoing African swine fever epidemic poses a risk to the company’s performance, as approximately 95% of its revenue comes from pig vaccines [163]. - The company is exposed to operational risks due to the need for administrative licenses and product approval numbers, which must be renewed every five years [157]. - The company's market position is threatened by increasing competition from both domestic and international firms in the veterinary biological products sector [161]. Corporate Governance and Transparency - The company received a standard unqualified audit report from its accounting firm, ensuring the accuracy and completeness of the financial report [6]. - The company has a commitment to transparency, with all board members present at the board meeting to ensure the integrity of the annual report [5]. - The company has established a clear communication channel for investors through designated representatives and contact information [19]. Production and Supply Chain - The company has a comprehensive procurement management system to ensure the stability and reliability of its supply chain, focusing on key raw materials such as serum and adjuvants [47]. - The production model combines "sales-driven production + safety stock," ensuring production plans align with sales targets and seasonal disease prevention needs [48]. - The company has established a specialized diagnostic center to provide professional animal epidemic prevention technical services, enhancing customer loyalty and enabling timely adjustments to research and production strategies [142].

Financial Performance - Net profit attributable to shareholders reached ¥319,739,673.87, up 67.48% year-on-year[18] - Operating income for the first nine months was ¥604,280,090.12, reflecting a 55.37% increase from the same period last year[18] - Basic earnings per share rose to ¥0.87, representing a 64.15% increase compared to the previous year[20] - The weighted average return on equity improved to 23.97%, an increase of 4.32 percentage points[20] - The company reported a net profit of ¥884,011,265.56 for the first three quarters of 2020, compared to ¥566,649,076.25 in the same period of 2019, representing an increase of approximately 55.9%[51] - Net profit for the first three quarters of 2020 reached CNY 135.45 million, up from CNY 35.61 million in 2019, indicating a growth of approximately 280%[64] Cash Flow - Net cash flow from operating activities increased by 183.09% to ¥358,922,241.68[18] - Cash flow from operating activities for the first three quarters of 2020 was CNY 632.25 million, compared to CNY 383.91 million in 2019, showing an increase of approximately 65%[66] - Cash inflow from financing activities amounted to $1.19 billion, with a net cash flow of $1.19 billion, contrasting with a net outflow of $85.75 million last year[73] Assets and Liabilities - Total assets increased to ¥3,024,316,354.94, a growth of 120.52% compared to the end of the previous year[18] - The total liabilities of the company as of September 30, 2020, are ¥443,862,520.99, compared to ¥252,477,161.39 in the previous year[43] - The company reported a total equity of ¥2,580,453,833.95 as of September 30, 2020, up from ¥1,118,981,322.58 in the previous year[43] - The total liabilities amounted to CNY 251,480,188.10, with current liabilities at CNY 206,309,286.51[86] Shareholder Information - The company reported a total of 19,550 shareholders at the end of the reporting period[22] - Major shareholder Wuhan Huazhong Agricultural Assets Management Co., Ltd. held 16.78% of shares, totaling 78,004,310 shares[22] Research and Development - Research and development expenses accounted for 6.75% of operating income, down 2.49 percentage points from the previous year[20] - The company obtained 32 new veterinary drug registration certificates, including 27 in collaboration with Huazhong Agricultural University[30] - The company is in the process of developing multiple new vaccines and diagnostic kits, with several projects in the new veterinary drug registration review stage[32] Revenue Growth - Total revenue for Q3 2020 reached ¥249,168,813.90, a significant increase from ¥102,222,090.40 in Q3 2019, representing a growth of approximately 144.3%[52] - The company reported a total revenue of CNY 612.02 million from sales and services in the first three quarters of 2020, compared to CNY 362.25 million in 2019, marking an increase of approximately 69%[66] Investment Activities - Total cash flow from investment activities resulted in a net outflow of CNY 745.80 million in 2020, compared to a net inflow of CNY 7.12 million in 2019[70] - The company has invested a total of ¥2,841,584.56 in the inactivated vaccine for Duck Tembusu virus (DF2 strain) and is currently in the new veterinary drug registration review stage[32] Market Expansion Plans - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the upcoming quarters[61] - The company has plans for market expansion and new product development, although specific figures were not disclosed in the report[86]