证券代码：688739 证券简称：成大生物 公告编号：2023-027 辽宁成大生物股份有限公司 关于收到董事长提议回购公司股份的提示性公告 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、准确性和完整性依法承担法律责任。 辽宁成大生物股份有限公司（以下简称"公司"）于 2023 年 8 月 22 日收到 公司董事长李宁先生提交的《关于提议辽宁成大生物股份有限公司回购公司股 份的函》。提议主要内容如下： 一、提议回购股份的原因和目的 基于对公司未来持续发展的信心和对公司价值的认可，为了维护广大投资 者利益，增强投资者对公司的投资信心，同时促进公司稳定健康发展，有效地 将股东利益、公司利益和员工个人利益紧密结合在一起，公司董事长李宁先生 提议公司通过集中竞价交易方式回购公司部分股份，在未来适宜时机用于实施 员工持股计划或股权激励。 二、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：用于员工持股计划或股权激励。若公司未能在股份回 购实施结果暨股份变动公告日后 3 年内使用完毕已回购股份，尚未使用的已回购 股份将予以注销， ...

证券代码：688739 证券简称：成大生物 公告编号：2023-022 辽宁成大生物股份有限公司 关于召开 2023 年第一季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2023 年 5 月 15 日(星期一) 至 5 月 19 日(星期五） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 lncdsw@cdbio.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 本次投资者说明会以网络互动形式召开，公司将针对 2023 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和 会议召开时间：2023 年 5 月 22 日(星期一) 上午 09:00-10:00 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间 ...

Financial Performance - Total operating revenue for Q1 2023 was ¥353,522,532.16, a decrease of 3.3% compared to ¥366,344,805.12 in Q1 2022[10] - Net profit for Q1 2023 was ¥127,042,894.67, down 15.8% from ¥150,924,190.74 in Q1 2022[13] - Basic earnings per share for Q1 2023 was ¥0.31, compared to ¥0.36 in Q1 2022[13] - The net profit attributable to shareholders was ¥127,042,894.67, down 15.82% year-over-year[67] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥116,031,504.20, a decrease of 12.66%[67] Cash Flow and Liquidity - Cash and cash equivalents decreased to ¥4,457,113,803.32 as of March 31, 2023, from ¥5,796,844,904.91 at the end of 2022, a decline of 23.2%[1] - Operating cash flow for Q1 2023 was CNY 108,573,617.95, a significant increase from CNY 38,146,275.72 in Q1 2022, representing a growth of 184.9%[17] - Cash flow from operating activities in Q1 2023 was ¥116,045,231.68, significantly up from ¥56,620,176.53 in Q1 2022[31] - The total cash outflow from investing activities was ¥80,689,094.44 in Q1 2023, down from ¥171,949,891.74 in Q1 2022, indicating a decrease of 53.0%[31] - The total cash and cash equivalents at the end of the period amounted to 4,419,334,512.81 RMB, down from 5,734,512,816.08 RMB at the beginning of the period, reflecting a net decrease of 1,315,178,303.27 RMB[32] Assets and Liabilities - Total liabilities decreased to ¥329,025,993.68 from ¥406,164,634.49, a decline of 19.0%[7] - Total assets increased to CNY 10,161,858,720.69 as of March 31, 2023, up from CNY 10,068,803,034.83 at the end of 2022, marking a growth of 0.9%[20] - The company’s total liabilities decreased to CNY 1,200,000,000.00 in Q1 2023 from CNY 1,300,000,000.00 in Q1 2022, indicating a reduction of 7.7%[20] - The total equity increased to ¥9,966,413,609.80 in Q1 2023 from ¥9,814,372,200.91 in Q1 2022, an increase of 1.5%[22] - The total assets at the end of the reporting period were ¥10,105,714,849.31, reflecting a slight increase of 0.50% from the previous year[69] Expenses and Financial Costs - Total operating costs increased to ¥212,419,296.10 in Q1 2023, up 5.4% from ¥201,559,233.50 in Q1 2022[10] - The company reported a financial expense of -¥18,769,658.90 in Q1 2023, compared to -¥7,738,013.69 in Q1 2022, indicating an increase in financial costs[10] - Research and development expenses increased to ¥38,203,065.95 in Q1 2023, compared to ¥29,011,936.92 in Q1 2022, reflecting a growth of 31.8%[28] - The financial expenses showed a notable change, with a net financial income of -¥19,904,436.80 in Q1 2023 compared to -¥8,481,778.36 in Q1 2022[28] Shareholder Information - Shareholders' equity increased to ¥9,776,688,855.63 from ¥9,649,585,884.87, an increase of 1.3%[7] - The diluted earnings per share for the period was ¥0.31, a decrease of 13.89% year-over-year[69] - The total number of common shareholders at the end of the reporting period was 31,729[73] Investment Activities - Total cash inflow from investment activities in Q1 2023 was CNY 152,547,164.84, down from CNY 900,502,577.04 in Q1 2022, indicating a decrease of 83.0%[18] - Net cash outflow from investment activities was CNY -1,446,928,942.17 in Q1 2023, compared to CNY -540,349,528.56 in Q1 2022, reflecting a worsening of 167.5%[18] - The company’s cash outflow from financing activities was CNY 906,051.56 in Q1 2023, compared to CNY 570,729.18 in Q1 2022, representing an increase of 58.7%[18]

证券代码：688739 证券简称：成大生物 公告编号：2023-014 辽宁成大生物股份有限公司 关于召开 2022 年度业绩说明会的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2023 年 04 月 24 日(星期一) 上午 09:00- 10:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） （一） 会议召开时间：2023 年 04 月 24 日上午 09:00-10:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 04 月 17 日(星期一) 至 04 月 21 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 lncdsw@cdbio.cn 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 辽宁成大生物股份有限公司（以下简称"公司"）已于 2 ...

R&D Investment and Innovation - The company applied for 61 new intellectual property rights during the reporting period, including 27 invention patent applications and received 23 patent authorizations[4]. - Total R&D investment amounted to approximately CNY 303.13 million, a decrease of 2.65% compared to the previous year, with capitalized R&D investment increasing by 24.43% to CNY 91.67 million[5]. - The proportion of total R&D investment to operating income increased by 1.79 percentage points to 16.70%[5]. - The company has a total of 183 R&D personnel, with an average salary of CNY 19.15 million, up from CNY 17.61 million in the previous year[8]. - The company is actively developing multiple vaccine platforms, including bacterial, viral, and multivalent vaccines, with a focus on innovative combined vaccines[12]. - The company has completed the construction of its recombinant protein vaccine technology platform and is researching various vaccine types, including B group meningococcal vaccines[12]. - The company is actively exploring the construction of an mRNA vaccine technology platform, alongside its existing platforms, to enhance its R&D capabilities[16]. - The company has established three major R&D technology platforms: bacterial vaccines, viral vaccines, and multi-valent vaccines, with nearly 200 R&D personnel in dedicated centers in Beijing and Shenyang[16]. - The company is advancing several vaccine projects, including the quadrivalent chicken embryo influenza virus split vaccine and the freeze-dried human rabies vaccine, both in phase III clinical trials[39]. - The company is advancing multiple vaccine projects, including the b-type influenza vaccine and the 20-valent pneumococcal conjugate vaccine, which are in various clinical stages[52]. - The company is focusing on core human vaccine business and actively exploring new vaccine varieties, technologies, and platforms for investment and R&D cooperation opportunities[198]. Market Performance and Sales - The main products sold during the reporting period were human rabies vaccine (Vero cells) and human inactivated Japanese encephalitis vaccine (Vero cells), with a decline in revenue for the rabies vaccine due to market competition and environmental factors[31]. - Revenue from the human inactivated Japanese encephalitis vaccine significantly increased compared to the previous year, attributed to the completion of workshop system upgrades and gradual market recovery[31]. - Domestic sales of the human rabies vaccine decreased due to declining demand and intensified competition, while the Japanese encephalitis vaccine contributed positively to sales performance[31]. - The company has administered over 400 million doses of its rabies vaccine, with a user base exceeding 100 million, highlighting its market penetration[30]. - The company maintained its leading position in the human rabies vaccine market, which contributed to stabilizing its operational performance amid competitive pressures[194]. - The company focused on enhancing sales promotion for human rabies vaccines in the second half of the year, resulting in a noticeable recovery in sales towards the end of the year[167]. Financial Performance - The company's operating revenue for 2022 was ¥1,814,998,630.37, a decrease of 13.08% compared to ¥2,088,043,469.78 in 2021[156]. - The net profit attributable to shareholders for 2022 was ¥714,020,336.78, down 20.00% from ¥892,490,658.44 in the previous year[156]. - The net profit after deducting non-recurring gains and losses was ¥665,235,943.06, a decrease of 22.87% compared to ¥862,518,502.00 in 2021[156]. - The net cash flow from operating activities was ¥546,491,870.30, an increase of 7.92% from ¥506,376,172.18 in 2021[156]. - The company's total assets at the end of 2022 were ¥10,055,750,519.36, reflecting a 2.69% increase from ¥9,792,731,456.06 at the end of 2021[156]. - The net assets attributable to shareholders increased by 3.18% to ¥9,649,585,884.87 from ¥9,352,015,548.09 in 2021[156]. - The basic earnings per share for 2022 were ¥1.71, a decrease of 26.92% from ¥2.34 in 2021[156]. - The diluted earnings per share also stood at ¥1.71, reflecting a decrease of 26.92% compared to ¥2.34 in the previous year[156]. Risk Management and Compliance - The company faces risks related to long-term technology iteration, emphasizing the need for continuous R&D investment to maintain its competitive edge[21]. - The company is implementing measures to mitigate risks from intensified market competition, including optimizing its marketing network and enhancing brand recognition[30]. - The company has established a comprehensive management mechanism for cooperation with global academic institutions and enterprises to ensure efficient project collaboration[16]. - The company emphasizes compliance and risk management to enhance its ability to respond to regulatory requirements[65]. - The company has outlined various risks and countermeasures in the management discussion and analysis section of the report[127]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[132]. Corporate Governance and Management - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and senior management to ensure effective internal control[67]. - The company organized 2 shareholder meetings during the reporting period, ensuring compliance with relevant laws and regulations to protect shareholders' rights[105]. - The company has not reported any special arrangements for corporate governance in the annual report[142]. - The company is focusing on talent management and recruitment to strengthen its workforce and improve organizational structure[65]. - The company has optimized its compensation management system and promoted performance management, significantly boosting employee motivation[199]. - The company is increasing recruitment efforts for high-quality talent and advancing the construction of a reserve cadre team for long-term development[199]. Production and Quality Management - The company has completed Phase I clinical trials for the ACYW135 meningococcal polysaccharide conjugate vaccine and the varicella live attenuated vaccine[77]. - The company successfully obtained approval for the inactivated Japanese encephalitis vaccine pre-filled syringe formulation, expanding its product offerings to meet market demand[194]. - The company completed the system upgrade of the Japanese encephalitis inactivated vaccine workshop, improving production efficiency and successfully starting commercial production[199]. - The company maintained its leading position in the human rabies vaccine market with 515 million doses released, comprising 227 batches[199]. - The company is committed to continuous improvement in quality management to ensure stable vaccine production[199]. - The company successfully passed five GMP inspections by provincial and higher-level drug regulatory authorities, achieving a 100% batch release rate for its vaccine products[199].

Group 1: Market Overview - The annual issuance of rabies vaccines in the industry is approximately 70 to 80 million doses, indicating a stable demand for human rabies vaccines due to their essential nature [1][2]. - The market for human rabies vaccines is expected to maintain steady growth, driven by increasing disposable income and public awareness regarding rabies prevention [2][3]. Group 2: Impact of COVID-19 - The COVID-19 pandemic has caused a temporary decline in market demand due to restricted activities of people and pets, leading to fewer rabies exposure incidents [1][2]. - Despite the pandemic's impact, the company remains confident in achieving its operational goals and creating greater value in 2022 [2][3]. Group 3: Company Performance and Strategy - The company has established a technical platform for the large-scale cultivation of various viral vaccines, with its human rabies vaccine entering Phase III clinical trials [2][3]. - The company aims to enhance its market position by leveraging its production technology, immunization procedures, and brand value, despite increased competition in the rabies vaccine market [2][4]. Group 4: Future Projections - The company anticipates that the market share of diploid rabies vaccines will increase, although production efficiency and pricing may limit this growth [2][3]. - The company plans to invest 1.4 billion yuan in the commercialization base for the 15-valent HPV vaccine, with a construction period of four years [3][4]. Group 5: Sales and Marketing - The company has increased its sales expenses in 2021 to strengthen its market promotion efforts in response to intensified competition [4][5]. - The sales team operates on a direct sales model, focusing on public health centers, and plans to expand as new products are launched [5][6]. Group 6: Vaccine Development - The company is conducting clinical trials for a new four-dose rabies vaccination schedule, which is recommended by WHO and aims to improve patient convenience [5][6]. - The company is also monitoring opportunities in the animal vaccine market, although it has currently paused its animal rabies vaccine project [5][6].

Group 1: Impact of COVID-19 on Revenue - The COVID-19 pandemic significantly affected revenue in key sales regions such as Shanghai and the Yangtze River Delta, with a notable impact on the company's performance in Q1 2022 [1][2] - The company reported a decline in sales due to the pandemic, particularly in the domestic rabies vaccine market, but expects recovery as the situation stabilizes [2][3] Group 2: Market Position and Competition - The company remains a leading player in the domestic rabies vaccine market, maintaining strong competitive advantages in production technology, immunization processes, and brand value [2][3] - The international sales of rabies vaccines saw a decline due to pandemic-related disruptions, but recovery is anticipated as global conditions improve [2][3] Group 3: Product Development and Pipeline - The company is advancing its 15-valent HPV vaccine, which received clinical trial approval in March 2022, and is preparing for Phase I clinical samples [2][3] - The company plans to enhance the promotion of its Japanese encephalitis vaccine in 2022 to improve sales performance [2][3] Group 4: Financial Performance and Cost Management - The gross margin for rabies vaccines improved due to increased bidding prices, while sales expenses rose significantly due to heightened marketing efforts [3][4] - Despite increased sales expenses, the ratio of sales expenses to revenue remains low compared to industry standards, contributing positively to overall performance [3][4] Group 5: Future Strategies and R&D - The company is focusing on expanding its vaccine pipeline, including multi-valent and combination vaccines, while also considering market demand and national policy guidance [6][7] - Plans for international expansion are in place, targeting emerging markets while maintaining a strong position in the domestic market [6][7] Group 6: Sales and Marketing Structure - The domestic sales team consists of nearly 300 professionals, covering all provinces and municipalities in China, with a focus on providing quality service to disease control centers [3][4] - The company aims to strengthen its marketing team and enhance brand promotion to solidify its market share in rabies and Japanese encephalitis vaccines [3][4]

证券代码：688739 证券简称：成大生物 辽宁成大生物股份有限公司 投资者关系活动记录表 编号：2022-005 | --- | --- | --- | --- | --- | |-------------------------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------|----------------------------------|------------------| | | | | | | | | | | | | | | | □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | | | 投资者关系活 | □新闻发布会 □路演活动 | | □现场参观 □电话会议 | | | 动类别 | | ■网络会议 □其他（请文字说明其他活动内容） | | | | 参与单位名称 及人员姓名 | | 华泰证券、国盛证券、平安养老、兴业 ...

Revenue and Profit - Q3 2022 revenue was CNY 478,932,803.95, a decrease of 14.86% year-over-year, while year-to-date revenue reached CNY 1,360,237,730.36, down 21.60% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2022 was CNY 208,089,828.05, a decline of 17.80% year-over-year, with year-to-date net profit at CNY 589,155,273.08, down 28.90%[5] - The net profit after deducting non-recurring gains and losses for Q3 2022 was CNY 193,658,152.11, a decrease of 29.32% year-over-year, and year-to-date it was CNY 527,672,899.23, down 36.56%[5] - Basic earnings per share for Q3 2022 was CNY 0.50, a decrease of 26.47%, while year-to-date basic earnings per share was CNY 1.41, down 36.20%[9] - Total operating revenue for the first three quarters of 2022 was CNY 1,360,237,730.36, a decrease of 21.6% compared to CNY 1,734,997,459.03 in the same period of 2021[30] - Net profit for the third quarter of 2022 was CNY 589,155,273.08, down 29.0% from CNY 828,635,843.67 in the third quarter of 2021[33] - The net profit for the first three quarters of 2022 was approximately CNY 660.63 million, down 21.4% from CNY 840.88 million in the same period of 2021[51] - The total profit for the first three quarters of 2022 was approximately CNY 765.03 million, down 21.1% from CNY 969.90 million in the same period of 2021[51] Cash Flow and Assets - Cash flow from operating activities for the year-to-date period was CNY 310,572,683.78, reflecting a 32.80% increase[9] - As of September 30, 2022, the company's cash and cash equivalents amounted to RMB 4,287,237,727.90, an increase from RMB 2,829,271,603.08 as of December 31, 2021, reflecting a growth of approximately 51.5%[21] - The company's cash inflow from operating activities totaled CNY 1,234,848,778.43, compared to CNY 1,124,479,817.39 in the same period last year[38] - The net cash flow from operating activities for the first three quarters of 2022 was approximately CNY 356.80 million, an increase of 48.8% compared to CNY 239.84 million in the same period of 2021[56] - The net cash flow from investing activities for the first three quarters of 2022 was approximately CNY 1.49 billion, compared to a negative cash flow of CNY 877.94 million in the same period of 2021[56] - Cash and cash equivalents at the end of the period reached CNY 4,250,987,476.02, compared to CNY 347,775,570.81 at the same time last year[41] Research and Development - R&D investment totaled CNY 67,683,330.42 in Q3 2022, accounting for 14.13% of revenue, an increase of 2.01 percentage points year-over-year[9] - Research and development expenses for the first three quarters of 2022 were CNY 162,544,758.79, a slight decrease from CNY 171,514,747.15 in the previous year[30] - The company's research and development expenses for the first three quarters of 2022 were approximately CNY 143.44 million, a decrease of 11.8% compared to CNY 162.63 million in the same period of 2021[51] Assets and Liabilities - Total assets at the end of Q3 2022 were CNY 9,928,282,704.56, an increase of 1.38% from the end of the previous year[9] - The total current assets decreased to RMB 7,639,663,115.05 from RMB 7,797,521,798.66, indicating a decline of about 2.03%[25] - The company's total assets reached RMB 9,928,282,704.56, up from RMB 9,792,731,456.06, representing an increase of approximately 1.38%[25] - The total liabilities decreased to RMB 403,561,883.39 from RMB 440,715,907.97, showing a reduction of about 8.43%[28] - The company's accounts receivable increased to RMB 1,150,408,046.94 from RMB 958,173,371.60, marking a rise of approximately 20.05%[25] - The inventory value rose to RMB 479,723,398.11 from RMB 385,155,199.04, reflecting an increase of about 24.6%[25] - The non-current assets totaled RMB 2,288,619,589.51, up from RMB 1,995,209,657.40, indicating a growth of approximately 14.7%[25] - The company's total equity attributable to shareholders reached CNY 9,524,720,821.17, an increase from CNY 9,352,015,548.09 year-over-year[30] - The total liabilities decreased to CNY 259,439,005.53 from CNY 421,212,228.65 year-over-year[46] Financial Performance and Expenses - Total operating costs decreased to CNY 718,731,679.43 from CNY 752,265,911.84, reflecting a reduction of 4.5%[30] - The company reported a decrease in employee compensation payable from RMB 110,597,075.62 to RMB 72,287,501.59, a decline of about 34.6%[28] - The company reported a decrease in sales expenses to approximately CNY 267.52 million in 2022 from CNY 249.58 million in 2021, reflecting a 7.2% increase[51] - The company’s tax expenses for the first three quarters of 2022 were approximately CNY 104.40 million, a decrease of 19.1% compared to CNY 129.02 million in the same period of 2021[51] - The company’s financial income showed a significant increase, with interest income rising to approximately CNY 36.26 million from CNY 3.77 million in the previous year[51] Company Strategy and Market Conditions - The company reported a decrease in net profit due to the ongoing impact of the COVID-19 pandemic and market competition, but noted that the decline in revenue and profit has narrowed compared to earlier reports in the year[12] - The company has implemented measures to improve sales and manage accounts receivable, contributing to the increase in cash flow from operating activities[12] - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[20]

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2022, representing a year-on-year increase of 15%[1]. - The net profit attributable to shareholders was RMB 100 million, with a growth rate of 20% compared to the same period last year[1]. - The company's operating revenue for the first half of 2022 was CNY 881,304,926.41, a decrease of 24.83% compared to CNY 1,172,443,007.72 in the same period last year[26]. - Net profit attributable to shareholders for the first half of 2022 was CNY 381,065,445.03, down 33.78% from CNY 575,486,681.86 year-on-year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 334.01 million yuan, a decline of 40.11% year-on-year[104]. - The company achieved operating revenue of 881.30 million yuan, a year-on-year decrease of 24.83%[104]. - The net profit attributable to the parent company was 381.07 million yuan, down 33.78% year-on-year[104]. - Operating cash flow increased by 62.90% to 172.71 million yuan[66]. Research and Development - The company is investing RMB 50 million in R&D for innovative vaccine technologies, focusing on enhancing efficacy and safety[1]. - The R&D investment as a percentage of operating revenue increased to 17.16%, up 4.41 percentage points from 12.75% in the previous year[26]. - The total R&D investment amounted to approximately ¥151.25 million, representing a year-on-year increase of 1.18%[52]. - The company has established three major R&D technology platforms for bacterial vaccines, viral vaccines, and multi-valent vaccines, with over 20 vaccine varieties under development[34]. - The company is currently conducting 14 research projects, with the most significant being the 15-valent HPV vaccine, which has a total expected investment of ¥100,000,000 and is in the process of obtaining clinical trial approval[55]. - The company has established a VLP technology platform that enhances the immunogenicity and safety of vaccines, particularly for HPV and hepatitis B vaccines[46]. - The company’s R&D expenses increased by 2.53% compared to the previous year, with a total of ¥114.92 million in expensed R&D[52]. Market Strategy and Expansion - Future outlook includes an expected revenue growth of 30% for the second half of 2022, driven by new product launches and market expansion[1]. - Market expansion strategies include entering Southeast Asian markets, targeting a revenue contribution of 5% from these regions by 2023[1]. - The company plans to launch two new vaccine products by the end of 2022, aiming to capture a 10% market share in the new segments[1]. - The company is focusing on innovative immunization schedules, such as the Zagreb 2-1-1 regimen for rabies vaccination, which reduces the number of visits and doses required[60]. Risk Management - Risk factors identified include regulatory changes and competition, with mitigation strategies outlined in the report[1]. - The company is facing risks due to a relatively single product structure, primarily relying on human rabies and inactivated Japanese encephalitis vaccines for revenue and profit[82]. - The company is actively managing accounts receivable risks by enforcing a strict customer admission system and credit evaluation process to mitigate potential losses from defaults[88]. - The company is closely monitoring macroeconomic conditions to mitigate investment risks and ensure compliance with investment regulations[92]. Environmental and Compliance - The company has established a comprehensive environmental management system and obtained GB/T 24001-2016/ISO14001:2015 certification[144]. - The company has implemented a wastewater treatment system that meets discharge standards, with regular monitoring of pollutants[133]. - The company is classified as a key pollutant discharge unit and adheres to environmental regulations, ensuring all emissions meet national standards[132]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[140]. Corporate Governance and Shareholder Relations - The company has established a profit distribution policy prioritizing cash dividends, with a minimum cash distribution of 10% of the annual distributable profit if there are no major investment plans[176]. - The company commits to a gradual reduction of shares post-lockup period, adhering to relevant regulations and ensuring the reduction price is not lower than the IPO price[169]. - The company will ensure that any related party transactions are conducted at fair market prices and will disclose necessary information as required by regulations[187]. - The company has outlined specific conditions under which the lock-up period may be extended[156].