Core Viewpoint - TianKang Biological has reported significant growth in revenue and net profit for the year 2024, indicating strong performance in the agricultural biotechnology sector [1][3]. Financial Performance - The company achieved a total revenue of 17.176 billion yuan and a net profit attributable to shareholders of 605 million yuan, marking a year-on-year increase of 144.38% [1]. - The basic earnings per share stood at 0.44 yuan [1]. - The company plans to distribute a cash dividend of 2.20 yuan per 10 shares, totaling 300 million yuan [2]. Business Operations - TianKang Biological aims to become a leading health farming service provider and safe food supplier in China, covering the entire industry chain from breeding to processing [2]. - The company operates over 30 feed production enterprises nationwide and ranks among the top 20 in China's feed industry [2]. - In the veterinary biological products sector, it is recognized as a key production enterprise for various vaccines, including foot-and-mouth disease and avian influenza [2]. Research and Development - The company has increased its R&D investment, with over 15% of its biological pharmaceutical sales revenue allocated to product development and technological innovation [3]. - It has developed significant vaccines, including a pioneering swine fever vaccine and a brucellosis vaccine, contributing to disease control in livestock [3]. Segment Performance - In the swine breeding segment, the company reported an output of 3.0285 million pigs, a year-on-year increase of 7.55%, with sales revenue of 6.157 billion yuan [3]. - The feed segment saw a slight increase in sales volume to 2.8283 million tons, but revenue decreased by 17.67% [4]. - The veterinary medicine segment generated 999 million yuan in revenue, with vaccine sales increasing by 18.44% [4]. Future Goals - For 2025, TianKang Biological targets a revenue of 21 billion yuan, with specific goals for feed production, animal vaccines, and pig output [4]. - The company aims to enhance its core competencies in the livestock industry, providing comprehensive solutions to improve farming efficiency and achieve mutual growth with clients [4].

Group 1 - The core viewpoint of the news highlights a mixed performance in the livestock breeding sector, with the China Livestock Breeding Index experiencing a slight decline of 0.07% as of April 30, 2025, while specific stocks like Tiankang Biological and Tianma Technology showed gains [1] - The Agricultural and Rural Affairs Department has released an implementation plan aiming to reduce the proportion of grain used in livestock feed to 60% and soybean meal to 10% by 2030, promoting measures such as precise feed formulation and the development of high-quality forage [1] - The Livestock ETF has seen a 2.47% increase over the past month, ranking in the top quarter among comparable funds [1] Group 2 - According to a report from Guosheng Securities, the allocation of the livestock sector in fund heavy positions has significantly decreased, with a first-quarter heavy position ratio of 0.45%, down 0.06 percentage points from the previous quarter and 0.65 percentage points year-on-year, marking the lowest level in three years [2] - The current price-to-earnings ratio (PE-TTM) of the Livestock ETF is 12.89, indicating it is at a historical low, being below 98.82% of the time over the past year [2] - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 69.05% of the index, with Hai Da Group, Wens Foodstuffs, and Muyuan Foods being the top three [3] - The weightings of the top stocks include Hai Da Group at 11.24%, Wens Foodstuffs at 10.10%, and Muyuan Foods at 10.08%, with Tiankang Biological showing a notable increase of 2.88% [5]

Financial Performance - In 2024, the company achieved a revenue of 17.176 billion CNY, a decrease of 9.72% compared to the previous year, primarily due to a decline in feed raw material prices [2] - The net profit attributable to shareholders was 605 million CNY, an increase of 144.38% year-on-year [2] - Basic earnings per share for 2024 were 0.44 CNY, up 143.56% from the previous year [2] - Total assets reached 17.563 billion CNY, a growth of 4.84% year-on-year [2] - Net assets attributable to shareholders increased by 9.44% to 7.016 billion CNY [2] Business Segment Performance - Feed business revenue was 5.345 billion CNY, down 17.67% year-on-year, with sales volume of 2.8283 million tons, a slight increase of 0.86% [2] - Pharmaceutical business revenue was 999 million CNY, a growth of 0.22% [3] - Animal vaccine sales volume reached 2.064 billion doses/ml, an increase of 18.44% [3] - Sales revenue from pig farming and food processing was 6.157 billion CNY, up 11.11% year-on-year, with a total of 3.0285 million pigs sold, a growth of 7.55% [3] - Plant protein and oil processing revenue was 1.671 billion CNY, down 23.43% [3] - Corn storage business revenue was 2.143 billion CNY, down 29.06% [3] Sales and Production Goals - The sales target for feed in 2025 is set at 2.9 million tons, an increase of approximately 80,000 tons from the previous year [4] - The company plans to sell between 3.5 million to 4 million pigs in 2025, with an increase expected from a new pig farming project [5] - The company aims to maintain a stable breeding sow count of around 140,000, increasing to 150,000 by the end of the year [8] Cost Management and Strategy - The target for the complete cost of pigs is set below 13 CNY/kg, including costs from self-breeding and farming [6] - Cost reduction measures include diversified raw material procurement and improved production efficiency, with an average piglet production efficiency (psy) of 27.3 in 2024 [6] - The company is exploring the pet feed market, which requires different production and sales strategies compared to traditional livestock feed [4] Market Outlook - The company anticipates that pig prices will fluctuate around 14 CNY, influenced by market supply and demand dynamics [10] - The overall performance in the pig market remains uncertain, but the company aims to enhance cost control and technological upgrades to improve results [11]

Core Viewpoint - In 2024, the company achieved a turnaround in its financial performance, reporting a net profit of 605 million yuan, compared to a loss in the previous year, driven by improved production metrics in its food farming business and favorable market conditions [2][3]. Financial Performance - The company's 2024 revenue reached 17.176 billion yuan, slightly down from the previous year but marking the second-highest revenue in the past 20 years [3]. - The net profit for 2024 was 605 million yuan, successfully reversing a loss of 1.38 billion yuan in the previous year [3]. - The company's gross profit margin for 2024 reached 12.14%, an increase of over 9 percentage points from the previous year, indicating improved profitability [7]. Business Segments - The pig farming segment generated revenue of 6.157 billion yuan in 2024, accounting for 35.84% of total revenue, achieving a historical high in both revenue and proportion [5]. - The company reported a pig output of 3.0285 million heads in 2024, a year-on-year increase of 7.55%, with a target of 3.5 to 4 million heads for 2025 [5]. Research and Development - The company has been increasing its R&D investment, exceeding 200 million yuan in both 2023 and 2024, and has established a national-level enterprise technology center [2]. Dividend Policy - The company announced a cash dividend of 2.20 yuan per 10 shares for 2024, totaling 300 million yuan, which represents 25.32% of the distributable profit [10]. - The dividend payout ratio is close to 50%, reflecting the company's strong profitability and commitment to shareholder returns [10].

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,180,253,944.24, representing a 10.68% increase compared to ¥3,776,851,559.41 in the same period last year[5] - Net profit attributable to shareholders increased by 174.02% to ¥148,142,983.18 from ¥54,063,760.85 year-on-year[5] - Basic and diluted earnings per share rose by 175.00% to ¥0.11 from ¥0.04 in the same quarter last year[5] - Net profit for the current period was ¥171,441,542.03, a significant increase of 184.36% compared to ¥60,176,209.17 in the previous period[18] - Earnings per share (EPS) for the current period was ¥0.11, compared to ¥0.04 in the previous period, reflecting a 175% increase[19] Cash Flow - The net cash flow from operating activities improved significantly to ¥124,044,426.30, a 137.16% increase from a negative cash flow of ¥333,850,669.38 in the previous year[5] - Cash flow from operating activities generated a net cash inflow of ¥124,044,426.30, a recovery from a net outflow of ¥333,850,669.38 in the previous period[20] - Net cash flow from investing activities was -$72,139,359.20, compared to -$187,478,990.29 in the previous period, indicating a decrease in cash outflow[21] - Cash inflow from financing activities totaled $1,180,253,285.90, slightly down from $1,251,700,000.00 in the prior period[21] - The net cash flow from financing activities was $72,786,775.88, down from $397,019,291.42 in the previous period[21] - The net increase in cash and cash equivalents was $124,691,842.98, compared to a decrease of $124,310,368.25 in the prior period[21] - The ending balance of cash and cash equivalents was $3,078,254,392.88, up from $2,548,274,731.17 in the previous period[21] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥17,798,535,319.33, up 1.34% from ¥17,562,512,271.12 at the end of the previous year[5] - Total current assets increased to ¥10,244,239,958.97 from ¥9,847,752,197.03, reflecting a growth of approximately 4.02%[14] - Total non-current assets decreased to ¥7,554,295,360.36 from ¥7,714,760,074.09, a decline of approximately 2.08%[15] - Total liabilities increased to ¥9,148,712,017.42 from ¥9,042,959,631.29, reflecting a growth of about 1.17%[15] - Total assets increased to ¥17,798,535,319.33 from ¥17,562,512,271.12, indicating a growth of about 1.35%[15] Income and Expenses - Total operating costs increased to ¥4,012,088,136.80, up 9.06% from ¥3,678,286,988.75 in the previous period[17] - The company reported a significant increase in other income to ¥17,449,920.54, compared to ¥10,963,408.01 in the previous period, indicating improved operational efficiency[17] - The company reported a decrease in research and development expenses to ¥50,150,345.89, down from ¥66,463,953.07 in the previous period, indicating a focus on cost management[17] Other Financial Metrics - The weighted average return on equity improved to 2.10%, up from 0.84% in the previous year[5] - The company experienced a 7820.55% increase in non-operating income, reaching ¥25,508,794.10, driven by contract changes[9] - The company’s financial assets increased by 180.40% to ¥15,488,965.94, mainly due to the addition of structured deposits[9] - The company reported a significant increase in contract liabilities, which rose by 34.12% to ¥892,793,544.26, attributed to an increase in customer prepayments[9] Corporate Governance - The company’s first quarter report was not audited[22] - The new accounting standards will be implemented starting in 2025[22] - The company’s board of directors meeting was held on April 30, 2025[23]

Core Viewpoint - TianKang Biological has reported a significant turnaround in its financial performance for 2024, achieving a net profit of 605 million yuan, compared to a loss in the previous year, indicating a successful V-shaped recovery in its operations [1][2]. Group 1: Financial Performance - The company achieved total operating revenue of 17.176 billion yuan, with a notable increase in profit margins across its three main business segments: pig farming, feed, and veterinary medicine [1]. - The pig farming segment generated revenue of 6.157 billion yuan, reflecting an 11.11% increase year-on-year, with a gross margin of 14.61%, up by 28.43% from the previous year [2]. Group 2: Business Structure and Capabilities - TianKang Biological is recognized as a key agricultural enterprise in China, with a complete industry chain covering breeding, feed management, veterinary medicine, and meat processing [1]. - The company operates over 30 feed production facilities nationwide and ranks among the top 20 in the national feed industry [1]. Group 3: Research and Development - The company has invested over 15% of its biopharmaceutical sales revenue into R&D, establishing research centers in Xinjiang and Jiangsu [2]. - It has developed China's first genetically engineered inactivated vaccine for swine fever, providing significant support for disease control in pigs [2]. Group 4: Future Outlook - TianKang Biological aims to achieve a total revenue of 21 billion yuan by 2025, with specific targets for feed production, animal vaccines, and pig output [3]. - The company plans to enhance its service offerings to farmers, focusing on key areas such as feed, breeding, and veterinary services to improve farming efficiency [3]. Group 5: Shareholder Returns - The company has proposed a cash dividend of 2.20 yuan per 10 shares, translating to an approximate dividend yield of 3.52% based on the closing price on April 28 [3].

二、监事会会议召开情况 报告期内，公司共计召开 8 次监事会会议，具体情况如下： 1、2024 年 2 月 23 日，公司召开第八届监事会第七次会议，审议并通过《关 于开展商品期货套期保值业务的议案》，会议决议公告刊登于 2024 年 2 月 24 日的《证券时报》和巨潮资讯网上。 天康生物股份有限公司 2024 年度监事会工作报告 2024 年度，公司监事会严格按照《公司法》、《公司章程》等有关规定和 要求，认真履行自身职责，依法行使监事会的监督职权。现将公司监事会 2024 年度工作报告如下： 一、监事会依法运作情况 按照《公司法》、《公司章程》等相关法律法规，公司监事会由三名监事组 成，其中职工代表监事一人，监事会人数及人员构成符合法律法规的要求。报告 期内，公司监事会严格按照《公司章程》及《监事会议事规则》等相关规定召集 召开监事会，共召开监事会会议 8 次，监事会成员列席了报告期内的 10 次董事 会和 7 次股东大会。各监事按要求出席监事会，认真履行职责，对公司经营活动、 财务状况、重大决策、股东大会召开程序以及董事、高级管理人员履行职责情况 等方面实施了有效监督，较好地保障了公司股东权益、公司利 ...

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-023 天康生物股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 天康生物股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开第八 届董事会第二十四次会议和第八届监事会第十六次会议，分别审议通过了公司 《关于会计政策变更的议案》，本次会计政策变更事项无需提交股东大会审议， 相关会计政策变更的具体情况如下： 一、本次会计政策变更概述 （一）关于适用于符合企业会计准则相关规定确认为无形资产或存货等资 产的数据资源 1、本次会计政策变更的原因 2023 年 8 月，财政部发布了《企业数据资源相关会计处理暂行规定》（财 会〔2023〕11 号）（以下简称"数据资源暂行规定"），自 2024 年 1 月 1 日起 施行。本公司自规定之日起开始执行。 2、本次会计政策变更的日期 公司自 2024 年 1 月 1 日起执行变更后的会计政策。 3、变更前采用的会计政策 本次会计政策变更前，公司执行财政部前期颁布的《企业会计准则——基本 准则》和各项 ...

天康生物股份有限公司 2024 年年度报告商誉减值 证券代码：002100 证券简称：天康生物 天康生物股份有限公司 2024 年度商誉减值测试报告 一、是否进行减值测试 是 □否 二、是否在减值测试中取得以财务报告为目的的评估报告 是 □否 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | 评估价值类型 | 评估结果 | | --- | --- | --- | --- | --- | --- | | 北京标驰资产组 | 沃克森（北京） 国际资产评估有 | 王海鹏、王浩、 张卫东 | 沃克森评报字 (2025)第 0649 号 | 可回收金额 | 可收回金额为 1,370 万元 | | | 限公司 | | | | | | 吉林冠界资产组 | 沃克森（北京） 国际资产评估有 | 王海鹏、王浩、 | 沃克森评报字 （2025）第 0378 | 可回收金额 | 可收回金额为 46,800 万元 | | | 限公司 | 张卫东 | 号 | | | 单位：元 | 资产组名称 | 资产组或资产组 | 资产组或资产组 | 资产组或资产组 | 商誉分摊方法 | 分摊商誉原值 | | --- | --- | -- ...

天康生物股份有限公司 2024年度内部控制自我评价报告 天康生物股份有限公司全体股东: 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以 下简称企业内部控制规范体系），结合天康生物股份有限公司（以下简称"公司"） 内部控制制度和评价办法，在内部控制日常监督和专项监督的基础上，我们对公司 2024年12月31日(内部控制评价报告基准日)的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效 性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施 内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监 事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关 信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有 局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化可能导致内部 控制变得不恰当，或对控 ...