Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Insights - The company reported a revenue of 2.371 billion yuan in 2024, representing a year-on-year growth of 9.04%, with a net profit attributable to shareholders of 100 million yuan, up 15.90%. Excluding stock incentive costs and goodwill impairment, the net profit was 157 million yuan, a significant increase of 57.59% [4] - In Q1 2025, the company achieved a revenue of 625 million yuan, a year-on-year increase of 20.35%, with a net profit of 51 million yuan, up 13.23% [4] - The veterinary pharmaceutical segment saw a revenue increase of 21.74% to 1.234 billion yuan in 2024, with a gross margin improvement of 7.4 percentage points to 40.17% [5] - The company is the largest producer of chlortetracycline premix in the world, with a projected EPS of 0.30 yuan for 2025, corresponding to a PE ratio of only 21 times [7] Company Overview - The latest closing price of the company's stock is 6.20 yuan, with a total market capitalization of 4.8 billion yuan [3] - The company has a total share capital of 772 million shares, with 745 million shares in circulation [3] - The company has a debt-to-asset ratio of 55.8% and a current PE ratio of 47.91 [3] Financial Projections - The company expects revenues to grow to 2.726 billion yuan in 2025, with a net profit of 229 million yuan, reflecting a growth rate of 128.52% [10] - The projected EPS for 2026 and 2027 are 0.39 yuan and 0.47 yuan, respectively, with corresponding PE ratios decreasing to 15.89 and 13.41 [10][13]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company is expected to achieve significant growth in its veterinary pharmaceutical business in 2025, driven by both volume and price increases [5][6] - The company reported a revenue of 2.371 billion yuan in 2024, with a year-on-year growth of 9.04%, and a net profit of 100 million yuan, reflecting a growth of 15.9% [4] - The report highlights the strong cash flow position of the company, with a net cash flow from operating activities of 498 million yuan in 2024, representing a 150.76% increase year-on-year [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 625 million yuan, a year-on-year increase of 20.35%, and a net profit of 51 million yuan, up 13.23% [5] - The veterinary pharmaceutical segment generated a revenue of 1.234 billion yuan in 2024, with a year-on-year growth of 21.47% [6] - The company plans to increase production capacity significantly in 2025, with a target of producing 20,000 tons of gentamicin [8] Business Segments - The veterinary vaccine business generated a revenue of 344 million yuan in 2024, with a slight growth of 2.58% [9] - New products in the vaccine segment are expected to launch in 2025, potentially contributing to revenue growth [9] - The environmental business also showed steady growth, with a revenue of 143 million yuan in 2024, up 11.01% [9] Earnings Forecast - The company is projected to achieve revenues of 2.819 billion yuan, 3.321 billion yuan, and 3.935 billion yuan for the years 2025, 2026, and 2027 respectively [10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.23 yuan, 0.33 yuan, and 0.37 yuan respectively [10] - The report indicates a strong growth trajectory with a forecasted net profit growth rate of 74.9% in 2025 [12]

Core Viewpoint - The company, Jinhe Biology, reported a strong performance in the first quarter of 2025, with significant growth in revenue and net profit, driven primarily by its veterinary chemical products, particularly the sales of its key product, Jinmeisu [4][12]. Revenue and Profit Growth - In Q1 2025, the company achieved an operating income of 625.15 million yuan, representing a year-on-year increase of 20.35% [4][12]. - The net profit attributable to shareholders was 51.12 million yuan, up 13.23% year-on-year [4][12]. - The gross profit margin stood at 35.78% [12]. Product Performance - Revenue from veterinary chemical products increased by 21.47% year-on-year, with Jinmeisu being a major contributor, especially in the U.S. market, which reached a historical high [2]. - The company plans to enhance its product offerings with the full production of a new factory in 2025, which will produce Jinmeisu, Tetracycline, and Strongly Mycin, thereby extending its product line [2]. Research and Development - R&D expenses grew by 27.03% in 2024, indicating a strong commitment to innovation [3]. - The company is focusing on expanding the application of Jinmeisu and has received approval for its use in additional target animals, including sheep [3]. Market Outlook - The global animal health industry is expected to continue growing, with the domestic market showing significant potential, as evidenced by a compound annual growth rate of 8.43% in the domestic veterinary drug market from 2019 to 2023 [5][11]. - The company is optimistic about the future, particularly in the veterinary biological products market and the pet market, which is also expanding [6][11]. Strategic Initiatives - The company is enhancing its collaboration with Shanghai Jiao Tong University to leverage synthetic biology for product development and innovation [8]. - Plans are in place to expand the pet health business, with a focus on both chemical and vaccine products [8]. Competitive Position - The company has established a strong presence in the overseas market, with 60-70% of its chemical products sold internationally, particularly in the U.S. [10]. - The company aims to strengthen its market position by enhancing customer satisfaction and expanding its product offerings in international markets [10].

Group 1: Financial Performance - The company's revenue for Q1 2025 reached 625.15 million CNY, representing a year-on-year growth of 20.35% [2] - The net profit attributable to shareholders for the same period was 51.12 million CNY, with a year-on-year increase of 13.23% [2] - The veterinary chemical drug revenue increased by 21.47% year-on-year, driven primarily by the sales of the product "Jinmei" [1] Group 2: Product Development and Market Strategy - The company plans to expand its product line with the new factory set to produce Jinmei, Tumei, and Qiangli products, enhancing its product diversity [1] - The R&D expenses grew by 27.03% in 2024, focusing on innovation and new product development [2] - The company has 16 vaccine products currently on the market and over 20 in the research and application phase [2] Group 3: Market Expansion and Competitive Advantage - The company exports 60-70% of its chemical products, with the U.S. being the primary market [5] - The introduction of the hydrochloride doxycycline project is expected to generate over 300 million CNY in revenue [3] - The company aims to enhance its market share in the veterinary vaccine sector by providing comprehensive technical solutions alongside its products [3] Group 4: Future Outlook and Industry Trends - The domestic veterinary drug market has a compound annual growth rate (CAGR) of 8.43% from 2019 to 2023, indicating significant growth potential [5] - The company anticipates that the market for veterinary biological products will expand, particularly with the ongoing development of the African swine fever vaccine [5] - The company is committed to strengthening its global presence and optimizing resource allocation to seize opportunities in the veterinary industry [6]

Financial Performance - In 2024, the company achieved a revenue of CNY 2.371 billion, a year-on-year increase of 9.04%, and a net profit of CNY 100 million, up 15.9% [1] - In Q1 2025, revenue reached CNY 625 million, a growth of 20.35%, with a net profit of CNY 51.12 million, increasing by 13.23% [2] - The net cash flow from operating activities for 2024 was CNY 498 million, a significant increase of 150.76% [2] Product Performance - The veterinary pharmaceutical segment saw a 21% increase in sales volume and a 21.47% rise in revenue in 2024; Q1 2025 sales volume surged by 55.55% [2] - The expected annual sales volume for 2025 is approximately 100,000 tons of gold mildew powder, reflecting a growth of around 65% [2] - The gross margin for gold mildew premix in 2024 improved by about 10 percentage points due to a 16.31% decrease in corn prices [2] Market Expansion - The U.S. market is the largest overseas market, accounting for about two-thirds of exports; the company plans to raise prices in the U.S. market starting May 1, 2025, to cover increased tariffs [3] - The company is expanding its product applications, with new approvals for gold mildew premix for sheep and ongoing applications for cattle and rabbit [2] Strategic Developments - A strategic cooperation agreement was signed with Shanghai Jiao Tong University for synthetic biology applications, aiming to develop new products and improve existing processes [2] - The company has established a pet division in Shanghai, with 8 health products and 1 rabies vaccine currently available, and 11 products under application [3][5] Investor Engagement - The company engaged with various investors and analysts during an online conference, discussing financial performance, market strategies, and product developments [1] - Key questions from investors included the pricing strategy for gold mildew products and the company's market share in the U.S. [3][4]

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The company benefits from growth in the chemical pharmaceutical business and cost optimization, leading to a steady improvement in performance [2][5] - The veterinary pharmaceutical segment shows significant growth, with a revenue increase of 21.47% year-on-year, driven by expanded market demand and cost reductions [3] - The vaccine segment is progressing steadily, with a revenue increase of 2.58% year-on-year, supported by strong core products and ongoing research and development [4] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 2.371 billion yuan, a year-on-year increase of 9.04%, and a net profit attributable to shareholders of 100 million yuan, up 15.90% [2] - For Q1 2025, the company reported operating revenue of 625 million yuan, a year-on-year increase of 20.35%, and a net profit of 51 million yuan, up 13.23% [2] Chemical Pharmaceutical Segment - The veterinary chemical pharmaceutical segment generated 1.234 billion yuan in revenue, accounting for 52.06% of total revenue, with a gross margin of 40.17%, up 7.40 percentage points year-on-year [3] - Key drivers include increased sales of the antibiotic product, Jinmison, and a significant rise in demand in overseas markets, particularly in the U.S. [3] - The company has optimized costs through a decrease in raw material prices and improvements in production processes, contributing to enhanced profitability [3] Vaccine Segment - The veterinary biological products (vaccines) segment achieved revenue of 344 million yuan, representing 14.50% of total revenue [4] - Core products maintain strong market positions, with the blue ear disease inactivated vaccine leading in market share [4] - The company is actively promoting new products and investing in R&D, with several vaccines in various stages of development and approval [4] Investment Recommendations - The company is positioned as a leader in the Jinmison industry, benefiting from domestic and international market demand growth, cost optimization, and price increases [5] - The completion of the sixth phase project further consolidates the company's scale and cost advantages, while the vaccine segment, despite short-term pressures, has a robust product pipeline and strategic expansions [5] - The projected revenues for 2025-2026 have been adjusted to 2.835 billion yuan and 3.030 billion yuan, respectively, with net profits forecasted at 197 million yuan and 326 million yuan [5][8]

Core Viewpoint - The company, Jinhe Biological Technology Co., Ltd., has released its annual report for 2024, highlighting its business performance, financial status, and future development plans, including a profit distribution proposal for shareholders [1][3]. Company Overview - Jinhe Biological aims to become a leading global animal health enterprise, focusing on veterinary pharmaceuticals and vaccines while expanding into new markets [4]. - The company's main business segments include animal health products, environmental wastewater treatment, and agricultural product processing [4][11]. Financial Performance - In 2024, the company achieved operating revenue of 2,370.63 million yuan, a year-on-year increase of 9.04% [28]. - The operating profit was 98.55 million yuan, a decrease of 5.90% compared to the previous year [28]. - The net profit attributable to shareholders was 100.20 million yuan, reflecting a year-on-year growth of 15.90% [28]. Profit Distribution Proposal - The board approved a profit distribution plan, proposing a cash dividend of 1.00 yuan per 10 shares (tax included) to all shareholders, with no bonus shares or capital reserve fund conversion [3][31][32]. Share Buyback and Stock Options - The company initiated a share buyback program with a total fund of no less than 50 million yuan and no more than 100 million yuan, completing the buyback of 15,221,500 shares by October 10, 2024 [14]. - A stock option incentive plan was approved, granting 11.75 million stock options to 25 incentive targets [15]. Strategic Partnerships - The company signed a strategic cooperation agreement with Shanghai Jiao Tong University to enhance collaboration in technological innovation and talent cultivation [16]. Subsidiary Adjustments - The board approved a reduction in the registered capital of a subsidiary, Animal Nutrition, from 20 million yuan to 6.6 million yuan, which will no longer be included in the consolidated financial statements [17].

证券代码：002688 证券简称：金河生物 公告编号：2025-019 金河生物科技股份有限公司 第六届董事会第二十五次会议决议公告 本公司及董事会全体人员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 金河生物科技股份有限公司（以下简称"公司"）第六届董事会第二十五次 会议于 2025 年 4 月 14 日以电子邮件方式发出通知，并于 2025 年 4 月 25 日在公 司会议室以现场及通讯方式召开，董事王志军先生、独立董事郭晓川先生、卢文 兵先生、谢晓燕女士以通讯方式参加会议。会议由董事长王东晓先生主持，应到 董事 9 人，实到董事 9 人，公司监事及高管列席了本次会议。本次董事会出席会 议董事人数符合法律法规，会议合法有效。会议召开符合《中华人民共和国公司 法》等法律、法规和《公司章程》的规定。与会董事以现场及通讯表决的方式审 议通过了以下议案： 一、以 9 票同意，0 票反对，0 票弃权审议通过了《关于公司 2024 年度总 经理工作报告的议案》。 二、以 9 票同意，0 票反对，0 票弃权审议通过了《关于公司 2024 年度董 事会工作报告的议案》。 本议案需 ...

Core Insights - The company reported a revenue of 2.371 billion yuan for 2024, a year-on-year increase of 9.04%, and a net profit attributable to shareholders of 100 million yuan, up 15.90% [1] - In Q1 2025, the company achieved a revenue of 625 million yuan, reflecting a growth of 20.35%, with a net profit of 51 million yuan, an increase of 13.23% [1] - The company aims to become a world-leading animal health enterprise, focusing on new product development in veterinary pharmaceuticals and vaccines [1] Revenue and Profit Growth - The company’s 2024 revenue reached 2.371 billion yuan, marking a 9.04% increase year-on-year, while the net profit was 100 million yuan, up 15.90% [1] - For Q1 2025, the revenue was 625 million yuan, a 20.35% increase, and the net profit was 51 million yuan, reflecting a 13.23% growth [1] Product Development and Market Expansion - The company is the largest global producer of veterinary chlortetracycline premix, with a production capacity of 55,000 tons per year [2] - A new project will add 60,000 tons per year of chlortetracycline capacity, significantly reducing production costs [2] - The company is expanding its product matrix with a 1,000 tons per year doxycycline project, enhancing its veterinary pharmaceutical offerings [2] Vaccine Business Growth - The company has 16 vaccine products on the market, including those for pigs, ruminants, and pets, establishing a diverse product system [3] - In 2024, the company issued nearly 40 million doses of its blue ear disease vaccine, maintaining a strong market position [3] - The company is accelerating its pet health business, having established a pet division in Shanghai and currently offering 8 products with 11 more in the application process [3] Strategic Focus on Synthetic Biology - The company is leveraging synthetic biology as a key area for growth, aligning with national development plans that prioritize this technology [4] - A strategic partnership with Shanghai Jiao Tong University aims to enhance innovation and talent development in synthetic biology [4] - The company plans to utilize synthetic biology for advancements in veterinary pharmaceuticals and vaccines, aiming for significant technological and production scale improvements over the next 5-10 years [4]

Core Viewpoint - The company, Jinhe Biological, reported a revenue increase of 9.04% year-on-year for 2024, reaching 2.371 billion yuan, and a net profit increase of 15.90%, amounting to 100 million yuan. The first quarter of 2025 showed a revenue growth of 20.35% to 625 million yuan and a net profit increase of 13.23% to 51 million yuan [1][2]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 2.371 billion yuan, a 9.04% increase year-on-year [1]. - The net profit attributable to shareholders for 2024 was 100 million yuan, reflecting a 15.90% year-on-year growth [1]. - For Q1 2025, the company reported an operating income of 625 million yuan, up 20.35% year-on-year, and a net profit of 51 million yuan, which is a 13.23% increase [1]. Group 2: Product Development and Market Position - Jinhe Biological is the largest producer of veterinary premix antibiotics globally, with a production capacity of 55,000 tons per year for chlortetracycline [1]. - The company has expanded its product matrix, focusing on both veterinary pharmaceuticals and vaccines, establishing a dual-driven growth model [1]. - The company has received GMP certification for a new production line that will add 60,000 tons per year of chlortetracycline capacity, significantly reducing production costs [1]. Group 3: Vaccine Business and Innovation - The company has 16 vaccine products on the market, including those for pigs, ruminants, and pets, indicating a diverse product system [2]. - In 2024, the company issued nearly 40 million doses of its blue ear disease inactivated vaccine, maintaining a second-place position for two consecutive years [2]. - A strategic cooperation agreement was signed with Shanghai Jiao Tong University to enhance research and development capabilities, focusing on synthetic biology and innovative vaccine development [2][3]. Group 4: Future Outlook - The company aims to leverage its core chlortetracycline premix and develop a multi-category pharmaceutical product strategy [3]. - Jinhe Biological is targeting the veterinary vaccine market to become a leading player in the domestic industry, with a focus on developing vaccines for various diseases [3].