Group 1: Market Demand and Growth Drivers - The main drivers for the growth of the feed-grade gold mycin industry include an increase in breeding volume, higher per-animal usage, and rising prices. The domestic market has significant long-term growth potential due to intensified farming practices and improved awareness of medication among farmers [2][3]. - The expansion into emerging foreign markets is expected to create substantial demand growth for gold mycin [3]. Group 2: Company Developments and Strategic Positioning - After acquiring Panfield, the subsidiary Pharmaway has shifted its focus to directly producing and selling animal health products in the U.S. market, including gold mycin and other feed additives [3]. - The company successfully completed a non-public stock issuance in February 2016, with future financing activities to be determined based on strategic planning and development [4]. Group 3: Future Plans and Environmental Initiatives - The company aims to become a world-leading animal health product enterprise, enhancing its competitive edge in biopharmaceuticals and feed additives while actively developing new products and expanding its market influence [4]. - The subsidiary Inner Mongolia Jinhe Environmental Technology Co., Ltd. focuses on high-concentration industrial wastewater treatment, currently processing 10,000 tons of wastewater daily, with plans for nationwide business expansion [5]. Group 4: Acquisitions and Product Diversification - The acquisition of a 67% stake in Hangzhou Jianliang Veterinary Biological Products Co., Ltd. is significant due to the stringent regulatory environment for veterinary biological products, allowing the company to quickly enter the vaccine sector and diversify its product offerings [6].

Group 1: Financial Performance and Contracts - The company is currently undergoing a private placement, with announcements to be made according to regulatory procedures [1][2] - The cash flow situation has been disclosed in the company's financial reports [2] - The gross profit margin and net profit margin have increased compared to last year due to better vaccine sales [2][3] Group 2: Product Development and Market Strategy - The company is actively developing vaccines, with a focus on products like the dual vaccine for pigs and the brucellosis vaccine, expected to be registered by mid-next year [5][12] - The company plans to expand its production capacity for gentamicin, with a new project of 60,000 tons expected to be operational by the second half of next year [9][12] - The company is also preparing to launch a pet care division, focusing on deworming products [10][12] Group 3: Market Conditions and Challenges - The company has faced challenges due to rising raw material prices, leading to a 15% price increase for gentamicin [7] - The impact of the pandemic on sales was significant in 2020, but recovery is underway, with domestic sales of gentamicin gradually increasing [7][12] - The company is monitoring the competitive landscape, particularly regarding alternative products being developed by competitors [4][9] Group 4: Investor Relations and Communication - The company emphasizes transparency and timely communication with investors, adhering to legal disclosure requirements [11] - There is a commitment to improving investor relations and providing detailed updates on product registrations and market strategies [11][12] - The company is open to suggestions for enhancing investor communication and engagement [11]

Group 1: Company Growth Strategy - The company aims to achieve a revenue of approximately 5 billion by 2025, with a net profit of 600 million and a market value of 20 billion [1][5][9] - The strategic plan was developed in 2020 and focuses on the animal health industry, with agricultural product processing and environmental treatment as auxiliary sectors [1][5] Group 2: Stock Performance and Market Communication - The company's stock price has been low for several years, attributed to various factors including market conditions and internal communication issues [2][3] - A share buyback plan has been initiated to boost stock prices, with future measures to be considered based on market conditions [2][3][6] Group 3: Financial Performance and Dividends - The company did not distribute cash dividends in 2021 due to poor performance influenced by upstream and downstream industry factors, and to allocate funds for the share buyback plan [4][9] - The company is focused on maximizing shareholder interests and aims for long-term returns [4][9] Group 4: Product Pricing and Market Conditions - The price of the company's gold mildew product is currently around 19,000 yuan per ton, showing an increase compared to last year [5][8] - The company is preparing to launch a brucellosis vaccine, expected to receive certification in 4-6 months, with production planned for the fourth quarter [8][9] Group 5: Competitive Positioning - The main competitors in the chemical drug sector include companies like Chia Tai Animal Health, with the company holding advantages in production capacity, market scale, and technology [5][9] - The company aims to expand its vaccine business, targeting a revenue of over 700 million by 2025, with a projected budget of 340 million for 2022, reflecting a growth of around 20% [8][9]

金河生物科技股份有限公司 2022 年第三季度报告 证券代码：002688 证券简称：金河生物 公告编号：2022-063 □是 否 一、主要财务数据 金河生物科技股份有限公司 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： （一） 主要会计数据和财务指标 适用 □不适用 单位：元 | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | --- | | 非流动资产处置损益（包括 已计提资产减值准备的冲销 | 41,872.36 | -3,894,793.00 | | | 部分） | | | | | 计入当期损益的政府补助 | | | | | （与公司正常经营业务密切 | | | | ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 1,125,411,759.81, representing a 17.11% increase compared to CNY 961,006,050.74 in the same period last year[19]. - The net profit attributable to shareholders decreased by 15.27% to CNY 86,691,851.01 from CNY 102,316,936.86 year-on-year[19]. - The net cash flow from operating activities fell by 32.68% to CNY 73,560,711.95, down from CNY 109,272,456.61 in the previous year[19]. - Basic and diluted earnings per share decreased by 31.04% to CNY 0.1111 from CNY 0.1611 in the same period last year[19]. - The net profit after deducting non-recurring gains and losses was CNY 83,731,221.29, down 9.46% from CNY 92,478,789.74 year-on-year[19]. - The company reported a decrease in the weighted average return on net assets to 3.50% from 6.22% in the previous year[19]. - The company reported a total comprehensive income of CNY 132,235,235.30 for the first half of 2022, compared to CNY 116,593,404.52 in the previous year[196]. - The total profit amounted to CNY 44,860,214.58, compared to CNY 43,225,304.65 in the previous year, indicating an increase of about 3.8%[199]. Revenue Breakdown - Revenue from veterinary chemical drugs was 482.95 million yuan, a decrease of 1.58%, accounting for 42.91% of total revenue[37]. - Revenue from veterinary biological products was 143.99 million yuan, down 10.41%, making up 12.80% of total revenue[37]. - Environmental business revenue increased by 70.68% to 58.68 million yuan, representing 5.21% of total revenue[37]. - The agricultural product processing segment saw a revenue increase of 59.23% to 368.81 million yuan, accounting for 32.77% of total revenue[37]. - The company's revenue from the animal health segment decreased by CNY 29.0013 million, a decline of 4.37% compared to the same period last year[39]. Cost and Expenses - Operating costs rose to CNY 803.30 million, reflecting a 28.41% increase year-on-year, with significant contributions from the animal health and agricultural processing sectors[59]. - The average gross margin for biological products is reported at 58.72% due to favorable market demand and tax incentives[36]. - The average procurement price of corn starch decreased by approximately 7.40% compared to the same period last year, while coal prices increased by over 59%[40]. - The financial expenses decreased significantly by 87.48% to CNY 4.28 million, due to lower borrowing costs and favorable exchange rate impacts[59]. Investment and R&D - The company reported a 20.93% increase in R&D investment, totaling CNY 46.08 million, aimed at enhancing product development and market competitiveness[59]. - The company continues to invest in vaccine product R&D, collaborating with strong research institutions to reduce associated risks[105]. Market and Operational Strategy - The company is focusing on new product development in veterinary drugs, including new vaccines and pet medications[27]. - The company anticipates a favorable market for veterinary chemical drugs and vaccines due to the recovery in pig farming profitability in 2022[36]. - The company is positioned to strengthen its leading role in the veterinary drug industry as market concentration increases following the implementation of new GMP standards[34]. - The company is expanding its market presence internationally, with significant sales in the U.S., Canada, and several Latin American countries[28]. Environmental Compliance - The company reported a total emission of 52.27 tons of particulate matter, with a concentration of 12.23 mg/m³, complying with the emission standard[114]. - Sulfur dioxide (SO2) emissions were recorded at 68.626 tons, with a concentration of 123.01 mg/m³, below the standard limit of 200 mg/m³[114]. - Nitrogen oxides (NOX) emissions totaled 105.302 tons, with a concentration of 186.505 mg/m³, adhering to the emission standard[114]. - The company has implemented real-time monitoring systems for emissions, ensuring compliance with environmental regulations[116]. - The company has established a comprehensive pollution prevention and control system, ensuring the effective treatment of emissions and wastewater[117]. Fundraising and Financial Management - The total amount of funds raised by the company through a non-public offering was approximately RMB 820 million, with a net amount of RMB 802 million after deducting issuance costs[78]. - The company has established a fundraising management system to ensure compliance with relevant laws and regulations, and the funds are stored in a dedicated account[81]. - The company has not engaged in any securities or derivative investments during the reporting period[75][76]. - The company plans to continue investing the raised funds into its projects as per the approved budget[81]. Shareholder Information - The company plans to repurchase shares with a total fund of no less than RMB 120 million and no more than RMB 200 million, having repurchased 10,010,010 shares, accounting for 1.28% of the total share capital, with a total transaction amount of RMB 45,982,364[156]. - The largest shareholder, Inner Mongolia Jinhe Holdings Co., Ltd., holds 241,758,670 shares, representing 30.98% of total shares[172]. - The company’s stock structure includes 620,866,224 unrestricted shares, which represent 79.56% of the total shares[168]. - The company’s total share capital remains unchanged at 780,422,398 shares, indicating stability in its equity structure[169].

Financial Performance - The company's operating revenue for 2021 was ¥2,077,988,730.16, representing a 14.51% increase compared to ¥1,814,638,965.54 in 2020[27]. - The net profit attributable to shareholders for 2021 was ¥93,992,380.84, a decrease of 19.89% from ¥117,324,525.93 in 2020[27]. - The net profit after deducting non-recurring gains and losses was ¥80,041,884.87, down 20.00% from ¥100,055,200.95 in 2020[27]. - The net cash flow from operating activities decreased by 40.72% to ¥152,978,505.57 from ¥258,079,960.72 in 2020[27]. - The total assets at the end of 2021 were ¥4,064,525,859.70, a 20.36% increase from ¥3,376,867,194.00 at the end of 2020[28]. - The net assets attributable to shareholders increased by 50.98% to ¥2,438,211,286.94 from ¥1,614,883,310.48 at the end of 2020[28]. - The company reported a weighted average return on equity of 4.81% for 2021, down from 7.13% in 2020[28]. - The first quarter of 2021 saw a net profit of ¥70,001,205.48, while the fourth quarter reported a net loss of ¥16,285,306.08[31]. - The company achieved operating revenue of 2,077.99 million CNY, an increase of 14.51% year-on-year, with the main revenue sources being veterinary chemical drugs (1,066.09 million CNY, +14.01%), veterinary biological products (291.69 million CNY, +8.66%), and environmental protection business (86.02 million CNY, +54.17%) [49]. - Net profit attributable to shareholders decreased to 93.99 million CNY, down 19.89% year-on-year, while the net profit after deducting non-recurring gains and losses was 80.04 million CNY, a decrease of 20.00% [49]. Cost and Pricing Challenges - The company reported a significant increase in raw material costs, particularly corn starch, which heavily impacts the cost structure of its main product, Jinmeisu, leading to reduced profit margins[6]. - The average price of corn increased by 609.88 CNY/ton (up 28.56%), and coal prices surged by 104.73%, significantly squeezing the company's profit margins [49]. - The overall gross profit margin decreased due to a shift in sales structure towards lower-margin products and the inability to fully pass on cost increases to customers [54]. - The company faced challenges due to low domestic pork prices impacting the purchasing willingness for animal health products, leading to reduced sales volume [50]. - Operating costs increased by 20.45% year-on-year to 1,426.92 million CNY, with significant increases in costs for veterinary chemical drugs (+24.40%) and environmental protection business (+63.66%) [51]. Market and Industry Trends - The livestock industry remains sluggish due to the pig cycle, impacting the company's animal health business, which is closely tied to this sector[8]. - The company anticipates that the veterinary medicine sales in 2021 could reach ¥700 billion, driven by the growth of the livestock industry[37]. - In 2021, China's pig production capacity continued to recover, with pig slaughter reaching 67.128 million heads, an increase of 27.40% year-on-year[40]. - The implementation of the new veterinary GMP on June 1, 2022, is expected to significantly change the industry concentration over the next 2-3 years[37]. - The company holds a leading position in the veterinary chemical drug market, particularly in the production of chlortetracycline, with an expected increase in market space as farming scales up[40]. Research and Development - The company has been investing heavily in vaccine product research and development, which involves long cycles and high costs, presenting inherent uncertainties[9]. - The company is focusing on the development of new products in the veterinary vaccine sector, with plans to launch several new vaccines in the coming years[40]. - The company has a strong emphasis on research and development, with four major technology platforms for vaccine production, leading to significant advancements[47]. - The company is developing a Brucella gene deletion vaccine, with registration materials submitted and under review, expected to be a significant profit growth point[82]. - R&D investment increased by 9.80% to ¥87,289,569.25 in 2021, accounting for 4.20% of operating revenue[84]. Strategic Initiatives and Acquisitions - The company is actively pursuing a strategy of mergers and acquisitions, including the acquisition of Liangshan Ruiyi in Shandong, to support future growth[57]. - The company has acquired a 70% stake in Liangshan Ruyi Yellow River Floodplain Sewage Treatment Co., Ltd., enhancing its capabilities in wastewater treatment and environmental technology[77]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product range[100]. - The company plans to continue expanding its market share by developing relationships with large breeding groups to influence smaller enterprises [55]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management team[4]. - The company operates under the supervision of the China Securities Regulatory Commission and discloses its annual reports through various media outlets[23]. - The company has engaged Xinyong Zhonghe Accounting Firm for its auditing needs, ensuring compliance with financial regulations[26]. - The company has established a robust governance structure, ensuring clear separation of powers and responsibilities among shareholders, the board, and management[133]. - The company maintains a governance structure that aligns with legal and regulatory requirements, showing no significant discrepancies[137]. Environmental and Sustainability Efforts - The company has committed to sustainable practices in its operations, aligning with environmental regulations and market expectations[100]. - The company has upgraded its boiler system to ensure compliance with emission standards, specifically for a steam boiler operating at 3.82 Mpa and 450℃[196]. - The wastewater treatment company has initiated a recycled water project with a processing capacity of 10,000 tons per day, reducing external wastewater discharge[197]. - The company has implemented energy-saving modifications by replacing 12 motors in the fermentation workshop with direct-drive motors, which reduces energy consumption and noise[196]. - The company’s environmental protection subsidiary, Jinhe Environmental Protection, is a leader in industrial wastewater treatment and has developed proprietary technology for comprehensive pollution management[197]. Shareholder and Management Information - The profit distribution plan approved by the board proposes no cash dividends or stock bonuses for shareholders, maintaining a base of 780,422,398 shares[10]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 843.86 million[161]. - The company’s board of directors held a total of 7 meetings during the reporting period, with key resolutions announced on March 1, March 12, and March 30, 2021[162]. - The company has ensured timely and full payment of remuneration to its directors, supervisors, and senior management during the reporting period[158]. - The company has a complete salary system based on a multi-position skill salary management system, with basic salary and performance bonuses[178].

Financial Performance - The company's revenue for Q1 2022 was CNY 519,765,405.51, representing a 12.46% increase compared to CNY 462,170,158.21 in the same period last year[4] - Net profit attributable to shareholders decreased by 54.61% to CNY 31,771,635.03 from CNY 70,001,205.48 year-on-year[4] - The total profit for the period decreased by 44.52%, amounting to CNY 46,800,000.00, primarily due to increased raw material and energy costs[10] - The company reported a significant decrease in net profit margin, with the basic earnings per share dropping by 63.64% to CNY 0.04 from CNY 0.11[4] - Basic earnings per share decreased by CNY 0.07, a decline of 63.64%, mainly due to reduced net profit attributable to the parent company and an increase in total share capital from a private placement[14] - Net profit for Q1 2022 was CNY 43,496,662.89, a decrease of 44.4% from CNY 78,069,980.89 in Q1 2021[31] - The company reported a decrease in comprehensive income to CNY 41,952,788.32 from CNY 80,648,225.78 in the previous year, indicating a decline of 48.0%[31] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, reaching CNY 36,811,868.07, a 245.37% increase from a negative CNY 25,322,456.62 in the previous year[4] - The net cash flow from operating activities increased by CNY 62,134,324.69, an increase of 245.37%, driven by increased operating revenue and cash collection[15] - Cash and cash equivalents net increase decreased by CNY 94,125,422.80, a decline of 110.14%, mainly due to the completion of a private placement in July of the previous year[17] - The cash inflow from financing activities decreased by CNY 219,149,945.66, a decline of 31.81%, due to reduced borrowing from financial institutions[16] - The net cash flow from financing activities decreased by CNY 156,825,905.28, a decline of 88.11%, reflecting a strategic adjustment in financing to reduce financial costs[16] - The company experienced a net decrease in cash and cash equivalents of 8,666,247.65, contrasting with an increase of 85,459,175.15 in the prior year[35] - The cash inflow from financing activities totaled 469,706,529.34, down from 688,856,475.00 year-over-year[35] Assets and Liabilities - The company's total assets increased by 3.45% to CNY 4,204,623,492.54 compared to CNY 4,064,525,859.70 at the end of the previous year[4] - The total liabilities increased to CNY 1,435,183,626.22 from CNY 1,368,031,689.97, marking a rise of 4.9%[30] - The total equity attributable to shareholders of the parent company was CNY 2,469,375,524.97, up from CNY 2,438,211,286.94, reflecting a growth of 1.3%[30] - The company's cash and cash equivalents amounted to RMB 576,243,020.41, up from RMB 517,659,268.06, indicating an increase of about 11.3%[26] - Accounts receivable decreased to RMB 335,716,921.62 from RMB 352,760,335.51, representing a decline of approximately 4.8%[26] - Inventory levels rose to RMB 606,560,301.70 from RMB 577,196,806.30, marking an increase of around 5.1%[27] - Short-term borrowings increased to RMB 908,849,684.56 from RMB 833,899,423.85, which is an increase of about 9.0%[27] Operational Efficiency and Cost Management - The gross profit margin was impacted by rising costs, with operating costs increasing by 32.43% to CNY 88,591,761.06 compared to the same period last year[9] - Financial expenses rose by 33.23% to CNY 17,020,000.00, primarily due to exchange losses from currency fluctuations[9] - Other income increased by 51.26% to CNY 5,973,000.00, mainly due to higher government subsidies received during the period[9] - The company plans to focus on improving operational efficiency and managing costs in response to the challenging market conditions[11] - Research and development expenses for Q1 2022 were CNY 19,280,982.50, an increase of 11.0% from CNY 17,370,744.69 in Q1 2021[30] Projects and Future Plans - The company is constructing a new project with an annual production capacity of 52,000 tons of veterinary-grade high-efficiency gold streptomycin and 1,000 tons of hydrochloride gold streptomycin, expected to complete civil engineering by the end of 2022[23] - The company has initiated the "Hydrochloride Doxycycline Project" in collaboration with related parties, with construction expected to be completed and trial production by the end of 2022[24]

Financial Performance - The company reported a total operating revenue of CNY 2,077,988,730.16 for 2021, representing a year-on-year increase of 14.51% compared to CNY 1,814,638,965.54 in 2020[63]. - The net profit attributable to shareholders for 2021 was ¥93,992,380.84, a decrease of 19.89% from ¥117,324,525.93 in 2020[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥80,041,884.87, down 20.00% from ¥100,055,200.95 in 2020[27]. - The net cash flow from operating activities was ¥152,978,505.57, a decline of 40.72% compared to ¥258,079,960.72 in 2020[27]. - The company achieved operating revenue of 2,077.99 million CNY, a year-on-year increase of 14.51%[49]. - The net profit attributable to shareholders decreased to 93.99 million CNY, down 19.89% compared to the previous year[49]. - The overall gross profit margin decreased due to rising costs and changes in product sales structure, leading to lower profitability[55]. - The company reported a significant difference of 25.30% between net cash flow from operating activities and net profit, primarily due to non-cash factors like depreciation[88]. Cost and Expenses - The company reported a significant increase in raw material costs, particularly corn starch, which heavily impacts the cost structure of its main product, Jinmeisu, leading to reduced profit margins[6]. - The cost of goods sold increased to 1,426.92 million CNY, a year-on-year increase of 20.45%[51]. - The price of corn increased by 609.88 CNY/ton, representing a rise of 28.56% year-on-year, significantly impacting profit margins[49]. - The cost of raw materials for veterinary chemical drugs was CNY 402,078,509.76, accounting for 56.79% of operating costs, a decrease of 2.90% compared to 2020[72]. - The labor cost for veterinary chemical drugs increased to CNY 55,465,059.38, representing 7.83% of operating costs, down by 0.87% year-on-year[72]. - The energy cost for veterinary chemical drugs rose to CNY 117,274,865.61, making up 16.56% of operating costs, an increase of 1.13% from the previous year[72]. Market and Industry Trends - The livestock industry remains sluggish due to the pig cycle, which poses a risk to the company's animal health business as it is closely tied to the upstream industry[8]. - The company expects the veterinary medicine sales to reach ¥700 billion in 2021, driven by the growth of the livestock industry[37]. - In 2021, China's pig production capacity continued to recover, with pig slaughtering reaching 67.128 million heads, a year-on-year increase of 27.40%[40]. - The implementation of the new veterinary GMP on June 1, 2022, is anticipated to significantly change the industry concentration over the next 2-3 years[37]. Research and Development - The company is investing heavily in vaccine product development, which involves long cycles and high costs, presenting uncertainties in research outcomes[9]. - The company has a strong focus on R&D, with four major technology platforms for vaccine development, enhancing its competitive edge[47]. - The company is developing a Brucella gene deletion vaccine, with registration materials submitted and under review, expected to be a significant future revenue growth point[83]. - The company has completed clinical trials for a pig viral inactivated vaccine and is preparing to submit registration materials, aiming to enhance its vaccine product line[83]. - R&D investment increased by 9.80% from 79,499,200.00 CNY in 2020 to 87,289,569.25 CNY in 2021, while the proportion of R&D investment to operating revenue decreased by 0.18% to 4.20%[85]. Strategic Initiatives - The company is actively pursuing a strategy of mergers and acquisitions, having acquired Liangshan Ruyi in Shandong to support future growth[58]. - The company is focusing on strategic adjustments in its industrial structure to enhance product value and expand its business scale[53]. - The company plans to continue expanding its market share by developing relationships with large breeding group clients[56]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product portfolio[101]. Governance and Management - The company has established a complete and independent governance structure, ensuring no interference from the controlling shareholder in operational decisions[138]. - The board of directors consists of nine members, including three independent directors, meeting the requirement of one-third independence[134]. - The management team strictly adheres to the company's articles of association and board resolutions, ensuring no overstepping of authority[135]. - The company has implemented a robust internal control management system to enhance governance and compliance[133]. Environmental Sustainability - The company has successfully implemented a project for zero wastewater discharge, further enhancing its environmental sustainability efforts[198]. - The company’s emissions monitoring system includes real-time monitoring of particulate matter, SO2, and NOx to ensure compliance with national standards[196]. - Jinhe Environmental Company is a leader in industrial wastewater treatment and has developed the "JAOO" process for comprehensive solutions[196]. - The company has received multiple environmental impact assessment approvals for various projects since 2014, ensuring compliance with environmental regulations[198]. Future Outlook - The company anticipates continued growth in revenue and profitability in the upcoming fiscal year, driven by increased demand for its products[145]. - The company has set a revenue guidance for 2022, projecting a growth rate of 25% to reach CNY 1.875 billion[155]. - New product launches are expected to contribute an additional 300 million yuan in revenue over the next year[154]. - The company is actively pursuing market expansion and new product development strategies[93].

金河生物科技股份有限公司 2021 年第三季度报告 证券代码：002688 证券简称：金河生物 公告编号：2021-079 金河生物科技股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带 的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声 明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 477,906,626.41 | 33.26% | 1,438,912,677.15 | 19. ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 961,006,050.74, representing a 13.27% increase compared to CNY 848,429,942.59 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 117,482,792.85, an increase of 23.66% from CNY 95,005,448.80 in the previous year[20]. - The basic earnings per share increased by 20.00% to CNY 0.18 from CNY 0.15 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 3,559,737,305.58, up 5.42% from CNY 3,376,867,194.00 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company increased by 3.16% to CNY 1,665,968,069.14 from CNY 1,614,883,310.48 at the end of the previous year[20]. - The net cash flow from operating activities was CNY 109,272,456.61, a decrease of 2.50% compared to CNY 112,070,629.44 in the same period last year[20]. - The company reported a significant increase in financial expenses by 86.80% to ¥34,189,635.99, primarily due to foreign exchange losses[52]. - The company reported a net profit margin improvement, with retained earnings increasing to CNY 506,946,082.80 from CNY 452,992,255.45, a growth of approximately 11.9%[164]. Revenue Breakdown - The revenue from veterinary chemical drugs was 490.7 million CNY, up 11.20% year-on-year, accounting for 51.06% of total revenue[35]. - The revenue from veterinary biological products reached 160.7 million CNY, a significant increase of 80.85% year-on-year, making up 16.73% of total revenue[35]. - The revenue from environmental protection business was 34.4 million CNY, reflecting a year-on-year increase of 13.21%[35]. - Domestic sales accounted for 65.12% of total revenue, increasing by 27.35% year-on-year, while international sales decreased by 6.12% to 34.88% of total revenue[55]. - The revenue from veterinary biological products surged by 80.85% to ¥160,739,150.45, significantly contributing to overall growth[55]. Operational Challenges - The company faced challenges from the African swine fever and COVID-19, which affected the livestock industry and sales orders[36]. - The average price of corn starch, a key raw material, rose by about 47% compared to the same period last year, impacting production costs[38]. - The company faced various operational risks, which are detailed in the report[4]. - The company faced risks from rising raw material prices, particularly corn, which significantly impacts the cost of its main product, and is implementing measures to mitigate these costs[85]. - The ongoing African swine fever epidemic continues to affect the demand for animal health products, prompting the company to enhance its product competitiveness and marketing efforts[86]. Investment and Development - The company completed a non-public stock issuance project, and the new development strategy is now in the execution phase[49]. - The company established a new subsidiary, Inner Mongolia Jinhai Pharmaceutical Technology Co., Ltd., to implement the doxycycline project[50]. - The company set up a pet division to explore the pet medication market and is in the process of applying for new veterinary drug certificates[50]. - The company has made substantial investments in new product development, particularly in vaccines, which have shown a high gross profit margin and strong sales growth[60]. - The total investment amount for the reporting period was ¥130,721,007.94, representing a year-on-year increase of 187.21% compared to ¥45,513,314.34 in the same period last year[70]. Environmental Compliance - The company reported a total emission of 8.166 tons of particulate matter, with a concentration of 14.28 mg/m³, which is below the standard limit of 30 mg/m³[94]. - The sulfur dioxide (SO2) emissions amounted to 52.611 tons, with a concentration of 85.59 mg/m³, also compliant with the standard limit of 200 mg/m³[94]. - Nitrogen oxides (NOX) emissions were recorded at 90.973 tons, with a concentration of 153.90 mg/m³, adhering to the standard limit of 200 mg/m³[94]. - The company has implemented a "three-level alkaline spray absorption + one-level adsorption" process for treating waste gas, ensuring compliance with national standards[98]. - The company has established itself as a leader in industrial wastewater treatment and solid waste management, providing comprehensive solutions[98]. Shareholder and Equity Information - The company issued 145,132,743 shares of common stock (A-shares) to 10 specific investors, with the stock listed on August 12, 2021[136]. - The total approved guarantee amount for subsidiaries at the end of the reporting period was CNY 74,800.2 million, with an actual guarantee balance of CNY 40,440.09 million, representing 24.27% of the company's net assets[132]. - The company reported a total of CNY 12,920.20 million in guarantees during the reporting period[132]. - The total number of ordinary shareholders at the end of the reporting period was 35,819[146]. - The company has implemented a 75% lock-up on shares held by directors and senior management[143]. Research and Development - Research and development expenses rose by 5.69% to ¥38,107,298.08 from ¥36,054,676.90, indicating continued investment in innovation[52]. - The company has established a research and development center recognized by local authorities, enhancing its innovation capabilities[104]. - The company is accelerating the registration of vaccine products, including live vaccines for sheep and goats, and inactivated vaccines for pigs[49]. Legal and Compliance - The company has not faced any significant legal disputes or non-compliance issues during the reporting period, maintaining a clean legal standing[105]. - There were no administrative penalties due to environmental issues during the reporting period, indicating strong compliance with environmental laws[104]. - The company was fined 20,000 yuan for using absolute terms in advertising and has since deleted the related content[117].