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].

Financial Performance - The company's revenue for Q1 2021 was ¥462,170,158.21, representing a 6.73% increase compared to ¥433,027,256.62 in the same period last year[7]. - Net profit attributable to shareholders was ¥85,425,834.34, a significant increase of 57.97% from ¥54,075,869.30 year-over-year[7]. - The net profit after deducting non-recurring gains and losses was ¥63,697,503.71, up 19.81% from ¥53,166,354.15 in the previous year[7]. - The basic earnings per share increased by 44.44% to ¥0.13 from ¥0.09 in the same period last year[7]. - The company's net profit margin improved significantly, reflecting a strong operational performance and effective cost management strategies[20]. - The company reported a total comprehensive income of CNY 98,859,141.70 for Q1 2021, compared to CNY 66,181,077.77 in the previous year, marking an increase of approximately 49.5%[53]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,660,920,295.03, an increase of 8.41% from ¥3,376,867,194.00 at the end of the previous year[7]. - Total liabilities rose to ¥1,812,698,017.30 from ¥1,626,925,856.12, reflecting an increase of about 11.4%[43]. - The company's equity attributable to shareholders increased to ¥1,701,959,012.78 from ¥1,614,883,310.48, representing a growth of approximately 5.4%[44]. - Current assets increased to ¥1,471,015,962.11 as of March 31, 2021, up from ¥1,240,147,130.98 on December 31, 2020, representing a growth of approximately 18.6%[41]. - Total assets reached ¥3,660,920,295.03, up from ¥3,376,867,194.00, indicating an increase of about 8.4%[44]. Cash Flow - The net cash flow from operating activities was negative at -¥25,322,456.62, a drastic decline from ¥169,026.42 in the same period last year, representing a decrease of 15,081.36%[7]. - Cash received from operating activities increased by ¥8,293,766.36, a rise of 169.89%, mainly due to the return of previously paid land compensation[22]. - Cash flow from investing activities showed a net outflow increase of ¥35,758,681.30, a rise of 111.87%, primarily due to the concentrated procurement phase of the vaccine base construction project[24]. - Cash flow from financing activities increased by ¥67,169,988.99, a rise of 60.61%, due to increased reserves for operational needs and changes in borrowing models[24]. Shareholder Information - The total number of shareholders at the end of the reporting period was 36,906, indicating a stable shareholder base[11]. - The controlling shareholder, Inner Mongolia Jinhai Construction and Installation Co., Ltd., underwent a division, transferring 241,758,670 shares to Inner Mongolia Jinhai Holdings Co., Ltd.[25]. Research and Development - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[45]. - Research and development expenses for Q1 2021 were CNY 17,370,744.69, up from CNY 14,920,829.51, indicating a focus on innovation[51]. Regulatory and Compliance - The company received approval from the China Securities Regulatory Commission for a non-public stock issuance on December 11, 2020[25]. - There were no overdue commitments from actual controllers, shareholders, or related parties during the reporting period[29]. - The company reported no securities or derivative investments during the reporting period[30][31]. - There were no violations regarding external guarantees during the reporting period[34]. - The company did not engage in any entrusted financial management during the reporting period[33]. - The company has not undergone an audit for the first quarter report[72].

Financial Performance - In 2020, the company's operating revenue was CNY 1,814,638,965.54, representing a 1.81% increase compared to CNY 1,782,364,081.84 in 2019[15]. - The net profit attributable to shareholders decreased by 36.56% to CNY 117,324,525.93 from CNY 184,938,644.89 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was CNY 100,055,200.95, down 31.39% from CNY 145,831,108.52 in 2019[15]. - The basic earnings per share fell by 37.93% to CNY 0.18 from CNY 0.29 in 2019[15]. - The total assets at the end of 2020 were CNY 3,376,867,194.00, a 0.97% increase from CNY 3,344,278,815.41 at the end of 2019[15]. - The net assets attributable to shareholders decreased by 3.81% to CNY 1,614,883,310.48 from CNY 1,678,925,673.71 in 2019[15]. - The net cash flow from operating activities was CNY 258,079,960.72, down 8.54% from CNY 282,185,997.03 in the previous year[15]. - The weighted average return on equity decreased to 7.13% from 10.45% in 2019, reflecting a decline of 3.32 percentage points[15]. - The company achieved operating revenue of CNY 1,814.64 million, an increase of 1.81% year-on-year[44]. - The net profit attributable to shareholders decreased by 36.56% to CNY 117.32 million[44]. - The revenue from veterinary chemical drugs was CNY 935.08 million, accounting for 51.53% of total revenue, which is a decrease of 11.70% compared to the previous year[55]. - The revenue from veterinary biological products surged to CNY 268.43 million, a significant increase of 210.22% year-on-year, indicating strong market acceptance[55]. - Domestic sales reached CNY 1.17 billion, representing 64.32% of total sales, with a year-on-year growth of 9.95%[56]. Market and Product Development - The company aims to expand its product offerings in veterinary pharmaceuticals, including new vaccines and pet medications, to capture emerging market opportunities[24]. - The company is positioned as a leader in the veterinary antibiotic market, particularly in the production of veterinary tetracycline[24]. - The market for veterinary pharmaceuticals is steadily growing, with a global market demand for aquatic and pet medications reaching $12.5 billion[32]. - The company's main product, Jinmeisu, has an annual production capacity of approximately 55,000 tons, accounting for about 50% of the global capacity[39]. - The company has established four major technology platforms for vaccine development, enhancing its competitive edge in the veterinary vaccine market[39]. - The company is actively expanding its marketing network, establishing a global sales network and enhancing its international presence[44]. - The company is focusing on R&D, with new vaccine approvals and ongoing development of several veterinary vaccines[48]. - The company plans to continue expanding its market presence and product offerings, particularly in the veterinary vaccine sector[62]. Environmental Initiatives - The company has initiated projects for zero wastewater discharge and solid waste landfill, enhancing its environmental solutions capabilities[28]. - The company is actively expanding its business areas and models in the environmental protection sector, focusing on high-difficulty wastewater treatment[34]. - The company has invested significantly in environmental protection, establishing itself as a benchmark in the treatment of fermentation wastewater and resource utilization[166]. - The company achieved compliance with the "Comprehensive Emission Standard for Air Pollutants" (GB16297-1996), with all systems and equipment operating effectively[163]. - The company has installed online monitoring devices for real-time emissions tracking, ensuring compliance with national environmental standards[165]. - The company is classified as a key pollutant discharge unit and has implemented effective pollution control measures[159]. - The company emphasizes its commitment to social responsibility and aims to be a leading animal health company[147]. Shareholder and Capital Management - The company plans to distribute a cash dividend of CNY 1 per 10 shares based on a total share capital of 635,289,655 shares as of December 31, 2020[4]. - The cash dividend for 2020 represents 54.15% of the net profit attributable to the company's ordinary shareholders[114]. - The company has established a shareholder return plan for the next three years (2021-2023) to enhance transparency in profit distribution[110]. - The company plans to issue non-public shares following approval from the China Securities Regulatory Commission, aiming to enhance its capital structure[52]. - The company has committed to not engage in any competitive activities with its controlling shareholder, Inner Mongolia Jinhai Construction Installation Co., Ltd., during the reporting period[116]. - The company has not experienced any violations of commitments during the reporting period, and all commitments are being strictly fulfilled[118]. Management and Governance - The company appointed new board members on May 11, 2020, including Wang Dongxiao as Chairman and Xie Changxian as General Manager[194]. - The company reported significant changes in its management team, with multiple appointments of vice presidents and independent directors on May 12, 2020[195]. - The management team has extensive experience in the biotechnology and agricultural sectors, which is expected to drive innovation and growth[199]. - The board's diverse professional backgrounds are anticipated to contribute to the company's strategic decision-making processes[197]. - The company is focused on maintaining stability in its leadership structure, with no new appointments or departures reported[192]. Risks and Challenges - The company faced challenges due to the COVID-19 pandemic, regulatory changes, and the impact of African swine fever on the livestock industry[44]. - The company has identified potential risks in its future development, which investors are advised to consider[4]. - The adjustment of veterinary drug regulations is expected to positively impact the long-term market for the company's product, chloramphenicol, despite short-term challenges[52]. Research and Development - The company has a strong commitment to R&D, particularly in the veterinary vaccine sector, following the acquisition of the U.S. company Pharmgate Biologics[39]. - Research and development expenses increased by 9.32% to ¥66,358,027.62, reflecting a greater emphasis on R&D and an increase in the number and compensation of R&D personnel[72]. - The company’s R&D investment totaled ¥79,499,200, accounting for 4.38% of total revenue, with a decrease of 4.36% compared to the previous year[73]. - The number of R&D personnel increased by 23.76% to 250, representing 11.89% of the total workforce[73].

Financial Performance - Operating revenue for the reporting period was CNY 358,633,107.37, down 13.57% year-on-year[8] - Net profit attributable to shareholders was CNY 6,931,601.38, a significant decline of 81.86% compared to the same period last year[8] - Basic earnings per share were CNY 0.01, down 83.33% compared to the same period last year[8] - The weighted average return on net assets was 0.43%, a decrease of 1.89 percentage points year-on-year[8] - Net profit attributable to shareholders decreased by CNY 41,321,238.51, a decline of 28.84%, mainly due to reduced sales of a key product and increased exchange losses[21] - The net profit for the third quarter was CNY 11,107,893.29, compared to CNY 37,524,806.44 in the same period last year, reflecting a significant decline[56] - The total profit for the quarter was CNY 8,363,126.53, down from CNY 47,034,283.86 in the previous year[56] - The net profit attributable to the parent company was CNY 101.94 million, down 28.8% from CNY 143.26 million year-on-year[65] - The total operating revenue for the third quarter was CNY 131,621,328.74, a decrease from CNY 233,848,963.15 in the previous period[59] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 37,009,264.25, a decrease of 60.87% year-on-year[8] - Cash flow from operating activities decreased by CNY 80,029,333.53, a drop of 34.93%, mainly due to increased payments for raw materials and services[23] - Cash and cash equivalents decreased by CNY 118,819,515.64, a reduction of 32.83%, primarily due to cash dividends paid to shareholders[16] - Cash and cash equivalents decreased to approximately CNY 243.09 million from CNY 361.91 million at the end of 2019, representing a decline of about 32.8%[45] - The net cash flow from operating activities for Q3 2020 was ¥149,079,893.69, a decrease of 34.9% compared to ¥229,109,227.22 in Q3 2019[72] - Cash inflow from financing activities was ¥1,152,030,316.69, with cash outflow totaling ¥1,181,293,483.59, leading to a net cash flow of -¥29,263,166.90[73] - The company reported a cash balance of ¥223,686,878.96 at the end of Q3 2020, down from ¥235,363,136.12 at the end of Q3 2019[73] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,279,600,314.42, a decrease of 1.93% compared to the end of the previous year[8] - Total assets amounted to CNY 3,344,278,815.41, with current assets at CNY 1,240,717,688.82 and non-current assets at CNY 2,103,561,126.59[79] - Total liabilities reached CNY 1,537,400,385.63, with current liabilities at CNY 1,145,351,088.56 and non-current liabilities at CNY 392,049,297.07[81] - The total amount of receivables, including accounts receivable and other receivables, is CNY 193,721,748.58[84] - The company holds inventory valued at CNY 429,610,788.66, indicating a strong asset base for operations[79] Changes in Financial Position - Cash and cash equivalents increased by CNY 74,629,273.44, a growth of 97.58%, primarily due to increased bank borrowings to support operations[26] - The company received CNY 158,365,000.00 from other financing activities, an increase of 1,015.16%, mainly from the unfreezing of large deposits[26] - Accounts receivable financing increased by CNY 25,691,786.82, an increase of 35.28%, mainly due to bank acceptance bills used for settlement[16] - Accounts payable decreased by CNY 69,735,692.99, a reduction of 45.88%, primarily due to decreased procurement and payment for raw materials and coal[17] - Contract liabilities increased by CNY 16,845,667.17, attributed to adjustments made under the new revenue recognition standards[17] Financial Expenses and Income - Financial expenses increased by CNY 27,927,050.24, a rise of 109.62%, mainly due to the appreciation of the RMB and increased interest income from bank deposits[18] - Interest income surged by CNY 8,455,934.74, an increase of 1,009.70%, primarily from the unfreezing of large deposits[19] - The company reported a significant increase in financial expenses, amounting to CNY 22,640,180.60, compared to a negative CNY 13,621,506.42 in the previous period[59] - The company incurred income tax expenses of CNY 12.72 million, significantly lower than CNY 34.43 million in the same quarter last year[67] Shareholder and Corporate Actions - The company plans to issue shares through a non-public offering, which was approved in board and shareholder meetings[27] - The company’s controlling shareholder underwent a restructuring, resulting in a change of the controlling entity to Inner Mongolia Jinhai Holdings Co., Ltd.[29] - The company has not engaged in any securities or derivative investments during the reporting period[34][35] - There were no overdue commitments from the actual controller, shareholders, or related parties during the reporting period[33] Research and Development - Research and development expenses amounted to CNY 4,920,646.62, down from CNY 7,113,804.73 in the same period last year[59] - Research and development expenses for the quarter were CNY 20.38 million, a decrease of 10.2% from CNY 22.83 million in the previous year[67] Comprehensive Income - The company reported a decrease in comprehensive income from CNY 5,647,398.42 to CNY -2,963,642.81[48] - The comprehensive income totalled CNY -5,395,373.33 for the quarter, contrasting with CNY 40,471,164.30 in the previous year[57] - The company experienced a loss in comprehensive income attributable to the parent company of CNY -7,101,369.21, compared to CNY 40,724,257.39 in the previous year[57] - The comprehensive income attributable to the parent company was CNY 93.33 million, down from CNY 145.91 million year-on-year[65]