JINYU(SH:600201)2021-04-22 16:00Financial Performance - In 2020, the company's operating income reached ¥1,581,905,632.48, representing a 40.39% increase compared to ¥1,126,782,253.35 in 2019[21] - The net profit attributable to shareholders was ¥406,195,463.57, an increase of 83.76% from ¥221,041,634.94 in the previous year[21] - The cash flow from operating activities amounted to ¥699,612,782.08, reflecting a 72.64% increase from ¥405,242,914.07 in 2019[21] - The total assets of the company at the end of 2020 were ¥6,278,282,683.24, a 12.40% increase from ¥5,585,879,172.02 in 2019[22] - The net assets attributable to shareholders increased by 7.20% to ¥4,981,663,905.19 from ¥4,647,275,880.19 in 2019[22] - The basic earnings per share rose to ¥0.36, an 80.00% increase compared to ¥0.20 in 2019[23] - The weighted average return on equity increased to 8.37%, up by 3.88 percentage points from 4.49% in the previous year[23] Revenue and Profit Trends - Total revenue for the first quarter was ¥366,175,089.52, with a net profit attributable to shareholders of ¥150,513,913.05[25] - In the second quarter, total revenue decreased to ¥258,180,404.26, and net profit attributable to shareholders dropped to ¥31,931,767.81[25] - The third quarter saw a revenue increase to ¥483,387,661.41, with net profit attributable to shareholders at ¥113,287,251.42[25] - For the fourth quarter, total revenue was ¥474,162,477.29, and net profit attributable to shareholders was ¥110,462,531.29[25] Research and Development - The company has established multiple research and development platforms, including pathogen diagnosis and gene engineering expression platforms, to enhance vaccine development capabilities[32] - R&D investment over the past five years shows a significant increase, with 2020 investment at ¥2.07 billion, accounting for 13.09% of revenue, compared to ¥0.92 billion and 6.04% in 2016[38] - The company is the first in China to adopt suspension culture and purification technology for foot-and-mouth disease vaccine production, setting industry standards for antigen content and detection[38] - The company has developed multiple R&D platforms, including pathogen diagnosis and gene engineering, to enhance its vaccine development capabilities[38] - The company is actively engaged in the research and development of vaccines for foot-and-mouth disease, African swine fever, and brucellosis, being the first in China to conduct related experimental activities[79] Market and Sales Strategy - The sales model includes direct sales to large clients, a dealer network, and government tender procurement, with a focus on providing tailored disease prevention solutions[34] - The government procurement of vaccines is expected to cease for large-scale farms by the end of 2022, transitioning to a market-oriented sales model by 2025[35] - The company is actively expanding its international business, with significant progress in vaccine export registrations in countries like Pakistan and Vietnam[50] - The company’s main business revenue from biopharmaceuticals accounted for 95.93% of total revenue, with domestic revenue contributing 99.08% of total revenue[56] Corporate Governance and Shareholder Relations - The company has a policy to distribute at least 30% of the average distributable profit over the last three years in cash dividends, provided that the company is profitable and cash flow is sufficient[114] - The company’s cash dividend distribution policy emphasizes reasonable returns to investors while ensuring long-term development[114] - The company’s board of directors must approve any adjustments to the profit distribution policy, ensuring protection of shareholder rights[117] - The company held 2 shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority shareholders[191] Environmental Responsibility - The company generated 127.15 tons of hazardous waste from animal carcasses in 2020, which was disposed of by qualified entities[146] - The company reported a total wastewater discharge of 1.92 tons with a chemical oxygen demand of 36.89 mg/L, compliant with pollution discharge standards[144] - The wastewater treatment plant of Jinyu Baoling Bio-Pharmaceutical Co., Ltd. has a design capacity of 1000 tons per day and has been operational since 2005, with upgrades including COD online monitoring equipment in 2017 and ammonia nitrogen monitoring in 2018[148] - The company has established an annual self-monitoring plan for environmental compliance, with quarterly monitoring of wastewater, waste gas, and noise conducted by a third-party testing agency[152] Employee and Management Structure - The company employed a total of 1,444 staff, with 1,402 in major subsidiaries and 42 in the parent company[186] - The company has implemented a diversified compensation structure to support strategic goals, focusing on performance, compensation, and incentives[187] - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period was 8.2103 million yuan[183] - The company has undergone changes in senior management, with new appointments for vice presidents and financial directors[184] Risk Management - The company faces risks related to the resurgence of African swine fever, which may impact vaccine demand due to varying recovery capabilities in the livestock sector[109] - The company recognizes the potential for product development risks due to long R&D cycles and strict approval processes for veterinary vaccines[111] - The company is exposed to market competition risks as the industry undergoes upgrades driven by regulatory changes and market demands[111]