科前生物(688526) - 2024 Q2 - 季度财报

Financial Performance - The company reported a total revenue of 100 million RMB for the first half of 2024, representing a 20% increase compared to the same period last year[8]. - The company's operating revenue for the first half of 2024 was ¥400,510,475.63, a decrease of 24.69% compared to the same period last year[13]. - Net profit attributable to shareholders decreased by 36.19% year-on-year, amounting to ¥152,608,566.88[14]. - The basic earnings per share fell by 35.29% to ¥0.33, while the diluted earnings per share also decreased by the same percentage[14]. - The net cash flow from operating activities was ¥161,566,468.41, down 27.05% from the previous year[13]. - The total comprehensive income for the first half of 2024 was CNY 156,612,017.42, compared to CNY 238,976,717.50 in the same period of 2023[160]. - The company achieved operating revenue of CNY 400.51 million, a year-on-year decrease of 24.69%[80]. - The net profit attributable to the parent company was CNY 152.61 million, down 36.19% year-on-year[80]. Research and Development - The company has invested over 270 million yuan in R&D over the past three years, with 75 specific R&D projects initiated in 2024[43]. - The total R&D expenditure for the reporting period was approximately 40.36 million yuan, a decrease of 7.88% compared to the previous year[45]. - R&D expenditure accounted for 10.08% of total revenue, an increase of 1.84 percentage points year-on-year[45]. - The company has established multiple advanced technology platforms, including CRISPR/Cas9 gene editing and mRNA vaccine development, to drive innovation in product development[39][40]. - The company has developed a recombinant protein high-efficiency expression technology platform, achieving significant results in vaccine development for various diseases[40]. - The company is actively pursuing the development of multi-valent vaccines using advanced platforms, enhancing its capabilities in disease prevention[41]. - The company has established a high-level R&D center recognized by multiple government bodies, including the designation as a National Enterprise Technology Center in December 2019[57]. Product Development and Innovation - New product development includes the launch of two innovative biological products, projected to contribute an additional 30 million RMB in revenue by the end of 2024[8]. - The company is focused on developing high-quality and high-value-added animal biological products, including poultry and pet vaccines[19]. - The company has developed a range of inactivated vaccines for swine, including those for porcine reproductive and respiratory syndrome and porcine circovirus type 2, with high antigen content and effective immune response[22]. - The company has introduced advanced production techniques for its vaccines, ensuring high antigen content and safety[24]. - The company has developed innovative vaccines for other animal diseases, including the first officially approved dual inactivated vaccine for porcine epidemic diarrhea, suitable for controlling variant strains of the virus[63]. - The company has established a specialized technical service team to drive sales through technology and service, aligning with its marketing strategy[26]. Market Position and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[8]. - The company ranks second in the domestic non-national compulsory immunization veterinary biological products market and first in the non-national compulsory immunization pig biological products market from 2018 to 2023[36]. - The market share for the company's key products in 2023 includes 34.38% for the pig pseudorabies vaccine, 38.74% for the pig parvovirus vaccine, and 49.38% for the pig gastrointestinal and diarrhea dual vaccine, all ranking first[37]. - The company employs a "sales-driven production + safety stock" model, ensuring production plans align with sales targets and seasonal disease prevention needs[29]. - The company has established a market demand-oriented and technology innovation-driven model, leveraging a deep sales network to gather epidemiological information and continuously develop new products, which has led to stable profitability and high gross margins[27]. Financial Position and Assets - The company maintains a strong cash position with 50 million RMB in cash reserves, ensuring liquidity for future investments[8]. - The company's total assets decreased by 4.29% to ¥4,470,855,977.57 compared to the end of the previous year[13]. - The company has overseas assets totaling CNY 101.55 million, accounting for 2.27% of total assets[84]. - The company reported a total current assets of approximately ¥2.57 billion as of June 30, 2024, compared to ¥2.57 billion as of December 31, 2023, indicating a slight increase[152]. - Cash and cash equivalents increased to ¥688.95 million from ¥581.74 million, reflecting a growth of approximately 18.4%[152]. Risks and Challenges - The company has identified potential risks, including regulatory changes that could impact operations, but no substantial risks were reported during the period[3]. - The company faces risks related to technological innovation, including long development cycles and high investment costs, which may impact its competitive position if competitors launch products first[70]. - The company is exposed to market competition risks as the number of domestic veterinary biological product companies increases, potentially affecting its profitability[73]. - The company faces risks related to the expiration of necessary administrative licenses and product approval numbers, which could impact its ability to continue production and sales[72]. - The company is at risk of product quality issues that could negatively affect its reputation and lead to regulatory penalties, despite having a complete quality management system in place[72]. Environmental and Social Responsibility - The company invested 765,900 RMB in environmental protection during the reporting period[96]. - The total wastewater discharge was 1.44 tons, with no exceedance of discharge standards[96]. - The company has implemented measures to reduce carbon emissions, including using electric forklifts and energy-saving light bulbs[105]. - The company has established a comprehensive emergency response plan for environmental incidents, which was filed in November 2021[100]. - The company has achieved compliance with environmental monitoring requirements, with all pollutants meeting discharge standards[101]. Corporate Governance and Compliance - The board of directors has confirmed that there are no non-operational fund usages by controlling shareholders[3]. - The company emphasizes its commitment to transparency and has ensured that all financial reports are accurate and complete[2]. - The company has committed to a profit distribution policy, which is also a long-term commitment[108]. - The company has established measures to ensure compliance with commitments made in the prospectus, including public disclosure of any failures to fulfill these commitments[21]. - The company has committed to not engaging in any business that competes with Kexin Bio, both domestically and internationally[123].