Company Overview - Shanxi Dayu Biological successfully listed on the Beijing Stock Exchange on May 18, 2022, after receiving approval for public stock issuance from the China Securities Regulatory Commission on April 21, 2022[5]. - The company was awarded the "Enterprise Technology Innovation Award" by the Shanxi Provincial Government for its contributions to scientific and technological progress in 2021[6]. - Shanxi Dayu Biological passed the high-tech enterprise re-examination on December 12, 2022, with certificate number GR202214000436[7]. - The company has been recognized as a high-tech enterprise since December 2016, benefiting from a 15% corporate income tax rate and additional deductions for eligible R&D expenses[14]. - The company has been recognized as a "National High-tech Enterprise" and has received various certifications for its technological advancements[44]. Financial Performance - The company's operating revenue for 2022 was ¥156,983,059.01, a decrease of 12.28% compared to ¥178,959,666.55 in 2021[28]. - The net profit attributable to shareholders for 2022 was ¥18,147,189.57, down 48.24% from ¥35,058,919.43 in 2021[28]. - The gross profit margin decreased to 43.80% in 2022 from 48.31% in 2021[28]. - Total assets increased by 46.14% to ¥433,317,187.05 in 2022, compared to ¥296,502,885.46 in 2021[30]. - The company's debt-to-asset ratio (consolidated) improved to 17.34% in 2022 from 28.08% in 2021[30]. - The net cash flow from operating activities was ¥26,602,938.13, a decline of 53.59% from ¥57,326,692.74 in 2021[33]. - The company reported a basic earnings per share of ¥0.37 in 2022, a decrease of 56.98% from ¥0.86 in 2021[28]. - The company achieved revenue of 156.98 million yuan, a year-on-year decrease of 12.28%, and net profit attributable to shareholders was 18.15 million yuan, down 48.24% compared to the previous year[46]. Market and Industry Risks - The company faces risks from major animal epidemics and natural disasters, which could impact demand for feed and feed additives due to reduced livestock populations[13]. - The domestic pig farming industry experiences cyclical fluctuations, affecting the supply and price of pigs, which in turn influences the demand for the company's products[13]. - The company faces risks related to the cyclical nature of pig inventory and prices, which may affect operational performance due to fluctuations in the downstream farming industry[14]. - The company faces risks from the ongoing low prices of live pigs and the recurring African swine fever epidemic, which could adversely affect business development[101]. - The company acknowledges the cyclical nature of the pig farming industry, which may lead to fluctuations in operating performance due to supply-demand imbalances[103]. Sales and Distribution - The company primarily operates through a distribution model, with a significant portion of sales coming from distributors, which poses risks related to maintaining stable relationships with them[14]. - The company's main product areas are concentrated in provinces such as Hebei, Henan, Shandong, Shanxi, Liaoning, Anhui, and Shaanxi, primarily serving small to medium-sized farming clients[14]. - The company has developed a direct sales model since 2019, targeting small to medium-sized clients, which may face challenges in market expansion[14]. - The company established a new sales team targeting large and group customers to enhance direct sales efforts[46]. - The company's main business revenue for 2022 was CNY 156,983,059.01, with sales through distributors accounting for CNY 95,897,377.73, representing 61.09% of total revenue[89]. Research and Development - The company focuses on the research and development of feed additives, including micro-ecological agents and feed enzymes, to meet diverse customer needs[42]. - The company's research and development expenses rose by 18.99% to 10.48 million yuan, reflecting a commitment to innovation[56]. - The total number of R&D personnel increased from 44 to 51, with R&D personnel now accounting for 11.78% of total employees[82]. - The company has a total of 31 patents, including 12 invention patents[83]. - The company is in the pilot stage for several R&D projects aimed at enhancing product functionality and cost efficiency, such as high-temperature glucose oxidase and anti-diarrheal functional bacteria[84]. Corporate Governance - The company’s actual controllers, Yan Heping and Peng Shuiyuan, have significant influence over major operational decisions, which may affect minority shareholders' interests[15]. - The company has implemented measures to stabilize its stock price, including commitments from actual controllers to increase their holdings under specific conditions[138]. - The company has established new corporate governance systems during the year[191]. - The company maintained strict adherence to laws and regulations, ensuring equal rights for all shareholders, particularly minority shareholders[193]. - The company’s internal governance structure operated effectively, fulfilling its responsibilities without any major deficiencies[194]. Share Repurchase and Stock Management - The company has established a share repurchase plan to enhance its incentive mechanism and promote sustainable development, approved by the board on July 22, 2022[124]. - The company plans to repurchase between 279,800 and 559,600 shares, representing 0.50% to 1.00% of the total share capital[127]. - The maximum repurchase price is set at 10 CNY per share, with the average price over the last 30 trading days being 9.43 CNY[126]. - The actual repurchase quantity reached 559,600 shares, which is 100% of the upper limit of the planned repurchase[130]. - The total amount paid for the repurchased shares was 5,105,602.57 CNY, accounting for 91.2366% of the maximum planned repurchase fund[130]. Future Plans and Strategies - The company aims to expand its market share by enhancing product quality and reducing production costs[43]. - The company plans to diversify its product line and reduce reliance on single products to mitigate market risks[103]. - The company will enhance service standards and technical support to improve customer satisfaction and build long-term cooperative relationships[99]. - In 2023, the company will focus on key products, vigorously develop new products, and promote deep integration of products[98]. - The company aims to enhance its market competitiveness and profitability through favorable national industrial policies and trends[142].
大禹生物(871970) - 2022 Q4 - 年度财报