天康生物(002100) - 2017 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2017 was ¥4,630,025,738.72, representing a 4.18% increase from ¥4,444,138,122.88 in 2016[26]. - The net profit attributable to shareholders for 2017 was ¥407,149,786.08, up 3.72% from ¥392,541,388.03 in 2016[26]. - The net cash flow from operating activities increased by 105.45% to ¥649,327,329.99 in 2017 from ¥316,051,716.97 in 2016[26]. - The total assets at the end of 2017 were ¥5,872,850,839.57, a 30.77% increase from ¥4,490,817,872.34 at the end of 2016[27]. - The company's basic earnings per share for 2017 was ¥0.42, a 2.44% increase from ¥0.41 in 2016[26]. - The weighted average return on equity for 2017 was 14.66%, down from 15.82% in 2016[27]. - The company achieved a net profit of 441,280,988.82 yuan in 2017, exceeding the average net profit of the previous three years by 149,953,113.89 yuan[147]. Revenue Breakdown - The company's feed business sales revenue was 220,011.78 million yuan, a decrease of 0.91%, accounting for 47.52% of total operating revenue[47]. - The company sold 120,873.14 million doses (milliliters) of animal vaccines, a decrease of 4.57% year-on-year[48]. - The company's pharmaceutical business revenue was 67,617.54 million yuan, a decline of 10.05%, accounting for 14.60% of total operating revenue[48]. - The company's plant protein and oil processing business revenue increased by 34.58% year-on-year, totaling 84,350.84 million yuan[49]. - The company reported a 63.93% increase in revenue from live pigs, totaling approximately ¥198.63 million, compared to ¥121.17 million in 2016[56]. Investment and R&D - The company plans to invest no less than 10% of its revenue annually in R&D, targeting 2-3 new product launches each year with an expected annual growth rate of 20-30% for its veterinary medicine business[6]. - The company has recruited over 30 professionals for its R&D team to enhance its pharmaceutical technology development capabilities[5]. - R&D investment amounted to approximately ¥68.59 million in 2017, a decrease of 11.53% from ¥77.53 million in 2016, with R&D expenditure accounting for 1.48% of operating revenue[78]. - The company is developing a dual-inactivated vaccine for Porcine Circovirus Type 2 and Mycoplasma Pneumonia, which has shown high antigen expression and safety[67]. - The company is focusing on expanding its vaccine portfolio to address complex epidemic situations in border regions, particularly for small ruminant diseases[76]. Risk Management - The company acknowledges risks related to livestock disease outbreaks, raw material price fluctuations, and food safety, which could impact its financial performance[10][11][14]. - The company is addressing risks from livestock diseases by strengthening disease prevention measures and leveraging its vaccine and feed business for better market competitiveness[119]. - The company is mitigating risks from raw material price fluctuations by establishing storage companies in major production areas and diversifying raw material supply channels[120]. - The company is implementing strict management practices to ensure food safety and has adopted the HACCP management system to meet international standards[124]. Dividend and Profit Distribution - TianKang Bio's profit distribution plan includes a cash dividend of 1.00 RMB per 10 shares (before tax) for all shareholders[14]. - In 2017, the company distributed a cash dividend of 1.00 CNY per 10 shares, totaling 96,338,460.80 CNY, which represents 23.66% of the net profit attributable to shareholders[128]. - The company has committed to distributing cash dividends annually, with a minimum of 10% of the distributable profit for the year[136]. - The cash dividend payout ratio for 2015 was 47.03%, for 2016 was 24.54%, and for 2017 was 23.66%[130]. Corporate Governance and Compliance - The company has established commitments to ensure that related party transactions do not harm the legitimate rights and interests of its shareholders[133]. - The company has outlined measures to ensure compliance with legal obligations and to protect shareholder interests during the restructuring process[133]. - The company has established a complete governance structure and internal control system to ensure compliance with laws and regulations[168]. - The company has not engaged in any major related party transactions during the reporting period[149]. Future Plans and Growth Strategy - TianKang Bio aims to achieve over 10 billion RMB in revenue and over 1 billion RMB in profit by the end of the 13th Five-Year Plan[5]. - The company aims for a feed production and sales volume of 1.02 million tons, animal vaccine production of 1.6 billion doses (milliliters), and a pig output of 700,000 heads in 2018, with a revenue target of 5.128 billion yuan and a net profit of 365 million yuan after deducting non-recurring gains and losses[114]. - The company plans to gradually expand the "company + farmer" breeding model as its pig farming scale increases[50]. - The company is focusing on expanding its international business, particularly in the sales of E2 vaccines and foot-and-mouth disease vaccines[117].