RINGPU(SZ:300119)2025-04-02 11:30Financial Performance - The company's operating revenue for 2024 reached ¥3,069,933,116.78, representing a 13.32% increase compared to ¥2,709,104,760.09 in 2023[21]. - The net profit attributable to shareholders decreased by 33.70% to ¥300,722,269.32 from ¥453,593,651.69 in the previous year[21]. - The net cash flow from operating activities increased significantly by 79.35% to ¥735,546,207.15 compared to ¥410,128,530.17 in 2023[21]. - The total assets of the company grew by 13.71% to ¥7,965,793,053.87 from ¥7,005,595,151.86 in 2023[21]. - The company reported a basic earnings per share of ¥0.6533, down 33.24% from ¥0.9786 in 2023[21]. - The company achieved a revenue of 3.07 billion yuan in the reporting period, representing a year-on-year growth of 13.32%[92]. - The net profit attributable to the parent company was 301 million yuan, a decrease of 33.70% compared to the same period last year[92]. Dividend and Share Structure - The company plans to distribute a cash dividend of 3 CNY per 10 shares (including tax) to all shareholders, based on a total share count of 455,754,047 shares after deducting treasury shares[4]. - The company has a total share capital of 465,847,906 shares, with 10,093,859 shares held in a repurchase account[4]. Risk Management - The company acknowledges risks including animal epidemic risks, market competition risks, talent loss risks, and product development risks, which investors should be aware of[4]. - The company has a comprehensive risk management strategy to address potential challenges in its operations and market environment[4]. - The company faces risks from animal epidemics and market competition, which could impact its operational performance[174]. - The domestic veterinary drug industry is facing intensified competition, with a significant market share of imported pet medicines, indicating a risk of declining gross margins for the company[176]. - The company has implemented a cautious customer credit policy to manage accounts receivable risks, although there remains a possibility of not fully recovering receivables[182]. Research and Development - The company is committed to enhancing its R&D capabilities to maintain its leadership position in the veterinary pharmaceutical industry[57]. - The company invested 238.35 million yuan in R&D in 2024, accounting for 7.76% of revenue, focusing on innovative biopharmaceuticals and differentiated product matrices[74]. - The company has established multiple national and provincial innovation platforms, including a national-level technology center and a key laboratory for biological veterinary medicine, enhancing its research capabilities[79]. - The company has developed several innovative drug formulations that fill international gaps, including new formulations for antibiotics and traditional Chinese medicine[84]. - The company is focused on accelerating the development of new veterinary drugs, particularly in the areas of gene engineering vaccines and multi-valent vaccines, to enhance product competitiveness[83]. Product Development and Innovation - The company has developed a trivalent inactivated vaccine for avian influenza (H5+H7) using reverse genetics technology, which is included in the national approved vaccine list[59]. - The company’s new products include a second-generation foot-and-mouth disease vaccine with high purity and efficacy, utilizing reverse genetics and gene editing technologies[60]. - The company has introduced a long-acting injectable solution for treating bacterial infections in pigs, with an effect lasting over 120 hours[60]. - The company has developed a new live vaccine for goat contagious pleuropneumonia, demonstrating good immunogenicity and low incidence of adverse reactions[61]. - The company is actively expanding its product range with new vaccines targeting various viral infections in both poultry and pets, which is expected to increase economic benefits[132]. Market Position and Strategy - The company is one of the largest veterinary medicine manufacturers in China, providing a full range of disease prevention products and services for economic and companion animals[31]. - The company is focused on expanding its market presence and enhancing its product offerings in the animal health sector[4]. - The company aims to enhance its market share in the context of the marketization of mandatory vaccines, leveraging its extensive dealer network and deep partnerships with major farming groups[69]. - The company is exploring market expansion strategies, particularly in the pet medicine sector, to enhance its competitive position and increase market share[176]. Corporate Governance and Transparency - The company emphasizes the importance of accurate financial reporting, with key executives affirming the integrity of the annual report[4]. - The company is committed to transparency, with its annual report available on the Shenzhen Stock Exchange and other media outlets[19]. - The company has a dedicated investor relations team to facilitate communication with shareholders and stakeholders[18]. - The company emphasizes transparency in information disclosure, ensuring timely and accurate communication with investors through various channels[200]. - The company governance structure complies with relevant laws and regulations, and it was recognized as a best practice case for 2024 by the China Listed Companies Association[191]. Supply Chain and Production - The company has implemented a centralized procurement strategy to enhance cost efficiency and quality control across its supply chain[63]. - The company has established a marketing service network covering major domestic breeding markets, serving thousands of key breeding counties[87]. - The company has implemented a "triangular service model" to enhance customer support and response efficiency[87]. - The company has established flagship stores on multiple e-commerce platforms, including Tmall and JD.com, to penetrate the C-end market effectively[106]. Social Responsibility and ESG - The company is committed to social responsibility and has published its 2024 ESG report, reflecting its dedication to sustainable development[199]. - The company has implemented measures to protect the rights of minority shareholders during general meetings, ensuring fair voting processes[192].