JINYU(600201)2025-04-24 12:15Financial Performance - The company's operating revenue for 2024 was CNY 1,255,455,757.88, a decrease of 21.45% compared to CNY 1,598,225,460.25 in 2023[22]. - The net profit attributable to shareholders for 2024 was CNY 108,985,186.46, down 61.57% from CNY 283,630,790.16 in 2023[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 49,487,344.61, a decline of 80.55% compared to CNY 254,459,867.96 in 2023[22]. - The net cash flow from operating activities for 2024 was CNY 289,552,214.10, a decrease of 30.20% from CNY 414,833,263.67 in 2023[22]. - The total assets at the end of 2024 were CNY 6,764,669,055.34, down 1.57% from CNY 6,872,581,837.59 at the end of 2023[22]. - Basic earnings per share fell by 61.54% to CNY 0.10, and the diluted earnings per share were not disclosed[24]. - The weighted average return on equity decreased to 1.95%, down 3.48 percentage points from the previous year[24]. - The company reported a significant decline in sales volume for several key products, including a 40.74% drop in sales of live pig fever vaccine[58]. Research and Development - The company maintained a high level of R&D investment, with CNY 179 million allocated to original product development, accounting for 14.25% of total revenue[33]. - The company has established multiple R&D platforms, including a national engineering laboratory for veterinary vaccines, enhancing research efficiency and innovation capabilities[44]. - The company is focusing on innovative vaccine technologies, including mRNA vaccines, to address critical challenges in the aquaculture sector[33]. - The company has developed a unique combination of vaccines for brucellosis, significantly reducing the incidence of the disease in livestock and humans[35]. - The company has received national recognition for its intelligent manufacturing and digital transformation initiatives, including being designated as an AI production demonstration base[35]. - The company is exploring advanced technologies such as mRNA vaccines and multi-valent vaccines to address critical animal diseases[47]. Market and Industry Trends - The domestic animal health market has grown from RMB 41.213 billion in 2013 to RMB 69.651 billion in 2023, with the veterinary biological products market increasing from RMB 9.4 billion to RMB 16.276 billion[36]. - The average price of live pigs in 2024 is approximately RMB 17.08 per kilogram, reflecting a year-on-year increase of 10.9%[37]. - The national scale of pig farming is expected to exceed 70% by 2024, indicating a trend towards increased concentration and specialization in the industry[37]. - The animal health industry is experiencing steady growth, with a compound annual growth rate (CAGR) of 6.45% in output value and 6.16% in sales over the past decade, despite some downturns in 2018 and 2022[98]. Corporate Governance - The company conducted 2 shareholder meetings during the reporting period, ensuring equal rights for all shareholders, particularly minority shareholders[109]. - The board of directors held 6 meetings, enhancing decision-making capabilities through training on relevant laws and regulations[109]. - The supervisory board convened 5 times, ensuring compliance with financial and operational regulations to protect shareholder interests[110]. - The company emphasizes information disclosure and investor relations, ensuring equal access to information for all shareholders[110]. - The company has established a commitment to maintain operational independence from its controlling shareholders[175]. Environmental Responsibility - The company has invested CNY 1,384.04 million in environmental protection during the reporting period[150]. - The company has implemented an annual self-monitoring plan for wastewater, waste gas, and noise, with online automatic monitoring for key pollutants[161]. - The company has developed a steam waste heat recovery project to enhance energy efficiency and reduce carbon emissions[168]. - The company has established a water reuse pool for irrigation and cleaning purposes, promoting resource conservation[169]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[164]. Employee Engagement and Compensation - The total number of employees in the parent company and major subsidiaries is 1,740, with 1,714 in subsidiaries and 26 in the parent company[131]. - The company has a strategic focus on expanding its employee stock ownership plan to enhance employee engagement and retention[115]. - The total compensation for the chairman during the reporting period was 130.27 million yuan, while the vice chairman and president received 118.84 million yuan[115]. - The company emphasizes a "get and share" philosophy in its compensation policy, encouraging performance-driven rewards to enhance market competitiveness[132]. Financial Management - The company has recognized an impairment provision of CNY 2,595,022.42 for the investment product due to the inability to redeem on time, influenced by various internal and external factors in the real estate industry[191]. - The company has invested CNY 45,773,885.46 in broker financial products, with an outstanding balance of CNY 43,330,560.93[189]. - The company has committed to maintaining financial independence and a complete labor management system, ensuring no overlap with controlled entities[174]. - The company will ensure compliance with relevant laws and regulations regarding shareholding and stock issuance[178].