PULIKE(603566)2025-04-24 13:10Financial Performance - The company reported a revenue of 1,042,561,095 CNY for 2024, a decrease of 16.77% compared to 1,252,693,603 CNY in 2023[23]. - Net profit attributable to shareholders was 92,806,499.78 CNY, down 46.82% from 174,517,388.93 CNY in the previous year[23]. - Basic earnings per share decreased by 46.00% to 0.27 CNY in 2024 from 0.50 CNY in 2023[24]. - The company's total assets decreased by 5.06% to 3,097,197,622 CNY at the end of 2024, down from 3,262,208,830 CNY at the end of 2023[23]. - The weighted average return on equity fell to 3.51% in 2024, down from 6.31% in 2023, a decrease of 2.80 percentage points[24]. - The net cash flow from operating activities was 268,788,363.47 CNY, a decline of 4.95% compared to 282,777,239.58 CNY in 2023[23]. - The company's operating revenue for the reporting period was approximately ¥1.04 billion, a decrease of 16.77% compared to the previous year[75]. - The revenue from animal pharmaceuticals was approximately CNY 1,005.40 million, a decrease of 18.25% compared to the previous year, with a gross margin of 61.35%[78]. - The revenue from functional health products generated CNY 18.65 million, an increase of 131.93% year-over-year, with a gross margin of 56.51%, reflecting a significant improvement of 23.23 percentage points[78]. - The sales revenue from the top five customers amounted to 86.12 million yuan, accounting for 8.33% of the total annual sales[84]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 4 per 10 shares (including tax), with an estimated total cash dividend payout of RMB 136,767,749.20[6]. - The total cash dividend amount (including tax) for the recent fiscal year is CNY 189,463,073.43, which accounts for 204.15% of the net profit attributable to ordinary shareholders of the listed company[172]. - The cumulative cash dividend amount (including tax) over the last three fiscal years is CNY 499,553,455.85, with a cumulative repurchase and cancellation amount of CNY 133,545,761.22, totaling CNY 633,099,217.07[174]. - The average annual net profit over the last three fiscal years is CNY 145,048,087.66, resulting in a cash dividend ratio of 436.48%[174]. - The company has established a cash dividend policy that aligns with its operational performance and shareholder interests[168]. Governance and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[3]. - The company has not faced any risks that would prevent the majority of directors from ensuring the report's integrity[9]. - The company maintains strict independence from its controlling shareholder, with no interference in financial or operational decisions[142]. - The company has implemented measures to manage insider information, ensuring confidentiality during the preparation of periodic reports[143]. - The company has a robust governance structure, with a clear separation of powers among the shareholders, board of directors, and management[142]. - The company has not reported any significant changes in competitive conditions or conflicts with its controlling shareholder[144]. - The company has not faced any claims or administrative penalties related to social insurance and housing fund violations during the reporting period[198]. Research and Development - R&D expenditure for 2024 reached CNY 106 million, accounting for 10.17% of total revenue, with 23 invention patents applied and 12 granted, including 2 international patents[38]. - The company achieved significant progress in developing strategic products, with the avian influenza (H5 + H7) vaccine passing initial review for new veterinary drug registration[39]. - The company is focusing on research and development of new vaccines and treatments for livestock diseases, enhancing its market position[107]. - The company has ongoing research projects focused on innovative vaccine technologies, including multi-valent vaccines and new chemical structure drugs[102]. - The company has submitted several products for regulatory approval, including a pig circovirus inactivated vaccine with an approval number valid until December 11, 2029[105]. - The company has received 8 clinical trial approvals in 2024, including a five-in-one inactivated vaccine for chicken Newcastle disease, infectious bronchitis, avian influenza (H9 subtype), and avian adenovirus (I group, type 4)[107]. Market and Competitive Landscape - The company faced challenges due to a decline in effective demand and increased competition in the animal health industry, impacting profitability[35]. - The company is focusing on the pet vaccine and pharmaceutical market, targeting key marketing areas such as pet hospitals and breeding farms to increase market penetration and share[134]. - The company is actively pursuing an "internationalization" strategy, focusing on overseas market development and technical cooperation, aiming for comprehensive output in products, technology, and capital[128]. - The company is committed to continuous innovation in response to major animal diseases and key technological advancements in the industry[64]. - The regulatory environment is tightening with new requirements for veterinary drug registration and animal disease prevention measures set to be implemented in 2024[51][52]. Environmental Responsibility - The company invested CNY 25,753,900 in environmental protection during the reporting period[180]. - The company has established environmental protection mechanisms and has been recognized as a key pollutant discharge unit by environmental authorities[181]. - All pollution prevention facilities are operating well, ensuring compliance with pollutant discharge standards[184]. - The company has completed environmental impact assessments for all existing and ongoing projects, obtaining necessary approvals[185]. - There were no administrative penalties received due to environmental issues during the reporting period[188]. Employee and Talent Management - The total number of employees in the company and its main subsidiaries is 1,551, with 820 in the parent company and 731 in subsidiaries[164]. - The company has a performance-based salary incentive system that focuses on operational efficiency and aims to enhance team motivation[165]. - The company has identified 9 PhD holders, 213 Master's degree holders, and 491 Bachelor's degree holders among its employees, indicating a strong educational background[164]. - The company is conducting a "Talent Theme Month" initiative to identify and nurture high-potential employees for sustainable business development[167]. - The company is continuously improving its talent development system to support core business areas and ensure sustainable growth[167]. Strategic Initiatives - The company has established a comprehensive sales network covering most regions of the country, enhancing collaboration with direct customers and distributors[72]. - The company is implementing a comprehensive management system to enhance cost control and operational efficiency, focusing on procurement, production, and finished product management[131]. - The company has established strategic partnerships with suppliers and customers, enhancing cooperation and resource sharing to provide high-quality products and services[191]. - The company is committed to building a harmonious labor relationship by addressing employees' reasonable needs and providing support during difficulties[190].