永顺生物(839729) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was CNY 268,985,086.87, a decrease of 14.41% compared to CNY 314,282,861.48 in 2023[22] - The net profit attributable to shareholders for 2024 was CNY 40,143,422.44, down 30.86% from CNY 58,058,744.25 in the previous year[22] - The gross profit margin for 2024 was 58.13%, slightly down from 58.82% in 2023[22] - The company's total revenue for the year was approximately ¥268.99 million, showing a slight decrease of 0.26% compared to the preliminary report[26] - The total profit amounted to approximately ¥44.51 million, reflecting a decline of 2.95% from the preliminary report[26] - The net profit attributable to shareholders was approximately ¥40.14 million, down by 2.74% compared to the preliminary report[26] - The net profit after deducting non-recurring gains and losses was approximately ¥30.99 million, a decrease of 4.17% from the preliminary report[26] - The company's operating revenue for 2024 was 268.99 million yuan, a decline of 14.41% from 314.28 million yuan in 2023, with a gross profit margin of 58.13%[62] - The net profit attributable to shareholders for the reporting period was 40.14 million yuan, down 30.86% from 58.06 million yuan in the previous year, mainly due to a decrease in operating profit and government subsidy income[64] Assets and Liabilities - Total assets at the end of 2024 amounted to CNY 760,429,656.42, a decrease of 3.48% from CNY 787,859,964.71 in 2023[23] - Total liabilities decreased by 16.35% to CNY 99,800,423.50 in 2024 from CNY 119,309,799.39 in 2023[23] - The company's total assets at the end of the reporting period were 760.43 million yuan, a decrease of 3.48% from the beginning of the period[40] - The company's cash and cash equivalents decreased by 77.33% to RMB 36.59 million, while other current assets increased by 89.15% to RMB 382.25 million[54] - The company's cash and cash equivalents at the end of the reporting period amounted to 36.59 million yuan, a decrease of 77.33% compared to the previous year-end of 161.40 million yuan, primarily due to adjustments in the structure of financial products held[57] Cash Flow - The company's cash flow from operating activities increased significantly by 133.52% to CNY 72,536,641.96 in 2024 compared to CNY 31,061,874.03 in 2023[23] - Net cash flow from operating activities increased by 133.52% year-on-year to ¥72,536,641.96[76] - Net cash flow from investing activities decreased by 90.13% year-on-year to -¥150,630,398.53, primarily due to increased investment in transferable certificates[77] Research and Development - Research and development expenses totaled 22.96 million yuan, accounting for 8.54% of operating revenue, with new veterinary drug registrations and clinical trial approvals obtained[42] - The company's R&D expenditure for the current period is ¥22,958,367.13, which represents 8.54% of operating revenue, an increase from 8.17% in the previous period[89] - The company has developed a new cell culture production technology for animal vaccines, which has received national invention patent authorization[32] - The company is developing multiple new veterinary vaccines, including a bivalent inactivated vaccine for swine influenza and a new vaccine for the prevention of hemorrhagic disease in freshwater fish[92][93] - The company has successfully developed a safe and effective inactivated vaccine for porcine epidemic diarrhea, with good immunogenicity and stability[95] Market Performance - Sales of pig live vaccines decreased by 19.92% year-on-year, while sales of poultry inactivated vaccines fell by 10.09%[41] - The company successfully registered 7 products in Vietnam and 2 in Egypt, with overseas revenue exceeding 20 million yuan, a year-on-year increase of 34.31%[44] - The average price of live pigs is projected to increase by 11.8% year-on-year to RMB 16.8 per kilogram in 2024, indicating a recovery in the industry[51] - The market share of non-mandatory immunization veterinary biological products is growing faster than that of mandatory immunization products, with pig biological products sales reaching RMB 7.154 billion in 2023[52] Governance and Management - The company has established a comprehensive governance structure including the shareholders' meeting, board of directors, supervisory board, independent directors, and specialized committees to ensure compliance and operational integrity[198] - The governance mechanism provides adequate protection and equal rights for all shareholders, with online voting options available for minority shareholders to facilitate participation[199] - The company has implemented a stock incentive plan in 2024, granting a total of 3.6 million restricted shares, accounting for approximately 1.32% of the total share capital of 27,335 million shares[149] - The stock incentive plan aims to attract and retain talent while enhancing the company's governance structure[148] - The company has recognized 28 individuals as core employees, aiming to optimize the long-term incentive mechanism[192] Risks and Challenges - The company faces uncertainties in funding for new projects, technology development, and product promotion, which could impact future growth[133][134] - The research and development of veterinary vaccines involves long cycles and high costs, with potential risks from rapid virus mutations affecting new product development[135] - The company's performance is closely tied to the livestock industry's health, with macroeconomic fluctuations and major disease outbreaks posing risks to operations[136] - The company is designated as a key producer of avian influenza vaccines, with sales primarily through government procurement, making it vulnerable to policy changes[137] Social Responsibility - The company has actively participated in rural revitalization efforts, providing high-quality products to farmers and donating CNY 10,000 to support university student volunteer programs[110] - The company has implemented a comprehensive environmental management system, ensuring compliance with national environmental regulations and standards[113] - The company has implemented measures to monitor and manage pollution emissions, with all monitoring data submitted to relevant authorities[114]