Keqian Biology(SH:688526)2025-04-28 15:25Dividend and Share Repurchase - The company plans to distribute a cash dividend of 4.3 CNY per 10 shares, totaling approximately 199.48 million CNY (including tax) based on a total share capital of 463,916,483 shares after accounting for repurchased shares[6]. - The total amount for cash dividends and share repurchases in 2024 is approximately 234.24 million CNY, which represents 61.26% of the net profit attributable to shareholders[6]. - The cash dividend distribution will not involve capital reserve transfers or bonus shares for this year[6]. - The company has implemented a share repurchase amounting to approximately 34.76 million CNY during the year[6]. - The cash dividends and repurchased shares amount to 199.48 million CNY (including tax), accounting for 52.17% of the net profit attributable to shareholders[6]. - The company has not conducted any capital increase through capital reserves or issued bonus shares in the current year[6]. Financial Performance - The company's operating revenue for 2024 was CNY 941,923,862.86, a decrease of 11.48% compared to CNY 1,064,074,588.89 in 2023[21]. - Net profit attributable to shareholders for 2024 was CNY 382,350,180.06, down 3.43% from CNY 395,934,947.68 in 2023[21]. - The net profit after deducting non-recurring gains and losses was CNY 311,886,194.33, a decline of 15.82% from CNY 370,515,885.08 in 2023[21]. - The cash flow from operating activities for 2024 was CNY 392,681,812.32, a decrease of 27.02% compared to CNY 538,033,929.89 in 2023[21]. - Basic earnings per share for 2024 were CNY 0.82, down 3.53% from CNY 0.85 in 2023[22]. - Total assets at the end of 2024 were CNY 4,495,821,916.06, a decrease of 3.76% from CNY 4,671,249,471.01 at the end of 2023[21]. - The net assets attributable to shareholders at the end of 2024 were CNY 3,940,969,701.00, an increase of 2.75% from CNY 3,835,627,197.55 at the end of 2023[21]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 9.14% in 2024 from 8.32% in 2023[22]. - The company is building a new biological product R&D platform, which includes mRNA vaccine and recombinant adenovirus vector vaccine platforms, laying a solid foundation for future vaccine development[36]. - The company has upgraded its vaccine production processes to be more automated and intelligent, significantly improving product quality and reducing costs[37]. - The company is exploring new protein sources for animal feed, collaborating with key laboratories to develop a system for large-scale insect protein production from organic waste[39]. - The company has established an AI synthetic biology innovation platform to enhance vaccine design and development efficiency, significantly improving product R&D outcomes[40]. - The company has made significant advancements in vaccine technology, including heat-resistant protective agents and high-efficiency purification processes, ensuring high safety and immunogenicity[43][44]. - The company has established multiple advanced technology platforms, including pathogen and epidemiology research, gene editing, and mRNA vaccine development, to enhance its R&D capabilities[63]. Market and Industry Trends - The veterinary biological products industry in China achieved a sales revenue of 16.276 billion yuan in 2023, with a production value of 17.667 billion yuan and a gross profit of 9.352 billion yuan, resulting in an average gross margin of 57.46%[54]. - The market for veterinary biological products has grown from 13.292 billion yuan in 2018 to 16.276 billion yuan in 2023, reflecting a compound annual growth rate of 4.13%[54]. - The sales of non-mandatory immunization veterinary biological products increased from 40% in 2015 to 68.18% in 2023, indicating a significant market shift[57]. - The company is strategically expanding its market presence and product offerings to enhance its competitive edge in the veterinary biological products industry[42]. Governance and Compliance - The company has established a governance structure in compliance with the Company Law and Securities Law, ensuring effective decision-making and risk control[169]. - The board of directors consists of 9 members, including 3 independent directors, who fulfill their duties diligently and in accordance with the company's articles of association[170]. - The supervisory board, comprising 3 members, effectively oversees the company's operations and internal control systems, reducing operational risks[171]. - The company maintains a clear separation from its controlling shareholder in terms of business, assets, and finances, ensuring independent operation[172]. - The company has implemented various information disclosure and investor relations management systems to ensure timely and accurate communication with investors[171]. Employee and Management - The company reported a total of 924 employees, with 821 in the parent company and 103 in major subsidiaries[199]. - The employee composition includes 263 production personnel, 162 sales personnel, 353 technical personnel, 17 financial personnel, and 129 administrative personnel[199]. - The company has established a salary structure based on position and performance, with monthly performance pay distributed according to monthly evaluations[200]. - The company has implemented employee benefits including five social insurances and one housing fund, meal subsidies, and health check-ups to attract and retain talent[200]. Future Outlook - The company provided an optimistic outlook, projecting a revenue growth of 25% for the next fiscal year, targeting $1.875 billion[178]. - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[178]. - The company plans to invest CNY 287.14 million from its fundraising into a new project for the construction of a high-level animal vaccine industrialization base[102]. - The company aims to accelerate the launch of seven new products, including vaccines for swine and poultry, to enhance market competitiveness[160].