INFUND HOLDING(SZ:002141)2025-04-28 17:50Financial Performance - The company's operating revenue for 2024 was ¥440,478,600.49, representing a 400.31% increase compared to ¥88,040,600.80 in 2023[20]. - The net profit attributable to shareholders for 2024 was -¥113,006,166.29, a slight improvement of 5.92% from -¥120,115,833.29 in 2023[20]. - The net cash flow from operating activities for 2024 was -¥479,582,657.09, a significant decline of 818.32% compared to -¥52,224,007.16 in 2023[20]. - Total assets at the end of 2024 reached ¥1,470,823,932.83, an increase of 23.33% from ¥1,192,593,505.11 at the end of 2023[20]. - The company's net assets attributable to shareholders decreased by 20.44% to ¥820,299,187.95 at the end of 2024 from ¥1,031,077,872.65 at the end of 2023[20]. - Non-recurring gains for 2024 amounted to ¥18,295,621.80, compared to ¥12,380,814.32 in 2023, primarily from asset disposals and government subsidies[25][26]. - The company's basic earnings per share for 2024 was -¥0.1045, a slight improvement of 1.32% from -¥0.1059 in 2023[20]. - The total amount of accounts receivable confirmed during the reporting period was ¥6,737.57 million[52]. - The company's total operating costs reached ¥405,224,302.75, a significant increase of 688.43% compared to the previous year[55]. - The total distributable profit for the reporting period was -419,349,894.07 CNY, indicating a loss[130]. Business Operations - The main business operations include veterinary vaccines, copper-clad laminates, and animal nutrition (feed) as of the report date[18]. - The company has strategically exited the fine enameled wire business as of the end of Q3 2022, focusing on its new business segments[18]. - The animal nutrition business has seen monthly sales growth due to increased market demand, despite being in its early development stage with only 2 months of operational experience[34]. - The company has established a comprehensive procurement management system to reduce costs while ensuring stable quality, adapting to market changes[33]. - The company is focusing on enhancing product quality, optimizing sales channels, and improving production capacity to better its profitability[36]. - The company has implemented a strategic transformation to improve operational conditions and expand its business scope, aiming to eliminate delisting risk warnings[43]. - The company has upgraded its production facilities to meet the latest GMP standards, ensuring the safety, effectiveness, and quality stability of its vaccines[39]. - The company aims to position itself as a "vaccine process expert and disease solution expert," focusing on high-quality vaccine production and comprehensive technical services for livestock farms[40]. Market Conditions - The company reported a significant decline in the pig farming industry, with a 3.31% decrease in the national pig slaughter volume to 703 million heads in 2024[28]. - The average price of pigs showed signs of recovery starting in Q2 2024, but this did not translate to improved conditions for upstream animal health companies[28]. - The company faced intense competition in the animal health sector, with price wars becoming the norm due to prolonged payment cycles and low bidding standards[28]. - The pig vaccine business has faced increased competition, leading to a decline in product gross margins and longer accounts receivable periods[33]. - The feed industry is evolving towards green and intelligent production in response to environmental policies and customized demands[29]. Research and Development - The company has established a comprehensive innovation system through collaborations with top research institutions, resulting in 9 new veterinary drug registration certificates and 33 invention patents[37]. - A new live vaccine for pseudorabies (JS-A1 strain) developed in collaboration with the Chinese Academy of Agricultural Sciences received a new veterinary drug certificate in November 2024, marking it as the first of its kind in China[38]. - The company has a total of 31 vaccine products registered, including 15 for pigs and 16 for poultry, and continues to enhance its product offerings to strengthen market competitiveness[39]. - R&D investment increased by 28.89% to ¥15,564,041.87 in 2024, while the proportion of R&D investment to operating revenue decreased to 3.53% from 13.72%[63]. - The number of R&D personnel rose by 29.55% to 57 in 2024, with a significant increase in master's degree holders by 41.18%[63]. Governance and Management - The company has established a governance structure that complies with relevant laws and regulations, ensuring independent operations and decision-making processes[97]. - The board of directors consists of 7 members, including 3 independent directors, meeting regulatory requirements for governance[98]. - The company has implemented a strategic plan to enhance market competitiveness and is committed to ongoing innovation in response to industry trends and customer needs[90]. - The company has established a comprehensive investor relations management system to enhance communication and ensure investors' rights are protected[99]. - The company has implemented a public opinion response management system to effectively handle various public sentiments impacting stock prices and business reputation[99]. Environmental Compliance - The company has complied with all relevant environmental protection laws and regulations during its operations[141]. - The total investment in environmental protection measures for 2024 by Shiji Biological amounted to CNY 268,360, including wastewater treatment agents, environmental taxes, hazardous waste disposal, and equipment maintenance[150]. - The companies are actively complying with local environmental regulations and have established measures to manage and monitor their emissions[145]. - Shiji Biological successfully executed its environmental self-monitoring plan during the reporting period without any exceedances[147]. Shareholder Relations - The company reported a profit distribution plan of 0 cash dividends and 0 bonus shares per 10 shares for all shareholders[5]. - The company did not propose any cash dividend distribution plan for the reporting period despite having a positive profit available for distribution to shareholders[132]. - The company plans to maintain its share repurchase strategy in 2024 but will not distribute cash dividends or issue bonus shares[132]. - The participation rate for the 2024 first extraordinary shareholders' meeting was 40.17%[102]. - The company completed the repurchase of 101,720,721 shares, accounting for 8.96% of the total share capital, which is treated as a cash dividend[128]. Risks and Challenges - The company has faced a decline in its veterinary vaccine business for two consecutive years, with sales at a low level, indicating high market competition risks[89]. - The company is addressing raw material price volatility risks, which could significantly impact costs and profits, by closely monitoring market trends and exploring strategic supplier relationships[92]. - The company has a high customer concentration in its feed business, which poses risks if customer relationships deteriorate; it plans to actively develop new markets to mitigate this risk[91]. - The company emphasizes the importance of managing accounts receivable to prevent bad debt risks as its business scales up, despite currently having a low bad debt rate[93]. Audit and Compliance - The company received a standard unqualified audit report for the 2024 fiscal year, with audited revenue exceeding 300 million yuan[188]. - The 2023 audit report highlighted concerns regarding the controlling shareholder's bankruptcy proceedings, which have since been addressed, ensuring no significant impact on the company's operations[187]. - The company identified and corrected significant internal control deficiencies related to revenue recognition and inflated income from subsidiary Chengdu Shiji Bio-Pharmaceutical Co., Ltd., with corrections made prior to the annual report[189][190]. - The company has implemented measures to strengthen internal controls, including revising organizational structures and enhancing management oversight to prevent future issues[191].