CAHIC(SH:600195)2023-04-21 16:00Financial Performance - The company's total revenue for 2022 was approximately ¥5.89 billion, representing an increase of 11.13% compared to ¥5.30 billion in 2021[5]. - The net profit attributable to shareholders for 2022 was approximately ¥550 million, a year-on-year increase of 7.05% from ¥514 million in 2021[6]. - The gross profit margin for the agricultural sector was 21.12%, with a revenue increase of 11.62% year-on-year[3]. - The revenue from biological products decreased by 15.14% year-on-year, with a gross profit margin of 49.09%[3]. - The company's cash flow from operating activities showed a net outflow of approximately ¥222 million, a significant decrease from a net inflow of ¥383 million in 2021[6]. - The total assets of the company at the end of 2022 were approximately ¥7.94 billion, reflecting a 6.73% increase from ¥7.44 billion at the end of 2021[5]. - The company reported a basic earnings per share of ¥0.5401 for 2022, up 6.74% from ¥0.5060 in 2021[6]. - The revenue from direct sales was approximately ¥3.65 billion, with a year-on-year increase of 8.25%[3]. - The revenue from trade increased significantly by 44.42% year-on-year, although the gross profit margin was only 2.83%[3]. - The company’s net assets attributable to shareholders increased by 7.78% to approximately ¥5.30 billion at the end of 2022[5]. - The total profit for the period was CNY 627 million, with a net profit of CNY 550 million, resulting in a basic earnings per share of CNY 0.5401[37]. Non-Recurring Gains and Losses - Non-recurring gains from the disposal of non-current assets amounted to ¥171,587,464.35 in 2022, compared to a loss of ¥71,699.11 in 2021[10]. - The total non-recurring gains for the company in 2022 reached ¥150,210,136.88, significantly higher than ¥3,054,538.39 in 2021[13]. - The company reported a significant increase in non-recurring gains compared to previous years, indicating improved financial performance in 2022[13]. - The company has maintained a consistent approach to recognizing non-recurring gains, aligning with regulatory definitions[13]. - The total amount of non-recurring losses from the disposal of subsidiaries under common control was recorded as -¥4,724,211.87 in 2020[10]. Research and Development - Research and development expenses amounted to CNY 143.27 million, representing 3.16% of operating revenue, with 23.12% of R&D expenses capitalized[69]. - The number of R&D personnel is 437, accounting for 11% of the total workforce, with a significant portion holding advanced degrees[69]. - The company has established a new collaborative R&D mechanism to enhance technological innovation capabilities and foster talent[35]. - The company is actively developing new vaccines, including a bivalent synthetic peptide vaccine for foot-and-mouth disease, which has received production approval during the reporting period[122]. - The company has introduced a new inactivated vaccine for pseudorabies in pigs, which has also received new drug certification during the reporting period[122]. - The company is expanding its product line to include diagnostic kits for detecting foot-and-mouth disease virus antibodies in pigs, which have also received new drug certification[122]. - The company introduced three new veterinary drug registration certificates during the reporting period, indicating ongoing product development[104]. Market and Industry Trends - The overall producer price level for agricultural products increased by 0.4% in 2022, with a notable recovery in the latter half of the year[30]. - The total national pig production reached 69.995 million heads, an increase of 4.3% year-on-year, indicating a stable growth in the livestock sector[28]. - The production of poultry meat and eggs showed steady growth, with poultry output increasing by 2.5% year-on-year[30]. - The livestock industry in China is transitioning to modern practices, with a focus on increasing production efficiency and quality by 2025[160]. - The market demand for animal protein is expected to grow, with increasing consumption of meat, eggs, and dairy products[161]. - The veterinary drug industry continues to grow rapidly, with new regulations such as the revised Veterinary Drug GMP implemented on June 1, 2022, aimed at enhancing product quality and safety[118]. Operational Strategies - The company continues to focus on optimizing its asset management and investment strategies to enhance overall profitability[13]. - The company is actively pursuing new customer development and strategic alliances with major clients to strengthen its market position[31]. - The company has implemented a "one customer, one strategy" approach in its marketing efforts, ensuring stable deliveries to group clients[31]. - The company is committed to maintaining a competitive market order and improving the quality of veterinary products in response to regulatory changes[118]. - The company aims to enhance its technological capabilities and resource utilization efficiency to drive industry modernization[161]. - The company is focusing on high-quality development in the veterinary drug sector, aligning with national policies for agricultural modernization and rural revitalization[118]. Financial Position and Cash Flow - The company's cash and cash equivalents decreased to ¥875,164,747.20 from ¥1,230,032,968.52, representing a decline of approximately 29% year-over-year[177]. - Accounts receivable increased significantly to ¥844,045,372.60 from ¥542,570,625.19, marking a growth of about 55.5%[177]. - Inventory rose to ¥1,062,402,941.31, up from ¥879,086,482.25, indicating an increase of approximately 20.8%[177]. - Total current assets amounted to ¥3,288,322,240.96, compared to ¥2,839,932,650.33 in the previous year, reflecting a growth of about 15.8%[177]. - The company's total comprehensive income for the year was ¥504,002,250.36, down from ¥627,353,436.30, a decrease of approximately 19.6%[182]. - Long-term equity investments decreased to ¥794,409,224.36 from ¥915,834,458.41, a decline of approximately 13.2%[177]. - The net cash flow from operating activities decreased by 605 million RMB year-on-year, primarily due to increased cash payments for goods as trade revenue expanded and raw material prices rose[91]. Corporate Governance - The company has adhered to the corporate governance requirements set forth by the Company Law and the China Securities Regulatory Commission[172]. - The company has not engaged in insider trading activities by its directors, supervisors, or senior management prior to sensitive information disclosures[172].