PULIKE(SH:603566)2021-04-28 16:00Financial Performance - The company's operating revenue for 2020 was CNY 928,511,813.36, representing a 40.01% increase compared to CNY 663,194,736.53 in 2019[26]. - The net profit attributable to shareholders for 2020 was CNY 227,744,103.42, which is an increase of 108.47% from CNY 109,246,252.70 in 2019[26]. - The net cash flow from operating activities for 2020 was CNY 261,831,612.30, up 86.89% from CNY 140,103,014.96 in 2019[26]. - The basic earnings per share for 2020 was CNY 0.72, a 111.76% increase from CNY 0.34 in 2019[26]. - The total assets at the end of 2020 were CNY 2,028,803,645.60, reflecting a 6.47% increase from CNY 1,905,460,495.00 at the end of 2019[26]. - The company reported a net asset attributable to shareholders of CNY 1,709,645,282.25 at the end of 2020, which is a 3.11% increase from CNY 1,658,042,540.88 at the end of 2019[26]. - The company achieved a weighted average return on equity of 13.86% in 2020, an increase of 7.18 percentage points from 6.68% in 2019[26]. - The company reported a total revenue of 373.77 million RMB for the year 2020[168]. - The company achieved a total R&D expenditure of ¥114.84 million, accounting for 12.37% of total revenue[81]. - The company reported a significant increase in sales for the poultry vaccine segment, with a revenue growth of 323.37% for the five-in-one inactivated vaccine[113]. Dividends and Shareholder Returns - The company plans to distribute cash dividends of RMB 5 per 10 shares, totaling an estimated cash dividend of RMB 157.32 million (including tax) based on the adjusted total share capital as of December 31, 2020[6]. - The company distributed a cash dividend of 2 RMB per share, totaling 63.18264 million RMB, based on a shareholder base of 315,913,200 shares[142]. - The company reported a net profit of 227,744,103.42 RMB for 2020, with a cash dividend amounting to 133,522,943.54 RMB, which is 58.63% of the total[143]. - The company’s cash dividend distribution has shown a consistent increase over the past three years, reflecting a commitment to returning value to shareholders[143]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits[143]. - The company repurchased shares for a total cash payment of 134 million yuan, achieving good shareholder returns[198]. Governance and Compliance - The company has received a standard unqualified audit report from the accounting firm, ensuring the accuracy and completeness of the financial report[5]. - The company has confirmed that all board members attended the board meeting, ensuring governance and oversight[5]. - The company has not violated decision-making procedures in providing guarantees, maintaining compliance with regulations[8]. - The company has not faced any situations where more than half of the directors could not guarantee the authenticity and completeness of the annual report[8]. - The company is committed to ensuring the financial report's authenticity, accuracy, and completeness, as stated by its responsible personnel[5]. - The actual controller and major shareholders have committed to not engaging in any business that competes with the company during their tenure[144]. - The company’s major shareholders are subject to a lock-up period of two years post-IPO, with specific conditions for share reduction[144]. - The company has made commitments to ensure the accuracy and completeness of its IPO prospectus, with legal responsibilities for any misrepresentation[144]. Research and Development - The company’s R&D investment has consistently exceeded 10% of its revenue over the past three years, leading to the acquisition of 55 new veterinary drug certificates and 496 invention patent applications[45]. - The company has developed a range of innovative vaccines, including gene-engineered and multi-valent vaccines, which are crucial for disease control in livestock[35]. - The company is actively developing a vaccine for African swine fever, with clinical trials already completed in multiple locations[56]. - The company is focusing on expanding its product line with new veterinary drugs and vaccines[106]. - The company has made significant advancements in R&D for new veterinary products, including a new inactivated vaccine for avian influenza[106]. - The company has received clinical trial approval for a canine distemper and parvovirus combined live vaccine[109]. - The company is developing a vaccine for Seneca Valley virus, currently in the new veterinary drug registration phase[97]. - The company is conducting clinical trials for a live vaccine against pseudorabies in pigs[97]. Market and Sales Strategy - The company operates in the veterinary biopharmaceuticals sector, focusing on the R&D, production, and sales of veterinary biological products and chemical drugs, with over 50 biological products and more than 200 chemical drugs available[35]. - The company utilizes a sales model that includes distribution, direct sales, and government procurement to effectively reach various customer segments[41]. - The company has established a strong sales network with 4,152 terminal distributors and 3,179 cooperative large-scale farms by the end of the reporting period[61]. - The company’s marketing strategy focuses on large group customer development and optimizing regional agency management, leading to significant sales growth[60]. - The company is focusing on international market expansion and high-end brand cultivation, aiming for comprehensive output in products, technology, and capital[126]. - The company plans to implement a comprehensive marketing management system, emphasizing standardized, process-oriented, and digitalized marketing strategies to improve efficiency[130]. Risks and Challenges - The company has outlined various risks faced in its production and operations, which are detailed in the report[8]. - The company faces risks related to animal disease outbreaks, regulatory changes, intensified market competition, product development challenges, and product quality assurance[133][136][137][138][139]. - The implementation of the new veterinary drug GMP has raised industry entry barriers and accelerated the exit of outdated production capacity, leading to increased industry concentration[125]. - The company emphasizes the importance of compliance and innovation in response to stringent regulatory policies affecting the veterinary drug industry[136]. Financial Management and Investments - The company has entrusted cash asset management with a total of 622.2 million RMB in principal for guaranteed products[180]. - Non-guaranteed financial products amounted to 465 million RMB, with an outstanding balance of 220 million RMB[180]. - The company has a total of 1,200,000 RMB in floating return wealth management at Agricultural Bank, with an actual return of 3,110 RMB[189]. - The company has a future plan for wealth management, although specific details were not disclosed[183]. - The company has recovered 99,020 RMB from a 5,000,000 RMB investment in floating return wealth management at CITIC Bank[186].