Vland Biotech(SH:603739)2023-04-26 16:00Financial Performance - In 2022, the company's operating revenue was CNY 1,163,162,781.39, representing a 1.07% increase compared to CNY 1,150,823,565.24 in 2021[24]. - The net profit attributable to shareholders of the listed company decreased by 47.32% to CNY 69,842,007.67 from CNY 132,573,196.74 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 39,713,591.08, down 57.86% from CNY 94,250,882.18 in 2021[24]. - The net cash flow from operating activities increased by 6.47% to CNY 95,306,379.54 compared to CNY 89,513,699.66 in 2021[24]. - The total assets of the company at the end of 2022 were CNY 2,578,847,636.98, a 16.07% increase from CNY 2,221,761,016.76 in 2021[24]. - The net assets attributable to shareholders of the listed company increased by 2.50% to CNY 1,644,694,382.39 from CNY 1,604,515,615.36 in the previous year[24]. - Basic earnings per share decreased by 48.15% to CNY 0.28 from CNY 0.54 in 2021[25]. - The diluted earnings per share also fell by 50.00% to CNY 0.27 compared to CNY 0.54 in the previous year[25]. - The weighted average return on net assets decreased by 5.12 percentage points to 4.30% from 9.42% in 2021[25]. - Operating costs rose to CNY 660,311,201.51, reflecting a 6.76% increase year-over-year[68]. - The overall gross margin for the company was 43.21%, which decreased by 2.61% compared to the previous year[100]. Research and Development - The company invested RMB 102.40 million in R&D, accounting for 8.80% of its operating revenue, which is relatively high in the industry[31]. - The company’s R&D expenses were CNY 102,396,593.49, a 1.45% increase from the previous year[68]. - The company has established a Nutrition and Health Technology Center, developing 16 proprietary probiotic strains and filing 57 invention patents related to probiotics[50]. - The company added 51 domestic authorized invention patents and 1 U.S. patent in 2022, bringing the total to 335 domestic authorized invention patents, 8 U.S. patents, and 2 European patents by the end of the reporting period[60]. - The company has established a national engineering technology research center for animal health products, enhancing its R&D capabilities[66]. - The company has a stable team of 278 R&D personnel, which increased by 5.3% year-on-year, including 29 PhDs and various recognized talents[64]. - The company has established multiple new technology platforms for vaccine development, including cell suspension culture and bacterial fermentation technology[101]. - The company is in the laboratory research phase for several vaccine development projects, indicating ongoing innovation efforts[114]. Market Expansion and Strategic Initiatives - The company is expanding its production capacity with the launch of the animal health industry park and the completion of the plant-based micro-ecological preparation project[32]. - A joint venture with ADM has been established to produce and sell probiotic products, targeting the global market[36]. - The company is positioned to capitalize on the growing market for functional probiotics, which are increasingly recognized for their health benefits[43]. - The company is actively addressing the challenges in the animal health industry, which faces issues such as overcapacity and product homogenization, through strategic mergers and acquisitions[45]. - The company is expanding its market presence in various sectors, including industrial, food, energy, and biocatalysis, while breaking international monopolies in some areas[61]. - The company is focusing on expanding its market presence in the enzyme and probiotic sectors, which are currently dominated by foreign brands, indicating significant potential for domestic growth[131]. - The company plans to enhance its market presence through strategic partnerships and potential acquisitions in the veterinary pharmaceutical sector[95]. Environmental and Sustainability Efforts - The company aims to achieve energy savings and emissions reductions of 30%-50% compared to traditional petrochemical routes, with future potential reaching 50%-70%[199]. - The company has invested approximately 4.37 million yuan in environmental protection during the reporting period[191]. - The enzyme products sold by the company reduced carbon dioxide emissions by approximately 2,089,405 tons in 2022[196]. - The company's phytase products reduced the use of dicalcium phosphate by approximately 67,140 tons, leading to a reduction of 107,400 tons of phosphorus emissions[192]. - The company has a commitment to sustainable practices, including the use of clean energy and new technologies to improve production efficiency and quality[196]. - The company adheres to environmental regulations and has not faced any administrative penalties related to environmental issues during the reporting period[191]. Governance and Management - The company maintains strict independence from its controlling shareholder, ensuring a robust governance structure and compliance with legal regulations[151]. - The total pre-tax remuneration for the board members amounted to 384.26 million CNY for the reporting period[156]. - The company has a strong leadership team with extensive experience in the agricultural and biotechnology sectors, as evidenced by the backgrounds of its board members[159]. - The company is committed to transparency and governance, as indicated by the detailed reporting of board member remuneration and shareholding changes[156]. - The company has established specialized committees under the board, including the Audit Committee and the Compensation and Assessment Committee[167]. - The company has implemented a risk prevention-oriented management approach to enhance the effectiveness of internal control systems and improve operational efficiency[188]. Product Development and Innovation - The company is focusing on the development of new vaccines for respiratory diseases in poultry, including a new live vaccine for Newcastle disease and infectious bronchitis[97]. - The company has developed a series of functional microbial agents for animal microecology, focusing on improving feed efficiency and providing solutions for green farming[49]. - The company has achieved breakthroughs in core technologies, including protein engineering and fermentation processes, positioning itself with a high level of R&D capability in the enzyme preparation industry[46]. - The company is actively involved in environmental microbiology technology, which is gaining traction due to its low energy consumption and effectiveness in pollution control[134]. - The company is developing functional feed enzymes to reduce costs in the livestock industry, including mycotoxin-degrading enzymes and new glucose oxidases[139]. Financial Management and Profit Distribution - The company plans to distribute cash dividends of 1.60 yuan per 10 shares, totaling approximately 40.33 million yuan (including tax) based on the total share capital of 252,084,840 shares[179]. - The company maintains a profit distribution policy that prioritizes cash dividends, aiming for at least 15% of the distributable profit to be allocated as cash dividends annually[175]. - The total cash dividend amount (including tax) is CNY 25,262,166.60, which represents 36.17% of the net profit attributable to ordinary shareholders in the consolidated financial statements[182]. - The company has not proposed a cash profit distribution plan despite having a positive profit available for distribution to shareholders[181].