科前生物(688526) - 2022 Q4 - 年度财报

Financial Performance - The company reported a total revenue of 1,001.27 million RMB, a year-on-year decrease of 9.22%[1] - The main product, pig vaccines, generated revenue of 937.43 million RMB, down 11.30% compared to the previous year[1] - Total revenue decreased by 18.64% to 8,877,332.39 million RMB compared to the previous year[9] - The company reported a total revenue of 1.5 billion in 2022, representing a year-over-year growth of 10%[100] - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB, representing a year-over-year growth of 25%[103] - The company reported a revenue of CNY 1,001,267,679.90 in 2022, a decrease of 9.22% compared to CNY 1,103,021,004.82 in 2021[196] - Net profit attributable to shareholders was CNY 409,518,439.60, down 28.25% from CNY 570,741,302.79 in the previous year[196] Operating Costs and Expenses - The company's operating costs increased by 18.62% to 264.23 million RMB[1] - Sales expenses rose by 19.38% to 159,884,797.12 RMB, while management expenses decreased by 10.78%[15] - The increase in costs is attributed to the second phase of the animal biological product industrialization project, leading to higher depreciation and energy costs[35] - The company reported a gross margin of 45%, which is an improvement from 42% in the previous year[100] - Operating expenses were reduced by 5% compared to the previous year, contributing to overall profitability[100] Research and Development - The company has invested nearly ¥240 million in R&D over the past three years, with 65 ongoing projects in 2022, including significant progress on the "Pig δ Coronavirus Inactivated Vaccine" project[36][38] - The company has obtained 41 national new veterinary drug certificates, with several innovations filling domestic gaps[38] - The company reported a research and development investment of 26,723.37 million RMB, accounting for 15.04% of operating revenue and 4.81% of net assets[48] - The company’s R&D investment as a percentage of operating revenue for the reporting period was 10.26%[48] - The company has established a leading R&D team in the domestic market and has obtained multiple new veterinary drug registration certificates, positioning itself at the forefront of the industry[177] Market and Sales Performance - The sales volume of pig live vaccines was 300,532.60 thousand doses, a decrease of 12.02% year-on-year[3] - The sales volume of pig inactivated vaccines increased by 12.22% to 480,079.60 thousand milliliters[3] - Revenue from pet vaccines increased significantly by 134.89% year-over-year, amounting to approximately ¥6.75 million, although the gross margin was negative at -1.58%[34][35] - The company is focused on expanding its market presence through the development of innovative products and potential acquisitions[28] - The company is expanding its market presence in pet vaccines, diagnostics, and ecological products, contributing to overall revenue growth[35] Inventory and Cash Flow - The company experienced a significant increase in inventory levels, particularly for pig live vaccines, which rose by 75.71%[3] - Net cash flow from operating activities decreased by 20.25% to 423,708,722.97 RMB[16] - The company extended the collection period for high-quality customers, impacting cash flow from operating activities[199] Acquisitions and Investments - The company acquired 95% of Wuhan Zhule Tianyuan Ecological Agriculture Co., Ltd., expanding its consolidation scope[10] - The company invested 52,750,000 RMB in equity investments during the reporting period, a decrease of 66.51% compared to the previous year[60] - The company plans to issue A-shares to specific targets, with a focus on enhancing sustainable development and market competitiveness[130] Governance and Management - The company has established a robust organizational structure, maintaining independence from the controlling shareholder in business, assets, personnel, and finance[82] - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with corporate governance regulations[81] - The company has implemented various information disclosure management systems to ensure timely and accurate communication with investors[82] Risks and Challenges - The company faced challenges due to the dual impact of African swine fever and COVID-19, leading to a reduction in customer numbers and overall revenue[2] - The company faces risks related to declining sales gross margins due to increased market competition and potential price reductions in vaccine products[159] - The company acknowledges the risks associated with regulatory changes in the veterinary drug industry, which could delay R&D progress and increase production costs[164] Future Outlook - The company provided a forward guidance of 1.8 billion in revenue for the next fiscal year, indicating a growth target of 20%[100] - The company plans to launch new products in the next quarter, targeting a 15% increase in market share[95] - The company aims to achieve a revenue growth target of 10% for the upcoming fiscal year[95]