天康生物(002100) - 2018 Q4 - 年度财报

Financial Performance - The total revenue for 2018 was approximately ¥5.27 billion, representing a 13.89% increase compared to ¥4.63 billion in 2017[25] - The net profit attributable to shareholders was approximately ¥313.73 million, a decrease of 22.95% from ¥407.15 million in the previous year[25] - The basic earnings per share for 2018 was ¥0.33, down 21.43% from ¥0.42 in 2017[25] - The company's net profit attributable to shareholders decreased by 22.95% year-on-year, amounting to CNY 313.73 million[53] - The company achieved total operating revenue of CNY 5,273.03 million, a year-on-year increase of 13.89%[53] - The company reported a significant increase in investment income, rising by 311.17% due to improved profits from associated companies[48] - The company reported a total revenue of 1,488,657,266.59 CNY for Xinjiang Tiankang Huitong Agriculture Co., Ltd, with a loss of 17,898,216.93 CNY impacting overall performance[119] Cash Flow and Assets - The net cash flow from operating activities was negative at approximately ¥1.18 billion, a decline of 281.49% compared to ¥649.33 million in 2017[25] - The net cash flow from operating activities in 2018 was -¥1,178,441,646.71, a decline of 281.49% compared to a positive cash flow of ¥649,327,329.99 in 2017[93] - Total cash inflow from operating activities was ¥5,332,282,911.96 in 2018, reflecting a year-on-year increase of 12.93% from ¥4,721,642,950.29 in 2017[93] - The net increase in cash and cash equivalents was ¥283,224,132.13, a decrease of 70.18% compared to the previous year[96] - Cash and cash equivalents accounted for 25.25% of total assets at the end of 2018, down from 30.89% in 2017, a decrease of 5.64%[98] - Inventory increased significantly to ¥2,501,764,113.23, representing 29.40% of total assets, up from 15.34% in 2017, an increase of 14.06%[98] - Short-term loans rose to ¥2,675,203,032.32, accounting for 31.44% of total assets, an increase of 17.27% due to business expansion[98] Revenue Breakdown - The feed business sales revenue was CNY 2,562.07 million, up 16.45% year-on-year, accounting for 48.59% of total revenue[59] - The pharmaceutical business sales revenue reached CNY 749.86 million, a growth of 10.90% year-on-year, representing 14.22% of total revenue[59] - The revenue from pig farming increased by 69.19% year-on-year, amounting to ¥336,076,025.03[63] - The total revenue from animal husbandry was ¥854,781,986.47, with a year-on-year increase of 15.15%[63] - The company's revenue from the feed industry showed a growth of 5.7% year-on-year, with total revenue reaching ¥8,689 billion[43] Investments and Development - The company has outlined future development prospects and risk management strategies in the report[7] - The company plans to expand its "company + farmer" breeding model as pig farming scales up[54] - The company has developed multiple vaccines, including a bivalent synthetic peptide vaccine for foot-and-mouth disease, which has shown effective immune response in clinical trials[88] - The company is preparing for the export of a bivalent inactivated vaccine for small ruminant plague and goat pox, with the new veterinary drug registration expected in 2019[91] - The company has focused on improving vaccine safety and efficacy through advanced production techniques, including serum-free suspension culture methods[88] Research and Development - The company reported a total R&D investment of ¥88,192,934.83 in 2018, an increase of 28.58% compared to ¥68,587,812.65 in 2017[92] - R&D personnel increased to 203 in 2018, representing a growth of 14.69% from 177 in 2017, with R&D personnel accounting for 7.40% of the total workforce[92] - Research and development expenses for the current period amount to ¥78,650,488.60, compared to ¥53,892,824.32 in the previous period, reflecting a significant increase[148] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥1.00 per 10 shares to all shareholders[8] - The total cash dividend amount for 2018 was ¥129,199,297.24, which represents 41.18% of the net profit attributable to ordinary shareholders[134] - The cash dividend amount (including tax) for 2018 was ¥99,215,797.8, accounting for 31.62% of the net profit attributable to ordinary shareholders[134] - The total distributable profit for 2018 was ¥894,331,056.12, with the cash dividend amount accounting for 100% of the profit distribution[137] - The company commits to distributing at least 10% of its distributable profits in cash dividends annually over the next three years, with potential increases if net profits remain stable[148] Risk Management - The company has identified risks related to livestock epidemics, raw material price volatility, livestock product price fluctuations, and food safety, with strategies in place to mitigate these risks[126] - The company has established a biosecurity management system across its pig farming bases to reduce the occurrence and impact of diseases[126] - The company will enhance its core competitiveness through increased investment in technology research and development[123] Corporate Governance and Compliance - The company has established a comprehensive governance structure, including a shareholders' meeting, board of directors, and supervisory board, ensuring clear responsibilities and mutual checks[195] - The company emphasizes investor relations management, ensuring fair treatment of all shareholders and timely disclosure of significant information[195] - The company has not encountered any issues in the use and disclosure of raised funds[113] - The company has not faced any major litigation or arbitration matters during the reporting period[155] Market Position and Strategy - The animal vaccine market in China is projected to reach approximately 62 billion CNY by 2025, driven by increasing demand from the livestock industry[121] - The company is focusing on expanding its market share in the animal vaccine sector, particularly in pig vaccines, which hold a significant market share[121] - The company aims for a feed production and sales volume of 1.25 million tons, animal vaccine production of 1.6 billion milliliters, and a pig output of 1 million heads in 2019, with a revenue target of 6.754 billion yuan and a net profit of 413 million yuan[123]