天康生物(002100) - 2020 Q4 - 年度财报

Financial Performance - In 2020, TianKang Bio achieved a total revenue of 11.987 billion RMB and a profit of 1.72 billion RMB, exceeding the strategic goals set for 2018-2020[4] - The company's operating revenue for 2020 was ¥11,986,808,944.23, representing a 60.33% increase compared to ¥7,476,316,392.02 in 2019[36] - The net profit attributable to shareholders for 2020 was ¥1,720,414,461.95, a significant increase of 166.94% from ¥644,486,713.22 in 2019[36] - The basic earnings per share for 2020 was ¥1.61, up 168.33% from ¥0.60 in 2019[36] - The total assets at the end of 2020 were ¥15,729,293,585.91, which is a 41.01% increase from ¥11,154,464,066.40 at the end of 2019[36] - The company reported a weighted average return on equity of 31.86% for 2020, an increase of 15.03% from 16.83% in 2019[36] - The revenue for the fourth quarter of 2020 was ¥3,366,056,593.64, with a net profit attributable to shareholders of ¥242,828,458.27[41] - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching ¥1,727,832,489.76 in 2020, up 171.67% from ¥636,015,341.32 in 2019[36] Business Segments - The pharmaceutical business saw significant growth, with over 100 million RMB invested in R&D in 2020 alone, contributing to the development of 5 new veterinary drug certificates and 51 authorized patents over three years[5] - The feed business grew by 43.83% in 2020, with the Northwest region experiencing a remarkable growth of 54%[7] - The food breeding business successfully increased pig output and profitability despite challenges from dual epidemics, focusing on innovative business models[7] - The agricultural products segment established strategic partnerships with leading corn processing companies, achieving revenue growth while ensuring feed and breeding business needs[8] - The feed business targets a production and sales volume of 5 million tons, with projected revenue of 13 billion RMB and a profit of 400 million RMB[9] - The protein and oil business is projected to process 500,000 tons of cottonseed, generating 1 billion RMB in revenue and 50 million RMB in profit[12] Strategic Goals - The new three-year strategic plan (2021-2023) aims for overall revenue exceeding 30 billion RMB and a profit total of 3 billion RMB by the end of 2023[9] - The company aims to become a leading health farming service provider and safe food supplier in China, achieving a complete industrial chain from breeding to processing and sales, including animal vaccines, feed, and meat products[49] Research and Development - The company invested over CNY 200 million in a high-level biosafety laboratory (P3) completed in 2020[63] - The company has established two R&D centers in Xinjiang and Shanghai, employing nearly 200 specialized R&D personnel[63] - The company has obtained 18 national new veterinary drug certificates and over 60 patents, showcasing its strong R&D capabilities[63] - The company is developing a dual-inactivated vaccine for porcine circovirus type 2 and Mycoplasma pneumonia, which is expected to enhance immunity and reduce stress during vaccination[90] - The company is also working on a genetically engineered subunit vaccine for porcine pleuropneumonia, which has shown effective immunity for up to six months[90] - A bivalent synthetic peptide vaccine for foot-and-mouth disease has been developed, demonstrating good safety and stable immune response[90] Cash Flow and Investments - The net cash flow from operating activities for 2020 was negative at -¥600,857,389.57, a decline of 295.73% compared to ¥306,979,542.98 in 2019[36] - Operating cash inflow totaled ¥12,540,633,977.48 in 2020, a 61.26% increase from ¥7,776,773,079.95 in 2019[98] - Operating cash outflow increased to ¥13,141,491,367.05 in 2020, a 75.93% rise from ¥7,469,793,536.97 in 2019[98] - The company has ongoing significant non-equity investments, including ¥75,739,644.03 in a veterinary drug project, with a completion rate of 89.46%[110] Market Trends and Challenges - The animal vaccine industry is expected to grow due to stricter regulations and the transition to a "no antibiotic" era in livestock farming, which will increase the market share for bacterial vaccines[146] - The company anticipates opportunities in the market for multi-valent and multi-combined vaccines as the industry shifts towards these products[146] - The company aims to leverage the increasing emphasis on disease prevention in livestock farming to drive future growth in its veterinary drug sales[146] - The company has faced challenges in project completion due to the impact of African swine fever and COVID-19, affecting the overall timeline and expected returns[126] Subsidiaries and Acquisitions - The company has established several new subsidiaries during the reporting period, including TianKang Pharmaceutical (Suzhou) Co., Ltd. and TianKang Biological Pharmaceutical Co., Ltd., which are now included in the consolidated scope[82] - The company has made strategic acquisitions, including Ningxia Changxin Agricultural Development Co., Ltd. and Ningxia Xinchang Logistics Co., Ltd., which are now part of the consolidated scope[82] Dividend Policy - In 2020, the company distributed cash dividends of 4.6 yuan per 10 shares, with no capital reserve transfer to share capital[163] - The cash dividend amount for 2020 was CNY 494,568,934.22, representing 28.75% of the net profit attributable to ordinary shareholders[164] - The total cash dividend (including other methods) for 2020 accounted for 100% of the distributable profit of CNY 955,000,469.25[169] - The company is in a growth phase and has significant capital expenditure plans, with a minimum cash dividend ratio of 20% during profit distribution[169] Compliance and Governance - The company has committed to maintaining independent management and compliance with relevant laws and regulations[170] - The company has not reported any significant non-operating fund occupation by controlling shareholders during the reporting period[179] - The company has engaged CITIC Securities as a sponsor for its non-public stock issuance, following the termination of the previous agreement with Great Wall Securities[185]