金河生物(002688) - 2021 Q4 - 年度财报

Financial Performance - The company reported a total operating revenue of CNY 2,077,988,730.16 for 2021, representing a year-on-year increase of 14.51% compared to CNY 1,814,638,965.54 in 2020[63]. - The net profit attributable to shareholders for 2021 was ¥93,992,380.84, a decrease of 19.89% from ¥117,324,525.93 in 2020[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥80,041,884.87, down 20.00% from ¥100,055,200.95 in 2020[27]. - The net cash flow from operating activities was ¥152,978,505.57, a decline of 40.72% compared to ¥258,079,960.72 in 2020[27]. - The company achieved operating revenue of 2,077.99 million CNY, a year-on-year increase of 14.51%[49]. - The net profit attributable to shareholders decreased to 93.99 million CNY, down 19.89% compared to the previous year[49]. - The overall gross profit margin decreased due to rising costs and changes in product sales structure, leading to lower profitability[55]. - The company reported a significant difference of 25.30% between net cash flow from operating activities and net profit, primarily due to non-cash factors like depreciation[88]. Cost and Expenses - The company reported a significant increase in raw material costs, particularly corn starch, which heavily impacts the cost structure of its main product, Jinmeisu, leading to reduced profit margins[6]. - The cost of goods sold increased to 1,426.92 million CNY, a year-on-year increase of 20.45%[51]. - The price of corn increased by 609.88 CNY/ton, representing a rise of 28.56% year-on-year, significantly impacting profit margins[49]. - The cost of raw materials for veterinary chemical drugs was CNY 402,078,509.76, accounting for 56.79% of operating costs, a decrease of 2.90% compared to 2020[72]. - The labor cost for veterinary chemical drugs increased to CNY 55,465,059.38, representing 7.83% of operating costs, down by 0.87% year-on-year[72]. - The energy cost for veterinary chemical drugs rose to CNY 117,274,865.61, making up 16.56% of operating costs, an increase of 1.13% from the previous year[72]. Market and Industry Trends - The livestock industry remains sluggish due to the pig cycle, which poses a risk to the company's animal health business as it is closely tied to the upstream industry[8]. - The company expects the veterinary medicine sales to reach ¥700 billion in 2021, driven by the growth of the livestock industry[37]. - In 2021, China's pig production capacity continued to recover, with pig slaughtering reaching 67.128 million heads, a year-on-year increase of 27.40%[40]. - The implementation of the new veterinary GMP on June 1, 2022, is anticipated to significantly change the industry concentration over the next 2-3 years[37]. Research and Development - The company is investing heavily in vaccine product development, which involves long cycles and high costs, presenting uncertainties in research outcomes[9]. - The company has a strong focus on R&D, with four major technology platforms for vaccine development, enhancing its competitive edge[47]. - The company is developing a Brucella gene deletion vaccine, with registration materials submitted and under review, expected to be a significant future revenue growth point[83]. - The company has completed clinical trials for a pig viral inactivated vaccine and is preparing to submit registration materials, aiming to enhance its vaccine product line[83]. - R&D investment increased by 9.80% from 79,499,200.00 CNY in 2020 to 87,289,569.25 CNY in 2021, while the proportion of R&D investment to operating revenue decreased by 0.18% to 4.20%[85]. Strategic Initiatives - The company is actively pursuing a strategy of mergers and acquisitions, having acquired Liangshan Ruyi in Shandong to support future growth[58]. - The company is focusing on strategic adjustments in its industrial structure to enhance product value and expand its business scale[53]. - The company plans to continue expanding its market share by developing relationships with large breeding group clients[56]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product portfolio[101]. Governance and Management - The company has established a complete and independent governance structure, ensuring no interference from the controlling shareholder in operational decisions[138]. - The board of directors consists of nine members, including three independent directors, meeting the requirement of one-third independence[134]. - The management team strictly adheres to the company's articles of association and board resolutions, ensuring no overstepping of authority[135]. - The company has implemented a robust internal control management system to enhance governance and compliance[133]. Environmental Sustainability - The company has successfully implemented a project for zero wastewater discharge, further enhancing its environmental sustainability efforts[198]. - The company’s emissions monitoring system includes real-time monitoring of particulate matter, SO2, and NOx to ensure compliance with national standards[196]. - Jinhe Environmental Company is a leader in industrial wastewater treatment and has developed the "JAOO" process for comprehensive solutions[196]. - The company has received multiple environmental impact assessment approvals for various projects since 2014, ensuring compliance with environmental regulations[198]. Future Outlook - The company anticipates continued growth in revenue and profitability in the upcoming fiscal year, driven by increased demand for its products[145]. - The company has set a revenue guidance for 2022, projecting a growth rate of 25% to reach CNY 1.875 billion[155]. - New product launches are expected to contribute an additional 300 million yuan in revenue over the next year[154]. - The company is actively pursuing market expansion and new product development strategies[93].