金河生物(002688) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥2,077,988,730.16, representing a 14.51% increase compared to ¥1,814,638,965.54 in 2020[27]. - 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 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 decreased by 40.72% to ¥152,978,505.57 from ¥258,079,960.72 in 2020[27]. - The total assets at the end of 2021 were ¥4,064,525,859.70, a 20.36% increase from ¥3,376,867,194.00 at the end of 2020[28]. - The net assets attributable to shareholders increased by 50.98% to ¥2,438,211,286.94 from ¥1,614,883,310.48 at the end of 2020[28]. - The company reported a weighted average return on equity of 4.81% for 2021, down from 7.13% in 2020[28]. - The first quarter of 2021 saw a net profit of ¥70,001,205.48, while the fourth quarter reported a net loss of ¥16,285,306.08[31]. - The company achieved operating revenue of 2,077.99 million CNY, an increase of 14.51% year-on-year, with the main revenue sources being veterinary chemical drugs (1,066.09 million CNY, +14.01%), veterinary biological products (291.69 million CNY, +8.66%), and environmental protection business (86.02 million CNY, +54.17%) [49]. - Net profit attributable to shareholders decreased to 93.99 million CNY, down 19.89% year-on-year, while the net profit after deducting non-recurring gains and losses was 80.04 million CNY, a decrease of 20.00% [49]. Cost and Pricing Challenges - 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 average price of corn increased by 609.88 CNY/ton (up 28.56%), and coal prices surged by 104.73%, significantly squeezing the company's profit margins [49]. - The overall gross profit margin decreased due to a shift in sales structure towards lower-margin products and the inability to fully pass on cost increases to customers [54]. - The company faced challenges due to low domestic pork prices impacting the purchasing willingness for animal health products, leading to reduced sales volume [50]. - Operating costs increased by 20.45% year-on-year to 1,426.92 million CNY, with significant increases in costs for veterinary chemical drugs (+24.40%) and environmental protection business (+63.66%) [51]. Market and Industry Trends - The livestock industry remains sluggish due to the pig cycle, impacting the company's animal health business, which is closely tied to this sector[8]. - The company anticipates that the veterinary medicine sales in 2021 could reach ¥700 billion, driven by the growth of the livestock industry[37]. - In 2021, China's pig production capacity continued to recover, with pig slaughter reaching 67.128 million heads, an increase of 27.40% year-on-year[40]. - The implementation of the new veterinary GMP on June 1, 2022, is expected to significantly change the industry concentration over the next 2-3 years[37]. - The company holds a leading position in the veterinary chemical drug market, particularly in the production of chlortetracycline, with an expected increase in market space as farming scales up[40]. Research and Development - The company has been investing heavily in vaccine product research and development, which involves long cycles and high costs, presenting inherent uncertainties[9]. - The company is focusing on the development of new products in the veterinary vaccine sector, with plans to launch several new vaccines in the coming years[40]. - The company has a strong emphasis on research and development, with four major technology platforms for vaccine production, leading to significant advancements[47]. - The company is developing a Brucella gene deletion vaccine, with registration materials submitted and under review, expected to be a significant profit growth point[82]. - R&D investment increased by 9.80% to ¥87,289,569.25 in 2021, accounting for 4.20% of operating revenue[84]. Strategic Initiatives and Acquisitions - The company is actively pursuing a strategy of mergers and acquisitions, including the acquisition of Liangshan Ruiyi in Shandong, to support future growth[57]. - The company has acquired a 70% stake in Liangshan Ruyi Yellow River Floodplain Sewage Treatment Co., Ltd., enhancing its capabilities in wastewater treatment and environmental technology[77]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product range[100]. - The company plans to continue expanding its market share by developing relationships with large breeding groups to influence smaller enterprises [55]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management team[4]. - The company operates under the supervision of the China Securities Regulatory Commission and discloses its annual reports through various media outlets[23]. - The company has engaged Xinyong Zhonghe Accounting Firm for its auditing needs, ensuring compliance with financial regulations[26]. - The company has established a robust governance structure, ensuring clear separation of powers and responsibilities among shareholders, the board, and management[133]. - The company maintains a governance structure that aligns with legal and regulatory requirements, showing no significant discrepancies[137]. Environmental and Sustainability Efforts - The company has committed to sustainable practices in its operations, aligning with environmental regulations and market expectations[100]. - The company has upgraded its boiler system to ensure compliance with emission standards, specifically for a steam boiler operating at 3.82 Mpa and 450℃[196]. - The wastewater treatment company has initiated a recycled water project with a processing capacity of 10,000 tons per day, reducing external wastewater discharge[197]. - The company has implemented energy-saving modifications by replacing 12 motors in the fermentation workshop with direct-drive motors, which reduces energy consumption and noise[196]. - The company’s environmental protection subsidiary, Jinhe Environmental Protection, is a leader in industrial wastewater treatment and has developed proprietary technology for comprehensive pollution management[197]. Shareholder and Management Information - The profit distribution plan approved by the board proposes no cash dividends or stock bonuses for shareholders, maintaining a base of 780,422,398 shares[10]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 843.86 million[161]. - The company’s board of directors held a total of 7 meetings during the reporting period, with key resolutions announced on March 1, March 12, and March 30, 2021[162]. - The company has ensured timely and full payment of remuneration to its directors, supervisors, and senior management during the reporting period[158]. - The company has a complete salary system based on a multi-position skill salary management system, with basic salary and performance bonuses[178].