绿康生化(002868) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was CNY 303,759,977.46, a decrease of 11.77% compared to CNY 344,291,893.87 in 2018[16] - The net profit attributable to shareholders for 2019 was CNY 56,966,032.34, down 23.73% from CNY 74,689,446.35 in the previous year[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 35,479,151.55, a decline of 34.57% from CNY 54,225,894.20 in 2018[16] - The net cash flow from operating activities was CNY 74,087,742.26, which is 11.48% lower than CNY 83,697,141.30 in 2018[16] - Basic earnings per share for 2019 were CNY 0.47, a decrease of 24.19% from CNY 0.62 in the previous year[16] - The overall gross margin for 2019 was 33.26%, a decrease of 1.28 percentage points from the previous year[45] - The total profit and net profit attributable to shareholders were ¥66,006,630.21 and ¥56,966,032.34, representing declines of 24.24% and 23.73% respectively[45] Assets and Liabilities - Total assets at the end of 2019 reached CNY 1,010,052,912.03, an increase of 25.88% compared to CNY 802,418,344.36 at the end of 2018[17] - The net assets attributable to shareholders were CNY 774,434,087.11, reflecting a growth of 4.60% from CNY 740,369,575.05 in 2018[17] - Cash and cash equivalents increased from CNY 68,689,089.35 to CNY 114,313,030.64, a growth of 66.42%, mainly due to increased loans[34] - Other receivables surged from CNY 1,467,743.89 to CNY 40,421,274.76, a staggering increase of 2653.97%, attributed to land compensation and export tax rebates[35] - Long-term borrowings reached ¥77,000,000.00, accounting for 7.62% of total assets, primarily due to loans for the cogeneration project[76] Revenue Sources - The revenue from veterinary medicine accounted for 88.53% of total revenue, amounting to ¥268.93 million, down 13.56% from ¥311.12 million in 2018[57] - Domestic sales revenue increased by 16.52% as the company adjusted its product structure in response to regulatory changes[45] - Export revenue declined by 23.69% due to significant changes in the procurement plans of major client, M.S. Technologies[45] Research and Development - The company has obtained a total of 10 invention patents and 15 utility model patents by the end of 2019, showcasing its strong R&D capabilities[37] - The company plans to enhance its product structure by developing "safe, efficient, low/no residue, and poultry-specific" veterinary raw materials and formulations[46] - Research and development expenses increased by 27.35% to ¥18,549,953.82, representing 6.11% of the company's total revenue[69] Investments and Expansion - The company invested ¥4,600 million in a pharmaceutical industry fund to target high-growth health projects[48] - The company established a joint venture, Fujian Green Home Biotechnology Co., Ltd., with an investment of ¥5.1 million, focusing on nutritional feed additives[47] - The company’s construction projects include a production capacity of 1,200 tons of active bacterial peptide premix and veterinary raw materials, indicating significant market expansion efforts[34] Risk Factors - The company has identified potential risks in its future development outlook, which investors should be aware of[5] - The company faces risks including major customer dependency, with significant fluctuations in procurement plans from key client, Masterton[107] - Environmental regulations pose a risk as the veterinary drug industry is classified as a heavily polluting sector[107] Corporate Governance - The company has committed to not transferring or entrusting others to manage its shares for 36 months from the date of listing, with strict adherence to this commitment[119] - Major shareholders are restricted from reducing their holdings for two years after the lock-up period, with a maximum annual reduction of 25% of their total shares[120] - The company has established a voluntary lock-up period for its shares, ensuring stability in the market post-IPO[120] Social Responsibility - The company provided assistance to 17 impoverished families through its "Love Fund" in 2019, donating a total of 34,400 yuan[162] - The company donated 100,000 yuan to the Nanping Charity Association in 2019[162] - The company plans to continue its "New Rural Construction" poverty alleviation program, actively engaging in local government initiatives[165] Environmental Compliance - The company has established a wastewater treatment workshop to handle wastewater, ensuring compliance with urban sewage treatment standards[168] - The company received approval for its environmental impact report for the cogeneration project in September 2019[169] - The company has two emission outlets for nitrogen oxides, with a total emission of 43.9 tons per year, which is below the regulatory limit[167]