回盛生物(300871) - 2020 Q4 - 年度财报

Financial Performance - The company's direct sales revenue reached RMB 432.04 million, an increase of 112.68% compared to the previous year[8]. - The company's operating revenue for 2020 was CNY 777,458,548.09, representing an increase of 81.98% compared to CNY 427,217,126.05 in 2019[21]. - The net profit attributable to shareholders for 2020 was CNY 150,156,108.11, up 118.36% from CNY 68,766,353.89 in 2019[21]. - The net profit after deducting non-recurring gains and losses was CNY 139,012,277.87, an increase of 122.12% compared to CNY 62,583,369.35 in 2019[21]. - The total assets at the end of 2020 reached CNY 1,752,225,832.51, a 169.54% increase from CNY 650,080,634.34 at the end of 2019[21]. - The net assets attributable to shareholders at the end of 2020 were CNY 1,379,150,114.50, up 264.58% from CNY 378,281,485.59 at the end of 2019[21]. - The company achieved a basic earnings per share of CNY 1.63 in 2020, a 96.39% increase from CNY 0.83 in 2019[21]. - The net cash flow from operating activities for 2020 was CNY 48,349,261.08, a decrease of 54.06% compared to CNY 105,241,482.47 in 2019[21]. Sales and Revenue Growth - The company achieved sales revenue of 628.03 million CNY for veterinary chemical preparations, representing a year-on-year growth of 88.00%[31]. - The sales revenue for veterinary traditional Chinese medicine preparations reached 21.58 million CNY, with a year-on-year increase of 35.00%[31]. - The sales revenue for veterinary raw materials amounted to 62.59 million CNY, showing a year-on-year growth of 86.49%[31]. - The company's group clients generated sales revenue of 432.04 million CNY, reflecting a year-on-year increase of 112.68%[39]. - Revenue from veterinary raw materials and preparations accounted for ¥712,197,389.41, which is 91.61% of total revenue, showing an 85.66% increase from ¥383,598,378.09 in 2019[65]. Risk Factors - The company faces risks from animal epidemics, particularly African swine fever, which could significantly impact the demand for veterinary drugs[5]. - The fluctuation in raw material prices poses a risk to the company's profitability, as the prices of major veterinary raw materials have been on the rise since 2020[7]. - The emergence of new variants of the African swine fever virus presents challenges for vaccine development and epidemic control[5]. - The company faces risks from animal epidemics, fluctuations in downstream demand, and significant volatility in raw material prices, which could impact profitability[120][122][123]. Research and Development - The company has established a research institute in collaboration with Huazhong Agricultural University, focusing on innovative drug research and development[35]. - The company has developed a new generation of broad-spectrum, high-efficiency, and low-toxicity veterinary antibiotics, which are crucial for enhancing market competitiveness[40]. - The company’s R&D efforts led to the acquisition of two invention patents related to the extraction methods of veterinary drugs, strengthening its innovation capabilities[40]. - The company has 25 new drugs under research and has obtained new veterinary drug certificates for 2 products during the reporting period[80]. - The company is focusing on the development of new veterinary drugs, with several new products for pets already certified and multiple projects under research[116]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 4.1 per 10 shares, with no bonus shares issued[8]. - The total distributable profit for the year was 217,102,201.49 yuan, with the cash dividend accounting for 100% of the profit distribution[132]. - The cash dividend for 2020 represented 30.17% of the net profit attributable to shareholders, which was 150,156,108.11 yuan[135]. - The company adheres to a profit distribution policy that prioritizes cash dividends over stock dividends[130]. - The company implemented a stable profit distribution policy, prioritizing cash dividends, with a minimum of 10% of distributable profits allocated for cash dividends over the next three years[138]. Partnerships and Market Position - The company has established stable partnerships with major domestic agricultural enterprises, including Zhengbang Technology and New Hope[30]. - The company primarily serves large-scale pig farming enterprises, making its performance highly dependent on the health of the pig farming industry[6]. - The company has established stable partnerships with major domestic agricultural enterprises, enhancing its market position[43]. - The company is actively expanding into the pet medicine market, having obtained new veterinary drug certificates for pet medications[48]. Compliance and Governance - The company maintained a zero rate of non-compliance in product quality supervision checks conducted by the Ministry of Agriculture and Rural Affairs from 2012 to 2020[30]. - The company emphasizes the importance of credit risk management, as it extends credit terms of 3-6 months to major clients[8]. - The company is committed to maintaining transparency and accountability in its operations and financial reporting[141]. - The company has not reported any non-standard audit reports for the recent period[144]. - The company has not faced any issues regarding the fulfillment of commitments made to minority shareholders[142]. Capital and Investment - The company raised a total of RMB 930.997 million through its initial public offering, with a net amount of RMB 850.7125 million after deducting issuance costs[100]. - The company is focusing on expanding its production capacity and enhancing its research and development capabilities in the pharmaceutical sector[96]. - The total investment during the reporting period was CNY 230.84 million, an increase of 87.59% compared to the previous year[93]. - The company has committed a total investment of CNY 59 million for various projects, with a cumulative investment of CNY 32.37 million, achieving a progress rate of 54.83%[103]. Employee and Social Responsibility - Employee average salary increased by 22% compared to the previous year, enhancing employee satisfaction and loyalty[63]. - The company emphasizes employee rights protection by complying with labor laws and providing social insurance benefits[174]. - The company emphasizes its commitment to social responsibility, aiming to enhance life quality through its mission[170].