回盛生物(300871) - 2022 Q4 - 年度财报

Business Focus - The company focuses on veterinary medicine, primarily in the pig medication sector, with sales revenue and operating profit mainly derived from this segment [5]. - The veterinary medicine industry is transitioning to a high-quality development stage, with increased focus on innovative and effective antimicrobial drugs [33]. - The scale of livestock farming in China has exceeded 70%, leading to increased concentration in the veterinary medicine industry [34]. - The company has established itself among the top 10 in the domestic pig breeding industry and maintains stable partnerships with numerous large-scale breeding enterprises [37]. - The company has obtained 154 veterinary drug approval numbers, with products widely used across various animal sectors including pigs, poultry, aquaculture, ruminants, and pets [38]. Financial Performance - The company's operating revenue for 2022 was ¥1,022,900,792.34, representing a 2.68% increase compared to ¥996,216,817.61 in 2021 [24]. - The net profit attributable to shareholders for 2022 was ¥52,706,475.48, a decrease of 60.33% from ¥132,865,534.22 in 2021 [24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥44,089,151.68, down 61.74% from ¥115,223,691.93 in 2021 [24]. - The net cash flow from operating activities decreased by 37.91% to ¥96,680,490.85 in 2022 from ¥155,718,489.99 in 2021 [24]. - The total assets at the end of 2022 were ¥2,989,114,303.25, an increase of 9.03% from ¥2,741,662,030.01 at the end of 2021 [24]. Risks and Challenges - The company faces risks from fluctuations in downstream industry demand, particularly in the pig breeding sector, which can impact overall demand for veterinary products [5]. - The company is exposed to risks from significant fluctuations in raw material prices, which directly affect the cost of veterinary drug formulations [6]. - The company has achieved certain success in controlling African swine fever, but any resurgence could negatively impact the pig breeding industry and, consequently, the demand for veterinary products [9]. Research and Development - The company is actively increasing R&D investment in pet medications and expanding market channels to tap into the pet medicine market [36]. - The company has completed the development of 10 new functional pet health products and submitted 10 national patent applications [74]. - The company has established a new independent R&D institution with a registered capital of CNY 10 million to enhance technological innovation [69]. - The company has established partnerships with academic institutions to enhance its research capabilities and drive technological advancements in its product lines [137]. Marketing and Sales Strategy - The marketing strategy has shifted from a "product-oriented" approach to a "value-oriented" approach, focusing on market pain points and improving breeding efficiency [53]. - The company has implemented a production management model combining sales-based production and safety stock, ensuring adequate supply for high-demand products [45]. - The company has adopted a direct sales and distribution model, signing annual cooperation agreements with both large-scale breeding groups and small-scale farmers [45]. Governance and Compliance - The company’s financial report has been verified for accuracy and completeness by its board and management, ensuring transparency for investors [3]. - The governance structure includes a complete system with a general meeting of shareholders, board of directors, supervisory board, and management team, ensuring clear functional roles [128]. - The company has not reported any significant discrepancies in governance compared to legal and regulatory requirements [121]. - The company has a dedicated investor relations section on its official website to maintain good communication with investors [121]. Employee and Management - The total number of employees at the end of the reporting period is 957, with 336 in the parent company and 621 in major subsidiaries [155]. - The company has a strong emphasis on performance-based remuneration for its senior management [144]. - The company has implemented a stock incentive plan to align the interests of management with those of shareholders, which includes the repurchase and cancellation of shares [133]. Environmental and Social Responsibility - The company has actively responded to national carbon peak and carbon neutrality initiatives by optimizing processes to reduce energy consumption and utilizing rooftop resources for photovoltaic power generation [176]. - The company emphasizes strict compliance with environmental regulations and has implemented measures to reduce resource consumption and environmental impact during production [182]. - The company has not engaged in any significant environmental violations or received administrative penalties during the reporting period [176]. Future Outlook - The company aims to achieve breakthroughs in poultry, ruminants, and aquaculture while consolidating its advantages in pig medications [36]. - The company plans to enhance its R&D capabilities, focusing on traditional Chinese veterinary medicine and biological veterinary medicine, to develop new drugs with its own branding [111]. - The company anticipates a gradual recovery in market conditions, projecting improved financial performance in the upcoming fiscal year [136].