回盛生物(300871) - 2023 Q4 - 年度财报

Financial Performance - The company's net profit decreased year-on-year due to credit impairment losses for certain customers, high production costs of newly launched raw material drug projects, and a decline in sales revenue from chemical drug formulations[4]. - The company's revenue for 2023 was approximately ¥1.02 billion, a slight decrease of 0.31% compared to ¥1.02 billion in 2022[24]. - Net profit attributable to shareholders decreased by 68.16% to ¥16.78 million in 2023 from ¥52.71 million in 2022[24]. - The net cash flow from operating activities was ¥92.92 million, down 3.89% from ¥96.68 million in the previous year[24]. - Basic earnings per share fell by 68.27% to ¥0.1011 in 2023, compared to ¥0.3186 in 2022[24]. - The company's net assets attributable to shareholders decreased by 2.09% to ¥1.51 billion in 2023 from ¥1.54 billion in 2022[25]. - The company reported a significant increase in non-operating income, with government subsidies recognized amounting to ¥9.42 million in 2023, compared to ¥5.44 million in 2022[31]. - The company experienced a negative net profit of ¥11.19 million after deducting non-recurring gains and losses in 2023, compared to a positive net profit of ¥44.09 million in 2022[24]. - The weighted average return on equity decreased to 1.10% in 2023 from 3.36% in 2022[24]. - The company achieved operating revenue of CNY 1,019.76 million, a decrease of 0.31% compared to the same period last year[47]. - The annual operating cost for 2023 was 806.47 million yuan, an increase of 1.12% year-on-year, primarily due to low capacity utilization and high production costs in raw material projects[65]. - Net profit for 2023 was 16.78 million yuan, down 68.16% from the previous year, attributed to reduced demand for veterinary drugs in the struggling pig farming industry[65]. - The cash and cash equivalents at the end of 2023 amounted to 229.51 million yuan, a decrease of 17.62% year-on-year, mainly due to investments in fundraising projects and reduced net profit[65]. Market and Industry Trends - The veterinary medicine industry is transitioning towards high-quality development, with the sales growth rate of the veterinary medicine industry in China at 10.06% from 2018 to 2022, compared to a global growth rate of 2.86% during the same period[38]. - The scale of livestock farming in China has exceeded 70%, leading to an increase in the concentration of the veterinary medicine industry as large farming groups establish comprehensive evaluation systems for suppliers[36]. - The sales revenue of China's veterinary medicine industry reached 67.345 billion yuan in 2022, while the global veterinary medicine market was valued at 37.5 billion USD[38]. - The veterinary medicine market in China is characterized by a high proportion of chemical drugs at 75.40%, while biological products account for 24.60%[38]. Product Development and R&D - The company is focusing on the integration of raw materials and formulations to build competitive barriers in terms of cost advantages and quality control[38]. - The company is increasing investment in the research and development of pet medicines, aiming to capture the emerging market opportunities in this sector[38]. - The company has obtained 166 veterinary drug approval numbers as of December 31, 2023, indicating a strong product portfolio across various animal sectors[40]. - The company established a veterinary clinical trial center that received GCP certification in March 2024, enhancing its R&D capabilities[45]. - The company has developed a new generation of broad-spectrum, high-efficiency, low-toxicity veterinary antibiotics, such as the Tylosin injection, which has a long half-life and high drug concentration in the lungs[51]. - The company has signed new drug research agreements with several universities, enhancing collaboration in veterinary drug development[59]. - The company has a robust pipeline of research projects, including multiple patents filed and awarded, indicating a strong commitment to innovation[143]. Strategic Initiatives and Future Plans - The company plans to continue its market expansion and product development strategies to improve future performance[34]. - The company aims to rank among the top 20 global animal health companies, focusing on innovation and optimizing management mechanisms[113]. - The company plans to strengthen cooperation with large breeding groups and focus on sales targets through various means in the raw material sales sector[114]. - R&D project management will be emphasized to ensure timely acquisition of research results in key projects[114]. - The company will prioritize quality management to enhance product quality and maintain a "quality first" development philosophy[114]. - The company is committed to enhancing animal disease prevention and control levels, improving breeding efficiency, and contributing to animal welfare[40]. Corporate Governance and Management - The company has a complete corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board, ensuring clear functional responsibilities[131]. - The company has maintained a clear separation between its operations and those of its controlling shareholders, with no institutional overlap[131]. - The company has established an independent financial department with a standardized accounting system and independent bank accounts, ensuring no shared accounts with controlling shareholders[130]. - The company emphasizes its commitment to research and development, with a focus on innovative products and technologies in the animal health sector[141]. - The management team is composed of experienced professionals with backgrounds in veterinary medicine, finance, and management, enhancing the company's operational capabilities[139][140]. - The company has a strong focus on compliance and governance, with regular evaluations of its board and management performance[147]. Employee and Shareholder Relations - The company emphasizes a comprehensive salary system and incentive mechanisms to ensure employee interests are protected[161]. - The company has established a training system that includes both internal and external training to enhance employee skills[162]. - The company distributed a cash dividend of RMB 3.00 per 10 shares, totaling RMB 49,049,431.50 (including tax) to shareholders[166]. - The company has implemented a stock incentive plan to attract and retain talent, with 48,800 shares granted at a price of 19.50 CNY per share[171]. - The company has ensured that minority shareholders have the opportunity to express their opinions and that their rights are protected[167]. Environmental Responsibility - The company strictly adhered to multiple environmental protection laws and standards during its operations, confirming its status as a key pollutant discharge unit[185]. - The total investment in environmental protection amounted to ¥71,851,740.79[195]. - The company paid an environmental protection tax of ¥100,969.36 for the year 2023[195]. - The company has established three wastewater treatment stations to handle production, clean, and domestic wastewater[188]. - The company emphasizes ecological protection and pollution prevention during its operations, adhering to environmental responsibilities and undergoing third-party evaluations of its environmental information[198].