金河生物(002688) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was ¥2,174,131,030.3, an increase of 2.42% compared to ¥2,122,705,310 in 2022[18]. - The net profit attributable to shareholders for 2023 was ¥86,457,012.4, representing a growth of 14.34% from ¥75,543,369.4 in 2022[18]. - The net cash flow from operating activities increased significantly by 59.69% to ¥198,765,852.62 in 2023, compared to ¥124,471,194.04 in 2022[18]. - The total assets of the company reached ¥5,453,807,416, marking a 20.97% increase from ¥4,505,582,530 in 2022[19]. - The company's net assets attributable to shareholders were ¥2,246,791,261.75, a slight increase of 1.13% from ¥2,221,590,171.24 in 2022[19]. - The company reported a basic earnings per share of ¥0.1108 for 2023, up 14.34% from ¥0.0968 in 2022[18]. - The company achieved a revenue of CNY 2,174.13 million in the reporting period, representing a year-on-year growth of 2.42%[57]. - The net profit attributable to shareholders was CNY 86.46 million, an increase of 14.34% compared to the previous year[57]. - The veterinary chemical drug segment generated revenue of CNY 1,016.07 million, up 3.27% year-on-year, accounting for 46.74% of total revenue[59]. - The company achieved a revenue of 335.04 million yuan from veterinary biological products, a year-on-year increase of 1.48%, accounting for 15.41% of total revenue[64]. Business Expansion and Strategy - The company reported significant changes in its business scope, including the production of veterinary drugs and feed additives, which were updated in 2022[17]. - The company has expanded its business operations to include the production of premixed feed additives and veterinary drugs, reflecting its growth strategy[17]. - The company is focusing on dual-driven development in veterinary pharmaceuticals and vaccines, with auxiliary support from environmental protection and agricultural product processing sectors[28]. - The company is actively expanding its product range in the pet medicine field, with ongoing efforts to develop new products and technologies[39]. - The company is positioned to benefit from industry policies aimed at enhancing the quality and regulation of veterinary drugs in China[39]. - The company aims to become a leading player in the veterinary vaccine market, leveraging its 30 years of experience in veterinary pharmaceuticals[42]. - The company is actively pursuing strategic acquisitions to bolster its product portfolio and market share[170]. - The company is expanding its market presence through strategic acquisitions and partnerships in the animal health sector[113]. Research and Development - The company emphasizes research and development, having established a research center in 2002 and multiple R&D centers, enhancing its core competitiveness in veterinary pharmaceuticals[51]. - The company has launched 16 veterinary vaccine products and has over 20 products in research and application, indicating significant growth potential in the veterinary vaccine sector[42]. - The company is developing a new generation of vaccines, including the African swine fever inactivated vaccine, which is currently undergoing emergency evaluation[65]. - The company is focusing on the development of vaccines that ensure high biosecurity and effective immunity for livestock[95]. - The number of R&D personnel increased by 5.16% from 252 in 2022 to 265 in 2023, with the proportion of R&D personnel rising from 10.99% to 11.44%[97]. - R&D investment amounted to ¥115,265,443.63 in 2023, a 10.86% increase from ¥103,975,699.48 in 2022, representing 5.30% of operating revenue[97]. - The company is actively exploring the potential market for the use of chlortetracycline in domestic ruminants, focusing on developing a new generation of vaccines to address urgent market needs[152]. Market Trends and Industry Insights - The global animal health industry continues to grow, with a market size (excluding China) increasing from $33.5 billion in 2018 to $37.5 billion in 2022, a CAGR of 2.86%[28]. - The Chinese veterinary drug market sales increased from ¥466.10 billion in 2018 to ¥673.45 billion in 2022, achieving a CAGR of 10.06%[28]. - The veterinary drug industry in China has 1,513 production enterprises, with 766 medium-sized companies accounting for 50.63% and 88 large companies making up 5.82% of the total[30]. - The market for the antibiotic Chlortetracycline is transitioning from feed additives to therapeutic use, with dosage increasing from 25-75 ppm to 400-600 ppm in farming prescriptions[34]. - The demand for blue ear disease vaccines remains strong, with 420 million doses approved in 2023, of which 72% were classic strains[36]. - The market for brucellosis vaccines is expanding due to increasing infection rates, with 66,138 reported cases in 2022[37]. - The African swine fever vaccine market is projected to reach 14.57 billion yuan in its first year and could peak at 28.78 billion yuan, making it a key growth driver for the animal vaccine market[38]. Corporate Governance and Compliance - The company emphasizes communication with stakeholders, maintaining a balance of interests among shareholders, employees, and society[161]. - The company strictly adheres to information disclosure obligations, ensuring timely and accurate communication with investors[161]. - The governance structure complies with the requirements set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange[162]. - The company has established a complete independent financial accounting system, with separate bank accounts and no shared accounts with controlling shareholders[164]. - The company has maintained a consistent board of directors with terms running from 2007 to 2026[167]. - The company held 4 shareholder meetings in 2023, all legally convened and witnessed by lawyers, ensuring compliance with relevant laws and regulations[159]. Risk Management - The company emphasizes the importance of risk awareness regarding its 2024 operational plans and goals, which are considered planning matters and do not constitute a substantive commitment to investors[3]. - The company’s management has outlined potential risks in its future development outlook, urging investors to pay attention to these factors[3]. - The company faces risks related to regulatory changes, fluctuations in the livestock industry, and rising raw material costs, which could impact its financial performance[151]. Shareholder Returns - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares (including tax) to all shareholders based on the total share capital after deducting repurchased shares[3]. - The cash dividend distribution plan for 2022 involves a total cash dividend of 75,375,248.80 CNY, distributing 1.00 CNY per 10 shares to shareholders[199]. - The cash dividend represents 100% of the total profit distribution amount, with a distributable profit of 320,158,582.67 CNY[200].