JINYU(SH:600201) Xin Lang Cai Jing·2025-08-26 00:25Core Viewpoint - The company reported a mixed performance in the first half of 2025, with revenue growth but a significant decline in net profit, indicating challenges in a competitive market [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 620 million yuan, a year-on-year increase of 1.28% [1] - The net profit attributable to the parent company was 123 million yuan, a year-on-year decrease of 50.84% [1] - The company experienced increased expense ratios, particularly in sales expenses (+3.63 percentage points) and management expenses (+4.77 percentage points), impacting overall performance [1] Group 2: Market Strategy and Product Performance - The company adopted a price-for-volume strategy to maintain market share in key products, including various vaccines for pigs, with non-key products seeing revenue growth of over 20% [1] - The poultry vaccine segment saw a nearly 40% year-on-year revenue increase due to a professional technical service team targeting key clients [1] - The pet vaccine segment experienced rapid growth in sales of the cat trivalent vaccine through online and offline channel collaboration [1] Group 3: R&D and Innovation - The company focused on R&D, investing 84 million yuan in the first half of 2025, which accounted for 13.51% of its revenue [2] - Significant advancements were made in non-African swine fever vaccines, with a clinical trial approval received for a new vaccine, marking a first in the country [2] - The company also received clinical trial approval for a new mRNA vaccine for feline infectious peritonitis, expected to be launched in 2027-2028, addressing a significant market need [2] - The company obtained new veterinary drug certificates for several vaccines, including a first-of-its-kind live vaccine for bovine mycoplasma [2] Group 4: Future Outlook - The company is expected to see growth in net profit from 137 million yuan in 2025 to 324 million yuan in 2027, with corresponding EPS increasing from 0.12 to 0.29 yuan [3] - The company’s PE ratios are projected to decrease from 73 in 2025 to 31 in 2027, reflecting potential growth and improved market conditions [3] - The company’s innovation capabilities and the anticipated launch of major products are viewed positively for future growth potential [3]