“动物造血第一股”，净利大降近七成

Core Insights - The company reported a revenue of 76.81 million yuan for 2025, representing a year-on-year increase of 7.07%, while net profit decreased by 67.42% to 4.55 million yuan [1] - The decline in net profit is attributed to a shift in sales mix, with higher-margin products' sales decreasing by approximately 18.45% and lower-margin products increasing by about 17.09%, leading to a comprehensive gross margin decline of around 9.87% [1] - The company experienced a significant increase in management expenses and a decrease in investment income from joint ventures, contributing to the overall decline in profitability [1] Financial Performance - In 2022 and 2023, the company's net profit halved, with declines of 56.52% and 66.01% respectively [2] - A projected net profit increase of 136.31% for 2024 is expected due to a higher sales proportion of high-margin products and a positive change in credit impairment losses [2] - As of the end of the reporting period, total assets are estimated at 242 million yuan, a decrease of 1.87% year-on-year, and equity attributable to shareholders is projected at 233 million yuan, down 2.10% [1] Strategic Developments - On October 10, 2025, the company established Guangzhou Pet Xiaoxing Pet Products Co., Ltd., holding a 51% stake, marking its entry into the pet industry [2] - The company aims to explore new application scenarios for its blood products in pet food, although it emphasizes that the pet business is not yet a primary focus [4] - Previous involvement in the pet food sector was limited, but the new venture indicates a strategic shift in response to pressures on core business [2][4] Market Performance - As of February 26, the company's stock price decreased by 1.53%, closing at 8.99 yuan per share, with a total market capitalization of 1.433 billion yuan [5]