回盛生物分析师会议-20250612

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company's profitability is continuously improving, with the 2025 Q1 net profit attributable to shareholders reaching 44.497 million yuan, a year - on - year increase of 371.23% [26]. - The company will adjust resource allocation, increase investment in pet drug R & D and market channel construction, and regard the pet drug sector as one of the key development directions [27]. - The company will continue to increase R & D and technological innovation investment, deepen the "raw material - preparation integration" strategy, improve the pet business layout, and actively explore overseas markets [27][30]. 3. Summaries by Relevant Catalogs 3.1. Research Basic Situation - Research object: Huisheng Biotechnology [16] - Industry: Pesticides and veterinary drugs [16] - Reception time: June 12, 2025 [16] - Reception personnel: Chairman Zhang Weiyuan, Deputy General Manager and Financial Controller Yang Kaijie, Board Secretary Wang Qingfeng [16] 3.2. Detailed Research Institutions - Reception object: Investors participating in the 2025 collective investor reception day event of listed companies in Hubei Province and the 2024 annual performance briefing online [19] - Reception object type: Others [19] 3.3. Main Content Data - Export of raw materials: In 2024, the company's raw material exports achieved sales revenue of 63.3903 million yuan (excluding trade exports), a year - on - year increase of 155.71%, covering more than 20 countries and regions. In Q1 2025, the export revenue decreased by 10.92% quarter - on - quarter compared with Q4 2024. The company is actively exploring overseas markets, and the current raw material export business is normal [23][29]. - Vietnam project: The Vietnam production base has obtained production approvals and veterinary drug sales licenses for some products, mainly produces chemical preparation products, with a designed annual production capacity of 1,500 tons [23][25]. - Pet business: The company's pet business has formed a relatively complete product matrix, with a small proportion of revenue but maintaining a good growth trend. The company will increase investment in this area, use a combination of online and offline methods for business expansion, and its pet drugs participated in some 6.18 activities [23][25][27]. - Product price: The price of tylosin is affected by many factors, and its future price change is uncertain. The change in raw material product prices will have a certain impact on the company's operating performance, but the price change is also uncertain [23][25]. - Raw materials: The company's self - produced raw materials are tiamulin and tylosin, and it does not produce tiamulin and oxytetracycline raw materials [26]. - Convertible bond redemption: The company's early redemption of convertible bonds is mainly for three reasons: high interest rates affecting net profit, improved profitability, and the need to create conditions for continuous dividends [26]. - Company development plan: The company will continue to increase R & D investment, focus on new veterinary drug development, deepen the "raw material - preparation integration" strategy, improve the pet business layout, and actively explore overseas markets [27][30].