Financial Performance - In 2024, the company achieved a revenue of 852 million CNY, a year-on-year decline of 18.53% [2] - The net profit attributable to shareholders increased by 137.09% to 92.46 million CNY [2] - Operating costs decreased by 26.58%, sales expenses by 13.58%, and management expenses by 2.50% [1] Business Segments - The bioproducts segment experienced a year-on-year decline of 20.5% [2] - The company plans to focus on blood products, enhancing production capacity and resource integration [2] - The company currently operates 21 plasma collection stations across various regions [3] Future Growth Strategies - The company aims to increase blood product output with the launch of the Yunnan blood product project [4] - The revival of the Langfang rabies vaccine production is expected to contribute to new revenue streams [4] - The introduction of new diagnostic products is anticipated to offset revenue impacts from centralized procurement policies [4] Industry Outlook - The blood products market in China is projected to reach 60 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11.6% expected until 2027 [8] - The in vitro diagnostics market is expected to grow at a CAGR of 5-8% over the next five years [8]

Core Viewpoint - The company reported a revenue of 303 million yuan in 2024, a year-on-year increase of 0.64%, but faced a net loss of 44.74 million yuan, marking its first loss since going public due to intensified competition in the animal health industry and declining vaccine prices [1] Group 1: Financial Performance - The company achieved a revenue of 303 million yuan in 2024, reflecting a growth of 0.64% compared to the previous year [1] - The net profit attributable to shareholders was a loss of 44.74 million yuan, which is the first loss since the company was listed [1] - The decline in gross margin was attributed to increased competition and lower prices for vaccine products, despite an increase in product sales [1] Group 2: Product Development and Market Strategy - The company is focused on expanding its market share in the government procurement sector and enhancing its presence in the pig vaccine market while also developing the ruminant vaccine market and improving its pet biological product offerings [1] - In the pig vaccine segment, several products are in the approval process, including vaccines for porcine infectious pleuropneumonia and porcine reproductive and respiratory syndrome [1] - The company has made significant progress in developing new pet biological products, including a long-acting recombinant canine alpha interferon and mRNA vaccines [2] Group 3: Research and Development - The company invested 85.99 million yuan in R&D in 2024, with a notable acceleration in the conversion of research results, filing 28 national patent applications and obtaining 2 new veterinary drug registration certificates [2] - The company’s animal inactivated vaccine workshop has passed GMP certification, and the construction of production lines for live vaccines and mRNA vaccines is progressing steadily [2] Group 4: Expansion into Human Medicine - The company is leveraging its technology platform to explore opportunities in the human medicine sector, establishing a subsidiary focused on innovative drugs and investing in a company specializing in human monoclonal antibodies [3] - The company plans to commercialize the sale of experimental pigs to support its product development efforts [3]