Core Insights - In 2024, the company achieved operating revenue of 1.32 billion yuan, a year-on-year increase of 10.16%, while net profit attributable to shareholders was 63 million yuan, a decline of 22.39% [1] - The decline in profit is attributed to increased depreciation expenses after the completion of the animal health industrial park, a 17.49% rise in management expenses, and a 46.48% increase in financial expenses due to interest expenses being recognized as costs [1] Enzyme Business - The enzyme business generated revenue of 505 million yuan in 2024, a year-on-year growth of 14.34%, becoming the main driver of the company's revenue growth [2] - The gross profit margin reached 63.69%, an increase of 2.89 percentage points, driven by continuous investment in technological innovation and optimization of production processes [2] - The company is expanding into various fields including industrial enzymes, food enzymes, and pharmaceutical enzymes, and has established an AI technology development laboratory to enhance R&D efficiency [2] Animal Health Products - Revenue from the animal health products business was 308 million yuan in 2024, a slight increase of 3.56%, but the gross profit margin fell to 33.51%, down 8.23 percentage points [3] - The decline in gross profit margin is primarily due to increased depreciation after the industrial park's completion, but long-term benefits are expected from improved product structure and quality [3] - The company plans to focus on biological products, particularly pig vaccines and imported generics, while also expanding into the pet medicine sector [3] Capacity and R&D Investment - With the increase in new capacity utilization and the gradual release of new products, the profitability of the animal health business is expected to recover [4] - The company invested 118 million yuan in R&D in 2024, a year-on-year increase of 6.81%, accounting for 8.95% of revenue, with 266 R&D personnel [4] - The company has established six technology centers and two key laboratories, with major projects expected to be operational by 2025, laying a foundation for future growth [4] Profit Forecast and Investment Recommendation - The expected EPS for 2025-2027 is projected to be 0.44 yuan, 0.51 yuan, and 0.60 yuan, corresponding to dynamic PE ratios of 29, 24, and 21 times, respectively, maintaining a "hold" rating [4]

Financial Performance - The company reported a basic earnings per share of 0.1294 yuan for 2024, an increase of 16.79% compared to 0.1108 yuan in 2023 [1] - The total revenue for 2024 was 23.71 billion yuan, reflecting a growth of 9.06% from 21.74 billion yuan in 2023 [1] - The net profit for 2024 reached 1 billion yuan, up by 16.28% from 0.86 billion yuan in 2023 [1] - The return on equity (ROE) improved to 4.50% in 2024, compared to 3.88% in 2023, marking a 15.98% increase [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 33,877.83 million shares, accounting for 45.47% of the circulating shares, with an increase of 317.20 million shares from the previous period [1] - Inner Mongolia Jinhe Holdings Co., Ltd. remains the largest shareholder with 24,175.87 million shares, representing 32.45% of the total share capital, unchanged from the previous report [2] - New entrants in the top ten shareholders include Shenzhen Zetun Private Securities Fund Management Co., Ltd. and Baosheng Mixed Fund A, with holdings of 535.37 million shares and 414.06 million shares respectively [2] Dividend Distribution - The company announced a dividend distribution plan of 1 yuan per share (including tax) [2]