Group 1 - The company has approved a profit distribution plan, proposing a cash dividend of 1.00 yuan per 10 shares (including tax) to all shareholders, with no bonus shares issued and no capital reserve conversion into shares [1] - The total share capital for the dividend distribution is based on 201,578,957 shares after excluding 753,600 shares held in the repurchase special securities account [1] - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period [3] Group 2 - There are no preferred shareholders or changes in preferred shareholder holdings during the reporting period [3] - The company does not require retrospective adjustments or restatements of previous accounting data [2] - The company has not experienced any changes in the number of shareholders or significant shareholders during the reporting period [2]

Core Viewpoint - The supervisory board of Jinhe Biotechnology Co., Ltd. has reviewed and approved the conditions for the release of restricted stock under the 2023 Restricted Stock Incentive Plan, confirming compliance with relevant laws and regulations [1][3]. Summary by Sections Section 1: Review of Incentive Objects - The company meets the conditions for implementing the stock incentive plan as per the Management Measures and relevant regulations, confirming the eligibility of the incentive objects for the second release period and the first reserved grant period [1][2]. - The incentive objects for the current plan do not fall under any disqualifying conditions as outlined in the Management Measures [2]. Section 2: Approval of Release Conditions - The supervisory board has verified that the 70 initial incentive objects and 11 reserved incentive objects meet the conditions for the release of restricted stocks, with a total of 4,326,000 shares for the initial grant and 500,000 shares for the reserved grant approved for release [3]. Section 3: Repurchase and Cancellation of Restricted Stocks - The supervisory board has determined that 43 incentive objects did not fully meet performance targets, leading to the repurchase and cancellation of their unvested restricted stocks, totaling 2,100,000 shares [3][5]. - The repurchase price adjustment and the process for cancellation have been confirmed to comply with relevant regulations, ensuring no harm to the company or shareholders [4][5].

Core Viewpoint - The legal opinion letter from Beijing Zhonglun (Shanghai) Law Firm confirms the completion of the second unlock period for the initial grant of restricted stock and the first unlock period for reserved grants under the 2023 Restricted Stock Incentive Plan of Jinhe Biotechnology Co., Ltd, along with the repurchase and cancellation of certain restricted stocks and adjustments to the repurchase price [1][2][22]. Group 1: Unlock Conditions and Achievements - The second unlock period for the initial grant of restricted stocks is set to be 24 months after the registration completion date, which was completed on July 7, 2023 [13][14]. - The first unlock period for reserved grants is 12 months after the registration completion date, which was completed on December 28, 2023 [14]. - The company has met the performance assessment requirements for the unlock conditions, with a net profit growth rate of 88.29% in 2024, exceeding the required 78% [17][18]. Group 2: Repurchase and Price Adjustment - The company plans to repurchase and cancel a total of 2,100,000 shares of restricted stock due to the departure of certain incentive targets and performance failures [21][22]. - The adjusted repurchase price for the restricted stocks is set at 2.29 yuan per share, following a cash dividend distribution of 1.00 yuan per 10 shares [19][22]. - The repurchase will be funded by the company's own funds, and the repurchase reasons, quantity, price, and funding sources comply with relevant regulations [22].

Core Viewpoint - Company *ST Lvkang plans to sell its photovoltaic film business assets and liabilities to a newly established entity, Jiangxi Raoxin New Energy Materials Co., Ltd, with a registered capital of RMB 100 million [2][3] Group 1: Transaction Details - The transaction involves the sale of assets and liabilities related to the photovoltaic film business, and after completion, the related subsidiaries will no longer be included in the company's consolidated financial statements [3] - The major shareholder of Jiangxi Raoxin is Shanghai Kangyi Investment Co., Ltd, holding 58.63% of the shares, while other significant shareholders include Hangzhou Yirui Investment Partnership and Hangzhou Haoying Investment Partnership, each holding 16.55% [3] - The transaction will be conducted in cash and will not affect the company's shareholding structure [3] Group 2: Financial Overview - In 2024, the revenue from the photovoltaic film business is projected to be RMB 231 million, representing a year-on-year increase of 60.89%, accounting for 35.62% of total revenue [5] - The gross profit margin for the photovoltaic film business in 2024 is expected to be -38.63, contributing to increased losses for the company [5] - From 2021 to 2024, the company's revenue figures were RMB 363 million, RMB 330 million, RMB 507 million, and RMB 649 million, with net losses totaling RMB 815 million over the four years [5]

Core Viewpoint - The company has increased the terminal prices in the U.S. market since May 1 of this year to effectively cover the increased tariff costs [1] Group 1 - The price adjustment was implemented to address the impact of rising tariffs on costs [1]

Core Viewpoint - The company faced significant challenges in 2024 due to a deep adjustment in the breeding industry, leading to a decline in both revenue and profit, prompting a strategic shift to maintain market share [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 1.255 billion yuan, a year-on-year decrease of 21.45%, and a net profit attributable to shareholders of 109 million yuan, down 61.57% [1]. - In Q1 2025, the company reported revenue of 352 million yuan, a year-on-year increase of 1.06%, while net profit attributable to shareholders was 76 million yuan, a decrease of 27.57% [1]. Group 2: Industry Dynamics - The breeding industry is experiencing a downturn, with strong cost-cutting demands from downstream customers, leading to intensified competition in the animal health sector and a decline in product prices [1][2]. - The company’s core product, the foot-and-mouth disease vaccine, maintains a stable market share but faces pricing pressures [2]. Group 3: Product Performance - The swine vaccine segment is under pressure due to intense competition, although the company saw a significant year-on-year sales increase of 52.17% for the pig circovirus vaccine, despite facing price challenges [2]. - The ruminant vaccine segment showed resilience even in a sluggish breeding market, while the company has a competitive advantage in brucellosis prevention with a diverse product range [2]. Group 4: Research and Development - The company invested 179 million yuan in R&D in 2024, accounting for 14.25% of its revenue, achieving significant breakthroughs in non-epidemic vaccine development [3]. - The company received four new veterinary drug registration certificates and production approvals in 2024, bolstering its product pipeline for long-term growth [3]. Group 5: Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.23 yuan, 0.28 yuan, and 0.33 yuan, with corresponding dynamic PE ratios of 30, 25, and 21 times, respectively, maintaining a "hold" rating [3].

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]