Summary of Key Points Core Viewpoint - The company intends to utilize idle raised funds for cash management to enhance fund efficiency and shareholder returns while ensuring that it does not affect the ongoing investment projects or the normal operations of the company [1][6]. Group 1: Fundraising and Usage - The company raised a total of RMB 1,227.45 million from its initial public offering (IPO) by issuing 105 million shares at a price of RMB 11.69 per share, with a net amount of RMB 1,141.73 million after deducting issuance costs of RMB 85.72 million [1][2]. - The total investment amount for the projects funded by the IPO is RMB 1,799.19 million, with RMB 1,747.03 million allocated from the raised funds [2]. - Due to a lower-than-expected net amount from the IPO, the company adjusted its investment projects, excluding certain projects and reallocating funds to ensure efficient use [2][3]. Group 2: Cash Management Plan - The company plans to use up to RMB 260 million of idle raised funds for cash management, ensuring that it does not impact the investment projects or the company's operations [3][5]. - The investment period for the cash management is valid for 12 months from the board's approval date, with a focus on low-risk, high-liquidity investment products [3][4]. - The income generated from cash management will be used to supplement any shortfall in the investment amounts for the projects and will be returned to the raised funds account upon maturity [4][6]. Group 3: Impact on Operations - The cash management of idle funds is expected to improve the efficiency of fund usage without affecting the normal progress of investment projects or the company's core business [4][6]. - By managing idle funds effectively, the company aims to achieve additional investment returns, thereby enhancing overall performance and providing greater returns to shareholders [4][6]. Group 4: Compliance and Approval - The cash management plan has been approved by the company's board and supervisory board, complying with relevant laws and regulations [5][6]. - The company will adhere to strict risk control measures and disclose information as required by regulatory authorities [4][6].

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]