在宠物消费增长的同时，消费者的选择标准也在发生着变化。不再是简单的让宠物"有粮可吃"，而是更 加注重配料工艺、适用阶段以及宠物品种和体型的科学指标。这些标准正是李佳琦直播间选品的重要维 度，也是其直播间能够受到消费者青睐的原因之一。 随着618大促进入下半程，各大电商平台纷纷交出了亮眼的"期中答卷"。其中，一个不容忽视的亮点是 宠物消费的强劲增长势头。在这一消费热潮中，李佳琦直播间成为重要的助推力量，宠物品类销量同比 增长高达73%。 今年618大促期间，李佳琦直播间不仅在宠粮选择上兼顾了配方和工艺的多样性，还以严苛的标准精选 了宠物保健品和药品。这样全面满足"毛孩子"健康需求的方式，使得李佳琦直播间成为了许多养宠用户 眼中的健康、多元的宠物"粮仓"。 此外，国货品牌在李佳琦直播间的宠物品类中受到了消费者的特别青睐。这表明，在品质和价格的双重 考量下，消费者越来越愿意选择性价比高、品质优良的国货产品。李佳琦直播间的成功，也成为了国货 品牌崛起的一个缩影。 在李佳琦直播间的评论区，每天都能看到大量关于宠物产品的问询。从"哪天是宠物节?"到"要给猫主子 囤粮了!"的讨论，反映出刚需囤货和消费升级需求并存的现象。这 ...

证券代码：300871 证券简称：回盛生物 转债代码：123132 转债简称：回盛转债 武汉回盛生物科技股份有限公司 投资者关系活动记录表 编号：2025-003 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访  业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 其他 | | 参与单位名称及 人员姓名 | 线上参与回盛生物 2024 年度网上业绩说明会的全体投资者 | | 时 间 | 2025 年 5 月 7 日 15:00-16:30 | | 地 点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 接待人员姓名 | 董事长 张卫元 独立董事 冉明东 | | | 副总经理、财务总监 杨凯杰 | | | 董事会秘书 王庆峰 1、高管您好，请问贵公司本期财务报告中，盈利表现如何？ | | | 回答：您好，2024 年度公司实现营业收入 12.00 亿元，同比增长 | | | 17.71%；实现归属于上市公司股东的净利润 -2,015.56 万元，同比下降 | | | 220.11%；实现 ...

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]

Core Viewpoint - The company has shown significant improvement in its financial performance in 2025, with a strong focus on innovation and strategic expansion in the animal health sector, particularly in the pet medicine market [2][3][10]. Financial Performance - In 2024, the company achieved operating revenue of 1.2 billion yuan, a year-on-year increase of 17.71%, but reported a net loss attributable to shareholders of 20.16 million yuan, a decline of 220.11% [2]. - In Q1 2025, the company reported operating revenue of 399 million yuan, a year-on-year increase of 92.96%, and a net profit attributable to shareholders of 44.50 million yuan, a year-on-year increase of 371.23% [3][10]. Business Strategy - The company is focusing on a "raw material - preparation integration" strategy to enhance its competitive edge and profitability, particularly in the raw material drug sector [4][6]. - The company is actively expanding its product offerings in the pet medicine sector, with 8 new veterinary drug certificates obtained and 20 pet medicines launched [8]. Research and Development - The company has made significant advancements in R&D, achieving breakthroughs in microbial fermentation technology and optimizing production processes, which have led to cost reductions [7]. - Plans for 2025 include accelerating the approval and production of new veterinary drugs, with a target of launching at least 20 new products [7]. Market Conditions - The raw material drug market has seen price increases for certain products, driven by rising demand and a shift in focus among manufacturers towards core competitive products [4]. - The company is adapting to changes in the market environment and competition by enhancing its product competitiveness and expanding its market share [10]. Financial Management - The company plans to redeem its convertible bonds early to reduce financial costs, which is expected to save approximately 30 million yuan in expenses [5]. - The company's debt ratio stands at 47.97%, indicating a focus on managing financial risk while pursuing growth [10].