Core Insights - The company reported a decline in net profit for 2024, with a total of 382 million yuan, a decrease of 3.43% year-on-year, and a revenue of 942 million yuan, down 11.48% year-on-year [1] - In Q1 2025, the company showed signs of recovery with a revenue of 245 million yuan, an increase of 19.65% year-on-year, and a net profit of 108 million yuan, up 24.08% year-on-year [1][2] Financial Performance - For 2024, the company experienced significant revenue and profit declines due to weak demand in the pig farming industry and increased competition in the veterinary medicine sector, leading to a gross margin of 63.76%, down 8.33 percentage points year-on-year [1][2] - The quarterly performance from Q1 2024 to Q1 2025 shows a trend of improving revenue and profit, with Q1 2025 marking a 19.65% increase in revenue compared to the previous year [2] Product Development - The company obtained seven new veterinary drug registration certificates in 2024, including several vaccines for pigs and poultry, which are expected to contribute to future revenue growth [3] - Ongoing research and development efforts include vaccines for ruminants and pets, indicating a commitment to innovation and market expansion [3] Future Projections - Revenue forecasts for 2025-2027 are optimistic, with expected revenues of 1.132 billion yuan, 1.314 billion yuan, and 1.534 billion yuan, representing year-on-year growth rates of 20.2%, 16.0%, and 16.8% respectively [4] - Corresponding net profit projections for the same period are 442 million yuan, 548 million yuan, and 613 million yuan, with growth rates of 15.7%, 24.0%, and 11.7% [4]