Core Viewpoint - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%, but the net profit attributable to shareholders decreased by 33.61% to 301 million yuan, indicating short-term profit pressure despite revenue growth [3][4]. Group 1: Revenue Performance - The company's revenue growth was primarily driven by veterinary biological products and the pet supply chain, with year-on-year increases of 23.4% and 37.66% respectively [4]. - Revenue from various product segments showed mixed results: formulation and raw materials revenue decreased by 5.83%, while pet pharmaceuticals dropped by 28.26%. In contrast, revenue from pet biological products, livestock biological products, pet supply chain, and poultry biological products saw significant increases of 849.09%, 49.78%, 37.66%, and 15.9% respectively [4]. Group 2: Profitability Challenges - The overall gross margin of the company declined from 49.69% in 2023 to 41.38% in 2024, impacted by market price fluctuations and rising raw material costs [4]. Group 3: R&D and Strategic Investments - The company maintained a high level of R&D investment, with R&D expenses amounting to 197 million yuan, representing a 6.4% R&D expense ratio [5]. - The acquisition of 100% equity in Baoding Shoujun allowed the company to indirectly hold 55.2% of the equity in Biwei Antai, expanding its business into foot-and-mouth disease vaccines. Collaborations with research institutions are also underway to accelerate innovation [5]. Group 4: Pet Medical Sector Development - The pet segment generated 690 million yuan in revenue, accounting for 22.47% of total revenue. Notably, pet biological products achieved a revenue of 37.44 million yuan, up 849%, largely due to the significant contribution from the "Rui Miao Shu" cat trivalent vaccine [6]. - Pet pharmaceuticals reported a revenue of 19.02 million yuan, down 28.26%, attributed to adjustments in sales promotion strategies. The pet supply chain generated 633 million yuan, up 37.66%, primarily through the sale of imported products [6]. - The company holds a 56.31% stake in Zhongrui Supply Chain, facilitating deep collaboration among its three major segments: Rui Pu Biological, Rui Pai Pet Hospital, and Zhongrui Supply Chain, thereby creating a closed-loop value chain from R&D to service [6].