Jinhe Biotechnology(SZ:002688)2024-10-29 00:28Financial Performance - In the first three quarters of 2024, the company achieved revenue of 1.657 billion CNY, a year-on-year increase of 5.57% [1] - Net profit attributable to shareholders reached 114 million CNY, up 10.38% year-on-year [1] - Net cash flow from operating activities was 380 million CNY, a significant increase of 122.90% [1] - In Q3 alone, revenue was 592 million CNY, reflecting a year-on-year growth of 10.08% [1] Segment Analysis - The veterinary pharmaceutical segment saw revenue growth of 10.18%, with sales volume increasing by approximately 13.4% [1] - Gross margin in the veterinary pharmaceutical sector has recovered to around 40%, an increase of 10 percentage points compared to the previous year, primarily due to lower production costs [1][2] International Operations - The U.S. subsidiary, Pharmaway, reported a 32% increase in revenue, driven by strong demand for products like bovine gentamicin [2] - The company has adjusted overseas sales prices by 5%-20% in response to market conditions [2] New Product Development - The company is advancing its vaccine development, with the inactivated vaccine for bovine nodular dermatitis expected to launch in Q4 2024 [2][5] - The company has established a research institute in Chengdu, focusing on integrating resources for biopharmaceutical and synthetic biology innovations [5] Future Outlook - The company is optimistic about its performance in 2024 and 2025, anticipating continued growth in revenue and net profit due to favorable market conditions and new product introductions [3] - There is potential for price increases in domestic gentamicin products as market conditions improve [4]