Jinhe Biotechnology Co.Ltd(002688)
Financial statement report of 2021
In 2021, the company realized an operating revenue of 2077988700 yuan, an increase of 14.51% over the same period of last year; The operating profit was 1397114 million yuan, a year-on-year increase of 7.94%; The net profit was 1220888 million yuan, a year-on-year decrease of 12.29%, of which the net profit attributable to the shareholders of the listed company was 939924 million yuan, a year-on-year decrease of 19.89%.
The company’s financial statements for 2021 are reported as follows:
1、 Audit of the company’s financial statements in 2021
The 2021 financial report of the company has been audited by ShineWing Certified Public Accountants (special general partnership) and issued a standard unqualified audit report. The audit opinion of the accountant is that the financial statements of the company are prepared in accordance with the provisions of the accounting standards for business enterprises in all major aspects, and fairly reflect the financial status of the consolidated and parent company as of December 31, 2021, and the operating results and cash flow of the consolidated and parent company in 2021.
2、 Main financial data and indicators:
Unit: 10000 yuan
Increase or decrease in 20212020 compared with the previous year
Operating income 2077988718146390 14.51%
Net profit 12208881391931 – 12.29%
Net profit attributable to shareholders of listed companies 9399241173245 – 19.89%
Deduction attributable to shareholders of listed companies
8004191 Gansu Jingyuan Coal Industry And Electricity Power Co.Ltd(000552) – 20.00% net profit of recurring profit and loss
Net cash flow from operating activities 15297852580800 – 40.72%
Basic earnings per share (yuan / share) 0.14 0.18 – 22.22%
Diluted earnings per share (yuan / share) 0.14 0.18 – 22.22%
The weighted average return on net assets was 4.81% and 7.13%, a decrease of 2.32 percentage points
Increase or decrease at the end of 2021 and 2020 compared with the end of the previous year
Total assets 4064526933768672 20.36%
Net assets 2696494217499413 54.09%
Net assets attributable to shareholders of listed companies 2438211316148833 50.98%
3、 Analysis of operating results
(I) overall operation
Unit: 10000 yuan
Increase / decrease ratio from 2021 to 2020
Operating income 2077988718146390 14.51%
Operating profit 13971141294331 7.94%
Total profit 14291081409054 1.42%
Net profit 12208881391931 – 12.29%
Net profit attributable to shareholders of listed companies 9399241173245 – 19.89%
During the reporting period, in view of the following factors:
1. The price of corn, the main raw material, has been running at a high level, and the price of coal, the main energy, has soared, driving the cost to rise sharply. The price of corn increased by 609.88 yuan / ton (including tax) over the previous year, or 28.56%. The price of coal soared in the second half of 2021, resulting in an increase of 104.73% in the annual average price over the same period of the previous year, which seriously squeezed the profit space of the company;
2. Covid-19 pneumonia continues to spread abroad, resulting in the shortage of shipping containers, soaring sea freight prices and difficulty in obtaining one container, which has a certain impact on the company’s export business and pushed up the sales cost;
3. The weak pork market price in China has a great impact on the breeding industry, causing serious losses in the industry, reducing the willingness to purchase animal protection products, restricting the increase in the price of the company’s products and large-scale sales;
4. The approval number of the company’s main product chlortetracycline has changed from “veterinary medicine” to “veterinary medicine” since January 1, 2020. The sales market of the main product has been transferred from feed line to breeding line. The market is still in the stage of transformation, and the bottleneck restricting how small and medium-sized breeding enterprises and farmers give medicine in the feeding process has not been completely broken through;
5. The appreciation rate of RMB slowed down, the stock of creditor’s rights and debts between the company and overseas subsidiaries decreased relatively due to the narrowing of the fluctuation range of exchange rate, and the rational use of private placement funds reduced the financial expenses.
The superposition of the above factors reduced the net profit attributable to the shareholders of the listed company.
During the reporting period, the sales performance of the parent company Jinhe Biotechnology Co.Ltd(002688) and its main subsidiaries showed an increasing trend. Affected by the rising prices of raw materials, coal and sea freight, the net profit of the parent company decreased significantly; The net profits of subsidiaries Jinhe environmental protection and Jinhe starch increased significantly, which is still an important support for the company’s performance; Although the net profit of the subsidiary Jinhe Youben is lower than that of the same period of last year, it has made the most contribution to the overall performance. In particular, the loss of the secondary subsidiary Hangzhou Youben in the previous year has been made up at the end of the current period, and it can go into battle with light gear after the period; The operating performance of its subsidiary famawei has improved compared with the same period of last year, mainly due to the good effect of exchanging drug numbers with another American company during the reporting period and the rapid expansion of the sales market of water-soluble products; Compared with the previous year, the performance of the subsidiary muxing Chongqing, animal medicine and animal nutrition increased and decreased. Due to its small volume, it has limited impact on the overall performance of the company.
(II) analysis of operating income
According to different business types, the composition of the company’s operating revenue during the reporting period is shown in the following table:
Unit: 10000 yuan
The gross profit margin of operating revenue and operating cost is the same as that of industry operating revenue and operating cost
Year on year increase or decrease
Veterinary chemicals 106608817080583 33.58% 14.01% 24.40% – 5.55% product
Animal biological products 2916855798659 72.62% 8.66% – 8.78% 5.24%
Add 322853280832 13.02% – 5.75% – 8.74% – 11.59% to drug feed
Shenzhen Agricultural Products Group Co.Ltd(000061) processing 51122064818652 5.74% 12.09% 16.05% – 3.22% industry
Environmental protection business 860182469479 45.42% 54.17% 63.66% – 3.17%
Others 906910821013 9.47% 39.53% 40.94% – 0.91%
Total 2077988714269218 31.33%, 14.51%, 20.45% – 3.38%
Operating revenue operating cost gross profit margin year on year
Operating revenue by product operating cost gross profit margin
Year on year increase or decrease
Veterinary chemicals 106608817080583 33.58% 14.01% 24.40% – 5.55% product
Veterinary vaccine 2916855798659 72.62% 8.66% – 8.78% 5.24%
Add 322853280832 13.02% – 5.75% – 8.74% – 11.59% to drug feed
Starch and CO production 51122064818652 5.74% 12.09% 16.05% – 3.22% products
Environmental protection service 860182469479 45.42% 54.17% 63.66% -3.17%
Others 906910821013 9.47% 39.53% 40.94% – 0.91%
Total 2077988714269218 31.33%, 14.51%, 20.45% – 3.38%
Operating revenue operating cost gross profit margin year on year
Operating revenue, operating cost and gross profit margin by Region
Year on year increase or decrease
China sales 129135099047649 29.94% 10.64% 18.35% – 4.56%
Foreign sales 78663785221569 33.62% 21.49% 24.26% – 1.48%
Total 2077988714269218 31.33%, 14.51%, 20.45% – 3.38%
Operating revenue operating cost gross profit margin year on year
Sub sales mode operating revenue operating cost gross profit margin
Year on year increase or decrease
Direct selling 1493917510294532 31.09% 6.77% 10.13% – 2.10%
Distribution 58407123974686 31.95% 40.60% 59.05% – 7.89%
Total 2077988714269218 31.33%, 14.51%, 20.45% – 3.38%
Analysis by industry. During the reporting period, the company achieved an operating revenue of 2077988700 yuan, an increase of 14.51% year-on-year, including 1066088100 yuan for veterinary chemicals, an increase of 14.01% year-on-year, accounting for 51.30% of the operating revenue; The operating income of veterinary biological products in the current period was 291685500 yuan, an increase of 8.5% year-on-year
