JILIN, China

中国吉林

,

，

July 3, 2025

2025年7月3日

/PRNewswire/ -- Zhengye Biotechnology Holding Limited (Nasdaq:

/PRNewswire/ -- 正业生物技术控股有限公司（纳斯达克：

ZYBT

ZYBT

) (the 'Company' or 'Zhengye'), a veterinary vaccine manufacturer that encompasses research, development, manufacturing, and sales of veterinary vaccines, with a focus on livestock vaccines in

）（“公司”或“正业”），一家涵盖兽用疫苗研发、生产、销售的兽用疫苗制造商，专注于牲畜疫苗领域。

China

中国

, today announced its financial results for the fiscal year ended

，今天公布了其财政年度结束的财务结果

December 31, 2024

2024年12月31日

.

。

Mr.

先生

Songlin Song

宋松林

, co-chief executive officer of Zhengye, remarked, 'Fiscal year 2024 was a transformational year for us, marked by strategic decisions and tough yet necessary shifts, as we navigated significant market adjustments and proactively diversified our customer base in pursuit of long-term growth. Amid global uncertainties and challenging domestic market conditions, we made the deliberate decision to reduce sales of swine vaccines, primarily to mitigate concentration risk from our largest customers.

郑业的联席首席执行官表示：“2024财年对我们来说是转型的一年，这一年我们做出了战略性决策，并进行了艰难但必要的调整。在应对重大市场调整的同时，我们积极多元化客户群，以追求长期增长。在全球不确定性及国内市场的挑战性环境下，我们有意决定减少猪疫苗的销售，主要是为了降低来自最大客户的集中风险。”

We believe this will lead to a healthier and more balanced customer portfolio to better support our strategic diversification..

我们相信，这将带来更健康、更平衡的客户组合，从而更好地支持我们的战略多元化。

Meanwhile, we have maintained our research and development ('R&D') investments, recognizing that innovation is key to sustainable and long-term growth, even amid current headwinds. Over the past year, we made progress in expanding into

与此同时，我们持续保持了对研发的投资，因为我们认识到创新是实现可持续和长期增长的关键，即使当前面临挑战。在过去的一年中，我们在拓展

China's

中国的

fast-growing pet vaccine market, having completed clinical trials for two vaccines targeting cats and dogs. We see this as a high-potential segment and expect it to become a key focus moving forward. Additionally, we were honored to receive two Category I New Veterinary Drug Certificates from the Ministry of Agriculture and Rural Affairs for two vaccines jointly developed by us and other institutions, which is a strong testament to our R&D capabilities. .

快速增长的宠物疫苗市场，已经完成了针对猫和狗的两种疫苗的临床试验。我们认为这是一个高潜力的领域，并预计将成为未来的关键重点。此外，我们很荣幸从农业农村部获得了两个一类新兽药证书，这是对我们研发能力的有力证明。这些疫苗是由我们与其他机构共同开发的。

Mr.

先生

Aiden Han

艾丹·韩

, co-chief executive officer of Zhengye, added, 'With our successful Nasdaq listing, global market expansion has become a central component of our long-term vision to become a world-leading, trusted manufacturer of veterinary vaccines. Exploring international sales opportunities and expanding our global distribution network will be a strategic priority in the years ahead..

正业联席首席执行官补充说：“随着我们在纳斯达克的成功上市，全球市场扩展已经成为我们成为世界领先、值得信赖的兽用疫苗制造商的长期愿景中的核心部分。探索国际销售机会并扩大我们的全球分销网络将是未来几年的战略重点。”

Though these transitional measures may bring noticeable short-term effects, we believe the long-term benefits will be enduring and substantial. We are building a more resilient and adaptable foundation to support our growth ambitions. Our unwavering commitment to developing safe and innovative products and consistently delivering high quality will continue to be the cornerstone of long-term value creation for our stakeholders.'.

尽管这些过渡性措施可能会带来显著的短期效果，但我们相信其长期效益将更加持久且可观。我们正在构建一个更具韧性和适应性的基础，以支持我们的增长目标。我们始终致力于开发安全且创新的产品，并持续提供高品质的产品，这将继续成为为利益相关者创造长期价值的基石。

Fiscal Year 2024 Financial Summary

2024财政年度财务摘要

Net revenues were

净收入为

RMB186.4 million

1亿8640万元人民币

(

(

US$25.5 million

2550万美元

) in fiscal year 2024, compared to

) 在2024财政年度，相比

RMB211.7 million

人民币2.117亿元

in fiscal year 2023.

2023财政年度。

Gross profit was

毛利润为

RMB91.3 million

人民币9130万元

(

(

US$12.5 million

1250万美元

) in fiscal year 2024, compared to

) 在2024财政年度，相比

RMB117.5 million

人民币1.175亿元

in fiscal year 2023.

2023财政年度。

Gross profit margin was 49.0% in fiscal year 2024, compared to 55.5% in fiscal year 2023.

2024财年的毛利率为49.0%，而2023财年为55.5%。

Total operating expenses were

营业费用总计为

RMB74.9 million

人民币7490万元

(

(

US$10.3 million

1030万美元

) in fiscal year 2024, increased from

) 在2024财政年度，从以下数据增加：

RMB72.5 million

7250万元人民币

in fiscal year 2023.

2023财政年度。

Net income was

净收入为

RMB13.5 million

人民币1350万元

(

(

US$1.8 million

180万美元

) in fiscal year 2024, compared to

) 在2024财政年度，相比

RMB37.5 million

3750万元人民币

in fiscal year 2023.

2023财政年度。

Basic and diluted earnings per share were

基本和稀释每股收益为

RMB0.25

人民币0.25元

(US$0.03)

（0.03美元）

in fiscal year 2024, compared to

在2024财政年度，相比

RMB0.69

人民币0.69元

in fiscal year 2023.

2023财政年度。

Fiscal Year 2024 Financial Results

财政年度2024财务结果

Net Revenues

净收入

Net revenues were

净收入为

RMB186.4 million

人民币1亿8640万元

(

(

US$25.5 million

2550万美元

) in fiscal year 2024, representing a decrease of 12.0% from

) 在2024财政年度，较之前减少12.0%

RMB211.7 million

2.117亿元人民币

in fiscal year 2023. The decrease was primarily due to the veterinary vaccine market adjustments and the reduced sales of swine vaccines following the Company's strategic realignment of sales practices aimed at diversifying the customer base and reducing concentration risk.

在2023财年，减少的主要原因是兽用疫苗市场调整，以及公司为实现客户群多元化和降低集中风险而进行销售实践战略调整后，猪疫苗销售的减少。

For the years ended December 31,

截至12月31日的年度

2023

2023

2024

2024

RMB

人民币

%

%

RMB

人民币

US$

美元

%

%

(in thousands, except for percentages)

（单位：千，百分比除外）

Revenues

收入

Swine vaccines

猪疫苗

188,919

188,919

89.3

89.3

157,789

157,789

21,617

21,617

84.7

84.7

Poultry vaccines

禽类疫苗

15,430

15,430

7.3

7.3

15,506

15,506

2,124

2,124

8.3

8.3

Other vaccines

其他疫苗

7,302

7,302

3.4

3.4

13,061

13,061

1,790

1,790

7.0

7.0

Total revenues

总收入

211,651

211,651

100

100

186,356

186,356

25,531

25,531

100

100

Revenue from sales of swine vaccines was

猪疫苗销售产生的收入为

RMB157.8 million

人民币1.578亿元

(

(

US$21.6 million

2160万美元

) in fiscal year 2024, decreased from

) 在2024财政年度，从

RMB188.9 million

人民币1.889亿元

in fiscal year 2023. The decrease was a result of the control of sales to Zhengye's operating entity's largest customer.

2023财年。减少的原因是对正业经营实体的最大客户销售的控制。

Revenue from sales of poultry vaccines was

来自家禽疫苗销售的收入

RMB15.5 million

人民币1550万元

(

(

US$2.1 million

210万美元

) in fiscal year 2024, increased from

）在2024财政年度，从

RMB15.4 million

人民币1540万元

in fiscal year 2023. There was no significant change in revenue from sales of poultry vaccines and the difference was caused by normal demand fluctuation.

2023财年。家禽疫苗销售的收入没有显著变化，差异是由正常的需求波动引起的。

Revenue from sales of other vaccines was

其他疫苗的销售收入为

RMB13.1 million

人民币1310万元

(

(

US$1.8 million

180万美元

) in fiscal year 2024, increased from

) 在2024财政年度，从以下数据增加：

RMB7.3 million

人民币730万元

in fiscal year 2023. The increase in sales of other vaccines was caused by the increased sales of the vaccines for sheep.

在2023财年，其他疫苗销售的增长是由绵羊疫苗销售增加引起的。

Cost of Revenues

收入成本

Cost of revenues was

收入成本为

RMB95.1 million

人民币9510万元

(

(

US$13.0 million

1300万美元

) in fiscal year 2024, representing an increase of 1.0% from

）在2024财政年度，增长了1.0％。

RMB94.1 million

人民币9410万元

in fiscal year 2023. The increase was mainly due to the increase in the cost of poultry vaccines.

在2023财政年度，增长主要是由于禽类疫苗成本的上升。

Gross Profit

毛利润

Gross profit was

毛利润为

RMB91.3 million

人民币9130万元

(

(

US$12.5 million

1250万美元

) in fiscal year 2024, decreased from

) 在2024财政年度，从

RMB117.5 million

人民币1.175亿元

in fiscal year 2023.

2023财政年度。

Gross profit margin was 49.0% in fiscal year 2024, decreased from 55.5% in fiscal year 2023. The decrease was mainly due to the lower sales price and unchanged fixed cost.

2024财年的毛利率为49.0%，低于2023财年的55.5%。下降的主要原因是销售价格降低以及固定成本保持不变。

Operating

操作

E

E

xpenses

支出

Total operating expenses were

营业费用总计为

RMB74.9 million

人民币7490万元

(

(

US$10.3 million

1030万美元

) in fiscal year 2024, increased from

) 在2024财政年度，从以下数据增加：

RMB72.5 million

人民币7250万元

in fiscal year 2023.

2023财政年度。

Sales and marketing expenses were

销售和营销费用为

RMB41.3 million

4130万元人民币

(

(

US$5.7 million

570万美元

) in fiscal year 2024, increased from

) 在2024财政年度，从

RMB40.7 million

4070万元人民币

in fiscal year 2023. The increase in sales and marketing expenses mainly resulted from an increase in payroll for sales staffs, marketing promotion expenses and entertainment, partially offset by a decrease in travel expenses and advertising expenses.

在2023财年，销售和营销费用的增加主要源于销售人员工资、市场推广费用及娱乐开支的增加，部分被差旅费用和广告费用的减少所抵消。

General and administrative expenses were

一般和行政费用

RMB22.6 million

人民币2260万元

(

(

US$3.1 million

310万美元

) in fiscal year 2024, decreased from

) 在2024财政年度，从

RMB23.6 million

人民币2360万元

in fiscal year 2023. The decrease in administrative expenses is attributed to the reduction in employee compensation and decrease in depreciation and amortization.

在2023财年，管理费用的减少归因于员工薪酬的降低以及折旧和摊销的减少。

Research and development expenses were

研发费用为

RMB12.8 million

人民币1280万元

(

(

US$1.8 million

180万美元

) in fiscal year 2024, increased from

) 在2024财政年度，从以下数据增加：

RMB11.9 million

人民币1190万元

in fiscal year 2023. The increase in research and development expenses mainly resulted from an increase in material expenses.

在2023财年。研发费用的增加主要源于材料费用的增加。

Net Income

净利润

Net income was

净利润为

RMB13.5 million

人民币1350万元

(

(

US$1.8 million

180万美元

) in fiscal year 2024, compared to

) 在2024财政年度，相比

RMB37.5 million

人民币3750万元

in fiscal year 2023.

2023财政年度。

Basic and Diluted Earnings per Share

基本和稀释每股收益

Basic and diluted earnings per share were RMB0.25

基本和稀释每股收益为人民币0.25元

(US$0.03)

（0.03美元）

in fiscal year 2024, compared to

在2024财年，相比

RMB0

人民币0元

.69 in fiscal year 2023.

2023财政年度为0.69。

Financial Condition

财务状况

As of

截至

December 31, 2024

2024年12月31日

, the Company had cash of

公司拥有现金

RMB18

人民币18元

.6 million (

60万 (

US$2

2美元

.5 million), compared to

50万)，相比之下

RMB15

人民币15元

.1 million as of

截至 100 万。

December 31, 2023

2023年12月31日

.

。

Net cash provided by operating activities was RMB41.0 million (

经营活动提供的净现金为人民币4100万元 (

US$5.6 million

560万美元

) in fiscal year 2024, compared to

) 在2024财政年度，相比

RMB48

人民币48元

.2 million in fiscal year 2023.

2023财政年度达200万。

Net cash used in investing activities was

投资活动使用的净现金为

RMB27

人民币27元

.7 million (

70万 (

US$3.8 million

380万美元

) in fiscal year 2024, compared to

) 在2024财政年度，相比

RMB11

人民币11元

.8 million in fiscal year 2023.

2023财政年度达800万。

Net cash used in financing activities was

用于融资活动的净现金为

RMB22.1 million

人民币2210万元

(

(

US$3.0 million

300万美元

) in fiscal year 2024, compared to

) 在2024财政年度，相比

RMB19

人民币19元

.0 million in fiscal year 2023.

2023财年为0百万。

Exchange Rate Information

汇率信息

This announcement contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi ('RMB') into U.S. dollars ('US$') were made at

本公告包含某些外币金额折算为美元的翻译，以方便读者。除非另有说明，所有人民币（“RMB”）兑换美元（“US$”）的换算均按以下汇率进行。

RMB7.2993

人民币7.2993元

to

至

US$1.00

1.00美元

, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on

，联邦储备委员会H.10统计发布中规定的汇率

December 31, 2024

2024年12月31日

.

。

Recent Development

近期发展

On

开

January 8, 2025

2025年1月8日

, the Company closed its initial public offering (the 'Offering'). We issued and sold an aggregate of 1,500,000 ordinary shares at a public offering price of

公司完成了其首次公开募股（“发行”）。我们共计发行并出售了1,500,000股普通股，公开发行价格为

$4.00

4.00美元

per ordinary share. On

每股普通股。在

January 14, 2025

2025年1月14日

, Kingswood Capital Partners, LLC, as the representative of the underwriters of the Offering, exercised their over-allotment option in full to purchase an additional 225,000 ordinary shares at the public offering price of

，Kingswood Capital Partners, LLC作为本次发行的承销商代表，全额行使了他们的超额配售选择权，以公开发行价格购买了额外的225,000股普通股。

$4.00

4.00美元

per share. The total gross proceeds received from the Offering, including proceeds from the exercise of the over-allotment option, were

每股。此次发行的总毛收入，包括行使超额配售选择权所得的收入，为

$6.9 million

690万美元

, before deducting underwriting discounts and other related expenses. The Company's ordinary shares commenced trading on the Nasdaq Capital Market on

，在扣除承销折扣和其他相关费用之前。公司普通股开始在纳斯达克资本市场交易于

January 7, 2025

2025年1月7日

, under the ticker symbol 'ZYBT.'

，股票代码为‘ZYBT。’

On

在

February 25, 2025

2025年2月25日

, the Ministry of Agriculture and Rural Affairs ('the Ministry') approved the Live Vaccine for Mycoplasma bovis (Strain HB150) (2025 No.11) as a Category I New Veterinary Drug, which was jointly developed by the Company, Huazhong Agricultural University and other institutions. On

农业农村部批准了公司与华中农业大学等单位联合研制的牛支原体活疫苗（HB150株）（2025年第11号）为一类新兽药。

March 21, 2025

2025年3月21日

, the Ministry announced the approval (2025 No.18) of another Category I New Veterinary Drug — a Pentavalent Inactivated Vaccine for poultry diseases including Newcastle Disease, Infectious Bronchitis, Avian Influenza (H9), Infectious Bursal Disease, and Avian Adenovirus (Group I, Serotype 4), which was jointly developed by the Company, Pulike Biological Engineering, Inc.

，农业农村部批准（2025年第18号）了另一项一类新兽药——由公司与普莱柯生物工程股份有限公司共同研发的禽病五联灭活疫苗，包括新城疫、传染性支气管炎、禽流感（H9亚型）、传染性法氏囊病以及禽腺病毒（I群，4型）。

and other institutions. Both of these veterinary vaccines have obtained the national Category I Veterinary Drug Registration Certificate ('Category I Certificate'), marking a major breakthrough for the Company in the field of animal vaccine R&D. Category I Certificates are granted to biological products that demonstrate significant innovation and are being developed for the first time, either domestically or internationally, without prior market entry.

和其他机构。这两种兽用疫苗均已获得国家一类兽药注册证书（“一类证书”），标志着该公司在动物疫苗研发领域取得了重大突破。一类证书授予那些具有显著创新性，并且是国内或国际上首次开发、之前未上市的生物制品。

Compared to Category II and III New Veterinary Drugs, Category I New Veterinary Drugs enjoy the longest monitoring period of up to five years. During this period, no other companies, except for the original applicants, are permitted to produce or import the drugs. This exclusivity creates a strong technological entry barrier and is expected to generate substantial economic returns while enhancing the Company's industry influence..

与二类、三类新兽药相比，一类新兽药的监测期最长，可达五年。在此期间，除原申请人外，任何其他公司不得生产或进口该药物。这种独占性创造了一个强大的技术准入壁垒，有望带来可观的经济回报，同时提升公司的行业影响力。

About Zhengye Biotechnology Holding Limited

关于正业生物技术控股有限公司

Through Jilin Zhengye Biological Products Co., Ltd., the Company's operating entity based in

通过吉林正业生物制品有限公司，该公司在中国的经营实体，

Jilin, China

中国吉林

, Zhengye Biotechnology Holding Limited focuses on the research, development, manufacturing and sales of veterinary vaccines, with an emphasis on vaccines for livestock. For over 20 years, the operating entity has been committed to enhancing the health of animals. The operating entity has 46 veterinary vaccines, including vaccines for swine, cattle, goats, sheep, poultry, and dogs.

正业生物技术控股有限公司专注于兽用疫苗的研发、生产与销售，尤其侧重于家畜疫苗。二十多年来，该运营实体一直致力于提升动物健康。该公司拥有46种兽用疫苗，包括猪、牛、山羊、绵羊、家禽和狗的疫苗。

The operating entity's products are available in 28 provincial regions across .

该运营实体的产品在 28 个省区有售。

China

中国

and are exported overseas to

并且出口到海外

Vietnam

越南

,

，

Pakistan

巴基斯坦

, and

，以及

Egypt

埃及

. The operating entity has three GMP veterinary vaccine production floors, including 13 GMP vaccine production lines, one quality examination center, and one animal facility for vaccine development. The operating entity has 49 employees who have over a decade of experience in the veterinary vaccine industry.

运营实体拥有三个GMP兽用疫苗生产车间，包括13条GMP疫苗生产线、一个质量检验中心和一个用于疫苗研发的动物设施。运营实体拥有49名在兽用疫苗行业有十年以上经验的员工。

For more information, please visit the Company's website: .

如需更多信息，请访问公司网站：。

http://ir.jlzybio.com

http://ir.jlzybio.com

.

。

Forward-Looking Statements

前瞻性声明

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs.

本公告中的某些陈述为前瞻性陈述。这些前瞻性陈述涉及已知和未知的风险与不确定性，基于公司对其认为可能影响其财务状况、经营成果、业务战略和财务需求的未来事件的当前预期和预测。

Investors can find many (but not all) of these statements by the use of words such as 'approximates,' 'believes,' 'hopes,' 'expects,' 'anticipates,' 'estimates,' 'projects,' 'intends,' 'plans,' 'will,' 'would,' 'should,' 'could,' 'may' or other similar expressions in this announcement. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

投资者可以通过使用诸如“近似”、“相信”、“希望”、“预期”、“预计”、“估计”、“预测”、“打算”、“计划”、“将”、“会”、“应该”、“可能”、“或许”等词语或类似表达，在本公告中找到许多（但并非全部）此类声明。公司不承担更新或公开修订任何前瞻性声明的义务，以反映随后发生的事件或情况，或其预期的变更，除非法律另有要求。

Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC..

尽管公司认为这些前瞻性陈述中表达的预期是合理的，但无法向您保证这些预期将会实现，公司提醒投资者，实际结果可能与预期结果有重大差异，并鼓励投资者查阅可能影响公司在SEC注册声明及其他文件中披露的未来结果的其他因素。

For more information, please contact:

如需更多信息，请联系：

Zhengye Biotechnology Holding Limited

正业生物科技控股有限公司

Investor Relations Department

投资者关系部

Email:

电子邮件：

ir@jlzybio.com

ir@jlzybio.com

Ascent Investor Relations LLC

上升投资者关系有限责任公司

Tina Xiao

肖婷娜

Phone: +1-646-932-7242

电话：+1-646-932-7242

Email:

电子邮件：

investors@ascent-ir.com

投资者@ascension-ir.com

ZHENGYE BIOTECHNOLOGY HOLDING LIMITED

正业生物科技控股有限公司

CONSOLIDATED BALANCE SHEETS

合并资产负债表

(Amounts in thousands of RMB and US$, except for number of shares)

金额单位：千元人民币和美元，股份数除外

As of December 31,

截至12月31日，

2023

2023

2024

2024

RMB

人民币

RMB

人民币

US$

美元

ASSETS

资产

Current assets:

当前资产：

Cash

现金

15,073

15,073

18,604

18,604

2,549

2,549

Restricted Cash

受限现金

12,113

12,113

2

2

—

—

Short-term investments

短期投资

1,224

1,224

1,433

1,433

197

197

Notes receivable, net

应收票据，净额

23,215

23,215

25,592

25,592

3,506

3,506

Accounts receivable, net

应收账款，净额

74,166

74,166

59,563

59,563

8,160

8,160

Advance to suppliers

供应商预付款

3,110

3,110

10,788

10,788

1,478

1,478

Inventories, net

库存净额

58,300

58,300

58,220

58,220

7,977

7,977

Other receivables, net

其他应收款，净值

1,302

1,302

2,626

2626

360

360

Other receivable-a related party

其他应收款——关联方

738

738

738

738

101

一百零一

Total current assets

总资产

189,241

189,241

177,566

177,566

24,328

24,328

Non-current assets:

非流动资产：

Property, plant and equipment, net

物业、厂房及设备，净值

263,248

263,248

255,164

255,164

34,957

34,957

Land use rights, net

土地使用权，净值

8,187

8,187

7,930

7,930

1,087

1,087

Intangible assets, net

无形资产，净值

16,297

16,297

14,850

14,850

2,034

2,034

Long-term prepayments

长期预付款

6,504

6,504

18,698

18,698

2,562

2,562

Deferred IPO expenses

递延IPO费用

4,497

4,497

8,048

8,048

1,103

1,103

Net deferred tax assets

净递延税项资产

11,914

11,914

10,991

10,991

1,506

1,506

Total non-current assets

总非流动资产

310,647

310,647

315,681

315,681

43,249

43,249

Total assets

总资产

499,888

499,888

493,247

493,247

67,577

67,577

LIABILITIES AND SHAREHOLDERS' EQUITY

负债和股东权益

Current liabilities:

流动负债：

Short-term loans

短期贷款

79,860

79,860

74,443

74,443

10,199

10,199

Current maturities of long term loans

长期贷款的当前到期部分

—

—

7,190

7,190

985

985

Accounts payable

应付账款

45,659

45,659

42,960

42,960

5,885

5,885

Contract liabilities

合同负债

3,885

3,885

3,485

3,485

477

477

Taxes payable

应交税金

2,295

2,295

2,066

2,066

283

283

Dividends payable

应付股利

15,652

15,652

—

—

—

—

Amount due to related parties

应付关联方款项

—

—

146

146

20

20

Accrued expenses and other liabilities

应计费用和其他负债

2,882

2,882

5,617

5,617

769

769

Total current liabilities

流动负债总计

150,233

150,233

135,907

135,907

18,618

18,618

Non-current liabilities:

非流动负债：

Long-term loans

长期贷款

9,990

9,990

4,800

4800

658

658

Other payables – non-current

其他应付款 - 非流动负债

393

393

—

—

—

—

Total non-current liabilities

总非流动负债

10,383

10,383

4,800

4800

658

658

Total liabilities

总负债

160,616

160,616

140,707

140,707

19,276

19,276

Commitments and contingencies

承诺与或有事项

Shareholders' equity:

股东权益：

Ordinary shares (US$0.000025 par value; 2,000,000,000 shares

普通股（面值0.000025美元；2,000,000,000股）

authorized; 45,666,376 shares issued and outstanding as of

授权；截至当日已发行流通股数为45,666,376股

December 31, 2023 and 2024)*

2023年12月31日和2024年

8

8

8

8

1

1

Additional paid-in capital

额外实收资本

203,150

203,150

203,150

203,150

27,832

27,832

Statutory reserves

法定准备金

31,311

31,311

32,647

32,647

4,473

4,473

Retained earnings

留存收益

38,381

38,381

48,151

48,151

6,597

6,597

Accumulated other comprehensive income

累计其他综合收益

—

—

3

3

—

—

Total Zhengye Biotechnology Holding Limited's shareholders'

正业生物技术控股有限公司全体股东的

equity

公平性

272,850

272,850

283,959

283,959

38,903

38,903

Noncontrolling interests

少数股东权益

66,422

66,422

68,581

68,581

9,398

9,398

Total equity

总资产

339,272

339,272

352,540

352,540

48,301

48,301

Total liabilities and equity

总资产和权益

499,888

499,888

493,247

493,247

67,577

67,577

*

*

Retroactively adjusted for effect of a 4-for-1 forward split on June 6, 2024.

追溯调整以反映2024年6月6日的1拆4前向拆分的影响。

ZHENGYE BIOTECHNOLOGY HOLDING LIMITED

正业生物技术控股有限公司

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

合并利润表和综合收益表

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

金额单位：千元人民币和美元，股数和每股数据除外

For the years ended December 31,

截至12月31日的年度

2022

2022

2023

2023

2024

2024

RMB

人民币

RMB

人民币

RMB

人民币

USD

美元

Net revenues

净收入

260,269

260,269

211,651

211,651

186,356

186,356

25,531

25,531

Cost of revenues

收入成本

(112,390)

(112,390)

(94,143)

(94,143)

(95,061)

（95,061）

(13,023)

（13,023）

Gross profit

毛利润

147,879

147,879

117,508

十一万七千五百零八

91,295

91,295

12,508

12,508

Sales and marketing expenses

销售和营销费用

(34,565)

(34,565)

(40,743)

(40,743)

(41,269)

（41,269）

(5,654)

(5,654)

General and administrative expenses

一般和行政费用

(24,321)

(24,321)

(23,592)

(23,592)

(22,575)

（22,575）

(3,093)

(3,093)

Research and development expenses

研发费用

(13,424)

(13,424)

(11,901)

（11,901）

(12,794)

（12,794）

(1,753)

(1,753)

Reversal (allowance) for credit losses

信用损失的转回（准备金）

(9,735)

（9,735）

3,714

3,714

1,782

1,782

244

244

Total operating expenses

总运营费用

(82,045)

（82,045）

(72,522)

(72,522)

(74,856)

(74,856)

(10,256)

(10,256)

Operating income

营业利润

65,834

65,834

44,986

44,986

16,439

16,439

2,252

2,252

Other income (expenses):

其他收入（支出）：

Other income

其他收入

650

650

433

433

692

692

95

95

Other expenses

其他费用

(100)

（100）

(199)

(199)

(337)

(337)

(45)

(45)

Interest income

利息收入

114

114

312

312

231

231

32

32

Interest expense

利息支出

(2,839)

(2,839)

(4,423)

(4,423)

(4,043)

(4,043)

(554)

(554)

Unrealized foreign exchange gain

未实现的外汇收益

—

—

—

—

679

679

93

93

Government subsidy

政府补贴

255

255

2,653

2,653

733

733

100

100

Total other expenses, net

总其他费用，净值

(1,920)

(1,920)

(1,224)

(1,224)

(2,045)

(2,045)

(279)

(279)

Income before income taxes

税前收入

63,914

63,914

43,762

43,762

14,394

14,394

1,973

1,973

Income tax expenses

所得税费用

(8,172)

(8,172)

(6,253)

(6,253)

(924)

(924)

(127)

(127)

Net income

净利润

55,742

55,742

37,509

37,509

13,470

13,470

1,846

1,846

Net income attributable to noncontrolling interests

归属于非控制性权益的净收入

(9,007)

(9,007)

(6,052)

（6,052）

(2,159)

(2,159)

(296)

(296)

Net income attributable to the Zhengye

归属于正业的净利润

Biotechnology Holding Limited's

生物技术控股有限公司

shareholders

股东

46,735

46,735

31,457

31,457

11,311

11,311

1,550

1550

Comprehensive income

综合收益

Net income

净利润

55,742

55,742

37,509

37,509

13,470

13,470

1,846

1,846

Other comprehensive income

其他综合收益

Foreign currency translation adjustment

外币折算调整

—

—

—

—

3

3

—

—

Total comprehensive income

综合收益总额

55,742

55,742

37,509

37,509

13,473

13,473

1,846

1,846

Less: total comprehensive income attributable to

减：归属于...的总综合收益

non-controlling interest

非控制性权益

(9,007)

(9,007)

(6,052)

（6,052）

(2,159)

(2,159)

(296)

(296)

Total comprehensive income attributable to the

归属于全面收益总额

Zhengye Biotechnology Holding Limited's

正业生物技术控股有限公司的

shareholders

股东们

46,735

46,735

31,457

31,457

11,314

11,314

1,550

1550

Earnings per share:

每股收益：

Ordinary shares – basic and diluted

普通股——基本和稀释

1.02

1.02

0.69

0.69

0.25

0.25

0.03

0.03

Weighted average shares outstanding used in

用于计算加权平均流通股数量的

calculating basic and diluted earnings per

计算基本和稀释每股收益

share:

分享：

Ordinary shares – basic and diluted*

普通股——基本和稀释*

45,666,376

45,666,376

45,666,376

45,666,376

45,666,376

45,666,376

45,666,376

45,666,376

*

*

Retroactively adjusted for effect of a 4-for-1 forward split on June 6, 2024.

追溯调整以反映2024年6月6日的1拆4前向分割的影响。

ZHENGYE BIOTECHNOLOGY HOLDING LIMITED

正业生物技术控股有限公司

CONSOLIDATED STATEMENTS OF CASH FLOWS

合并现金流量表

(Amounts in thousands of RMB and US$, except for number of shares)

（金额单位为人民币和美元的千元，股数除外）

For the years ended December 31,

截至12月31日的年度

2022

2022

2023

2023

2024

2024

RMB

人民币

RMB

人民币

RMB

人民币

US$

美元符号

CASH FLOWS FROM OPERATING ACTIVITIES

经营活动产生的现金流量

Net income

净利润

55,742

55,742

37,509

37,509

13,470

13,470

1,846

1,846

Adjustments to reconcile net income to net cash

调整以将净收入与净现金流相协调

provided by operating activities:

经营活动提供：

Depreciation and amortization

折旧和摊销

18,800

18,800

23,912

23,912

24,163

24,163

3,310

3,310

Allowance (reversal) for credit losses

信用损失的准备金（冲回）

9,735

9,735

(3,714)

(3,714)

(1,782)

(1,782)

(244)

(244)

Impairment for inventory and intangible asset

存货和无形资产减值

968

968

10,026

10,026

5,962

5,962

817

817

Loss on disposal of property and equipment

处置财产和设备的损失

—

—

187

187

174

174

24

24

Deferred tax expenses (benefits)

递延税项费用（收益）

(1,311)

(1,311)

541

541

924

924

127

127

Unrealized gains on short-term investments

未实现的短期投资收益

—

—

—

—

(209)

(209)

(29)

(29)

Unrealized foreign exchange gain

未实现的外汇收益

—

—

—

—

(679)

(679)

(93)

(93)

Changes in operating assets and liabilities:

经营性资产和负债的变动：

Notes receivable

应收票据

(22,650)

（22,650）

8,310

8,310

(3,752)

(3,752)

(514)

(514)

Accounts receivable

应收账款

(24,957)

（24,957）

31,044

31,044

16,345

16,345

2,240

2,240

Account receivable-a related party

应收账款——关联方

233

233

—

—

—

—

—

—

Inventories

库存

(12,325)

（12,325）

(12,902)

（12,902）

(5,882)

(5,882)

(806)

(806)

Other receivables

其他应收款

(4)

(4)

(563)

(563)

(1,283)

(1,283)

(176)

(176)

Other receivable-a related party

其他应收款——关联方

—

—

(738)

(738)

—

—

—

—

Advance to suppliers

供应商预付款

(713)

(713)

(619)

(619)

(7,677)

（7,677）

(1,052)

(1,052)

Accounts payable

应付账款

(9,673)

（9,673）

(35,613)

(35,613)

(404)

(404)

(56)

(56)

Taxes payable

应交税金

3,191

3,191

(7,702)

（7,702）

(229)

(229)

(31)

(31)

Accrued expense and other liabilities

应计费用和其他负债

207

207

(582)

(582)

2,698

2698

370

370

Contract liabilities

合同负债

317

317

(715)

(715)

(400)

（400）

(55)

(55)

Other payables – non-current

其他应付款 - 非流动

(225)

(225)

(197)

(197)

(393)

(393)

(54)

(54)

Net cash provided by operating activities

经营活动提供的净现金

17,335

17,335

48,184

48,184

41,046

41,046

5,624

5,624

CASH FLOWS FROM INVESTING ACTIVITIES

投资活动产生的现金流量

Purchase of short-term investments

短期投资的购买

—

—

(1,224)

(1,224)

—

—

—

—

Purchase of property, plant and equipment

购买物业、厂房及设备

(27,328)

（27,328）

(7,396)

(7,396)

(13,587)

(13,587)

(1,862)

（1,862）

Prepayment for purchase of intangible assets

预付无形资产购置款

—

—

(4,204)

(4,204)

(14,186)

(14,186)

(1,943)

(1,943)

Proceeds from disposal of property, plant and

处置财产、厂房和设备的收益

equipment

设备

—

—

1,059

1,059

108

108

15

15

Net cash used in investing activities

投资活动使用的净现金

(27,328)

（27,328）

(11,765)

(11,765)

(27,665)

（27,665）

(3,790)

(3,790)

CASH FLOWS FROM FINANCING ACTIVITIES

筹资活动产生的现金流量

Proceeds from loans

贷款收益

99,852

99,852

79,860

79,860

90,122

90,122

12,347

12,347

Repayment of loans

贷款偿还

(64,972)

(64,972)

(54,890)

（54,890）

(92,860)

（92,860）

(12,722)

（12,722）

Proceeds from related parties

来自相关方的收益

—

—

—

—

146

146

20

20

Dividend payment to shareholders

股东分红派息

(21,425)

（21,425）

(39,452)

(39,452)

(16,023)

（16,023）

(2,195)

(2,195)

Deferred IPO expenses

递延IPO费用

—

—

(4,497)

(4,497)

(3,514)

(3,514)

(481)

(481)

Net cash provided by (used in) financing activities

融资活动提供的（用于）净现金

13,455

13,455

(18,979)

（18,979）

(22,129)

(22,129)

(3,031)

(3,031)

Net increase (decrease) in cash and restricted cash

现金及受限现金的净增加（减少）

3,462

3,462

17,440

17,440

(8,748)

(8,748)

(1,197)

(1,197)

Effect of exchange rate changes on cash

汇率变动对现金的影响

—

—

—

—

168

168

22

22

Cash and restricted cash at beginning of year

年初的现金及受限现金

6,284

6,284

9,746

9,746

27,186

27,186

3,724

3,724

Cash and restricted cash at end of year

年末的现金及受限现金

9,746

9,746

27,186

27,186

18,606

18,606

2,549

2,549

SUPPLEMENTAL DISCLOSURE OF CASH

现金补充披露

FLOW INFORMATION:

流信息：

Cash paid for:

支付的现金用于：

Interest

利息

2,839

2,839

4,423

4,423

3,985

3,985

546

546

Income taxes

所得税

8,481

8,481

10,486

10,486

116

116

16

16

NON-CASH INVESTING AND FINANCING

非现金投资和融资

ACTIVITIES:

活动：

Liabilities assumed in connection with purchase of

与购买相关的债务承担

property, plant and equipment

财产、厂房和设备

11,379

11,379

2,345

2,345

8,633

8,633

1,183

1,183

SOURCE Zhengye Biotechnology Holding Limited

来源：正业生物技术控股有限公司

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