Zhengye Biotechnology Holding Limited Announces Fiscal Year 2024 Financial Results

Rhea-AI Summary

Zhengye Biotechnology (NASDAQ:ZYBT), a Chinese veterinary vaccine manufacturer, reported its fiscal year 2024 results showing a strategic shift in operations. Net revenues decreased 12% to RMB186.4 million (US$25.5M), while net income fell to RMB13.5 million (US$1.8M) from RMB37.5 million in 2023.

The company made significant progress in R&D, receiving two Category I New Veterinary Drug Certificates from China's Ministry of Agriculture and Rural Affairs. Zhengye completed clinical trials for cat and dog vaccines, marking its expansion into the pet vaccine market. The company also successfully completed its IPO on January 8, 2025, raising $6.9 million through the issuance of 1.725 million shares at $4.00 per share.

Strategic decisions included reducing swine vaccine sales to diversify customer base and minimize concentration risk, despite causing short-term revenue decline. The company maintained strong R&D investments and plans to expand globally following its Nasdaq listing.

Positive

• None.

Negative

• Net revenues declined 12% to RMB186.4M year-over-year
• Net income decreased 64% to RMB13.5M from RMB37.5M
• Gross profit margin dropped to 49.0% from 55.5%
• Operating expenses increased to RMB74.9M from RMB72.5M
• Earnings per share declined to RMB0.25 from RMB0.69

Insights

Veterinary Industry Analyst

Zhengye reports revenue decline and profit drop amid strategic customer diversification, while making progress in pet vaccines and securing exclusive drug approvals.

Zhengye Biotechnology's financial results reveal a challenging year with a 12.0% decrease in revenue to RMB186.4 million and a significant 64.0% drop in net income to RMB13.5 million. The company deliberately reduced swine vaccine sales, which still account for 84.7% of total revenue, to mitigate customer concentration risk. This strategic decision has caused short-term pain but aims to build a more diversified customer portfolio long-term.

The company's gross profit margin contracted from 55.5% to 49.0%, primarily due to lower sales prices while fixed costs remained unchanged. Despite financial headwinds, Zhengye maintained its R&D investment at RMB12.8 million, slightly higher than the previous year, signaling commitment to innovation as a growth driver.

Two significant developments strengthen Zhengye's competitive position: their January 2025 Nasdaq IPO raising $6.9 million and securing two Category I New Veterinary Drug Certificates from China's Ministry of Agriculture and Rural Affairs. These certificates grant up to five years of market exclusivity, creating valuable competitive barriers and potential revenue streams. The company has also completed clinical trials for cat and dog vaccines, strategically expanding into China's growing pet vaccine market.

The financial results indicate short-term sacrifice for long-term stability, with management clearly pivoting toward diversification across customers, products, and geographic markets. While the revenue and profit declines are concerning, the company maintains a positive cash flow from operations of RMB41.0 million, though this represents a decline from the previous year's RMB48.2 million.

Financial Analyst

The numbers tell a story of intentional short-term pain for potential long-term gain. Zhengye's fiscal 2024 results show revenue declining 12.0% to RMB186.4 million with net income plummeting 64.0% to RMB13.5 million compared to fiscal 2023. This dramatic profit compression stems from the company's strategic decision to reduce sales concentration in swine vaccines, which still constitute 84.7% of total revenue.

The margin story is particularly concerning. Gross margin deteriorated from 55.5% to 49.0% due to lower sales prices while fixed costs remained stable. Operating expenses increased slightly to RMB74.9 million despite the revenue decline, creating additional margin pressure. This combination of lower revenue, compressed margins, and stable expenses explains the dramatic earnings decline.

Cash flow patterns warrant attention. While operating cash flow remained positive at RMB41.0 million, it declined from RMB48.2 million in the prior year. Meanwhile, investing cash outflows more than doubled to RMB27.7 million, suggesting significant capital expenditures despite deteriorating financial performance. Cash position improved slightly to RMB18.6 million, but this precedes the January 2025 IPO proceeds of $6.9 million.

The strategic pivot appears two-pronged: diversifying the customer base to reduce concentration risk and expanding into new markets (pet vaccines and international distribution). The Category I certifications provide competitive moats with their five-year exclusivity periods. However, the pathway to restored growth and profitability remains unclear in the near term, with basic and diluted EPS dropping from RMB0.69 to RMB0.25. Investors should monitor whether the recent IPO capital infusion accelerates the company's diversification strategy and stabilizes financial performance.

JILIN, China, July 3, 2025 /PRNewswire/ -- Zhengye Biotechnology Holding Limited (Nasdaq: 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 China, today announced its financial results for the fiscal year ended December 31, 2024.

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

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 China's 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. 

Mr. Aiden Han, 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.

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."

Fiscal Year 2024 Financial Summary

• Net revenues were RMB186.4 million (US$25.5 million) in fiscal year 2024, compared to RMB211.7 million in fiscal year 2023.
• Gross profit was RMB91.3 million (US$12.5 million) in fiscal year 2024, compared to RMB117.5 million in fiscal year 2023.
• Gross profit margin was 49.0% in fiscal year 2024, compared to 55.5% in fiscal year 2023.
• Total operating expenses were RMB74.9 million (US$10.3 million) in fiscal year 2024, increased from RMB72.5 million in fiscal year 2023.
• Net income was RMB13.5 million (US$1.8 million) in fiscal year 2024, compared to RMB37.5 million in fiscal year 2023.
• Basic and diluted earnings per share were RMB0.25 (US$0.03) in fiscal year 2024, compared to RMB0.69 in fiscal year 2023.

Fiscal Year 2024 Financial Results

Net Revenues

Net revenues were RMB186.4 million (US$25.5 million) in fiscal year 2024, representing a decrease of 12.0% from RMB211.7 million 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.

		For the years ended December 31,
		2023				2024
		RMB		%		RMB			US$						%
(in thousands, except for percentages)
Revenues
Swine vaccines		188,919		89.3		157,789				21,617				84.7
Poultry vaccines		15,430		7.3		15,506				2,124				8.3
Other vaccines		7,302		3.4		13,061				1,790				7.0
Total revenues		211,651		100		186,356				25,531				100

• Revenue from sales of swine vaccines was RMB157.8 million (US$21.6 million) in fiscal year 2024, decreased from RMB188.9 million in fiscal year 2023. The decrease was a result of the control of sales to Zhengye's operating entity's largest customer.
• Revenue from sales of poultry vaccines was RMB15.5 million (US$2.1 million) in fiscal year 2024, increased from RMB15.4 million 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.
• Revenue from sales of other vaccines was RMB13.1 million (US$1.8 million) in fiscal year 2024, increased from RMB7.3 million in fiscal year 2023. The increase in sales of other vaccines was caused by the increased sales of the vaccines for sheep.

Cost of Revenues

Cost of revenues was RMB95.1 million (US$13.0 million) in fiscal year 2024, representing an increase of 1.0% from RMB94.1 million in fiscal year 2023. The increase was mainly due to the increase in the cost of poultry vaccines.

Gross Profit

Gross profit was RMB91.3 million (US$12.5 million) in fiscal year 2024, decreased from RMB117.5 million in fiscal year 2023.

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.

Operating Expenses

Total operating expenses were RMB74.9 million (US$10.3 million) in fiscal year 2024, increased from RMB72.5 million in fiscal year 2023.

• Sales and marketing expenses were RMB41.3 million (US$5.7 million) in fiscal year 2024, increased from RMB40.7 million 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.
• General and administrative expenses were RMB22.6 million (US$3.1 million) in fiscal year 2024, decreased from RMB23.6 million in fiscal year 2023. The decrease in administrative expenses is attributed to the reduction in employee compensation and decrease in depreciation and amortization.
• Research and development expenses were RMB12.8 million (US$1.8 million) in fiscal year 2024, increased from RMB11.9 million in fiscal year 2023. The increase in research and development expenses mainly resulted from an increase in material expenses.

Net Income

Net income was RMB13.5 million (US$1.8 million) in fiscal year 2024, compared to RMB37.5 million in fiscal year 2023.

Basic and Diluted Earnings per Share

Basic and diluted earnings per share were RMB0.25 (US$0.03) in fiscal year 2024, compared to RMB0.69 in fiscal year 2023.

Financial Condition

As of December 31, 2024, the Company had cash of RMB18.6 million (US$2.5 million), compared to RMB15.1 million as of December 31, 2023.

Net cash provided by operating activities was RMB41.0 million (US$5.6 million) in fiscal year 2024, compared to RMB48.2 million in fiscal year 2023.

Net cash used in investing activities was RMB27.7 million (US$3.8 million) in fiscal year 2024, compared to RMB11.8 million in fiscal year 2023.

Net cash used in financing activities was RMB22.1 million (US$3.0 million) in fiscal year 2024, compared to RMB19.0 million in fiscal year 2023.

Exchange Rate Information

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 RMB7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024.

Recent Development

On January 8, 2025, 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 $4.00 per ordinary share. On January 14, 2025, 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 $4.00 per share. The total gross proceeds received from the Offering, including proceeds from the exercise of the over-allotment option, were $6.9 million, before deducting underwriting discounts and other related expenses. The Company's ordinary shares commenced trading on the Nasdaq Capital Market on January 7, 2025, under the ticker symbol "ZYBT."

On February 25, 2025, 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 March 21, 2025, 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. 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. 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.

About Zhengye Biotechnology Holding Limited

Through Jilin Zhengye Biological Products Co., Ltd., the Company's operating entity based in Jilin, China, 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. The operating entity's products are available in 28 provincial regions across China and are exported overseas to Vietnam, Pakistan, and Egypt. 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. For more information, please visit the Company's website: http://ir.jlzybio.com.

Forward-Looking Statements

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. 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. 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.

For more information, please contact:

Zhengye Biotechnology Holding Limited 
Investor Relations Department
Email: ir@jlzybio.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

 

 

ZHENGYE BIOTECHNOLOGY HOLDING LIMITED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of RMB and US$, except for number of shares)
		As of December 31,
		2023				2024
		RMB				RMB				US$
ASSETS
Current assets:
Cash			15,073				18,604				2,549
Restricted Cash			12,113				2				—
Short-term investments			1,224				1,433				197
Notes receivable, net			23,215				25,592				3,506
Accounts receivable, net			74,166				59,563				8,160
Advance to suppliers			3,110				10,788				1,478
Inventories, net			58,300				58,220				7,977
Other receivables, net			1,302				2,626				360
Other receivable-a related party			738				738				101
Total current assets			189,241				177,566				24,328
Non-current assets:
Property, plant and equipment, net			263,248				255,164				34,957
Land use rights, net			8,187				7,930				1,087
Intangible assets, net			16,297				14,850				2,034
Long-term prepayments			6,504				18,698				2,562
Deferred IPO expenses			4,497				8,048				1,103
Net deferred tax assets			11,914				10,991				1,506
Total non-current assets			310,647				315,681				43,249
Total assets			499,888				493,247				67,577
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term loans			79,860				74,443				10,199
Current maturities of long term loans			—				7,190				985
Accounts payable			45,659				42,960				5,885
Contract liabilities			3,885				3,485				477
Taxes payable			2,295				2,066				283
Dividends payable			15,652				—				—
Amount due to related parties			—				146				20
Accrued expenses and other liabilities			2,882				5,617				769
Total current liabilities			150,233				135,907				18,618
Non-current liabilities:
Long-term loans			9,990				4,800				658
Other payables – non-current			393				—				—
Total non-current liabilities			10,383				4,800				658
Total liabilities			160,616				140,707				19,276
Commitments and contingencies
Shareholders' equity:
Ordinary shares (US$0.000025 par value; 2,000,000,000 shares authorized; 45,666,376 shares issued and outstanding as of December 31, 2023 and 2024)*			8				8				1
Additional paid-in capital			203,150				203,150				27,832
Statutory reserves			31,311				32,647				4,473
Retained earnings			38,381				48,151				6,597
Accumulated other comprehensive income			—				3				—
Total Zhengye Biotechnology Holding Limited's shareholders' equity			272,850				283,959				38,903
Noncontrolling interests			66,422				68,581				9,398
Total equity			339,272				352,540				48,301
Total liabilities and equity			499,888				493,247				67,577

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

 

 

 

ZHENGYE BIOTECHNOLOGY HOLDING LIMITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Amounts in thousands of RMB and US$, except for number of shares and per share data)
		For the years ended December 31,
		2022				2023				2024
		RMB				RMB				RMB				USD
Net revenues			260,269				211,651				186,356				25,531
Cost of revenues			(112,390)				(94,143)				(95,061)				(13,023)
Gross profit			147,879				117,508				91,295				12,508
Sales and marketing expenses			(34,565)				(40,743)				(41,269)				(5,654)
General and administrative expenses			(24,321)				(23,592)				(22,575)				(3,093)
Research and development expenses			(13,424)				(11,901)				(12,794)				(1,753)
Reversal (allowance) for credit losses			(9,735)				3,714				1,782				244
Total operating expenses			(82,045)				(72,522)				(74,856)				(10,256)
Operating income			65,834				44,986				16,439				2,252
Other income (expenses):
Other income			650				433				692				95
Other expenses			(100)				(199)				(337)				(45)
Interest income			114				312				231				32
Interest expense			(2,839)				(4,423)				(4,043)				(554)
Unrealized foreign exchange gain			—				—				679				93
Government subsidy			255				2,653				733				100
Total other expenses, net			(1,920)				(1,224)				(2,045)				(279)
Income before income taxes			63,914				43,762				14,394				1,973
Income tax expenses			(8,172)				(6,253)				(924)				(127)
Net income			55,742				37,509				13,470				1,846
Net income attributable to noncontrolling interests			(9,007)				(6,052)				(2,159)				(296)
Net income attributable to the Zhengye   Biotechnology Holding Limited's   shareholders			46,735				31,457				11,311				1,550
Comprehensive income
Net income			55,742				37,509				13,470				1,846
Other comprehensive income
Foreign currency translation adjustment			—				—				3				—
Total comprehensive income			55,742				37,509				13,473				1,846
Less: total comprehensive income attributable to   non-controlling interest			(9,007)				(6,052)				(2,159)				(296)
Total comprehensive income attributable to the   Zhengye Biotechnology Holding Limited's   shareholders			46,735				31,457				11,314				1,550
Earnings per share:
Ordinary shares – basic and diluted			1.02				0.69				0.25				0.03
Weighted average shares outstanding used in   calculating basic and diluted earnings per   share:
Ordinary shares – basic and diluted*			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.

 

 

 

ZHENGYE BIOTECHNOLOGY HOLDING LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands of RMB and US$, except for number of shares)
		For the years ended December 31,
		2022				2023				2024
		RMB				RMB				RMB				US$
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			55,742				37,509				13,470				1,846
Adjustments to reconcile net income to net cash   provided by operating activities:
Depreciation and amortization			18,800				23,912				24,163				3,310
Allowance (reversal) for credit losses			9,735				(3,714)				(1,782)				(244)
Impairment for inventory and intangible asset			968				10,026				5,962				817
Loss on disposal of property and equipment			—				187				174				24
Deferred tax expenses (benefits)			(1,311)				541				924				127
Unrealized gains on short-term investments			—				—				(209)				(29)
Unrealized foreign exchange gain			—				—				(679)				(93)
Changes in operating assets and liabilities:
Notes receivable			(22,650)				8,310				(3,752)				(514)
Accounts receivable			(24,957)				31,044				16,345				2,240
Account receivable-a related party			233				—				—				—
Inventories			(12,325)				(12,902)				(5,882)				(806)
Other receivables			(4)				(563)				(1,283)				(176)
Other receivable-a related party			—				(738)				—				—
Advance to suppliers			(713)				(619)				(7,677)				(1,052)
Accounts payable			(9,673)				(35,613)				(404)				(56)
Taxes payable			3,191				(7,702)				(229)				(31)
Accrued expense and other liabilities			207				(582)				2,698				370
Contract liabilities			317				(715)				(400)				(55)
Other payables – non-current			(225)				(197)				(393)				(54)
Net cash provided by operating activities			17,335				48,184				41,046				5,624
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of short-term investments			—				(1,224)				—				—
Purchase of property, plant and equipment			(27,328)				(7,396)				(13,587)				(1,862)
Prepayment for purchase of intangible assets			—				(4,204)				(14,186)				(1,943)
Proceeds from disposal of property, plant and   equipment			—				1,059				108				15
Net cash used in investing activities			(27,328)				(11,765)				(27,665)				(3,790)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans			99,852				79,860				90,122				12,347
Repayment of loans			(64,972)				(54,890)				(92,860)				(12,722)
Proceeds from related parties			—				—				146				20
Dividend payment to shareholders			(21,425)				(39,452)				(16,023)				(2,195)
Deferred IPO expenses			—				(4,497)				(3,514)				(481)
Net cash provided by (used in) financing activities			13,455				(18,979)				(22,129)				(3,031)
Net increase (decrease) in cash and restricted cash			3,462				17,440				(8,748)				(1,197)
Effect of exchange rate changes on cash			—				—				168				22
Cash and restricted cash at beginning of year			6,284				9,746				27,186				3,724
Cash and restricted cash at end of year			9,746				27,186				18,606				2,549
SUPPLEMENTAL DISCLOSURE OF CASH   FLOW INFORMATION:
Cash paid for:
Interest			2,839				4,423				3,985				546
Income taxes			8,481				10,486				116				16
NON-CASH INVESTING AND FINANCING   ACTIVITIES:
Liabilities assumed in connection with purchase of   property, plant and equipment			11,379				2,345				8,633				1,183

 

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SOURCE Zhengye Biotechnology Holding Limited

FAQ

What were ZYBT's key financial results for fiscal year 2024?

ZYBT reported net revenues of RMB186.4M (US$25.5M), down 12% YoY, with net income of RMB13.5M (US$1.8M), compared to RMB37.5M in 2023. Gross profit margin decreased to 49.0% from 55.5%.

How much did Zhengye Biotechnology raise in its IPO and when?

Zhengye completed its IPO on January 8, 2025, raising $6.9 million by selling 1.725 million shares at $4.00 per share, including the full exercise of the over-allotment option.

What new drug approvals did ZYBT receive in 2025?

ZYBT received two Category I New Veterinary Drug Certificates: one for Live Vaccine for Mycoplasma bovis (Strain HB150) and another for a Pentavalent Inactivated Vaccine for poultry diseases, providing up to 5-year market exclusivity.

Why did ZYBT's revenue decline in fiscal year 2024?

The revenue decline was primarily due to a strategic decision to reduce swine vaccine sales to diversify the customer base and reduce concentration risk from largest customers.

What are ZYBT's strategic growth initiatives for the future?

ZYBT is focusing on expanding into the pet vaccine market, maintaining R&D investments, and pursuing global market expansion following its Nasdaq listing to become a world-leading veterinary vaccine manufacturer.