驱动力：优化产品结构改善毛利率，业绩大幅提升

Investment Rating - The report does not provide a specific investment rating for the company [3][19]. Core Insights - The company experienced a decline in revenue but a significant increase in net profit due to improved gross margins. The main business involves the research, production, and sales of additives that enhance animal blood production, primarily serving feed mills, farms, and distributors [3][6]. - In the first three quarters of 2024, the company achieved operating revenue of 50.88 million yuan, a year-on-year decrease of 30.14%. However, the net profit attributable to shareholders was 9.3 million yuan, reflecting a year-on-year increase of 68.94% [1][3]. - The company has adjusted its product structure to increase the proportion of high-margin products, leading to a significant rise in gross margin, which was 42.35% in the third quarter, up 14.83 percentage points year-on-year [3][6]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 50.88 million yuan, down 30.14% year-on-year, while the net profit attributable to shareholders was 9.3 million yuan, up 68.94% year-on-year [1]. - In the third quarter alone, the company achieved a revenue of 18.13 million yuan, a decrease of 15.66% year-on-year, but the net profit attributable to shareholders rose to 3.69 million yuan, an increase of 52.69% year-on-year [3][6]. Market Potential - The market for animal blood-enhancing additives is substantial, driven by modern large-scale farming practices that lead to significant anemia issues in livestock, affecting growth, reproductive functions, and overall meat quality. The company currently holds a relatively small market share, indicating room for growth as the market continues to develop [6]. Cost Management - The company maintained stable expense levels, with sales expenses at 8.45 million yuan (down 3.4% year-on-year), management expenses at 4.8 million yuan (up 2.1% year-on-year), and R&D expenses at 2.89 million yuan (down 0.76% year-on-year). Additionally, credit impairment losses improved significantly, indicating better receivables collection [16].