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- DaBomb Protein Biotech Corp. 115th Annual General Meeting was successfully completed.
DaBomb Protein Biotech Corp. 115th Annual General Meeting was successfully completed.
Thank you to all the shareholders and partners of DaBomb Protein Biotech Corp. for their long-term support, care, encouragement and guidance:
The 115th Annual General Meeting of Shareholders, which marked the first time the current management team communicated with all shareholders and partners, has successfully concluded.
I would like to share some good news with you all. Thanks to the concerted efforts of the management team and all colleagues, the company has turned a profit in the first quarter of this year, reversing the losses of the previous three consecutive quarters. In April, revenue even reached a peak in the past 12 months.
I. What have we done in the past 114 years?
Organize ineffective assets
The subsidiary in Zhangzhou, Fujian, faced with severe economic involution in China and was unable to dispose of its assets under appropriate conditions. Therefore, in accordance with international accounting standards, it made additional depreciation provisions for 26 months (August 112 to September 114). After being idle for more than two years, the entire production line equipment no longer had any usability or future prospects. After careful evaluation by a third-party asset appraisal company, in order to accurately reflect the asset value of the subsidiary, an asset impairment loss was recognized.
Repairing old equipment
The company's existing peptide protein production equipment is over 20 years old. After taking stock of all production capacity, the company carried out a comprehensive overhaul of the factory production line to improve production efficiency, thereby starting the first engine of momentum and leading the company back to a virtuous cycle of operation. The comprehensive overhaul has now been completed.
II. What should we do in the next 115 years?
Investing in new product development and international market expansion
We continue to invest precisely in R&D, guided by industry needs, to develop new technologies and products, constantly launching new products and using technology marketing and collaboration with distributors to develop more new markets. Our second driving force comes from our CDMO (Contract Manufacturing Organization) business. In terms of process development, we have passed all the reviews of international brand clients, and since 2016, we have entered into a stable and growing deep cooperation.
Preparing for the construction of a new factory
Driven by these two growth engines, the company is bound to see a steady increase in customer demand. With its current limited production capacity, the company can only improve its profitability by expanding sales of product lines with higher gross margins. However, the development of new products requires new production lines, and with the growth in demand from CDMO (Contract Manufacturing Organization) customers, we need to build new production lines to provide greater capacity. Therefore, the company is actively preparing for the construction of new factories on two plots of land in the Tainan Industrial Park.
We would also like to extend our sincerest gratitude to every partner at DaBomb Protein Biotech Corp. Thanks to the concerted efforts of all colleagues and the management team, we were able to simultaneously launch DaBomb Protein Biotech Corp. 's two growth engines within two quarters, leading the company back to a healthy operating track and moving towards a more stable and better future.
We urge all shareholders and partners to continue to pay attention to the company's publicly available information, and we respectfully request all investors to provide more and stronger support.
