大商所：生猪集团库中粮肉食投资有限公司的分库中粮家佳康（吉林）有限公司标准仓单最大量由1200 吨扩大至3600吨，日发货速度由80吨扩大至240吨，指定车板交割场所中粮家佳康（吉林）有限公司车 板每日最大可交割数量由80吨扩大至240吨。上述事项自即日起生效。 相关链接 ...

【环球网财经综合报道】5月9日，港股上市公司中粮家佳康（1610.HK）发布了2025年4月运营快报， 披露公司当月生猪出货量为47.2万头，今年前4个月累计生猪出货量为193.4万头、较2024年同期105.6万 头的出货量同比增长了超80%。 二级市场方面，截至5月9日收盘，中粮家佳康股价年内累计小幅上涨6.47%。 来源：环球网 值得关注的是，家佳康亚麻籽猪肉产品的研发旨在促进国人亚麻酸的摄入，同时通过独特的饲养和肉质 结构也成就了美味品质，近日更获得ITI国际美味奖章，成为中国冷鲜猪肉品牌首次获得此奖项的案 例。 与此同时，国元证券国际还提到公司通过分众式、体验式、线上式等不同形式的品牌传播活动和多渠道 营销，持续扩大家佳康品牌影响力；在渠道方面，继续深化与盒马、山姆、胖东来、大润发等头部新零 售渠道和商超的合作，同时全面进驻美团小象、京东、朴朴等全国头部生鲜电商平台，实现量利齐增。 | | | | | | | 流及幅(5) | | --- | --- | --- | --- | --- | --- | --- | | 親系住慶 | 1610 HK | | 6.781 | 14.7 | NA | 05 ...

2024 年度報告 中糧家佳康食品有限公司 COFCO Joycome Foods Limited ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 01610 目錄 | 公司資料 | 2 | | --- | --- | | 中糧家佳康二零二四年大事記 | 3 | | 財務摘要 | 7 | | 主席致辭 | 8 | | 管理層討論與分析 | 10 | | 董事及高級管理層履歷 | 22 | | 企業管治報告 | 26 | | 董事會報告 | 40 | | 獨立核數師報告 | 52 | | 綜合損益及其他全面收益表 | 55 | | 綜合財務狀況表 | 57 | | 綜合權益變動表 | 59 | | 綜合現金流量表 | 61 | | 綜合財務報表附註 | 63 | | 財務概要 | 151 | | 投資者日誌 | 152 | | 釋義 | 153 | 公司資料 公司法定名稱 中糧家佳康食品有限公司 上市地點及股份代號 在聯交所主板上市 股份代號：1610 公司網站 www.cofcojoycome.com 董事 董事會主席兼執行董事 高翔博士 執行董事 張楠博士 非執行董事 陳志剛先生 王國新先生 獨立非執行 ...

中粮家佳康此前发布的2024年度业绩显示，该公司期内实现收益163.26亿元(人民币，下同)，同比减少 5.29%；股东应占溢利5.38亿元，上年同期股东应占亏损959.7万元，同比扭亏为盈。中金指，公司业绩 符合市场预期，盈利增长因生猪养殖完全成本大幅改善。生猪养殖方面强抓经营管理，回归成长轨道。 成本方面，推进种群替换、场区对标、育种工作、达产满产、激励政策等，成本压降趋势有望延续;出 栏量方面，24年末公司种猪存栏34.5万头，较22/23年末提升4.5%/45.6%，在建产能154万头，该行判断 有望支撑25年出栏量超500万头。 消息面上，4月2日美国宣布对中国输美商品征收34%"对等关税"，本轮加征关税后，中国输美商品累计 税率达54%。4月4日，中国在3月加征关税基础上对美关税同步加码，自4月10日起对原产于美国的所有 进口商品加征34%关税。开源证券指出，中美互加关税升级，利多国内农产品整体价格，对猪价的影响 涉及原料成本抬升、进口猪肉及其他肉类替代，多维度利多猪价，不应因猪肉单项自美国进口占比低而 被忽视。国内供需看，2025年猪价中枢有支撑且逐步进入阶段性上行期；外围看，关税驱动饲料原料价 ...

Financial Performance - The company reported a total operating revenue of RMB 16.33 billion for the year ending December 31, 2024, a decrease of 5.3% compared to RMB 17.24 billion in 2023[2]. - The company's net profit attributable to shareholders was RMB 2.59 billion, down from RMB 5.38 billion in the previous year, reflecting a significant decline[5]. - The basic earnings per share decreased to RMB 0.0566 from RMB 0.1175 in the previous year[2]. - Total revenue for the year ending December 31, 2024, is projected to be RMB 16,326,201 thousand, with contributions from various segments including live pig farming (RMB 3,231,292 thousand) and feed sales (RMB 5,758,906 thousand)[23]. - For the fiscal year ending December 31, 2024, total revenue from external customers reached RMB 16,326,201 thousand, a decrease from RMB 17,237,951 thousand in 2023, representing a decline of approximately 5.3%[33]. - The total segment profit for the fiscal year 2024 was RMB 497,530 thousand, compared to RMB 269,266 thousand in 2023, indicating an increase of approximately 84.8%[33]. - The company reported a pre-tax profit of RMB 609,757 thousand for 2024, a significant recovery from a pre-tax loss of RMB 832 thousand in 2023[33]. - The total income tax expense for the year ended December 31, 2024, was RMB 55,495,000, compared to RMB 33,794,000 in 2023, reflecting an increase of 64%[44]. Sales and Production - The number of live pigs sold decreased by 31.5% year-on-year to 3,560 thousand heads, primarily due to herd rotation and the closure of inefficient factories[5]. - The average selling price of commodity pigs increased by 13.6% to RMB 16.53 per kilogram, compared to RMB 14.55 per kilogram in the previous year[2]. - The sales volume of fresh pork increased by 7.1% to 262 thousand tons, while the sales volume of branded packaged pork rose by 9.8% to 42,317 thousand boxes[2]. - The total segment revenue for the pig farming segment was RMB 6,370,286 thousand in 2024, down from RMB 7,312,910 thousand in 2023, a decrease of approximately 12.9%[33]. - The feed segment generated revenue of RMB 5,758,906 thousand in 2024, while the fresh pork segment reported a revenue of RMB 4,795,181 thousand, reflecting a decrease of 1.3% and an increase of 15.8% respectively compared to 2023[33]. - The company achieved a revenue of RMB 2.59 billion in the pig farming segment, representing a year-on-year growth of 137.4%[64]. - The fresh pork segment saw a 9.8% increase in sales volume of branded packaged pork, with the sales of the upgraded "no antibiotic" flaxseed pork rising over 70% year-on-year[64]. Assets and Liabilities - Non-current assets increased to RMB 14,043,794,000 in 2024 from RMB 11,946,609,000 in 2023, representing a growth of approximately 17.5%[9]. - Current assets decreased to RMB 6,313,027,000 in 2024 from RMB 6,848,029,000 in 2023, a decline of about 7.8%[9]. - Total liabilities rose to RMB 10,763,517,000 in 2024, up from RMB 8,130,276,000 in 2023, indicating an increase of approximately 32.3%[12]. - The company reported a net asset value of RMB 9,593,304,000 in 2024, down from RMB 10,664,362,000 in 2023, reflecting a decrease of about 10.1%[12]. - The company’s current liabilities net exceeded current assets by RMB 2,128,591,000 in 2024, compared to RMB 551,164,000 in 2023, indicating a worsening liquidity position[12]. - The company’s total equity decreased to RMB 9,593,304,000 in 2024 from RMB 10,664,362,000 in 2023, a decline of about 10.1%[12]. Cash Flow and Financing - The company’s cash and bank balances decreased significantly to RMB 1,063,987,000 in 2024 from RMB 2,063,915,000 in 2023, a drop of about 48.6%[9]. - The company incurred financing costs of RMB 123,727 thousand in 2024, compared to RMB 142,933 thousand in 2023, showing a reduction of about 13.4%[33]. - The financing cost for 2024 was RMB 124 million, a decrease of RMB 19 million from RMB 143 million in 2023, attributed to improved cash turnover[83]. - The company’s liquidity ratio (current ratio) decreased to 0.75 in 2024 from 0.93 in 2023[90]. - The company’s net debt to equity ratio increased to 52.8% in 2024 from 28.5% in 2023[95]. - The company’s total interest-bearing bank borrowings were approximately RMB 4.231 billion as of December 31, 2024, down from RMB 4.496 billion in 2023[93]. Strategic Initiatives - The company is focusing on the "flaxseed pork" core product and expanding its marketing efforts to enhance brand influence[5]. - The company completed a strategic acquisition of COFCO Jiahua Industrial Co., enhancing its feed processing capacity and optimizing its business structure[54]. - The company is expanding its pig farming capacity with new projects in Jilin, including a 330,000-head facility that has commenced operations[55]. - The company is focusing on smart farming initiatives in 2024, including the installation of digital equipment and the establishment of a smart farming operation platform to enhance efficiency and reduce costs[67]. - The company has strengthened its brand influence through multi-channel marketing strategies, achieving significant progress in retail and e-commerce partnerships[75]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with the code throughout the fiscal year ending December 31, 2024[110]. - The roles of the Chairman and CEO are now separated, with Dr. Gao Xiang serving as Chairman and Dr. Zhang Nan appointed as CEO from April 15, 2024, ensuring compliance with governance code C.2.1[111]. - The company did not purchase, sell, or redeem any listed securities during the fiscal year ending December 31, 2024[113]. - The board has resolved not to declare a final dividend for the fiscal year ending December 31, 2024[115]. Risk Management - The company faces significant price risks due to fluctuations in procurement and sales prices, particularly in the pork business, which affects profitability[103]. - The company has implemented various measures to mitigate epidemic risks, including the establishment of biosecurity control procedures and emergency response plans[104]. - The company has developed a comprehensive food safety management system to prevent risks associated with food safety and ensure compliance with safety standards[105].

Interim Report 2024 中期報告 COFCO Joycome Foods Limited 中糧家佳康食品有限公司中期報告 Interim Report 2024 中糧家佳康食品有限公司 COFCO Joycome Foods Limited (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) Stock Code 股份代號 : 01610 CONTENTS 目 錄 CORPORATE INFORMATION 公司資料 2 | --- | --- | |-------------------------------------------------------------------|--------------------------| | | | | | | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論與分析 | | CORPORATE GOVERNANCE HIGHLIGHTS AND OTHER INFORMATION | 企業管治摘要及 ...

Financial Performance - The company reported a revenue of RMB 4.57 billion for the six months ended June 30, 2024, a decrease of 21.4% compared to RMB 5.82 billion in the same period last year[2]. - The company incurred a loss attributable to shareholders of RMB 386.57 million, compared to a profit of RMB 251.45 million in the same period last year[2]. - The basic loss per share was RMB (0.0844), compared to a profit of RMB 0.0549 per share in the previous year[2]. - The company reported a net loss before fair value adjustment of biological assets was RMB 389 million, compared to a net profit of RMB 168 million in the same period of 2023[52]. - The company incurred a pre-tax loss of RMB 487,592,000 for the six months ended June 30, 2024, compared to a profit of RMB 171,001,000 for the same period in 2023[16][17]. - The company’s EBITDA before fair value adjustment of biological assets was RMB 103 million, down from RMB 677 million in the same period of 2023[54]. Sales and Revenue Breakdown - The company’s livestock sales generated RMB 1,226,591 thousand, while fresh pork sales contributed RMB 2,063,075 thousand, and meat products sales accounted for RMB 376,803 thousand[13]. - The pig farming segment reported a revenue of RMB 2,663,310,000, while the fresh pork segment generated RMB 2,097,176,000, indicating a significant contribution to total revenue[17]. - Fresh pork sales volume slightly decreased by 2.2% year-on-year to 120 thousand tons[2]. - The average selling price of commodity pigs increased by 4.6% year-on-year to RMB 15.28 per kilogram[2]. Assets and Liabilities - As of June 30, 2024, total non-current assets amounted to RMB 11,588,104 thousand, an increase of 4.3% from RMB 11,109,373 thousand as of December 31, 2023[7]. - Current assets totaled RMB 5,450,974 thousand, up from RMB 5,120,959 thousand, reflecting a growth of 6.4%[7]. - The company reported a net asset value of RMB 9,490,591 thousand, compared to RMB 9,246,183 thousand, indicating an increase of 2.6%[8]. - The company’s bank borrowings decreased significantly from RMB 3,990,977 thousand to RMB 2,107,020 thousand, a reduction of 47.3%[8]. - The current liabilities net amount improved from RMB (1,135,422) thousand to RMB (563,597) thousand, indicating a positive shift in liquidity[8]. Dividends and Shareholder Returns - The company has decided not to declare an interim dividend for the six months ended June 30, 2024[3]. - The company reported no interim dividends for the six months ended June 30, 2024, consistent with the previous year[28]. - The board has resolved not to declare an interim dividend for the six months ending June 30, 2024, consistent with the previous period[69]. Market and Industry Trends - In the first half of 2024, the national pig output was 364 million heads, a year-on-year decrease of 3.1%, while pork production was 29.81 million tons, down 1.7%[41]. - By the end of June 2024, the national breeding sow inventory was 40.38 million heads, an 8% reduction from the peak of 43.90 million heads in 2022[41]. - The average selling price of live pigs in major cities was 18.00 RMB/kg at the end of June 2024, an increase of 22.4% compared to the end of 2023[41]. Operational Efficiency and Cost Management - The company reduced its sales and distribution expenses and administrative expenses to RMB 380 million, down from RMB 409 million in the same period of 2023[50]. - Total sales costs decreased to RMB 4,627,571 thousand in 2024 from RMB 5,215,241 thousand in 2023, reflecting a reduction of approximately 11.3%[26]. - The company has implemented various risk management strategies to mitigate price, epidemic, food safety, and production safety risks[64][65][66][67]. Investments and Future Plans - The company plans to further expand pig breeding capacity, focusing on modern breeding bases in Jilin and other provinces[37]. - The company aims to accelerate the expansion of its core business while enhancing the quality of its layout by integrating intelligent breeding technologies into new projects[68]. - Capital expenditure for the first half of 2024 was RMB 523 million, an increase of 25% compared to RMB 419 million in the same period of 2023[59]. Governance and Compliance - The company has adopted corporate governance principles and is committed to maintaining high standards of governance to ensure operational integrity and investor trust[69]. - The interim financial results for the six months ending June 30, 2024, have been reviewed and deemed compliant with applicable accounting standards[72].

Pig Production and Breeding - COFCO Joycome's annual pig production exceeded 1.5 million heads in 2023[12] - The company expanded its self-breeding and fattening farms by 110,400 heads each, adding a total capacity of 110,400 heads[13] - Hog production volume increased by 26.7% YoY to 5,200 thousand heads in 2023[15] - The company's live pig production in 2023 was 5.2 million heads, a year-on-year increase of 26.7%[29] - The company established a complete breeding system with the successful introduction of breeding pigs at its Chifeng facility[11] - The company's genomic breeding platform was officially launched in March 2023, accelerating the optimization of breeding stock performance[30] - The company's gene breeding platform significantly improved the accuracy of breeding values for key traits[5] Brand Exposure and Marketing - COFCO Joycome's brand exposure exceeded 120 million during the 2023 Beijing Marathon sponsorship[9] - The company's marketing campaign for the "Healthy Dumpling Competition" reached over 3.215 million exposures[14] - COFCO Joycome's brand exposure during the 2023 Beijing Half Marathon sponsorship exceeded 40 million, with over 10,000 new self-media followers[6] - The company's short video campaign for the "Food and Health China" program achieved 1.765 million views and 733,000 interactions on Douyin[11] - The company strengthened its brand influence through sports marketing, sponsoring events like the 2023 Beijing Half Marathon and organizing community activities[34] Financial Performance - Revenue decreased by 10.3% YoY to RMB 11.57 billion in 2023[17] - Profit before biological asset fair value adjustment increased by RMB 336 million YoY to RMB 16 million in 2023[17] - The company's attributable profit before biological asset fair value adjustment was RMB 51 million in 2023[17] - Basic earnings per share before biological asset fair value adjustment was RMB 0.0115 in 2023[16] - The company's gross profit margin in 2023 was 4.5%, an increase of 0.8 percentage points year-on-year, primarily due to cost reduction and efficiency improvement, as well as the use of futures and spot combination strategies to hedge against unfavorable market conditions[35] - The company's operating income in 2023 was RMB 11.568 billion, a decrease of 10.3% compared to RMB 12.901 billion in 2022, mainly due to declining domestic prices affecting the pig farming and fresh pork business, as well as reduced import volumes and falling beef prices[35] - The company's net profit in 2023 was RMB 16 million, compared to a net loss of RMB 320 million in 2022[35] - The company's sales and distribution expenses, as well as administrative expenses, totaled RMB 861 million in 2023, an increase of 29.6% compared to RMB 664 million in 2022[35] - The company's financing costs in 2023 were RMB 132 million, a decrease of RMB 45 million compared to RMB 177 million in 2022, mainly due to accelerated cash turnover and reduced loan balances[35] - The company's other income, gains, and losses totaled RMB 476 million in 2023, an increase of RMB 310 million compared to 2022, primarily due to a foreign exchange gain of RMB 130 million[35] - The company's return on equity (ROE) in 2023 was -2.0%, compared to 4.2% in 2022[37] - The company's net debt-to-equity ratio in 2023 was 37.6%, a significant improvement from 73.3% in 2022[37] - The company's EBITDA interest coverage ratio in 2023 was 4.45x, compared to 6.79x in 2022[37] - The company's current ratio in 2023 was 0.82, slightly improved from 0.80 in 2022[37] - The company's cash and bank balances as of December 31, 2023, were approximately RMB 1.169 billion, remaining stable compared to RMB 1.040 billion at the end of 2022[41] - The company's EBITDA (before biological asset fair value adjustment) for 2023 was RMB 1.035 billion, compared to RMB 786 million in 2022[41] - The company's net debt as of December 31, 2023, was RMB 3.477 billion, with a net debt-to-equity ratio of 37.6%, down from 73.3% at the end of 2022[43] - The company's capital expenditures for 2023 were RMB 983 million, primarily used for the construction of pig farms in Inner Mongolia, Jilin, and Henan provinces[46] - The fair value of the company's biological assets as of December 31, 2023, was RMB 2.202 billion, down from RMB 3.063 billion at the end of 2022[48] - The company's operating cash flow for 2023 was RMB 2.025 billion, compared to an outflow of RMB 6.13 million in 2022[41] - The company's investment cash outflow for 2023 was RMB 742 million, including RMB 969 million for property, plant, and equipment[41] - The company's financing cash outflow for 2023 was RMB 1.184 billion, compared to an inflow of RMB 944 million in 2022[41] - The company's interest-bearing bank borrowings as of December 31, 2023, were RMB 4.041 billion, down from RMB 5.998 billion at the end of 2022[42] - The company's capital commitments as of December 31, 2023, were RMB 346 million, down from RMB 525 million at the end of 2022[47] - Total number of employees decreased to 9,707 in 2023 from 9,980 in 2022[49] - Total employee compensation increased to RMB 1.423 billion in 2023 from RMB 1.079 billion in 2022[49] Industry and Market Trends - National live pig production in 2023 reached 727 million heads, a year-on-year increase of 3.8%, with pork production at 57.94 million tons, up 4.6% year-on-year[25] - The average live pig price in 2023 was RMB 15.24/kg, a year-on-year decrease of 19.4%, leading to significant industry losses[25] - China's pork imports (excluding by-products) in 2023 decreased by 11.7% year-on-year to 1.55 million tons, while beef imports increased by 1.8% to 2.74 million tons[27] Product Development and Sales - Fresh pork sales volume grew by 6.1% YoY to 245 thousand tons in 2023[15] - Fresh pork sales volume in 2023 increased by 6.1% year-on-year to 245,000 tons, with flaxseed pork sales surging 47.0%[28] - The company expanded its product categories, launching ready-to-cook items like handmade sausages, dumplings, and meatballs, enhancing product convenience[32] - The company's northern and southern markets saw improved supply chain efficiency, with small-packaged product sales growing rapidly in the southern region[33] Risk Management and Internal Controls - The company faces significant risks from diseases such as African swine fever, which can lead to reduced pig production and increased operational costs[50] - The company has implemented various disease prevention and control measures, including the establishment of an African swine fever prevention team[51] - The company is exposed to price volatility risks in key commodities such as corn, soybean meal, and pork, which can impact profitability[51] - The company has established comprehensive food safety management systems to mitigate risks related to food safety[52] - The company has developed safety production management systems to prevent accidents and ensure operational continuity[53] - The company has implemented environmental protection measures to prevent pollution and ensure compliance with environmental regulations[54] - The company's risk management and internal control system was reviewed by the Board and deemed effective and sufficient[78] - The Board ensures the maintenance of a suitable and effective risk management and internal control system, and sets the level of risk the company is willing to take to achieve strategic goals[79] - The Audit Committee is responsible for reviewing the company's risk management and internal control systems, ensuring coordination between internal and external auditors, and monitoring the effectiveness of the internal audit function[80] - The company conducted a comprehensive risk assessment covering all business and functional departments, identifying the top five major risks for 2023: disease risk, price risk, food safety risk, production safety risk, and environmental risk[83] - The company implemented 22 internal audit projects in 2023, covering all major aspects of its operations and management, with no significant omissions[83] - The company's internal control and risk management systems were reviewed twice annually by the board, with the latest review confirming their effectiveness and adequacy as of December 31, 2023[83] - The company adopted a whistleblowing policy to encourage confidential reporting of any suspected violations or misconduct, with regular reviews of the policy[84] Corporate Governance and Board Structure - The company's board consists of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors[56] - Gao Xiang, aged 52, was appointed as an executive director and chairman of the board on March 7, 2024, with over 30 years of experience at COFCO Group[56] - Zhang Nan, aged 43, was appointed as an executive director and general manager on April 15, 2024, with extensive experience in strategic investment, technological innovation, and fresh pork business[56] - Shi Bo, aged 57, was appointed as a non-executive director on March 28, 2023, with a background in finance and accounting, holding a master's degree in economics and an EMBA[57] - Fu Tingmei, aged 57, was appointed as an independent non-executive director on May 23, 2016, with extensive experience in investment, finance, and legal affairs[57] - Li Hengjian, aged 60, was appointed as an independent non-executive director on May 23, 2016, with over 30 years of experience in financial and accounting affairs, fundraising, mergers and acquisitions, and international business development[57] - The company's Board of Directors and management are committed to maintaining high standards of corporate governance, which is crucial for ensuring operational integrity and investor trust[60] - The company has adopted the principles and code provisions of the Corporate Governance Code, with a minor deviation from code provision C.2.1 regarding the separation of Chairman and CEO roles[60] - Jiang Guojin served as both Chairman and General Manager from June 10, 2022, to March 7, 2024, to strengthen leadership and decision-making efficiency[60] - Dr. Gao Xiang succeeded Jiang Guojin as Chairman of the Board starting March 7, 2024[60] - Dr. Zhang Nan was appointed as the company's General Manager effective April 15, 2024[60] - The Board currently consists of two executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balanced structure of power and authority[60] - Li Lei, the company's Chief Financial Officer, has extensive experience in financial management and the food and agriculture industries[59] - Li Fangfang, the company's Deputy General Manager, oversees centralized raw material procurement and futures hedging, with a strong background in management consulting and human resources[59] - Ju Jiandong, an independent non-executive director, brings expertise in international trade, finance, and industrial organization, with a distinguished academic and professional background[58] - Li Zhengfang, the company's Deputy General Manager, manages international meat trade and meat product operations, with extensive experience in meat procurement and trade[58] - The Board of Directors includes three independent non-executive directors, accounting for more than one-third of the board members[63] - Dr. Zhang Nan was appointed as the company's General Manager effective April 15, 2024[63] - Dr. Gao Xiang was appointed as the Chairman of the Board effective March 7, 2024[63] - The company has implemented mechanisms to ensure the independence of the Board and the availability of independent opinions[63] - The company's Board of Directors is responsible for setting strategic goals, annual budgets, and business plans, and overseeing management performance[62] - The company adheres to the "Green Mountains and Clear Waters are Gold and Silver Mountains" philosophy, investing in environmental protection and sustainable development[62] - The company's Board of Directors holds regular meetings at least four times a year, approximately once every quarter[65] - The Audit Committee held 3 meetings in the year ended December 31, 2023, with the participation of executive directors, senior management, and external auditors[71] - The Audit Committee reviewed the Group's financial statements, annual report, and interim results for the year ended December 31, 2022, and the six months ended June 30, 2023[71] - The Audit Committee discussed the scope and results of the external auditors' audit and review work[71] - The Audit Committee reviewed the external auditors' management letter and management's response[71] - The Audit Committee evaluated the independence, objectivity, and effectiveness of the external auditors' audit procedures[71] - The Audit Committee reviewed the company's financial controls, internal controls, and risk management systems[71] - The Audit Committee discussed audit, internal control, risk management, and financial reporting matters before recommending approval to the Board[71] - The Audit Committee reviewed the company's arrangements for confidential reporting of concerns regarding financial reporting, internal controls, or other potential misconduct[71] - The Audit Committee reviewed the remuneration of the external auditors and recommended its approval to the Board[71] - The company's board of directors currently consists of 7 members, with 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors, ensuring a high level of independence[72] - The board has achieved gender equality by appointing a female director in April 2024, meeting the gender diversity target[72] - The gender ratio of employees (including senior management) as of December 31, 2023, was 69% male and 31% female, reflecting a balanced gender diversity[73] - The nomination committee held 1 meeting in the year ending December 31, 2023, and recommended the appointment of Mr. Shi Bo as a non-executive director[72] - The company has adopted a board diversity policy and achieved all measurable targets related to independence, skills, and experience by the end of 2023[72] - The nomination committee will annually discuss and agree on measurable targets for board diversity and recommend them to the board for adoption[73] - The company ensures that director recruitment and selection follow a structured process to attract candidates from diverse backgrounds[73] - The nomination committee reviews the board's structure, size, and composition annually and makes recommendations for changes to align with the company's strategy[73] - The company is committed to maintaining gender diversity among employees and will continue to implement measures to enhance it[73] - The nomination committee's procedures for selecting and recommending directors meet or exceed the requirements of the Hong Kong Stock Exchange[74] - The Remuneration Committee consists of three members, including non-executive director Shi Bo and two independent non-executive directors, Li Hengjian and Ju Jiandong, with Li Hengjian serving as the chairman[75] - In 2023, the Remuneration Committee held one meeting and completed tasks such as evaluating the performance of directors and senior management, and reviewing and approving their remuneration[75] - The remuneration for senior management in 2023 ranged from RMB 1,000,001 to 1,500,000 for 3 individuals and RMB 1,500,001 to 2,000,000 for 2 individuals[76] - The Food Safety Committee, chaired by Dr. Gao Xiang, held one meeting in 2023 to review food quality and safety control measures and plan for the next phase[77] Environmental and Sustainability Initiatives - The company's biogas and wastewater treatment technology reduced nitrogen and phosphorus content in biogas slurry, improving land utilization efficiency[31] - The company has established a comprehensive biogas fermentation and harmless treatment system, promoting resource utilization of breeding waste and green agriculture development[62] - The company adheres to the "Green Mountains and Clear Waters are Gold and Silver Mountains" philosophy, investing in environmental protection and sustainable development[62] Shareholder and Investor Relations - The company's total issued shares as of December 31, 2023, were 4,581,998,323 shares, following the issuance of 680,000,000 new shares to COFCO Hong Kong on March 24, 2023[91] - The company did not declare a final dividend for the year ended December 31, 2023, as per the board's resolution[91] - The company's dividend policy stipulates that dividends will be declared and distributed when the total amount is expected to reach 20% to 70% of the net profit before fair value adjustment of biological assets, provided it does not affect normal operations or major investment plans[91] - Audit services fees amounted to RMB 1,420 thousand, while non-audit services fees were RMB 715 thousand for the year[88] - The company maintains high standards of financial statement disclosure and utilizes its website to enhance communication with shareholders and the public[87] - The company has adopted a shareholder communication policy to ensure clear, timely, and effective communication with shareholders and investors[89] - The company's major business activities include investment holding, feed production, pig farming, slaughtering, fresh pork and meat product production, distribution, and sales, as well as meat product import and distribution[91] - The company's financial risk management objectives and policies are detailed in Note 46 of the consolidated financial statements[91] - The company's performance for the year ended December 31, 2023, is detailed in the consolidated income statement and other comprehensive income on pages 56 to 57 of the annual report[91] - The company's articles of association were amended on June 15, 2023, following a special resolution passed at the annual general meeting[90] - The company's distributable reserves as of December 31, 2023, amounted to RMB 1.541 billion[92] - Charitable donations for 2023 totaled RMB 10.25 million[92] - The company issued 680 million ordinary shares at a subscription price of HKD 2.30 per share, raising net proceeds of approximately HKD 1.551 billion (RMB 1.353 billion)[95] - 70% of the net proceeds (RMB 947 million) were used to expand production capacity and strengthen the distribution of fresh pork brands[96] -

4月18日，中粮家佳康洮南新建66.24万头绿色健康生猪养殖项目正式开工。 该项目为洮南一期建设项目，投资20.14亿元，建成投产后将有效带动当地种植、仓储、加工、包 装、物流等上下游产业共同发展，成为拉动地方经济增长、财政增收的重要增长极。项目的正式落地既 是贯彻东北振兴战略的务实举措，更是加快农业农村现代化进程的生动实践，标志着政企合作再上新台 阶。 ...

Financial Performance - The company reported a total operating revenue of RMB 11.57 billion for the year ended December 31, 2023, a decrease of 10.3% compared to RMB 12.90 billion in 2022[3]. - The net profit attributable to the company's owners was RMB 51.14 million, a significant improvement from a loss of RMB 135.68 million in the previous year[2]. - The company reported a net loss attributable to owners of RMB 135,679 thousand for the year ended December 31, 2023, compared to a profit of RMB 356,674 thousand in 2022, representing a significant decline[6]. - Total comprehensive expenses for the year amounted to RMB 368,982 thousand, compared to total comprehensive income of RMB 227,532 thousand in the previous year[6]. - The company reported a pre-tax loss of RMB 177,454,000, after adjusting for fair value changes in biological assets and agricultural products[21]. - The company recorded a pre-fair value adjustment profit of RMB 0.16 billion, compared to a loss of RMB 0.32 billion in the same period of 2022[55][60]. - The company reported a pre-tax profit of RMB 477,100 thousand for the year ended December 31, 2023, compared to a pre-tax loss of RMB 3,408,976 thousand in the previous year[24]. - The total financing costs for the year were RMB 132,236 thousand, down from RMB 176,855 thousand in 2022, indicating a reduction of approximately 25.2%[34]. - The company's income tax expense for the year ended December 31, 2023, was RMB 6,443 thousand, a significant decrease from RMB 120,166 thousand in 2022[36]. Revenue Breakdown - Total revenue for the year ended December 31, 2023, was RMB 11,568,322,000, with significant contributions from live pig farming (RMB 4,443,555,000) and fresh pork sales (RMB 4,141,252,000)[13]. - The revenue from the live pig farming segment was RMB 7,312,910,000, while the fresh pork segment generated RMB 4,210,481,000[23]. - Customer contract revenue amounted to RMB 14,763,837,000, after accounting for inter-segment eliminations of RMB 3,195,515,000[14]. - The total segment revenue for the year was RMB 16,309,660 thousand, with a segment profit of RMB 54,175 thousand[24]. Asset and Liability Management - The company's non-current assets increased to RMB 11,109,373 thousand in 2023 from RMB 11,010,594 thousand in 2022, reflecting a growth of approximately 0.9%[7]. - Current assets decreased significantly from RMB 7,383,774 thousand in 2022 to RMB 5,120,959 thousand in 2023, a decline of about 30.6%[7]. - The company's total liabilities decreased from RMB 9,266,042 thousand in 2022 to RMB 6,256,381 thousand in 2023, a reduction of approximately 32.4%[8]. - The company's equity attributable to owners increased to RMB 9,132,352 thousand in 2023 from RMB 8,113,545 thousand in 2022, representing a growth of approximately 12.5%[8]. - The company's current ratio as of December 31, 2023, was 0.82, slightly up from 0.80 in 2022[64]. - The company had unused bank financing of RMB 12.22 billion as of December 31, 2023[64]. - The total interest-bearing bank borrowings as of December 31, 2023, were approximately RMB 4.041 billion, down from RMB 5.998 billion in 2022[67]. Operational Highlights - The number of live pigs sold increased by 26.7% year-on-year to 5,200 thousand heads, driven by improved production management[2]. - Fresh pork sales volume increased by 6.1% year-on-year, indicating successful expansion of sales channels[3]. - The company focused on fine management to enhance capacity utilization amidst a surplus in domestic pig supply and lower consumer demand[3]. - The company operates modern pig farming bases and plans to further expand its pig farming capacity across various provinces in China[45]. - The fresh pork segment includes modern slaughtering and processing bases in Jiangsu, Hubei, Jilin, and Inner Mongolia, with a focus on brand development in major cities[46]. - The meat products division produces and distributes various meat products, primarily Western-style low-temperature meat products, with a presence in major first-tier cities[47]. - The company has established a meat import division that combines imported raw materials with domestic processing capacity to provide high-value-added products to well-known food processors and large chain restaurants[48]. Challenges and Risks - The company faces significant risks from diseases affecting livestock, including African swine fever and other diseases, which can lead to reduced production and increased costs[76]. - Price fluctuations in key raw materials, such as corn and soybean meal, continue to pose risks to the company's profitability[78]. - Food safety risks are managed through comprehensive food safety management systems and regular inspections to prevent product recalls and customer complaints[80]. Future Outlook - The company plans to continue focusing on the pig farming and meat processing sectors, aiming for market expansion and potential acquisitions in the future[9]. - The group anticipates further market expansion and product development in the coming fiscal year[12]. - The company will accelerate the expansion of its core business scale in 2024[82]. - The company aims to enhance its management level to reduce efficiency gaps between sites, solidifying its core competitive advantages[82]. - The company plans to dynamically optimize its futures hedging strategy to achieve a combination of spot and futures markets[82]. - The company will continue to promote fresh product branding and differentiated operations, accelerating new product development to enhance channel operation efficiency[82]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, adhering to the latest requirements in China, Hong Kong, and abroad[83]. - The company has established an environmental risk warning monitoring system with clear warning and bottom-line indicators[81]. - The company has not engaged in the purchase, sale, or redemption of its listed securities during the year ending December 31, 2023[85]. - The company's financial statements for the year ending December 31, 2023, have been audited by Tianzhi Hong Kong CPA Limited[87].