Financial Performance - For the year ended December 31, 2022, revenue decreased by 20.6% to approximately RMB 499,337,000 from RMB 628,912,000 for the year ended December 31, 2021[2]. - Gross profit for the year ended December 31, 2022, decreased by 72.0% to approximately RMB 19,797,000 from RMB 70,728,000 for the year ended December 31, 2021[2]. - The annual loss for the year ended December 31, 2022, was approximately RMB 1,039,735,000, compared to a loss of approximately RMB 266,458,000 for the year ended December 31, 2021[2]. - The total comprehensive loss for the year was RMB 1,074,621,000, compared to RMB 259,102,000 in the previous year[11]. - The company reported a basic and diluted loss per share of RMB 55.04 for the year ended December 31, 2022, compared to RMB 14.11 in 2021[15]. - The group reported a net loss of approximately RMB 1,039,735,000 for the year ended December 31, 2022[31]. - The company reported a significant increase in annual loss, with the attributable loss to shareholders amounting to RMB 1,039,735,000 for 2022, compared to RMB 266,458,000 in 2021, representing a 290% increase in loss[60]. - The overall gross profit decreased by approximately 70.9% from about RMB 70,728,000 in 2021 to approximately RMB 19,794,000 in 2022[109]. - The overall gross profit margin fell significantly from approximately 11.2% in 2021 to about 4.0% in 2022[109]. Assets and Liabilities - Non-current assets decreased significantly from RMB 547,220,000 in 2021 to RMB 73,259,000 in 2022[17]. - Current liabilities increased from RMB 494,026,000 in 2021 to RMB 889,375,000 in 2022, resulting in a net current liability of RMB 681,917,000[17]. - As of December 31, 2022, the group's current liabilities and total liabilities were approximately RMB 681,917,000 and RMB 641,297,000, respectively[31]. - The group has cash and cash equivalents of approximately RMB 4,580,000, insufficient to cover its debts and other liabilities[31]. - The company had cash and cash equivalents of only approximately RMB 4,580,000 as of December 31, 2022, insufficient to cover its debts and other liabilities[75]. - The company recorded a net loss as of December 31, 2022, resulting in an asset-to-liability ratio of 0% compared to 86.2% in 2021[129]. Revenue Breakdown - Pork sales revenue decreased to approximately RMB 499,337,000 for the year ended December 31, 2022, down from RMB 628,912,000 in 2021, representing a decline of about 20.6%[39]. - Retail pork revenue was RMB 213,959,000 in 2022, down from RMB 408,053,000 in 2021, indicating a decline of approximately 47.5%[42]. - Wholesale pork revenue increased to RMB 266,424,000 in 2022 from RMB 191,843,000 in 2021, reflecting a growth of about 38.9%[42]. - Revenue from the group's largest customer amounted to approximately RMB 153,846,000 in 2022, compared to RMB 118,977,000 in 2021[39]. Operational Challenges - The company has faced significant operational difficulties in its pig farming business since 2021 due to the impact of African swine fever and COVID-19[82]. - The pig farming industry has experienced a prolonged period of losses due to low pork and live pig prices in 2022 and 2023[84]. - The rising costs of feed materials and processing have significantly increased the total cost of feed for the company[84]. - The group faced a severe deterioration in the accounts receivable turnover period, leading to significant operational challenges, particularly among wholesale distributors[87]. - The company recognized an inventory impairment of RMB 185,220,000 due to unsellable stock resulting from the significant reduction in breeding scale and the impact of the epidemic[91]. Debt and Financing - The company has announced a delay in the publication of its audited annual results for the year ended December 31, 2022, and potential financing and debt restructuring plans[4]. - The group has received a statutory demand for repayment from Vandi Investments Limited regarding outstanding debts[31]. - The company is actively negotiating with creditors regarding financing and debt restructuring plans related to the statutory demand for repayment[123]. - The company is exploring potential buyers to repurchase debts as part of a new loan restructuring strategy[128]. - The financing and debt restructuring plan discussions are ongoing, with potential new investors and creditors actively negotiating[122]. Cost Management - The group is taking measures to strictly control costs to achieve profitability and positive cash flow[34]. - The company is currently facing a legal demand for repayment of a total of HKD 681,131,301.37 from creditors, which exceeds the recorded amount in the company's books[89]. - The company is strategically repositioning within the pig farming industry, significantly reducing its pig farming operations while focusing on slaughtering and meat processing[144]. Employee and Operational Metrics - Total employee costs decreased to RMB 16,218,000 in 2022 from RMB 17,119,000 in 2021, a reduction of approximately 5.3%[57]. - The company had a total of 206 employees as of December 31, 2022, a significant reduction from 463 employees in 2021[135]. Future Outlook - The board believes the group will have sufficient operating funds to meet financial obligations over the next twelve months, contingent on the successful implementation of the restructuring plans[35]. - The company is focusing all resources on resolving issues related to its listing status following the decision to cancel its listing by the Stock Exchange[137].
普甜食品(01699) - 2024 - 年度业绩