巨星农牧(603477) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥6,078,247,106.96, representing a 50.43% increase compared to ¥4,040,713,360.73 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥518,548,029.91, a significant turnaround from a loss of ¥645,294,123.57 in 2023, marking a 180.36% increase[22]. - The basic earnings per share for 2024 was ¥1.0192, compared to a loss of ¥1.2750 in 2023, reflecting a 179.94% improvement[23]. - The net cash flow from operating activities for 2024 was ¥1,265,091,774.08, a substantial increase of 1,304.23% from -¥105,053,899.59 in 2023[22]. - The total assets at the end of 2024 amounted to ¥8,764,113,124.65, which is a 13.51% increase from ¥7,720,965,323.92 at the end of 2023[22]. - The weighted average return on equity for 2024 was 15.64%, an increase of 34.97 percentage points from -19.33% in 2023[24]. - The company reported a quarterly revenue of ¥2,122,894,289.43 in Q4 2024, contributing to a total annual revenue growth[26]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥515,874,551.57, compared to a loss of ¥551,620,569.77 in 2023, indicating a 193.52% increase[22]. Dividend Distribution - The company plans to distribute a cash dividend of 1.73 RMB per 10 shares, totaling 85,553,197.82 RMB, representing a cash dividend ratio of 16.50% for the year 2024[6]. - The total number of shares for the dividend distribution is based on 494,527,155 shares as of December 31, 2024, excluding treasury shares[6]. Risks and Challenges - The company faces significant risks including price fluctuations of livestock products, raw material price volatility, animal diseases, changes in environmental policies, and industry policy risks[8]. - The company faces risks from price fluctuations in pig and feed markets, which can impact profitability due to supply-demand dynamics[108]. - Raw material price volatility, particularly for corn and soybean meal, poses a significant risk to the company's cost structure and profitability[109]. - Animal diseases represent a major risk, potentially leading to decreased production efficiency and increased costs for disease control measures[109]. - The company must comply with increasingly stringent environmental regulations, which could raise operational costs and impact profitability[110]. - Changes in national policies regarding the pig industry may introduce operational risks, despite long-term benefits for industry stability[110]. Production and Operations - The company’s pig output for 2024 was 2.7552 million heads, with commercial pig output increasing by 50.76% year-on-year[34]. - The revenue from pig products amounted to CNY 557,385.58 million[34]. - The company produced 806,800 tons of feed and purchased 348,400 tons during the reporting period[35]. - The company operates an integrated agricultural business model, combining pig breeding, feed production, and sales, leveraging strong R&D capabilities and a comprehensive marketing network to enhance operational synergies[47]. - The primary products in the pig farming segment include market pigs, piglets, and breeding pigs, with market pigs being the main product sold to brokers[47]. - The feed business includes pig, poultry, and aquaculture feeds, primarily supplying the company's own farming bases while also engaging in external sales through a combination of distribution and direct sales[47]. Research and Development - The company has a strong research and development capability, focusing on innovative technologies in breeding and feed production[54]. - Research and development expenses increased by 69.56% to CNY 42,335,346.88, indicating a focus on innovation[60]. - Significant investment in R&D will be directed towards genetic breeding, animal nutrition, and disease prevention to enhance pig quality and cost control[105]. Environmental and Social Responsibility - The company invested 15,477.94 million yuan in environmental protection during the reporting period[161]. - The company achieved compliance with various environmental standards, including ISO14001:2015 certification, and all pollutant emissions were within the required limits[162][163]. - The company has adopted clean production technologies to minimize pollution during livestock farming and feed production[170]. - The company has implemented measures to reduce carbon emissions, including using low-protein feed formulations and enhancing manure resource utilization[172]. - The company has invested a total of 48,841.82 thousand yuan in poverty alleviation and rural revitalization projects, benefiting 1,441 households[174]. Governance and Management - The company has established a strong governance structure with a mix of executive and independent directors[125]. - The company emphasizes the importance of professional qualifications, with several board members holding CPA and EMBA credentials[124]. - The company is committed to maintaining transparency and accountability in its governance practices[126]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 11.1137 million yuan[128]. - The company has established independent tax registration and payment processes for itself and its subsidiaries[116]. Future Plans and Investments - The company plans to enhance its management capabilities and market analysis skills to support sustainable growth[103]. - The company aims to achieve a target of over 4 million pigs for sale by 2025, with a cost target of 6.5 RMB per kilogram[102]. - The company plans to invest approximately 150 million RMB in the construction of a feed factory project in Yucheng District, Ya'an City, which is currently in the planning stage[93]. - The company is focusing on expanding its market presence through strategic acquisitions and investments in new technologies[199]. Financial Management - The company has a clear strategy for future financing and capital management, including plans for small-scale financing[120]. - The total amount of funds raised by the company reached 33,480 million CNY, with a net amount of 30,440.47 million CNY as of the end of the reporting period[197]. - The company plans to utilize the raised funds for the construction of a clean production line, with a total investment of 1,122.76 million CNY[198].