KE MING FOOD(002661)2025-03-21 11:10Financial Performance - The company's operating revenue for 2024 was ¥4,566,847,270.77, a decrease of 11.91% compared to ¥5,184,396,589.31 in 2023[6]. - Net profit attributable to shareholders was ¥145,948,595.66, representing a significant increase of 322.30% from a loss of ¥65,653,407.96 in 2023[6]. - The net profit after deducting non-recurring gains and losses was ¥138,281,799.87, up 314.98% from a loss of ¥64,323,770.33 in the previous year[6]. - The net cash flow from operating activities decreased by 62.80% to ¥280,862,295.08 from ¥754,979,429.80 in 2023[6]. - Basic and diluted earnings per share were both ¥0.45, a 325.00% increase from a loss of ¥0.20 per share in 2023[6]. - Total assets at the end of 2024 were ¥6,132,506,960.91, an increase of 5.16% from ¥5,831,684,942.35 at the end of 2023[6]. - The net assets attributable to shareholders increased by 1.73% to ¥2,436,480,932.23 from ¥2,395,041,695.91 at the end of 2023[6]. - The company reported a total revenue of 5.303 billion in 2024, showing a significant increase compared to previous years[163]. - The company experienced a 16.31% growth in net profit, reaching 21.61 million in the latest fiscal year[163]. Business Expansion and Strategy - The company acquired Xingjiang Muge, expanding its business to include pig farming, slaughtering, and sales, in addition to its existing production and sales of rice and flour products[21]. - The company has expanded its business into the pig farming sector, with a focus on breeding and selling live pigs and pork products[33]. - The company plans to expand its "Five Grains Workshop" instant food business, indicating a strategic focus on market expansion[164]. - The company aims to become the leading brand in Chinese noodles, focusing on high-end market segments and enhancing its core competitive advantages in the food business[125]. - The company plans to develop three new health-oriented noodle products, including whole grain and multi-grain options, to meet consumer demand for nutritious staples[98]. - The company is developing new business lines, such as rice processing and dumpling production, while managing risks associated with cross-industry expansion and high initial costs[139]. Market Trends and Consumer Demand - The demand for healthy, nutritious, and convenient noodle products is rapidly increasing, particularly among younger consumers who prioritize health-oriented options[36]. - The convenience food industry is experiencing a trend towards health and nutrition, with a growing consumer preference for high-quality, nutritious products[42]. - The noodle industry in China is experiencing increased concentration, with market share shifting towards leading enterprises due to rising consumer demands for food safety and quality[34]. - The company is focusing on enhancing user data analytics to better understand consumer preferences and improve product offerings[163]. Research and Development - The company has developed strong R&D capabilities, collaborating with multiple universities and establishing several research centers[69]. - The company launched four new soft noodle products, including 30% buckwheat and 30% oat noodles, aiming to enhance production capacity and brand influence in the high-end noodle market[97]. - The company launched 97 R&D projects in 2024, focusing on six major categories including flour and instant food[82]. - R&D investment rose by 24.40% from 35,479,967.25 CNY in 2023 to 44,135,322.02 CNY in 2024, with R&D expenditure accounting for 0.97% of operating revenue[100]. Financial Management and Governance - The financial report is confirmed to be true, accurate, and complete by the company's board and management, ensuring accountability[5]. - The company has a structured remuneration decision-making process involving the board's remuneration and assessment committee[189]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 5.254 million[192]. - The company has ensured timely payment of remuneration to its directors, supervisors, and senior management[190]. - The company is committed to maintaining compliance with relevant laws and regulations in its operations and governance[197]. Risk Management - The company faces risks related to increased market competition, food safety, management capacity, and rising raw material costs[53]. - The company emphasizes the importance of risk awareness regarding future plans and development strategies, as stated in the management discussion section[5]. - The company has established a comprehensive disease prevention management system to mitigate risks from animal epidemics in pig farming[141]. - The company is monitoring wheat market trends to manage raw material cost pressures and exploring new planting models to secure quality grain sources[138]. Shareholder Engagement - The company held six shareholder meetings during the reporting period, ensuring compliance with relevant laws and regulations[151]. - The annual shareholders' meeting on April 12, 2024, had a participation rate of 37.68%[159]. - The company held a total of 25 board meetings during the reporting period, with significant decisions made regarding share repurchase and financial strategies[195]. Sustainability and Environmental Practices - The company is committed to sustainable practices in its production processes, aligning with market trends towards eco-friendly products[163]. - The company has invested significantly in high-quality environmental protection equipment to comply with regulations and minimize risks[145]. - The management team emphasizes a commitment to sustainability, with plans to reduce carbon emissions by 25% over the next five years[181].