Financial Performance - The company recorded cash EBITDA of RMB 2,986 million, an increase of approximately RMB 490 million or 19.6% compared to 2023[3]. - Total revenue for the year was RMB 13.254 billion, a decrease of 1.5% compared to RMB 13.458 billion in 2023[5]. - The company reported a loss of RMB 1,469 million for the year, compared to a profit of RMB 185 million in 2023[5]. - Gross profit for 2024 is expected to be RMB 3,128,013, down from RMB 3,451,465 in 2023, indicating a decline of about 9.36%[9]. - The company reported a net loss before tax of RMB 1,474,212 for 2024, compared to a profit of RMB 228,996 in 2023, representing a significant shift in performance[9]. - The group reported a pre-tax loss of RMB 1,474,212 for the year ending December 31, 2024, compared to a pre-tax profit of RMB 228,996 in 2023[29]. - The total dividend declared for the year was RMB 34,888,000, a decrease of 68.8% from RMB 111,997,000 in 2023, with a proposed dividend of RMB 0.0122 per share for the upcoming year[45]. - The company reported a net loss attributable to shareholders of RMB (1,416,753) thousand for 2024, compared to a profit of RMB 175,159 thousand in 2023, indicating a significant decline in performance[46]. Revenue and Sales - Raw milk sales revenue amounted to RMB 10.45 billion, reflecting a year-on-year growth of 1.9%[4]. - The company’s herd size increased by 9.0% to 491,169 heads, while total fresh milk sales volume rose by 13.6% to 289.3 thousand tons[5]. - Revenue from breeding products and platform services increased to RMB 68,864,000 in 2024 from RMB 51,496,000 in 2023, a growth of 33.9%[23]. - The raw milk business generated external sales of RMB 10,454,371, an increase of 1.9% from RMB 10,263,657 in the previous year[29]. - The integrated breeding solutions segment recorded revenue of RMB 2,800.0 million, a decline of 12.4% from RMB 3,194.6 million in 2023, primarily due to weak market demand[67]. Assets and Liabilities - The company’s total equity decreased to RMB 11,122,796 in 2024 from RMB 11,842,764 in 2023, a decline of approximately 6.08%[12]. - Total assets less current liabilities increased to RMB 25,310,830 in 2024 from RMB 22,931,460 in 2023, marking an increase of approximately 10.05%[12]. - Non-current assets rose to RMB 25,861,893 in 2024, up from RMB 24,526,141 in 2023, reflecting a growth of about 5.43%[11]. - The group’s biological assets had a carrying amount of RMB 12,435,776,000 as of December 31, 2024, compared to RMB 11,927,977,000 in 2023, indicating an increase of 4.3%[21]. - The group’s net debt is approximately RMB 10,795.4 million as of December 31, 2024, compared to approximately RMB 8,813.2 million as of December 31, 2023, indicating an increase of about 22%[89]. Operational Metrics - The average annual milk yield per cow reached 12.8 tons, a year-on-year increase of 1.6%, while total raw milk production reached 3.005 million tons, up 16.1%[4]. - The average price of raw milk has been declining for three consecutive years, impacting production motivation and leading to a decrease in raw milk output by 2.8% in 2024, the first decline since 2018[51]. - The average prices of corn and soybean meal, key feed components, decreased by 14.8% and 21.3% respectively, which somewhat alleviated cost pressures for dairy farming[51]. - The proportion of mature cows in the total herd increased to 51.1% in 2024, up 2.6 percentage points from 2023, aligning with the group's herd management strategy[56]. Financial Management - The company’s debt-to-asset ratio increased by 4.9 percentage points to 67.2% by the end of 2024, while the proportion of interest-bearing loans with a maturity of over one year rose to 79.5%[4]. - The financing costs for 2024 are expected to be RMB (528,674), slightly higher than RMB (521,247) in 2023, indicating a rise of about 1.83%[9]. - The company incurred a goodwill impairment loss of RMB 599,240 in 2024, which was not present in 2023[9]. - The company recognized impairment losses of RMB 18,686,000 for trade receivables and other receivables in 2024, up from RMB 17,278,000 in 2023[39]. Strategic Initiatives - The company aims to enhance its core competitiveness and build a sustainable business model in the dairy farming industry, focusing on steady growth in core business[96]. - The development strategy will emphasize cost control, lean management, and innovation, while actively embracing digitalization and sustainability[97]. - The company is exploring a comprehensive cattle service industry chain, offering a one-stop solution from breeding to management output, technical training, and consulting services[99]. - The company is actively investing in breeding business to enhance self-sufficiency in core breeding sources and improve dairy cow genetic quality[62]. Market Environment - The government has introduced supportive policies to stabilize the dairy industry, including subsidies for fresh milk and beef cattle production, aimed at reducing costs for farmers and enterprises[52]. - In 2024, China's dairy product imports decreased by 9.5% year-on-year to 2.768 million tons, marking three consecutive years of significant decline[53]. - The self-sufficiency rate of raw milk in China increased to 72% in 2024, up 1 percentage point from 2023, reflecting a continuous recovery trend[53].
现代牧业(01117) - 2024 - 年度业绩