Financial Performance - For the fiscal year ending December 31, 2024, the company's operating revenue decreased by 4.1% to RMB 3,374,327,000 compared to RMB 3,520,212,000 in 2023[3] - Sales revenue fell by 7.6% to RMB 3,126,184,000 from RMB 3,383,629,000 in the previous year[3] - The company reported a gross profit of RMB 925,890,000, down 9.7% from RMB 1,025,020,000 in 2023[3] - The net loss attributable to equity holders of the parent was RMB 65,495,000, compared to a profit of RMB 86,076,000 in the previous year[3] - Cash EBITDA decreased by 3.3% to RMB 957,843,000 from RMB 991,013,000 in 2023[3] - In 2024, the company achieved a total sales revenue of RMB 3,126.2 million, a decrease of 7.6% compared to RMB 3,383.6 million in 2023[62] - The company reported a loss attributable to equity holders of RMB 65,495 thousand for 2024, compared to a profit of RMB 86,076 thousand in 2023[35] - The company experienced a loss of RMB 807.3 million from changes in the fair value of biological assets, an increase of RMB 101.0 million compared to RMB 706.3 million in 2023[65] Cost Management - The cost of milk sold per kilogram decreased by 5.2% to RMB 3.14 from RMB 3.32 in the previous year[5] - The cost of goods sold for the year ended December 31, 2024, was RMB 2,200,294 thousand, compared to RMB 2,358,609 thousand in 2023, indicating a reduction in costs[30] - The total employee benefit expenses for 2024 were RMB 326,791 thousand, a decrease from RMB 377,381 thousand in 2023[32] - The company reduced logistics costs by 21.8%, with sales and distribution expenses falling to RMB 49.1 million in 2024 from RMB 62.7 million in 2023[67] Asset and Liability Management - Non-current assets totaled RMB 6,342,946,000 as of December 31, 2024, a slight decrease from RMB 6,361,869,000 in 2023[15] - Current assets amounted to RMB 2,121,306,000, down from RMB 2,155,042,000 in the previous year[15] - Total liabilities decreased to RMB 4,288,460,000 in 2024 from RMB 4,280,656,000 in 2023, indicating a stable financial position[16] - The company reported a net current liability of RMB 517,847,000, improved from RMB 867,205,000 in 2023, reflecting better liquidity management[22] - The company's non-current liabilities rose to RMB 1,649,307,000 in 2024, up from RMB 1,258,409,000 in 2023, indicating increased long-term borrowing[16] - The total bank borrowings increased to RMB 2,274,285,000 in 2024, up by 6.7% from RMB 2,131,239,000 in 2023[40] - As of December 31, 2024, total bank borrowings amounted to RMB 22,743 million, an increase from RMB 21,312 million in 2023, with net debt rising by 14.8% to RMB 12,090 million[77] Equity and Dividends - Total equity decreased slightly to RMB 4,175,792,000 in 2024 from RMB 4,236,255,000 in 2023, reflecting a minor decline in shareholder value[16] - The company did not recommend a final dividend for the fiscal year ending December 31, 2024, compared to a dividend of HKD 0.23 in 2023[3] - The proposed final dividend for the year ended December 31, 2023, is RMB 17,588 thousand, significantly lower than RMB 87,184 thousand in 2022[33] - The board does not recommend a final dividend for the fiscal year ending December 31, 2024, maintaining the previous year's dividend of 0.23 HKD[95] Operational Efficiency - The company achieved a 5.9% increase in milk yield per dairy cow to 12.05 tons per year, up from 11.38 tons[5] - Daily fresh milk production for the group reached 2,015 tons in 2024, with 21 organic certified farms producing 1,534 tons[47] - The average milk production per dairy cow reached 12.05 tons, an increase of 0.67 tons year-over-year, marking the highest level since the company's establishment[50] - The group strategically optimized its herd structure, increasing the culling rate of less productive cows while maintaining high breeding performance indicators[52] Market and Industry Trends - The average price of fresh milk in major producing provinces was RMB 3.11 per kilogram by the end of December 2024, down 15.0% year-on-year[45] - The total production of raw milk in China decreased by 2.8% in 2024, marking the first decline since 2018, with a total output of 40.79 million tons[45] - The total imports of dairy products decreased by 9.5% in 2024, totaling 2.768 million tons, marking the third consecutive year of decline[44] - The Engel coefficient for household consumption remained stable at 29.8%, indicating consistent consumer spending patterns[43] Sustainability and Corporate Governance - The company has made significant progress in digital transformation, developing an industry-first milk yield calibration model with over 95% accuracy[6] - The company joined the World Business Council for Sustainable Development (WBCSD) in 2024, enhancing its commitment to sustainable development and ESG practices[55] - The company is committed to sustainable development and plans to leverage its experience in ESG to provide more sustainable solutions in the future[57] - The company maintained compliance with all applicable environmental protection laws and regulations in 2024[84] - The company has adopted and complies with the corporate governance code as per the Hong Kong Stock Exchange regulations[90] Future Outlook - The company aims to enhance the organic milk business growth as a core objective for 2025, focusing on high-quality raw milk supply[89] - The company plans to strengthen the construction of five major milk source bases to support the liquid milk industry[89] - The company will continue to improve management and align with government strategies to meet public demand and enhance corporate value[89]
中国圣牧(01432) - 2024 - 年度业绩