Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 5,504,651,000, an increase of 7.2% from RMB 5,134,413,000 in 2023[3] - Net profit for the year ended December 31, 2024, reached RMB 280,867,000, up 75.1% compared to RMB 160,319,000 in 2023[3] - Adjusted net profit for the year was RMB 198,048,000, reflecting a significant increase from RMB 160,319,000 in the previous year[3] - Basic earnings per share increased to RMB 17.9 from RMB 10.8, representing a growth of 65.7%[3] - Total revenue for the year ended December 31, 2024, was RMB 5,504,651 thousand, an increase of 7.2% from RMB 5,134,413 thousand in 2023[15] - The company reported a net profit attributable to shareholders of RMB 280,867 thousand for 2024, compared to RMB 160,319 thousand in 2023, representing a growth of 75.2%[27] - For the fiscal year ending December 31, 2024, the company achieved a sales revenue of RMB 5,504.7 million, representing a year-on-year growth of 7.2% compared to RMB 5,134.4 million in 2023[50] - The net profit for the same period was RMB 280.9 million, which is a significant increase of 75.2% from RMB 160.3 million in 2023[50] - Adjusted net profit increased by 23.5% year-over-year, reaching RMB 198.0 million[69] - The gross profit margin improved to 12.0% in 2024, up from 11.5% in 2023, indicating a 4.1% increase[69] Sales and Revenue Breakdown - Sales volume of processed white feather chickens rose by 16.2% to 430 million kg from 370.1 million kg in 2023[2] - The company reported a 15.8% increase in sales volume of fresh chicken products, totaling 279.3 million kg compared to 241.3 million kg in 2023[2] - Sales volume of deep-processed chicken products increased by 18.4% to 152.9 million kg, with revenue rising by 13.1% to RMB 2,955.4 million, accounting for 53.7% of total revenue[45] - Sales volume of fresh chicken products rose by 15.8% to 279.3 million kg, with revenue increasing by 2.6% to RMB 2,343.4 million, representing 42.6% of total revenue[46] - The sales volume of chicks decreased by 68.7% to 10.7 million, with revenue dropping by 55.8% to RMB 27.0 million, contributing only 0.5% to total revenue[47] - Revenue from other products grew by 1.8% to RMB 178.9 million, making up 3.2% of total revenue[49] - Export business sales revenue increased to RMB 1,676.4 million in 2024, a year-on-year growth of 20.1%, accounting for 30.5% of total revenue[52] - Collective procurement business sales revenue reached RMB 1,351.4 million, up 18.9% year-on-year, with a business share of 24.6%[54] - Key customer business sales revenue grew to RMB 1,026.2 million, representing a 20.9% increase compared to RMB 848.8 million in 2023[55] - Retail business sales revenue decreased to RMB 384.6 million, a decline of 10.2%, with a business share of 7.0%[57] Assets and Liabilities - Current assets increased to RMB 1,730,204,000 from RMB 1,519,578,000, indicating a growth of 13.9%[7] - Total liabilities decreased to RMB 1,928,462,000 from RMB 2,025,170,000, a reduction of 4.8%[8] - Total equity attributable to owners of the parent increased to RMB 3,306,440,000 from RMB 3,031,896,000, reflecting a growth of 9.1%[9] - Accounts receivable increased to RMB 348,691 thousand in 2024 from RMB 284,825 thousand in 2023, representing a growth of 22.4%[29] - The aging analysis of accounts receivable shows that amounts within one month increased to RMB 323,472 thousand in 2024 from RMB 239,508 thousand in 2023, a rise of 35.1%[30] - Total inventory rose to RMB 969,066 thousand in 2024 from RMB 947,344 thousand in 2023, an increase of 2.6%[32] - Total accounts payable increased to RMB 399,453 thousand in 2024 from RMB 380,727 thousand in 2023, an increase of 4.9%[40] - The company’s bank loans with collateral increased to RMB 893,991 thousand in 2024 from RMB 761,033 thousand in 2023, a rise of 17.4%[40] - The company's total borrowings decreased by 15.0% to RMB 999.1 million, attributed to the repayment of maturing long-term loans and improved profitability[83] Operational and Strategic Initiatives - The company has implemented extensive processes to manage operational risks related to climate, disease, and other natural factors affecting biological assets[38] - The company aims to enhance operational efficiency and achieve high-quality growth by focusing on refined management practices across all production stages[65] - The company is committed to talent development to enhance organizational vitality and core capabilities, aiming to foster a culture that embraces challenges[66] - The company has implemented a comprehensive "farm-to-table" model to control quality and costs throughout the poultry lifecycle[43] - The company is focusing on enhancing operational management and cost reduction to improve efficiency amid industry pressures[50] - The company plans to deepen channel engagement and increase customer loyalty by collaborating closely with key clients across various industry lines[93] Challenges and Market Conditions - The company faces challenges such as intensified industry competition and low product prices, but opportunities exist in expanding domestic demand and channel diversification[88] - The company has maintained a leading position in the export market, capitalizing on international supply gaps due to avian influenza[50] - The trend of restaurant chain development is expected to accelerate, providing growth opportunities for quality supply chain companies[61] - The overall industry chain companies are expected to benefit from the shift towards high-quality development in the consumer goods sector[59] Corporate Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[107] - The audit committee has reviewed the company's accounting principles and policies, as well as the audited financial statements for the year ending December 31, 2024[110] - The preliminary announcement of the group's financial position for the year ending December 31, 2024, has been agreed upon by the auditor and is consistent with the audited financial statements[111] - The company has adopted electronic communication arrangements for company communications, with no printed copies provided[112] Future Plans and Developments - The company has initiated preparations for its initial public offering (IPO) of A-shares as of January 29, 2021, and has appointed Huatai United Securities as the pre-listing advisory institution[92] - The company is revising its articles of association to reflect changes in its business scope and comply with the latest amendments to the Company Law of the People's Republic of China, effective July 1, 2024[98] - A new loan framework agreement with Falcon will provide revolving loan financing with an annual limit of 15,000,000 for the year ending December 31, 2025[100]
凤祥股份(09977) - 2024 - 年度业绩