Tech-Bank(002124)2025-03-30 07:35Financial Performance - In 2024, Tianbang Foods achieved a net profit of 1.459 billion RMB and a non-recurring net profit of 257 million RMB, marking a significant turnaround from losses in the previous year[5]. - The company's operating revenue for 2024 was ¥9,643,705,640.10, a decrease of 5.75% compared to ¥10,231,927,988.44 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥1,458,528,670.75, representing a significant increase of 150.58% from a loss of ¥2,883,405,410.60 in 2023[6]. - The net cash flow from operating activities for 2024 was -¥964,085,897.57, a decline of 464.62% compared to ¥264,405,194.03 in 2023[6]. - The basic earnings per share for 2024 was ¥0.66, a 142.04% increase from -¥1.57 in 2023[6]. - The total assets at the end of 2024 were ¥13,664,910,129.28, a decrease of 20.53% from ¥17,194,018,853.30 at the end of 2023[6]. - The company reported a non-recurring gain of ¥1,201,596,001.47 in 2024, primarily from debt restructuring and asset disposals[34][35]. - The weighted average return on equity for 2024 was 49.51%, a significant recovery from -116.34% in 2023[6]. Operational Efficiency - The company maintained a stable breeding sow population while optimizing its fattening capacity structure, resulting in a complete cost of fattening dropping below 14 RMB/kg in Q4 2024, with top regions achieving costs below 13 RMB/kg[6]. - The company plans to focus on improving operational efficiency, with key performance indicators such as farm full-load rates, feed-to-meat ratios, and survival rates being prioritized for management attention in 2025[9]. - The company has successfully applied innovative technologies in feeding, inventory, weight estimation, inspection, and backfat detection, significantly enhancing operational efficiency[6]. - The company aims to leverage external resources in various operational segments to accelerate asset utilization and enhance performance potential[8]. - The company is focusing on cost reduction and efficiency improvement as the main theme of the pig farming industry, transitioning from capital-driven growth to high-quality development[47]. Market Strategy - Tianbang Foods emphasizes the importance of brand value enhancement and industry chain advantages in a highly competitive market[5]. - The company has established strategic partnerships with supermarkets, large food processing plants, and chain restaurants to enhance its market presence in key economic regions[42]. - The company is expanding its fresh meat and meat products supply chain, focusing on high-consumption areas like Beijing-Tianjin-Hebei and the Yangtze River Delta, to enhance operational efficiency and reduce logistics costs[67]. - The company is implementing a dual-driven strategy in fresh and processed foods to maximize the value of each pig and improve delivery capabilities[107]. - The company is enhancing its marketing strategies through internet marketing, community marketing, and collaborations with e-commerce influencers to boost brand awareness[116]. Production and Sales - The company sold 5.9916 million pigs in 2024, a 16% decrease year-on-year, but managed to reduce sales costs and benefit from rising pig prices, resulting in a profit of 735 million yuan from pig farming[43]. - The company's pork processing business slaughtered 1.5785 million pigs in 2024, with revenue reaching 3.092 billion yuan, a year-on-year increase of 24.51%[45]. - Revenue from pig farming decreased by 14.08% to ¥6,281,661,353.65, accounting for 65.14% of total revenue[70]. - Revenue from food processing increased by 24.51% to ¥3,092,163,198.62, representing 32.06% of total revenue[70]. - The company has a total of 1.92 million fattening pigs in stock as of the end of 2024, with a capacity utilization rate of 46% for breeding farms and 43% for fattening farms, indicating a need for improvement in cost reduction capabilities over the next 2-3 years[53]. Research and Development - The company reported a total R&D investment of ¥42,473,972.05 in 2024, a decrease of 8.66% compared to ¥46,503,136.55 in 2023[83]. - The company has completed various R&D projects aimed at improving livestock health and reducing costs, including the evaluation of non-needle injection methods and the development of specific diagnostic kits[82]. - The company is focusing on optimizing nutritional levels for pigs to enhance growth performance while reducing feed costs[82]. - The company planned 20 research projects in 2024, completing 16 of them, and filed for 19 patents, with 1 invention patent and 5 utility model patents granted[62]. - The company has developed unique products such as ultra-high frequency RFID ear tags and intelligent environmental controllers, significantly reducing human error and enhancing operational efficiency in pig farming[64]. Environmental Compliance - The company adheres strictly to national environmental protection laws and industry standards, including multiple regulations related to pollution prevention and control[188]. - The company reported a total COD emission of 5.402 tons, exceeding the standard limit of 150 mg/L[192]. - The company invested CNY 55.9741 million in environmental governance and protection during the reporting period, and paid CNY 123,600 in environmental protection taxes[197]. - The company has implemented measures to improve air quality, including the installation of deodorization equipment and increasing the frequency of wastewater testing[199]. - The company has established a comprehensive emergency response plan for environmental incidents, ensuring staff are trained in emergency procedures[195]. Corporate Governance - The company has established a performance evaluation system for its management team, ensuring transparency and compliance with legal regulations[138]. - The company has held 11 board meetings and 11 supervisory meetings during the reporting period, ensuring effective governance and oversight[133][135]. - The company’s board of directors, supervisors, and senior management are appointed in accordance with the Company Law and Articles of Association, ensuring independence from the controlling shareholder[141]. - The company has a strong emphasis on corporate governance with independent directors on its board[150][151][152]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management in 2024 is 7.1321 million yuan, reflecting a significant increase compared to 2023 due to improved performance and increased performance bonuses[158]. Debt and Restructuring - Tianbang Foods initiated a pre-restructuring process in March 2024 to address liquidity risks and improve communication with creditors and potential restructuring investors[8]. - As of August 9, 2024, the company was granted pre-restructuring status by the Ningbo Intermediate People's Court due to its inability to repay debts and lack of repayment capacity, with a six-month pre-restructuring period established[125]. - The pre-restructuring period has been extended to May 9, 2025, allowing the company additional time to negotiate with creditors and develop a restructuring plan[125]. - The company is actively communicating with creditors to resolve overdue debts and is seeking to optimize its business model to maximize cash flow and reduce costs[124]. - The company is focused on cost reduction and efficiency improvement to navigate its debt crisis and return to sustainable development[126].