ShuangTa Food(002481)2025-04-28 08:15Financial Performance - The company's operating revenue for 2024 was approximately ¥2.45 billion, a decrease of 0.32% compared to ¥2.46 billion in 2023[20]. - The net profit attributable to shareholders for 2024 was approximately ¥94.62 million, an increase of 1.48% from ¥93.24 million in 2023[20]. - The net cash flow from operating activities increased by 40.85% to approximately ¥324.94 million in 2024, compared to ¥230.69 million in 2023[20]. - Total assets at the end of 2024 reached approximately ¥4.69 billion, representing a 23.39% increase from ¥3.80 billion at the end of 2023[20]. - The company's net assets attributable to shareholders increased by 2.51% to approximately ¥2.62 billion at the end of 2024, compared to ¥2.55 billion at the end of 2023[20]. - The basic earnings per share remained stable at ¥0.08 for both 2024 and 2023[20]. - The weighted average return on equity decreased to 3.61% in 2024 from 3.87% in 2023[20]. - The total operating revenue for 2024 is CNY 2,447,997,211.4, a decrease of 0.32% compared to CNY 2,455,941,328.9 in 2023[48]. - The revenue from the pea protein segment increased by 2.09% to CNY 840,689,773.07, accounting for 34.34% of total revenue[49]. - The revenue from the vermicelli segment decreased by 0.84% to CNY 533,523,283.69, representing 21.79% of total revenue[49]. - The company’s gross profit margin for the agricultural and sideline food processing industry is 15.01%, showing a slight increase of 0.20% year-on-year[50]. - Domestic sales accounted for 59.09% of total revenue, while international sales made up 40.91%, with a year-on-year increase of 5.33% in international sales[49]. Cash Flow and Investments - The net cash flow from operating activities rose significantly by 40.85% to ¥324,939,966.19, primarily due to increased cash receipts from sales of goods and services[64]. - Cash and cash equivalents increased by 372.67% to ¥316,822,301.00, compared to a decrease of ¥116,193,025.95 in the previous year[64]. - Investment cash inflow decreased by 54.44% to ¥5,820,373.31, mainly due to a reduction in cash received from investment recoveries[65]. - The company reported a net cash outflow from investment activities of ¥256,595,115.27, which is a 66.55% increase in outflow compared to the previous year[66]. - Financing cash inflow surged by 171.83% to ¥3,056,621,102.21, attributed to an increase in bank loans[67]. - The company experienced a 113.18% increase in financing cash outflow to ¥2,808,143,652.13, primarily due to the repayment of maturing loans[68]. Market and Product Development - The company has identified a significant market opportunity in dietary fiber, with a reported daily intake deficiency of 50% among the general population in China[31]. - The company is focusing on expanding its pea protein business, leveraging its industry-leading extraction technology and partnerships with academic institutions[33]. - The dietary fiber produced from pea processing is being marketed as a key ingredient in various food products, highlighting its status as the "seventh essential nutrient"[35]. - The company has established a comprehensive multi-channel marketing network, including traditional retail, e-commerce, and food service channels[34]. - The company aims to enhance its market share in pea protein and related products, focusing on a full industry chain strategy[82]. - The company plans to leverage its unique academic partnerships to drive R&D in high-value products like pea protein and dietary fibers[82]. Research and Development - The company has maintained a strong focus on R&D to enhance product value and optimize its product structure[33]. - The company is focusing on R&D to enhance product value and has collaborated with several universities for innovation[48]. - The company has initiated a project to develop modified starch technology, which is expected to enhance product functionality and drive the transition to high-end food ingredients[61]. - Research and development expenses for 2024 were 68,572,573.04 in 2023[61]. - The number of R&D personnel decreased by 24.17% from 120 in 2023 to 91 in 2024, with the proportion of R&D personnel dropping from 15.46% to 11.50%[63]. Governance and Management - The company’s board consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[88]. - The company maintains a transparent information disclosure system, ensuring all shareholders receive timely and accurate information[89]. - The company has established independent financial management systems, with no shared bank accounts with the controlling shareholder, ensuring financial autonomy[92]. - The company has implemented a performance evaluation and incentive mechanism for directors and senior management, ensuring transparency and fairness[88]. - The company respects the rights of stakeholders and maintains good relationships with distributors and suppliers[89]. - The company’s governance structure aligns with the requirements set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange[90]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit and has implemented a closed-loop circular economy development model for wastewater treatment and pollution control[131]. - The company has upgraded pollution control facilities and ensured compliance with environmental standards through timely updates and maintenance[131]. - The company has developed a circular economy model that includes processes such as starch extraction, protein separation, and biogas purification, achieving zero pollution and zero emissions[139]. - The company has invested in environmental protection facilities and continuously optimized production operations to enhance pollutant control levels[134]. - The company has established a robust environmental monitoring system and has filed an emergency response plan for severe pollution weather with local authorities[134]. Employee and Stakeholder Engagement - The total number of employees at the end of the reporting period is 791, with 632 in the parent company and 159 in major subsidiaries[115]. - The professional composition includes 473 production personnel, 107 sales personnel, 120 technical personnel, 20 financial personnel, and 71 administrative personnel[115]. - The company has a competitive salary policy aimed at attracting and retaining various technical, professional, and managerial talents[117]. - The company has actively participated in various training programs to enhance employee skills and operational efficiency[118]. - The company’s management has undergone multi-level training to improve their capabilities and performance[118]. Shareholder and Dividend Information - The company reported a cash dividend of RMB 0.20 per 10 shares, totaling RMB 24,673,930, which represents 100% of the total profit distribution amount[121]. - The total distributable profit available for shareholders was RMB 1,085,013,354.80, indicating a strong profitability position[121]. - The company has not proposed any cash dividend distribution despite having positive distributable profits, indicating a potential strategy for reinvestment[121]. - The company’s profit distribution policy was executed in accordance with its articles of association and shareholder resolutions, ensuring transparency and compliance[120]. Risks and Challenges - The company faces risks related to raw material price fluctuations, which could impact profitability due to the volatility of agricultural product prices[4]. - The key audit matter identified was related to revenue recognition, highlighting the inherent risk of management manipulation to meet performance targets[195]. - The company's main raw materials are imported peas, which are subject to international price fluctuations, impacting inventory valuation[200].