WanXiang Doneed (600371)2023-04-24 16:00Financial Performance - In 2022, the company's operating revenue reached CNY 234,971,654.64, representing a year-on-year increase of 5.99% compared to CNY 221,697,131.31 in 2021[17]. - The net profit attributable to shareholders of the listed company was CNY 71,972,825.08, a significant increase of 89.66% from CNY 37,947,664.82 in the previous year[17]. - The basic earnings per share for 2022 was CNY 0.25, up 92.31% from CNY 0.13 in 2021[18]. - The company's total assets increased by 17.59% to CNY 898,255,742.37 at the end of 2022, compared to CNY 763,903,850.20 at the end of 2021[17]. - The net cash flow from operating activities was CNY 56,073,030.64, a decrease of 38.77% from CNY 91,583,248.67 in 2021[17]. - The company's net assets attributable to shareholders increased by 8.00% to CNY 573,023,967.44 at the end of 2022, compared to CNY 530,556,031.13 at the end of 2021[17]. - The weighted average return on equity rose to 13.04%, an increase of 5.80 percentage points from 7.24% in 2021[18]. - The company achieved a main business revenue of ¥230,614,203.42, with a main business profit of ¥109,192,517.01 and a net profit of ¥77,081,475.88 in 2022[43]. - The gross profit margin for the main business was 47.35%, a decrease of 2.90% from the previous year[64]. - The main business profit was 109,192,500 CNY, with a year-on-year growth of 1.42%[53]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 2 per 10 shares, totaling CNY 58,515,600.00, subject to approval at the shareholders' meeting[5]. - The company reported a cumulative undistributed profit of CNY 178,365,233.13 as of December 31, 2022[5]. - The company does not plan to increase capital reserves or distribute profits in other forms for the year[5]. - The company distributed a cash dividend of 1.00 RMB per 10 shares, totaling 58,515,600 RMB, which represents 81.30% of the net profit attributable to ordinary shareholders in the consolidated financial statements[143]. Production and Sales - The company processed a total of 15.98 million kilograms of finished goods, an increase of 8.07% compared to the previous year[29]. - The company sold 15.85 million kilograms of corn seeds, a growth of 1.52% year-on-year[30]. - The production of hybrid corn seeds was 1,598.02 million kg, with a sales volume of 1,585.03 million kg, reflecting a year-on-year increase of 1.52%[65]. - The company increased its sales efforts, capitalizing on the rising prices of corn commodities and the recovery in seed demand[53]. Research and Development - Total research and development (R&D) expenses amounted to 14.55 million yuan, representing 6.19% of operating revenue, with no capitalized R&D expenditures[68]. - The company has strengthened its research and development efforts, collaborating with institutions like China Agricultural University and Bayer[54]. - The company conducted breeding work on corn varieties suitable for different ecological zones, with over 800 acres tested during the reporting period[70]. - The company focuses on hybrid corn seed research, production, and sales, with key products including "Jingke 968" and "Deshan series"[46]. Market Position and Strategy - The company maintains a strong market position as a national high-tech enterprise and has established a good reputation among farmers for seed quality[50]. - The competitive landscape in the seed industry is intensifying, with ongoing mergers and strategic collaborations among leading companies[40]. - The company is positioned to benefit from favorable policies and support for the seed industry, as emphasized by the central government in 2022[36]. - The company is transitioning from a traditional production-oriented model to a service-oriented model, providing targeted products and technical support to large-scale farmers[49]. Governance and Compliance - The company is committed to improving its governance structure and internal controls in compliance with relevant laws and regulations[101]. - The company held 3 shareholder meetings during the reporting period, all conducted in compliance with relevant laws and regulations[102]. - The board of directors convened 6 meetings, ensuring adherence to the company's articles of association and board meeting rules[103]. - The company has maintained a clear separation from its controlling shareholder in terms of personnel, assets, finance, and operations, ensuring independent operations[102]. Financial Risks and Challenges - The company faces risks from policy changes, natural disasters, product development uncertainties, market fluctuations, and financial pressures due to the seasonal nature of seed production[92][95][96]. - The company is facing challenges from high levels of product homogeneity and low-price competition in the seed industry, impacting overall profitability[76]. - The company faces challenges from increasing competition and the rapid introduction of new corn varieties, which may impact market share[51]. Assets and Liabilities - The total current assets as of December 31, 2022, amounted to 691.25 million yuan, an increase from 545.15 million yuan in 2021, reflecting a growth of approximately 26.7%[190]. - Total liabilities rose to ¥269,757,392.05 in 2022, compared to ¥180,554,129.47 in 2021, indicating an increase of about 49.3%[191]. - Owner's equity reached ¥628,498,350.32 in 2022, up from ¥583,349,720.73 in 2021, reflecting a growth of approximately 7.7%[192]. - The company's retained earnings increased to ¥178,365,233.13 in 2022 from ¥140,403,530.53 in 2021, representing a rise of about 27%[192]. Shareholder Information - The largest shareholder, Wanxiang Agricultural Group Co., Ltd., holds 142,650,135 shares, representing 48.76% of the total shares[167]. - China Construction Bank holds 7,270,000 shares, accounting for 2.48% of the total shares[167]. - Agricultural Bank of China holds 5,470,700 shares, which is 1.87% of the total shares[168]. - The company has no significant changes in controlling shareholders during the reporting period[171].