Springsnow Food (SH:605567)2023-04-26 16:00Financial Performance - As of December 31, 2022, the company's distributable profits amounted to RMB 124,285,355.38, with a net profit attributable to shareholders of RMB 79,249,808.74 for the year[6]. - The proposed cash dividend is RMB 1.5 per 10 shares, totaling RMB 30,000,000 (including tax), resulting in a cash dividend payout ratio of 37.85%[6]. - The company's operating revenue for 2022 was approximately CNY 2.495 billion, representing a year-on-year increase of 22.71% compared to CNY 2.033 billion in 2021[23]. - The net profit attributable to shareholders for 2022 was CNY 79.25 million, a 40.06% increase from CNY 56.58 million in 2021[23]. - The net profit after deducting non-recurring gains and losses was CNY 67.92 million, up 37.12% from CNY 49.53 million in the previous year[23]. - The company's total assets increased by 24.08% to CNY 1.979 billion at the end of 2022, compared to CNY 1.595 billion at the end of 2021[23]. - The basic earnings per share for 2022 was CNY 0.40, reflecting a 14.29% increase from CNY 0.35 in 2021[24]. - The gross profit margin improved by 0.87 percentage points year-on-year, driven by a 13.05% increase in the sales of prepared foods, which accounted for 62.71% of total food product revenue[25]. - The cash flow from operating activities decreased by 41.50% year-on-year, primarily due to an increase in inventory and accounts receivable[25]. - The company achieved a revenue of ¥2,495,141,000.86, representing a 22.71% increase compared to the previous year[62]. - Operating costs amounted to ¥2,251,477,808.50, reflecting a 21.54% increase year-over-year[65]. - The gross profit margin for the main business in the agricultural and sideline food processing industry was 11.08%, an increase of 1.64 percentage points year-over-year[67]. Operational Highlights - The company processed 41.75 million chickens in 2022, a decrease of 13% year-on-year, while producing 99,000 tons of fresh chicken, also down 13%[50]. - The company’s chicken feed production reached 276,000 tons in 2022, an increase of 11% year-on-year[51]. - The company’s chicken processing capacity utilization for prepared products was 79.64% in 2022, up from 75.94% in 2021[53]. - The company’s fresh chicken production capacity was 240,000 tons in 2022, with an actual output of 98,596 tons, resulting in a capacity utilization of 41.1%[53]. - The company plans to increase its prepared chicken product capacity by 40,000 tons with a new smart factory expected to be operational by September 2023[53]. - The company’s raw material procurement is primarily from contracted farms, ensuring quality control through unified procurement of chicks, feed, and veterinary supplies[51]. - The company has established a comprehensive food safety management system, with 103 personnel dedicated to quality control and food safety, resulting in an annual salary expenditure of approximately ¥4.61 million[55]. - The company has invested ¥2.77 million annually in food safety, covering testing and other related expenses[55]. Market and Strategic Initiatives - The company plans to adjust future strategies based on market conditions, although specific commitments to investors are not guaranteed[7]. - The company is actively leveraging favorable policies to expand its market presence domestically and internationally, particularly in ASEAN, the Middle East, Africa, Russia, and the Netherlands[41]. - The company is participating in the "Action Plan for Strong Manufacturing Province (2022-2025)" to promote high-end, intelligent, and green development in manufacturing[43]. - The company aims to become a leading player in the chicken processing sector, focusing on high-value-added ready-to-eat products and improving profitability from raw materials[103]. - The company plans to enhance its brand presence and increase sales in the consumer market, leveraging its listing advantages and online sales platforms[105]. - The company is focusing on digital transformation to improve operational efficiency and cost performance through smart manufacturing and data-driven decision-making[105]. Environmental and Social Responsibility - The company has invested RMB 15,957,118.72 in environmental protection during the reporting period[158]. - The company is listed as a key pollutant discharge unit in Yantai City, focusing on water pollution[159]. - The company has implemented a comprehensive pollution control system, including biological membrane technology and aeration tanks, to treat wastewater effectively[162]. - The company has established an ISO14001 environmental management system to enhance environmental awareness among employees and minimize environmental impact[173]. - The company has committed to strict adherence to environmental impact assessment regulations for new construction projects[164]. - Total donations in 2022 amounted to 200,000 CNY, all in cash[176]. - Total investment in poverty alleviation and rural revitalization projects reached 159,927,900 CNY, including 8,710,000 CNY for breeding base subsidies and 151,217,900 CNY for entrusted breeding fees[177]. Governance and Compliance - The board of directors has confirmed that all members attended the board meeting, ensuring governance compliance[4]. - The company received a standard unqualified audit report from Dahua Certified Public Accountants, affirming the accuracy of its financial statements[5]. - The company has implemented a comprehensive governance structure, ensuring independence from controlling shareholders in assets, personnel, finance, and operations[120]. - The company has established independent financial management systems and practices, including separate bank accounts and independent tax reporting[120]. - The company has not reported any changes in shareholding for its directors and supervisors during the reporting period[124]. - The company has not faced any penalties from securities regulatory authorities in the past three years[135]. - The company has committed to comply with relevant laws and regulations regarding share transfer and reduction after the lock-up period[192]. Future Outlook - Future guidance indicates a projected revenue growth of 10% for the upcoming fiscal year[125]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[126]. - The company aims to achieve significant growth by 2025, aligning with national policies promoting the development of the ready-to-eat meal industry[103]. - The company plans to expand its production capacity to 420,000 tons of feed, 100 million broilers, 240,000 tons of fresh chicken products, and 80,000 tons of chicken prepared dishes by the end of 2023[106].