PDAH(SZ:002505)2023-08-30 16:00Revenue Performance - The total revenue for the reporting period was approximately ¥9.71 billion, a decrease of 11.06% compared to the same period last year, which reported ¥10.92 billion[12]. - The overseas revenue accounted for 97.32% of total revenue, amounting to approximately ¥9.45 billion, down 10.53% from ¥10.56 billion in the previous year[13]. - The company's operating revenue for the agricultural, forestry, animal husbandry, and fishery sector was approximately ¥9.41 billion, representing a year-on-year decrease of 10.66%[150]. - The company's domestic operating revenue decreased by 26.97% year-on-year, while the overseas revenue decreased by 10.53%[150]. - The company achieved operating revenue of CNY 9.71 billion in the first half of 2023, a decrease of 11.06% compared to the same period last year[160]. Profitability - The net profit attributable to shareholders was a loss of approximately ¥194.67 million, representing a decline of 600.07% year-on-year[104]. - The net profit after deducting non-recurring gains and losses was a loss of approximately ¥201.36 million, down 870.88% from the previous year[104]. - The company reported a net profit impact of over 10% from its subsidiaries, including significant contributions from subsidiaries involved in sheep and cattle breeding[56]. - The company’s net profit attributable to the parent company was a loss of CNY 1.95 billion[160]. Investment and Financial Management - Investment income for the period was approximately ¥38.28 million, accounting for -23.14% of total profit, with sustainable income from long-term equity investments[14]. - The company has raised 1,592.57 million yuan through targeted placements, with 650 million yuan allocated for temporary working capital[24]. - The company's financial costs increased significantly, with financial expenses rising by 110.13% to CNY 192.81 million, primarily due to increased interest expenses from its Brazilian subsidiary[168]. - The company has implemented risk management measures to control price and foreign exchange risks through the selection of financial professionals and internal control systems[58]. Operational Efficiency - The gross profit margin for the livestock farming sector improved significantly, reflecting effective cost management and operational efficiency[12]. - The company reported a decrease in operating costs by 11.91% year-on-year in the agricultural, forestry, animal husbandry, and fishery sector[150]. - The company has completed the debugging of its slaughtering and processing capacity for its subsidiary, Rui Li Peng He, which resumed full operations on February 15, 2023[143]. Market Expansion and Strategy - The company plans to continue expanding its market presence and enhancing its management capabilities through ongoing organizational improvements and risk control measures[9]. - The company aims to extend its business into the beef industry, including breeding, slaughtering, and sales, to increase profitability through value-added services[42]. - The company is focusing on a "global resources, Chinese market" strategy, leveraging acquisitions to enhance its agricultural and food resource capabilities[163]. Risk Management - The company has implemented measures to mitigate risks from natural disasters, including requiring farmers to obtain commercial insurance to reduce potential credit risks[29]. - The company is actively monitoring foreign investment risks and exchange rate fluctuations to safeguard its overseas operations[29]. - The company plans to strengthen its overseas management and governance systems to prevent operational risks abroad[187]. Compliance and Governance - The company has no significant penalties or violations reported during the period, indicating a strong compliance record[35]. - The company has committed to avoiding related party transactions that could harm the interests of its shareholders and will adhere to fair market principles in all transactions[68]. - The company will ensure timely information disclosure regarding any related party transactions[197]. Agricultural Development - The company has introduced 28,375 breeding sheep and has a stock of 36,302 meat sheep in the Tumushuke and Bachu projects, promoting local meat sheep industry development[63]. - The company has committed to a project that is expected to create over 200 job opportunities and support 10,000 local farmers in the meat sheep industry[37]. - The company has implemented a project to develop the sheep industry, benefiting over 7,000 impoverished households[193]. Supply Chain and Production - The company’s beef business has established a cross-border supply chain for live cattle import and processing, with an annual processing capacity of 500,000 head of cattle[143]. - The company has made significant progress in the layout of its beef cattle breeding capacity in Myanmar, supporting its domestic beef supply chain[145]. - The main raw materials for the New Zealand ranch operations include feed, fertilizers, and third-party grazing, with strict quality control measures in place for raw milk production[142]. Market Trends - The domestic beef consumption is projected to maintain a stable growth trend, with per capita consumption increasing from 4 kg in 2000 to 6.58 kg in 2021, still below the world average of 8 kg[70]. - The domestic beef supply-demand gap is significant, with a forecasted consumption of 10.98 million tons in 2023, leading to a supply gap of 3.48 million tons[72]. - The self-sufficiency rate for beef is only 68.31%, highlighting the reliance on imports to meet domestic demand[72].