TRS(SZ:002567)2022-04-28 16:00Financial Performance - The company's operating revenue for 2021 was ¥21,742,194,242.67, representing a 17.36% increase compared to ¥18,526,853,339.68 in 2020[27]. - The net profit attributable to shareholders of the listed company for 2021 was -¥1,147,405,203.57, a decrease of 220.74% from ¥950,338,411.29 in 2020[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥1,014,652,970.32, down 210.37% from ¥919,332,427.82 in 2020[27]. - The net cash flow from operating activities was -¥378,771,493.75, a decline of 136.22% compared to ¥1,045,813,495.11 in 2020[27]. - The company reported a total revenue of CNY 21,742,194,242.67 in 2021, an increase of 17.5% compared to CNY 18,526,853,339.68 in 2020[30]. - The net profit attributable to shareholders was CNY -1,000.7 per share, a decrease of 193.13% from CNY 1.0745 per share in the previous year[30]. - The company faced a net loss in the fourth quarter of 2021, with a net profit attributable to shareholders of CNY -749,774,681.27[33]. - The company’s weighted average return on equity was -19.72% in 2021, down from 25.68% in 2020, indicating a decline in profitability[30]. - The company’s total equity attributable to shareholders increased by 3.27% to CNY 5,511,762,661.61 at the end of 2021[30]. - The company reported non-operating income and expenses totaling CNY -132,752,233.25 in 2021, compared to CNY 31,005,983.47 in 2020[36]. Production and Sales - The company reported a significant increase in pig production, with a total output of 5,296,000 tons in 2021, up 28.8% year-on-year[40]. - In 2021, the company achieved a pig output of 1.5423 million heads, representing a year-on-year increase of 50.56%[48]. - The company sold 5.1 million tons of feed in 2021, ranking among the top ten in national feed sales[45]. - The company sold 1.54 million pigs, representing a year-on-year growth of 50.56%[81]. - Feed sales volume reached 5.10 million tons, an increase of 4.17% year-on-year, with pig feed sales up by 55.39%[81]. - The average price of live pigs in China for 2021 was 19.57 yuan/kg, a year-on-year decrease of 42.35%[62]. Investments and Funding - The company raised 1.55 billion yuan through a private placement and established a 1 billion yuan industry fund to support pig farming development[59]. - Fixed asset investment for the year was 3.13 billion yuan, with increased personnel reserves impacting short-term profitability due to unutilized production capacity[63]. - The total investment amount for the reporting period reached CNY 3,681,192,832.03, representing a 63.53% increase compared to the previous year's investment of CNY 2,251,125,694.40[116]. - The company raised a total of CNY 1,242,800,000.00 through the issuance of convertible bonds, with a net amount of CNY 1,215,389,600.00 after deducting issuance costs[124]. - The company conducted a non-public offering of 226,939,960 shares at a price of CNY 6.83 per share, raising a total of CNY 1,549,999,926.80, with a net amount of CNY 1,513,969,928.41 after costs[125]. Operational Strategies - The company is focusing on enhancing its pig farming capabilities and aims to stabilize the breeding sow population at around 41 million heads during the "14th Five-Year Plan" period[40]. - The company operates a "company + farmer" model to address current fattening capacity shortages, providing farmers with piglets, feed, and vaccines[55]. - The company has established a complete breeding system since 2008, focusing on self-breeding and self-raising models[55]. - The company is focused on a full industry chain operation model, enhancing its risk resistance and profitability through integrated management of feed production, breeding, and meat processing[64]. - The company aims to achieve a target of 10 million pigs slaughtered through a partnership mechanism that shares risks and benefits among management and employees[77]. Research and Development - The company has developed innovative feed products, including liquid fermented feed, which is a domestic first, and solid biological fermented feed, which is leading in the country[51]. - The company has innovated five key feed nutrition technologies, leading to the development of liquid biological feed products, significantly improving feed conversion rates and reducing feed costs[72]. - The company’s R&D investment increased by 27.79% to 263,457,416.80 yuan in 2021, representing 1.21% of total revenue[105]. - The company has patented its feed product "Koukou Milk," which significantly improves weaning stress and feed conversion rates, enhancing survival and digestion rates[74]. Challenges and Risks - The project in Hunan Huayuan County for breeding 300,000 lean piglets and 100,000 black pigs did not meet expected benefits due to multiple factors including unfulfilled capacity and rising feed prices[134]. - The project in Henan Nanle County for breeding 300,000 quality piglets also failed to achieve expected benefits, primarily due to the impact of the pandemic and declining pig prices[136]. - The project in Gansu Tianshui for a core breeding farm with 3,600 sows has not yet generated benefits due to a long breeding cycle[138]. - The project in Hubei Wuhan for producing 150,000 tons of special aquatic feed has not met expected benefits as it is still in the market development phase[144]. - The project in Guangdong Qingyuan for producing 240,000 tons of core animal nutrition additives has not reached expected benefits due to incomplete capacity release and increased raw material costs[147]. Management and Governance - The company has formed a young and professional management team, enhancing its competitive edge in the industry through a structured talent development program[78]. - The company has established a management strategy focused on "income growth, cost reduction, profit increase, and organizational growth," with specific annual targets for each business segment[75]. - The company has implemented a project-based management system to improve operational efficiency and resource allocation across departments[76]. - The company has established a digital operation system to ensure that performance targets are met and linked to individual employee compensation[75].