Revenue and Profitability - Revenue for the year ended December 31, 2023, was RMB 3,520,212 thousand, representing a 5.5% increase from RMB 3,335,669 thousand in 2022[2]. - Sales revenue increased by 6.5% to RMB 3,383,629 thousand from RMB 3,176,253 thousand in the previous year[2]. - The company's gross profit rose to RMB 1,025,020 thousand, a 1.2% increase compared to RMB 1,012,682 thousand in 2022[2]. - The net profit attributable to equity holders of the parent company significantly decreased by 79.3% to RMB 86,076 thousand from RMB 416,460 thousand in the prior year[2]. - Cash EBITDA increased by 5.8% to RMB 991,013 thousand from RMB 936,875 thousand in 2022[2]. - The total revenue from other income and gains for the year ended December 31, 2023, was RMB 72,319,000, compared to RMB 46,109,000 in 2022, reflecting a growth of 56.8%[30]. - The company's profit attributable to owners of the parent for 2023 was RMB 86.1 million, a decrease of RMB 330.4 million compared to RMB 416.5 million in 2022[62]. - The group reported a loss of RMB 706.3 million from the fair value changes of biological assets less selling expenses in 2023, an increase from RMB 291.4 million in 2022, mainly due to the proactive retirement of inefficient cattle and declining market prices[85]. Sales and Production - Total sales volume increased by 12.0% to 711,465 tons from 635,451 tons in the previous year[2]. - The average yield per lactating cow improved by 8.2% to 11.38 tons per year per head from 10.52 tons[2]. - The average selling price of raw milk decreased by 4.9% year-on-year to RMB 4.76 per kg, while the total sales volume of raw milk reached 711,000 tons, representing a 12.0% increase compared to 635,000 tons in 2022[53]. - The company achieved a daily fresh milk production of 2,119 tons in 2023, with 18 organic certified farms producing 1,667 tons, 2 DHA milk farms producing 133 tons, and 1 organic A2 milk farm producing 34 tons[44]. - The sales volume of organic raw milk increased by 19.7% year-on-year, accounting for 77.0% of total raw milk sales[161]. - The company successfully launched "DHA Milk" and "Organic A2 Raw Milk," with sales volumes of 39,355 tons and 1,647 tons respectively in 2023[161]. Assets and Liabilities - The total non-current assets as of December 31, 2023, amounted to RMB 6,361,869,000, an increase of 17.5% from RMB 5,412,707,000 in 2022[23]. - Current assets totaled RMB 2,155,042,000 as of December 31, 2023, down 13.0% from RMB 2,474,925,000 in 2022[23]. - The company's net current liabilities increased to RMB (867,205,000) in 2023 from RMB (195,588,000) in 2022, indicating a significant decline in liquidity[23]. - The total liabilities increased to RMB 4,125,656,000 in 2023 from RMB 3,625,950,000 in 2022, indicating a rise of 13.8%[25]. - The total assets less current liabilities stood at RMB 5,494,664,000 as of December 31, 2023, compared to RMB 5,217,119,000 in 2022, marking a growth of 5.3%[23]. Costs and Expenses - The company's pre-tax profit for the year was impacted by employee benefits expenses totaling RMB 377,381,000, up from RMB 330,701,000 in 2022, representing a 14.1% increase[32]. - The cost of raw milk sales for the company was RMB 2,358.6 million in 2023, an increase of 9.0% from RMB 2,163.6 million in 2022, primarily due to the growth in sales volume[54]. - The average cost of milk sold was RMB 3.32 per kg in 2023, a decrease of RMB 0.08 compared to the previous year[47]. - Administrative expenses rose to RMB 166.3 million, an increase of 18.0% year-on-year, accounting for 4.9% of sales revenue[197]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.23 per share, down from HKD 1.13 per share in 2022[2]. - The company declared a final dividend of RMB 87,184,000 for the year ended December 31, 2023, compared to no dividend in 2022[34]. - The company plans to distribute a final dividend of HKD 0.23 per share, subject to shareholder approval at the 2024 annual general meeting[173]. Financing and Capital Structure - Financing costs decreased by 7.6%, and the proportion of medium to long-term interest-bearing debt increased to 57.3%[7]. - The group maintained a credit facility exceeding RMB 10 billion with a utilization rate below 30%, ensuring stable operations[64]. - The company's total bank borrowings as of December 31, 2023, were RMB 2,131,239,000, up from RMB 1,840,250,000 in 2022[148]. - The group provided guarantees for bank loans amounting to RMB 69.0 million for a subsidiary, a significant decrease from RMB 142.9 million in the previous year, reflecting a reduction of approximately 51.7%[96]. Strategic Initiatives and Future Outlook - The company aims to double the sales volume of organic raw milk by 2025 compared to 2020 levels, aligning with national and local government policies to enhance the dairy industry[100]. - The company is constructing a dairy farming demonstration area in Ulanqab and the desert base to enhance organic milk sales and brand strength[189]. - The company imported over 3,800 high-quality young Holstein cows from Australia to support the demonstration area[189]. - The company has implemented cost control measures effectively, leading to improved operational efficiency despite declining raw milk prices[156]. Corporate Governance and Compliance - The group has maintained a high level of corporate governance, recognizing its importance to the company's value and shareholder benefits[101]. - The group has established a policy to only engage in transactions with recognized and reputable third parties, minimizing credit risk[97]. - The company has applied the revised International Financial Reporting Standards, which are not expected to have a significant impact on its financial statements[135].
中国圣牧(01432) - 2023 - 年度业绩