鹏都农牧(002505) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was ¥17,449,257,152.45, a decrease of 10.15% compared to ¥19,420,342,864.98 in 2022[35]. - The net profit attributable to shareholders for 2023 was -¥934,739,356.69, representing a significant decline of 5,604.55% from ¥16,981,224.30 in 2022[35]. - The net profit after deducting non-recurring gains and losses was -¥866,999,322.43, down 4,010.48% from ¥22,171,170.52 in the previous year[35]. - The total assets at the end of 2023 were ¥15,484,344,067.20, a decrease of 5.84% from ¥16,444,298,498.04 at the end of 2022[35]. - The net assets attributable to shareholders decreased by 12.67% to ¥4,602,406,863.23 from ¥5,270,223,058.66 in 2022[35]. - The basic earnings per share for 2023 was -¥0.1466, a decline of 5,529.63% compared to ¥0.0027 in 2022[35]. - The weighted average return on equity was -18.94% in 2023, down from 0.33% in 2022, indicating a significant deterioration in profitability[35]. - The company reported a loss of -¥66,006,180.06 from the disposal of non-current assets in 2023, compared to a gain of ¥13,737,646.39 in 2022[39]. - The company received government subsidies amounting to ¥18,936,764.81 in 2023, an increase from ¥12,799,122.20 in 2022[39]. - The company's net profit attributable to shareholders was negative across all four quarters of 2023, with the fourth quarter showing a loss of approximately ¥581.67 million[53]. Internal Control and Compliance - The company has established and effectively executed an internal control system, with no significant or important defects reported during the period[3]. - There were no significant internal control defects identified during the reporting period[4]. - There were no major or important defects in financial reporting during the evaluation period[10]. - The company has committed to strict compliance with related party transaction regulations and has adhered to its commitments[25]. - Pengdu Agricultural and Animal Husbandry Co., Ltd. maintained effective internal controls as per the internal control audit report, with no significant deficiencies noted[64]. Agricultural and Livestock Business Development - The company is focusing on expanding its meat cattle and sheep businesses while actively participating in rural revitalization projects[46]. - Anxin Livestock has established a cooperative model with the Dahu County government to develop the meat sheep industry, with a current stock of approximately 35,000 sheep and 22,501 breeding ewes deployed across 52 farms, benefiting over 7,000 impoverished households[47]. - In 2023, Anxin Livestock set up subsidiaries in Xinjiang, with over 160,000 sheep currently in stock, aiming to create a comprehensive meat sheep industry chain and solve employment issues for over 300 households[48]. - The beef segment maintained steady growth despite a significant decline in domestic beef prices, transitioning from a distributor-based sales model to group purchasing and e-commerce channels[99]. - The company has established a complete supply chain for cross-border beef processing and sales, with an annual processing capacity of 500,000 head of cattle[99]. Market Trends and Consumer Demand - The demand for soybeans in China has increased significantly, with imports reaching 99.41 million tons in 2023, a year-on-year growth of 13.57%[61]. - Brazil has become the largest source of soybean imports for China, supplying approximately 69.95 million tons in 2023, which accounts for 70.36% of total imports[61]. - The domestic beef consumption in China has shown a steady growth trend, with per capita consumption increasing from 4 kg in 2000 to 6.58 kg in 2021[63]. - The national beef consumption volume reached 11.057 million tons in 2023, reflecting a year-on-year growth of 3.7%[85]. - The apparent consumption of lamb in China reached 5.742 million tons in 2023, with a year-on-year increase of 2.5%[87]. Cost and Pricing Dynamics - Domestic lamb prices declined to an average wholesale price of 64.14 CNY/kg by the end of 2023, a decrease of 5.34% from the beginning of the year[73]. - Domestic beef prices fell to an average wholesale price of 71.54 CNY/kg by December 2023, down 7.92% compared to the start of the year[87]. - Direct material costs for sheep increased by 55.16% year-on-year, amounting to approximately 240.43 million yuan[105]. - Direct labor costs for beef increased by 287.36% year-on-year, reaching approximately 13.18 million yuan[105]. - Direct material costs in the livestock breeding sector rose by 82.09% to ¥410.95 million, compared to ¥225.68 million in 2022[120]. Investment and Financial Management - The company has implemented digital and refined management strategies in its Brazilian subsidiaries to improve operational efficiency amid rising financing costs[114]. - The company has established strict internal approval systems and operational processes to control various risks, including market, liquidity, credit, operational, and legal risks[154]. - The company did not engage in speculative derivative investments during the reporting period, focusing solely on hedging activities[155]. - The company raised a total of 159,256.75 million through a private placement, with 751.72 million utilized in the current period[172]. - The cumulative amount of raised funds used reached 91,924.54 million, with 66,886.28 million remaining unutilized[172]. Challenges and Risks - The construction progress of the beef cattle breeding base in Ruili City has not met planned expectations due to the lack of formal customs clearance for cattle from Myanmar[159]. - The implementation period for the Myanmar 500,000-head beef cattle breeding project has been extended from May 2024 to May 2025 due to the political situation[159]. - The company emphasizes the importance of risk management regarding exchange rate fluctuations and will utilize financial tools to hedge risks[199]. - Belagrícola and Fiagril face risks from agricultural price fluctuations due to fixed-price contracts with farmers[200]. - There is a potential for ineffective hedging due to inaccurate future price predictions, insufficient funds, and inadequate internal controls[200].