Xuerong Biotechnology(300511)2024-04-25 16:42Financial Performance - The company achieved operating revenue of CNY 2,062.83 million in 2021, a decrease of 6.33% year-on-year[13]. - The net profit attributable to shareholders was CNY -292.07 million, representing a decline of 226.76% compared to the previous year[13]. - The net profit after deducting non-recurring gains and losses was -¥29.0 million in 2021, a decrease of 230.53% compared to a profit of ¥22.2 million in 2020[30]. - The weighted average return on net assets was -15.88%, a decrease of 28.41% from the previous year[20]. - The company's total assets decreased by 4.57% to CNY 4,340.13 million at the end of 2021[19]. - The net cash flow from operating activities was CNY 246.75 million, down 55.58% from the previous year[20]. - The net profit attributable to shareholders was ¥101.4 million in Q1, but turned negative in subsequent quarters, with Q2 at -¥172.1 million, Q3 at -¥44.7 million, and Q4 at -¥176.7 million[21]. - The net cash flow from operating activities showed a significant recovery, with Q1 at ¥94.2 million, Q3 at ¥19.2 million, and Q4 surging to ¥175.8 million[21]. - The asset-liability ratio increased to 61.88% in 2021 from 55.89% in 2020, indicating a rise of 5.99%[30]. - The EBITDA to total debt ratio fell to 2.43% in 2021 from 23.90% in 2020, reflecting a decline of 21.47%[30]. - The interest coverage ratio dropped significantly to -2.84 in 2021 from 3.28 in 2020, a decrease of 186.59%[30]. Dividend and Shareholder Information - The company reported a cash dividend of 0.00 yuan per 10 shares for all shareholders, with no bonus shares issued, based on a total of 507,600,151 shares[1]. - The top shareholder, Yang Yongping, holds 24.29% of the shares, amounting to 107,365,050 shares[22]. - The company has no preferred shareholders as of the report date[24]. Business Operations and Strategy - The company operates modern agricultural enterprises focused on the research, cultivation, and sales of edible mushrooms, with production facilities in multiple regions including Jilin, Shandong, Guangdong, Sichuan, Guizhou, Gansu, and Thailand[3]. - Key products include Enoki mushrooms, King oyster mushrooms, Shiitake mushrooms, and others, emphasizing high quality and safety in food production[5]. - The sales model primarily involves distributors, with direct sales to supermarkets, chain restaurants, and fresh food delivery platforms, utilizing a buyout sales approach[9]. - The pricing strategy includes weekly market analysis for existing products and comprehensive market research for new product pricing, ensuring competitive positioning[10]. - The company has implemented a credit policy for large and quality customers, resulting in low accounts receivable balances[10]. - The company emphasizes the mechanization, standardization, and year-round production of edible mushrooms, significantly saving land resources[3]. - The company aims to enhance its market presence through continuous product innovation and expansion into new regions[3]. - The company has established a nationwide sales network to enhance market responsiveness and customer retention[17]. - The competitive landscape in the edible mushroom industry has intensified, leading to a general decline in profitability across the sector in 2021[17]. Audit and Compliance - The company has transitioned its auditing firm to Ernst & Young Huaming, receiving a standard unqualified audit opinion for the financial report[1]. Project Losses - The company reported a significant loss of CNY 4,850.09 million from its Thailand project, with a loss attributable to shareholders of CNY 2,910.05 million[13]. Quarterly Performance - In Q1 2021, the company reported revenue of ¥566.5 million, while Q2 revenue dropped to ¥362.3 million, followed by Q3 at ¥500.5 million, and Q4 at ¥633.5 million[21].