TIANMA TECH(603668)2024-04-26 09:51Capital and Dividend Policy - The company plans to increase its share capital by 4,566,688 shares through a capital reserve transfer, resulting in a total share capital of 502,335,741 shares after the increase[6]. - The company will not distribute cash dividends for the 2023 fiscal year, but will consider a cash dividend of up to 20% of the net profit attributable to shareholders in future periods if conditions are met[6]. - The company completed a cash dividend distribution of 4,361,349.76 yuan on October 11, 2023[6]. - The company is committed to enhancing investor returns through a regular cash dividend mechanism[6]. Financial Performance - The company's operating revenue for 2023 was approximately ¥6.998 billion, a slight decrease of 0.14% compared to ¥7.008 billion in 2022[23]. - The net profit attributable to shareholders for 2023 was approximately -¥187.55 million, representing a decrease of 243.94% from ¥130.30 million in 2022[25]. - The basic earnings per share for 2023 was -¥0.43, a decline of 243.33% compared to ¥0.30 in 2022[25]. - The net cash flow from operating activities increased by 95.63% to approximately ¥70.68 million, up from ¥36.13 million in 2022[26]. - The total assets of the company at the end of 2023 were approximately ¥9.075 billion, an increase of 19.05% from ¥7.623 billion at the end of 2022[24]. - The net assets attributable to shareholders increased by 8.61% to approximately ¥2.211 billion, compared to ¥2.035 billion at the end of 2022[24]. Operational Challenges - The company experienced a significant increase in feed costs and a decline in fish output, impacting profitability[29]. - The company faced increased financial and operational costs, including a rise in personnel expenses and sales costs, which affected profit margins[30]. - The company terminated its 2022 employee stock ownership plan, leading to an increase in equity incentive costs by approximately ¥40 million[30]. - The company faced significant operational cost pressures due to fluctuations in raw material prices and supply chain risks[39]. - The overall profitability of the feed business declined, primarily due to the impact of international geopolitical conflicts and rising raw material costs[40]. Business Strategy and Development - The company plans to enhance its ecological smart aquaculture business, which is expected to contribute stable profits in the future[30]. - The company is committed to building a world-class food supply chain platform centered on the eel industry, integrating the entire industry chain[39]. - The company is expanding its food supply chain focusing on pre-prepared dishes and deep processing of aquatic products, with a dual-track operation model in domestic and international markets[47]. - The company aims to establish a national-level modern agricultural high-tech industrial park for eel, covering eight major fishery industry clusters across several provinces[44]. - The company is actively developing aquaculture seed industry, focusing on the integrated breeding of species such as California bass and eel, establishing a multi-stage production model from "fry - juvenile fish - adult fish"[49]. Research and Development - The company has established high-level R&D platforms, including a national enterprise technology center and a postdoctoral research station, and has been recognized as a "National High-tech Enterprise"[51]. - During the reporting period, the company made significant breakthroughs in the formulation and optimization of feed for various species, enhancing product performance while reducing costs[52]. - The company has formed strategic partnerships with universities and research institutions to accelerate the transformation of technological achievements into productive forces[53]. - The company has implemented a talent strategy to attract and cultivate high-level professionals, enhancing its competitive edge in the market[54]. - The company has integrated advanced IoT technology into its production management, aiming for a high-precision and efficient production system[56]. Quality and Sustainability - The company adheres to strict quality management systems, including ISO9001 and HACCP, to ensure high-quality production of feed and food products[57]. - The company is committed to sustainable practices, focusing on energy-saving and consumption-reduction initiatives in its operations[57]. - The company has improved production efficiency and product quality by upgrading technology and equipment across its factories, gradually expanding feed and food production capacity[58]. - The company is committed to ecological development in the livestock sector, focusing on feed and extending the industrial chain into deep processing of livestock products[42]. Market Trends and Industry Insights - The feed industry is experiencing accelerated consolidation, with larger companies gaining market share due to scale advantages and management capabilities[180]. - The aquaculture industry is seeing an increase in the proportion of large-scale farming, while small-scale farmers are exiting the market due to financial pressures[182]. - Green and low-carbon aquaculture is becoming a key trend, with the industry expected to transition towards sustainable practices in line with carbon reduction goals[182]. - The processed seafood industry is evolving towards specialization and diversification, with a focus on deep processing to enhance product quality and market share[183]. - The pre-prepared food market for seafood is projected to grow significantly, with a market size of 516.5 billion yuan in 2023, expected to exceed 1,072 billion yuan by 2026, reflecting a 23.1% year-on-year growth[183].