牧原股份(002714) - 2023 Q4 - 年度财报

Financial Performance - Revenue in 2023 decreased by 11.19% to 110.86 billion yuan compared to 124.83 billion yuan in 2022[18] - Net profit attributable to shareholders in 2023 was -4.26 billion yuan, a decrease of 132.14% from 13.27 billion yuan in 2022[18] - Operating cash flow in 2023 was 9.89 billion yuan, a decrease of 57.01% from 23.01 billion yuan in 2022[18] - Total assets at the end of 2023 increased by 1.27% to 195.40 billion yuan compared to 192.95 billion yuan at the end of 2022[18] - Equity attributable to shareholders at the end of 2023 decreased by 12.48% to 62.83 billion yuan compared to 71.78 billion yuan at the end of 2022[18] - The company achieved revenue of 110.861 billion yuan in 2023, a decrease of 11.19% year-on-year, with a net loss of 4.168 billion yuan, a decrease of 127.91% year-on-year[32] - Total revenue for 2023 was RMB 110.86 billion, a decrease of 11.19% compared to 2022[53] - Revenue from the breeding business accounted for 97.62% of total revenue, reaching RMB 108.22 billion, a decrease of 9.62% year-on-year[53] - Revenue from the slaughtering and meat business increased by 48.54% to RMB 21.86 billion, accounting for 19.72% of total revenue[53] - The company achieved a gross profit margin of 2.92% in the breeding business, a decrease of 15.50 percentage points compared to the previous year[54] - The gross profit margin for the slaughtering and meat business was 0.16%, an increase of 0.66 percentage points year-on-year[54] - Domestic revenue accounted for 100% of total revenue, with a gross profit margin of 3.11%, a decrease of 14.39 percentage points compared to 2022[54] - The company's trade business revenue decreased by 45.13% to RMB 3.02 billion, accounting for 2.73% of total revenue[53] - The company's other business revenue increased by 11.22% to RMB 543.94 million, accounting for 0.49% of total revenue[53] - Feed costs for hogs increased by 8.26% to 66.49 billion yuan, accounting for 63.29% of total operating costs[56] - Employee compensation for hogs rose by 1.51% to 11.52 billion yuan, representing 10.97% of total operating costs[56] - Depreciation expenses for hogs grew by 7.66% to 12.10 billion yuan, making up 11.52% of total operating costs[56] - Medicine and vaccine costs for hogs surged by 10.92% to 5.55 billion yuan, accounting for 5.29% of total operating costs[56] - Operating cash flow decreased by 57.01% to 9.89 billion yuan in 2023, primarily due to a significant drop in hog sales prices[66][67] - Investment cash inflow surged by 705.97% to 2.83 billion yuan in 2023, mainly due to the recovery of matured financial products[67] - Investment cash outflow increased by 23.17% to 20.05 billion yuan in 2023, driven by the purchase of financial products and increased spending on fixed assets[67] - The company's net cash flow from financing activities increased by 32.16% to 3.20 billion yuan in 2023[67] - The net increase in cash and cash equivalents decreased by 143.50% to -4.13 billion yuan in 2023[67] - Cash and cash equivalents decreased by 0.84% to 19.43 billion RMB, accounting for 9.94% of total assets[69] - Inventory increased by 1.64% to 41.93 billion RMB, representing 21.46% of total assets[69] - Fixed assets grew by 2.27% to 112.15 billion RMB, making up 57.39% of total assets[69] - Short-term borrowings surged by 8.90% to 46.93 billion RMB, accounting for 24.02% of total assets[70] - Accounts payable decreased by 1.04% to 23.46 billion RMB, representing 12.01% of total assets[70] - Other payables increased by 1.37% to 11.09 billion RMB, accounting for 5.68% of total assets[70] - Derivative financial assets showed a fair value change of 88.30 million RMB during the period[71] - Other equity instrument investments decreased by 36.48 million RMB in fair value[71] - Total financial assets at period-end stood at 127.71 million RMB[71] - The company's total initial investment in derivatives for hedging purposes was 2,536.05 million yuan, with a final investment amount of 322.90 million yuan, accounting for 0.44% of the company's net assets at the end of the reporting period[74] - The company's futures investments resulted in a fair value change gain of 88.30 million yuan during the reporting period[74] - The company's forward foreign exchange purchases and interest rate swaps had an initial investment of 855.93 million yuan, with a fair value change gain of 41.47 million yuan during the reporting period[74] - The company's actual profit from hedging activities, after offsetting spot market gains and losses, was 62.19 million yuan[74] - Total funds raised in 2019 through non-public issuance amounted to RMB 4,999,999,992.00, with a net amount of RMB 4,977,431,956.89 after deducting issuance fees[77] - In 2021, the company raised RMB 9,550,000,000.00 through the issuance of convertible bonds, with a net amount of RMB 9,528,685,000.00 after deducting issuance fees[79] - As of December 31, 2023, the cumulative funds used for project operations from the 2021 convertible bond issuance reached RMB 6,298,833,774.16[79] - The 2022 non-public issuance raised RMB 5,999,999,982.48, with a net amount of RMB 5,987,106,670.25 after deducting issuance fees[80] - By the end of 2023, the company had fully utilized the funds from the 2022 non-public issuance, with RMB 5,997,105,381.60 used for working capital and loan repayment[80] - The Anhui Fengtai project achieved an investment progress of 101.55% with a cumulative investment of RMB 27,418.01 million[81] - The Mengcheng project reached an investment progress of 101.10% with a cumulative investment of RMB 20,220.33 million[81] - The Anhui Suixi project achieved an investment progress of 101.01% with a cumulative investment of RMB 50,505.26 million[81] - The Hengshui Jizhou project had an investment progress of 100.23% with a cumulative investment of RMB 45,104.99 million[81] - The Laohekou project achieved an investment progress of 100.45% with a cumulative investment of RMB 18,080.41 million[81] - The 40,000-head pig farming project in Shangqiu Suiyang achieved a completion rate of 101.88% with an investment of 35,658.49 thousand RMB[83] - The 40,000-head pig farming project in Heilongjiang Lindian achieved a completion rate of 101.58% with an investment of 30,473.33 thousand RMB[83] - The 10,000-head pig farming project in Heilongjiang Wangkui achieved a completion rate of 100.51% with an investment of 10,050.81 thousand RMB[83] - The 10,000-head pig farming project in Heilongjiang Mingshui achieved a completion rate of 100.51% with an investment of 8,543.04 thousand RMB[83] - The 20,000-head pig farming project in Heilongjiang Fuyu achieved a completion rate of 101.72% with an investment of 10,172.1 thousand RMB[83] - The 65,000-head pig farming project in Shuangliao achieved a completion rate of 100.08% with an investment of 170,139.17 thousand RMB[83] - The 210,000-head pig farming project in Neixiang achieved a completion rate of 100.03% with an investment of 5,001.44 thousand RMB[83] - The 20,000-head pig farming project in Haizhou achieved a completion rate of 100.23% with an investment of 10,022.8 thousand RMB[84] - The 20,000-head pig farming project in Jinhu achieved a completion rate of 100.02% with an investment of 20,004.29 thousand RMB[84] - The 400,000-head pig slaughtering project in Shangshui achieved a completion rate of 100.25% with an investment of 55,137.91 thousand RMB[84] - The company's annual slaughter capacity for the 300,000-head pig project reached 49,000, achieving 100.46% of the planned target[85] - The total investment in committed projects amounted to 1,050,000, with actual investment reaching 983,279.66, falling short by 25,419.95[85] - The company pre-invested 65,630.98 million in 2019 and 394,382.08 million in 2021 for fundraising projects, with 368,744.15 million being replaced in 2021[86] - The unused fundraising balance is 75,212.35 million, stored in dedicated fundraising accounts[86] - The company implemented a cash dividend distribution of 7.381783 yuan per 10 shares, totaling 4.003 billion yuan[153] - The company's 2019 restricted stock incentive plan saw 7,666,995 shares released from restrictions and 380,819 shares repurchased and canceled[155] - The company's 2022 restricted stock incentive plan had 266,400 shares repurchased and canceled[155] - The company repurchased and canceled a total of 6,940,779 restricted shares, including 2,613,616 shares from the 2019 restricted stock incentive plan and 4,327,163 shares from the 2022 plan[156] - The company implemented a 2022 equity distribution, distributing a cash dividend of 7.381783 yuan per 10 shares (tax included)[156] - The company adjusted the repurchase price of the 2022 restricted stock incentive plan from 30.272 yuan per share plus interest to 29.534 yuan per share plus interest[156] - The company repurchased and canceled 1,529,253 restricted shares due to 359 incentive recipients leaving the company[157] - Senior executives collectively held 1,253,500 restricted shares at the beginning of the period, with 626,750 shares unlocked during the reporting period[158] - The second phase of the employee stock ownership plan involved 400 employees holding a total of 56,443,800 shares, accounting for 1.03% of the company's total share capital[160] - The employee stock ownership plan saw some employees leave and transfer their shares to designated assignees, in compliance with the plan's regulations[161] - The company maintained effective financial reporting internal controls with no significant defects identified as of the evaluation report date[162] - 100% of the company's total assets and operating income were included in the internal control evaluation scope[164] - No financial report or non-financial report significant defects were found during the reporting period[165] - The internal control audit report issued a standard unqualified opinion, consistent with the board's self-evaluation[166] - The company's total related-party transactions amounted to 232,935.02 million yuan, accounting for 19.78% of similar transactions[189] - The company's procurement of engineering and mechanical equipment materials and installation services from related parties amounted to 36,921.87 million yuan, accounting for 3.14% of similar transactions[189] - The company's acceptance of transportation services from related parties amounted to 34,166.14 million yuan, accounting for 15.24% of similar transactions[189] - The company's procurement of goods from related parties amounted to 23,810.21 million yuan, accounting for 8.38% of similar transactions[189] - The company's procurement of mechanical and electrical equipment, materials, installation, and maintenance services from related parties amounted to 5,240.82 million yuan, accounting for 0.45% of similar transactions[189] - The company's procurement of labor protection products and equipment from related parties amounted to 4,462.04 million yuan, accounting for 59.21% of similar transactions[189] - The company's procurement of agricultural products, by-products, and organic fertilizers from related parties amounted to 3,400.89 million yuan, accounting for 10.72% of similar transactions[190] - The company's acceptance of accommodation, catering, conference, and leasing services from related parties amounted to 2,682.31 million yuan, accounting for 3.92% of similar transactions[190] - The company's procurement of vehicles and spare parts from related parties amounted to 2,194.65 million yuan, accounting for 19.39% of similar transactions[190] - The company's procurement of refined oil and petrochemical products from related parties amounted to 1,589.31 million yuan, accounting for 2.49% of similar transactions[190] - The company's total related party transactions amounted to 545,743.17 million yuan, accounting for a significant portion of the approved transaction quota of 1,283,700 million yuan[192] - The company's sales to related parties, including pork products and raw materials, reached 176,508.14 million yuan, accounting for 1.63% of similar transactions[191] - The company's purchase of electricity from related parties amounted to 291.39 million yuan, representing 0.10% of similar transactions[191] - The company's sales of raw materials, goods, and services to related parties totaled 14,991.92 million yuan, accounting for 0.14% of similar transactions[191] - The company's sales of pork products to related parties reached 2,971.52 million yuan, representing 0.14% of similar transactions[191] - The company's provision of services to related parties amounted to 309.2 million yuan, accounting for 5.11% of similar transactions[192] - The company's sales of pig manure, biogas residue, and wheat by-products to related parties totaled 161.69 million yuan, representing 7.75% of similar transactions[192] - The company's sales of equipment and materials to related parties reached 59.23 million yuan, accounting for 36.82% of similar transactions[192] - The company's sales of raw materials, goods, and services to related parties amounted to 33.04 million yuan, representing 0.00% of similar transactions[192] - The company's payable to related parties, including borrowings, reached 190,000 million yuan, with an interest rate of 4.20% and interest of 6,965 million yuan[196] - Anhui Fengtai Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 71,270 thousand yuan, with an actual guarantee amount of 44,660 thousand yuan[199] - Anhui Jieshou Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 4,500 thousand yuan, with an actual guarantee amount of 1,000 thousand yuan[199] - Anhui Suixi Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 48,420 thousand yuan, with an actual guarantee amount of 26,140 thousand yuan[199] - Anhui Yingquan Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 7,500 thousand yuan, with an actual guarantee amount of 2,000 thousand yuan[199] - Anhui Yingshang Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 35,000 thousand yuan, with an actual guarantee amount of 13,960 thousand yuan[199] - Anxiang Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 22,200 thousand yuan, with an actual guarantee amount of 9,400 thousand yuan[199] - Baishui Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 59,780 thousand yuan, with an actual guarantee amount of 32,458.73 thousand yuan[200] - Baise Youjiang Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 10,303.22 thousand yuan, with an actual guarantee amount of 6,559.44 thousand yuan[200] - Baoying Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 4,080 thousand yuan, with an actual guarantee amount of 3,239 thousand yuan[200] - Beihai Yinhai Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 4,980 thousand yuan, with an actual guarantee amount of 4,030 thousand yuan[200] Operational Risks - The company's gross profit margin fluctuates in line with the cyclical fluctuations of the commodity pig market prices, and there is a risk of significant decline or even loss if pig sales prices drop sharply or fail to keep up with cost increases[4] - Major raw materials such as wheat, corn, and soybean meal account for approximately 55%-65% of the company's operating costs, and price fluctuations in these commodities significantly impact the company's main business costs and net profit[5] - The company has a natural disaster risk as its pig farms are distributed across 24 provincial-level regions, and natural disasters could cause damage to farm buildings and facilities, leading to pig deaths and direct losses[7] - The company faces a risk of disease outbreaks, which could lead to reduced pig production, decreased market demand, and lower product prices, significantly impacting the company's operations[3] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[2] - The company's risk control measures include strict internal control systems, professional training, and regular audits to ensure compliance and minimize operational risks[75