Springsnow Food (605567)2024-04-26 12:47Financial Performance - The company's operating revenue for 2023 reached ¥2,796,200,012.62, representing a 12.07% increase compared to ¥2,495,141,000.86 in 2022[22]. - The net profit attributable to shareholders of the listed company was -¥34,686,272, indicating a significant decline from ¥79,251,800.87 in the previous year[22]. - The basic earnings per share for 2023 was -¥0.17, a decrease of 142.50% from ¥0.40 in 2022[23]. - The weighted average return on equity dropped to -3.13% in 2023, down from 7.09% in 2022, reflecting a decrease of 10.22 percentage points[23]. - The net cash flow from operating activities was ¥198,525,303.67, a 235.03% increase compared to ¥59,256,498.41 in 2022[22]. - The total assets at the end of 2023 amounted to ¥2,194,142,119.59, a 10.84% increase from ¥1,979,474,368.35 in 2022[22]. - The company's total equity attributable to shareholders decreased by 7.30% to ¥1,065,679,865.95 at the end of 2023 from ¥1,149,633,947.98 in 2022[22]. - The company faced significant losses in Q4 2023, with a net profit of -¥55,677,020.40, primarily due to a decrease in chicken product prices and increased operational costs[26]. Market and Product Development - The company focuses on the production of pre-prepared dishes and chicken products, aligning with market trends[12]. - The company aims to become the leading enterprise in the high-quality chicken processed products segment in China by 2025[33]. - The company launched 16 new products during the spring product launch event on May 19, 2023, including 8 regional specialty dishes, reflecting current trends in the prepared food market[36]. - The company produced 56,413 tons of chicken prepared dishes in 2023, a decrease of 2.2% year-on-year, while sales reached 57,700 tons, a slight decrease of 0.23%[57]. - The company aims to enhance its market expansion strategies and invest in new product development to improve overall performance in the upcoming periods[92]. Sales and Distribution - The company exported 18,800 tons of chicken processed products, achieving export revenue of 550 million RMB, which represents 25% of total food revenue[34]. - Online sales reached 140 million yuan, with a total of 4.87 million items sold across 537 products, and live-streaming sales amounted to 12.06 million yuan from 137 live events[37]. - The company’s products are now available in 70% of the top 100 supermarkets in China and over 8,000 terminal stores nationwide by the end of 2023[38]. - The company aims to double its customer base and sales volume in the domestic market by 2025, with a target of over 50% growth in both metrics in 2024[104]. Cost Management and Efficiency - The company experienced a substantial increase in costs due to higher chick procurement prices and increased expenses related to market development and product research[24]. - The company implemented cost-saving measures that resulted in savings exceeding 23 million RMB throughout the year[35]. - The company achieved a reduction in non-recurring losses from the disposal of non-current assets, amounting to -543,616.29 RMB in 2023, compared to 18,710.41 RMB in 2022[28]. - The company reported a significant increase in the cost of live chickens due to higher chick procurement prices, impacting the gross profit margins across various sectors[75]. Governance and Compliance - The company has a clear governance structure that complies with modern corporate governance standards, ensuring operational independence from its controlling shareholders[130]. - The company has established independent functional institutions, ensuring no mixed operations with controlling shareholders or related enterprises[132]. - The company has not reported any significant changes in competition or related transactions with controlling shareholders[132]. - The company has a structured approach to managing potential conflicts of interest among its directors and senior management[193]. Environmental and Social Responsibility - The company invested approximately 12.11 million RMB in environmental protection during the reporting period[170]. - The company has established a wastewater treatment capacity of 8,000 m³/d, increased from 5,000 m³/d without expanding the treatment facility's footprint[175]. - The company has a green label in environmental credit evaluation, indicating a positive environmental performance[176]. - The company’s total investment in social responsibility projects was 20.6 thousand yuan, focusing on donations and public welfare[185]. Future Outlook and Strategic Plans - The company plans to expand its production capacity for prepared dishes by 20,000 tons in 2024, increasing the total design capacity to 118,640 tons[61]. - The company is actively pursuing mergers and acquisitions in the pre-prepared food sector to strengthen its market position and capitalize on industry growth[53]. - The company plans to improve its financing structure by increasing long-term loans to enhance its risk resistance capabilities[118]. - The company is committed to brand building, aiming to increase the recognition and reputation of its brands "Chunxue" and "Shangxian" in both domestic and international markets[114].