TECON(002100)2024-04-28 07:55Financial Performance - The company's operating revenue for 2023 was ¥19,025,806,286.59, representing an increase of 11.99% compared to ¥16,989,111,174.58 in 2022[23] - The net profit attributable to shareholders for 2023 was -¥1,363,316,030.34, a decrease of 585.55% from ¥280,779,316.85 in 2022[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥1,378,079,973.60, down 622.09% from ¥263,955,296.26 in 2022[23] - Basic earnings per share for 2023 were -¥1.01, a decrease of 580.95% from ¥0.21 in 2022[23] - The weighted average return on net assets for 2023 was -19.18%, down 22.99% from 3.81% in 2022[23] - The company reported a net cash flow from operating activities of ¥1,751,811,265.78, an increase of 434.11% compared to the previous year, driven by a 20.75% increase in feed sales volume and a 38.9% increase in pig sales[109] Assets and Liabilities - Total assets decreased by 13.48% to ¥19,362,390,662.80 compared to the previous year[26] - Net assets attributable to shareholders decreased by 19.01% to ¥7,915,163,637.97[26] - The company's total assets include cash and cash equivalents amounting to 2,821,543,68 yuan, which accounts for 16.84% of total assets[134] - The total liabilities decreased from 9.733 billion CNY to 8.837 billion CNY, reflecting a reduction in financial obligations[189] - The equity attributable to shareholders of the parent company fell from 7.915 billion CNY to 6.411 billion CNY[189] Revenue Streams - The company achieved a sales revenue of CNY 99,635 million in its pharmaceutical business, up 5.93% year-on-year, accounting for 5.24% of total revenue[71] - The sales revenue from pig farming and food processing was CNY 554,072.18 million, representing an 8.05% increase, with 281.58 million pigs slaughtered, a growth of 38.90%[73] - The plant protein and oil processing business generated CNY 218,278.87 million in sales, a 24.01% increase, making up 11.47% of total revenue[73] - The revenue from the pig farming industry chain was CNY 5.54 billion, accounting for 29.12% of total revenue, with an 8.05% year-on-year increase[93] Research and Development - The company has established R&D centers in Xinjiang, Shanghai, and Jiangsu, with R&D investment exceeding 10% of sales revenue in the biopharmaceutical business for three consecutive years[69] - The company has over 400 R&D personnel and has obtained 26 national new veterinary drug certificates and over 200 patents[87] - Research and development (R&D) investment amounted to ¥267,665,996.63, representing a 43.21% increase from ¥186,910,244.18 in the previous year, with R&D expenditure accounting for 1.41% of operating revenue[107] Strategic Initiatives - The company is focusing on enhancing vaccine production technology and improving animal health monitoring systems as part of its strategic initiatives[43] - The company has made significant investments in animal vaccine research and production projects, indicating a strategic focus on market expansion[134] - The company has developed a new live vaccine for pseudorabies in pigs, utilizing recombinant technology, which is expected to enhance market competitiveness[123] Changes and Risks - The company has undergone a change in accounting policy, which has led to restatements of previous financial data[23] - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated by negative net profits over the last three accounting years[26] - The company has detailed risk and response measures in the section on future development outlook in the management discussion and analysis[3] Cash Flow and Financing - The company’s cash outflow from financing activities totaled ¥6,473,530,594.31, a 29.46% increase compared to the previous year[109] - The company’s net cash flow from financing activities is -1,505,186,989.90, a decrease from 1,633,616,078.92 in the previous period[143] - The total cash inflow from investment activities was ¥898,688,823.94, a significant increase of 469.60% from ¥157,775,590.75 in the previous year[109] Market Position - The total profit margin for the biopharmaceutical sector was reported at 55.18% in 2022, indicating a strong market position and potential for growth[66] - The company has been recognized as one of the top 10 national veterinary biological product enterprises and has received multiple industry honors[86]