Revenue and Sales Performance - Revenue for the year reached RMB 13,458 million, representing a year-on-year increase of 9.5%[6] - Total raw milk sold was 2.55 million tons, a year-on-year increase of 9.4%, with sales revenue from raw milk amounting to RMB 10,264 million, up 3.2%[10] - New business segments, including e-commerce and feed production, generated sales revenue of RMB 3,195 million, marking a 35.9% year-on-year increase[12] - Modern Dairy achieved a sales revenue contribution of RMB 3.195 billion from new business developments, representing a year-on-year increase of 35.9%[14] - The Group's sales revenue for the year was RMB 13,458.2 million, representing a year-on-year increase of 9.5%, with raw milk sales revenue at RMB 10,263.7 million, up 3.2%[81][84] - Revenue from new business segments reached RMB 3,194.6 million, marking a significant year-on-year increase of 35.9% from RMB 2,350.0 million in 2022[116] Profitability and Financial Performance - Profit for the year was RMB 185 million, a decline of 68.1% compared to RMB 580 million in 2022[6] - Cash EBITDA for the year was RMB 2,496 million, a decrease of 8.9% from the previous year[6] - The gross profit from the raw milk business decreased by 5.9% year-on-year to RMB 2,913.0 million in 2023, down from RMB 3,095.0 million in 2022[133] - The gross profit margin for the raw milk business decreased by 2.7% year-on-year to 28.4% in 2023, compared to 31.1% in 2022[133] - Profit attributable to owners of the company fell by 68.9% to RMB 175.2 million in 2023, compared to RMB 562.5 million in 2022[155] Cash Flow and Financing - Net free cash inflow was approximately RMB 1,568 million, a significant turnaround from a net outflow of RMB 2,414 million in the previous year[13] - The group recorded consolidated revenue of RMB 13,458.2 million in 2023, representing a year-over-year increase of 9.5% compared to RMB 12,295.1 million in 2022[116] - The net cash inflow from operating activities surged to RMB 5,449.0 million in 2023, a significant increase of RMB 3,871.9 million year-on-year[157] - The net cash outflow from investing activities decreased to RMB 3,881.1 million in 2023, down RMB 110.4 million from RMB 3,991.5 million in 2022, due to adjusted merger and acquisition strategies[158] - The net gearing ratio improved to 74.4% as of December 31, 2023, down from 85.2% in the previous year, reflecting a 10.8 percentage point decrease[153] Operational Efficiency and Production - The herd size increased to 450,562 heads, reflecting an 11.2% year-on-year growth[10] - Average milk yield per cow reached 12.6 tons, a 3.3% increase compared to the previous year[10] - Modern Dairy produced over 2.5 million tons of high-quality raw milk in 2023, maintaining industry-leading cost efficiency[66] - The average annualized milk yield per cow was 12.6 tons, up 3.3% from 12.2 tons in 2022, while total milk yield increased by 9.5% to 2.588 million tons[80][84] - The average unit cost of raw milk before inter-segment offset was RMB 2.92/kg in 2023, a decrease from RMB 2.97/kg in 2022[126] Debt and Borrowing - Interest-bearing borrowings decreased by 7.8% year-on-year to RMB 11,497 million[13] - As of December 31, 2023, total interest-bearing borrowings decreased by 7.8% to RMB 11,496.7 million from RMB 12,470.9 million in 2022[163] - The net borrowings of the Group were approximately RMB 8,813.2 million as of December 31, 2023, down from approximately RMB 9,921.7 million in 2022[171] Awards and Recognition - Modern Dairy maintained a "BBB" investment grade credit rating with a stable outlook, marking it as the first Chinese dairy farming enterprise to achieve this recognition[14] - The company was recognized as one of the "Top 20 Leading Agricultural Industrialization Enterprises in Anhui Province," highlighting its contributions to agricultural practices and technologies[48] - Modern Dairy received the "2023 Netease New Energy Annual ESG Pioneer Enterprise Award," showcasing its commitment to environmental, social, and governance practices[54] Sustainability and ESG Initiatives - The company has been recognized for its excellent ESG performance, receiving the "Green Development Typical Case" award from the China Dairy Industry Association[17] - The Group's commitment to social responsibility includes improving product quality and promoting local economic development through job creation and direct donations[191] - The Group's dual carbon targets were recognized in the COP28 "2023 Corporate Climate Action Case Collection," underscoring its commitment to sustainable development[68] Digital Transformation and Innovation - The company is focused on deploying the entire industry chain and innovating with digital intelligence to enhance its competitive edge in the global dairy farming sector[24] - The digital transformation initiatives include the Aiyangniu and Yunyangniu platforms, aimed at reducing procurement costs and integrating AIoT solutions for dairy management[105] - The Group is committed to enhancing digitalization across the entire value chain and accelerating the transition to green practices[198] Product Quality and Development - The company’s branded pure milk has won the Gold Prize of the Monde Selection for ten consecutive years, highlighting its commitment to product quality[16] - Modern Dairy's Gold Award High Calcium Milk contains 125mg of calcium per 100ml, enriched with vitamin D to enhance calcium absorption[44] - The Group maintains a raw milk quality compliance rate of 100%, emphasizing the importance of product quality for long-term development[104] Strategic Goals and Future Outlook - The Group aims to increase its dairy cow herd size to over 500,000 heads by 2025, targeting an annual milk yield of 3.6 million tons[199] - The motto for 2024 is "Breakthrough Beyond Limits, Innovation Embraces Victories," focusing on high-quality development through innovation[197] - The Group aims to implement a cost leadership strategy to manage rising material prices by expanding herd size, improving yields, and enhancing operational management to reduce unit costs[94]
现代牧业(01117) - 2023 - 年度财报