Tech-Bank(002124)2024-04-29 16:54Financial Performance - The company reported a net loss of 2.883 billion yuan for the year, with a year-end debt-to-asset ratio of 86.73%[4]. - Tianbang Food reported a revenue of RMB 5.2 billion for the fiscal year 2023, representing a year-on-year increase of 15%[28]. - The company achieved a net profit of RMB 800 million, which is a 20% increase compared to the previous year[28]. - The company's operating revenue for 2023 was CNY 10,231,927,988.44, representing a 6.91% increase from CNY 9,570,942,144.13 in 2022[36]. - The net profit attributable to shareholders for 2023 was CNY -2,883,405,410.60, a significant decrease of 689.06% compared to CNY 489,451,284.99 in 2022[36]. - The cash flow from operating activities for 2023 was CNY 264,405,194.03, down 59.83% from CNY 658,267,768.09 in 2022[36]. - The total assets at the end of 2023 were CNY 17,194,018,853.30, a decrease of 12.08% from CNY 19,551,531,971.61 at the end of 2022[36]. - The company reported a significant uncertainty regarding its ability to continue as a going concern, with negative net profits for the last three accounting years[36]. Operational Efficiency and Strategy - The company plans to eliminate underperforming pig farms to reduce idle capacity and improve operational efficiency[7]. - The company aims to enhance the full-load rate of quality pig farms to lower breeding costs and improve overall productivity[7]. - The company intends to optimize its management processes for faster feedback and better collaboration between business units[7]. - The company is focusing on digital transformation to empower efficient breeding practices across its farms[7]. - The company is investing in technology upgrades for production facilities, with an estimated budget of RMB 200 million over the next two years[28]. - The company aims to enhance its supply chain and reduce costs through strategic collaborations and innovations in product development[72]. - The company plans to implement cost reduction measures as a core strategy for 2024, focusing on improving operational efficiency amid external challenges[111]. Market Expansion and Product Development - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[28]. - New product launches contributed to 10% of total revenue, with a focus on organic and health-oriented food products[28]. - The company aims to enhance its pork processing business by accelerating product development and improving supply chain efficiency[56]. - The company is transitioning from a pig farming enterprise to a food company, focusing on safe, healthy, and delicious animal-source foods[51]. - The company plans to develop 13 research projects in 2023, completing 11 of them, and has filed for 5 patents, including 2 invention patents[64]. - The company is focusing on expanding its food processing business in high-consumption areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta[70]. - The company plans to enhance product quality and flavor in its meat processing business to improve profitability in 2024[119]. - The company will focus on developing three main products: "Fragrant Meat Bun," "Lock Fresh Products," and "Fermented Meat Products" in 2024[122]. Research and Development - Research and development expenses increased by 18%, amounting to RMB 150 million, aimed at enhancing product quality and innovation[28]. - The company has established a digital and intelligent technology subsidiary, which has developed unique products such as RFID tags and AI-based environmental control systems for pig farming[67]. - The company aims to enhance pork quality through continuous monitoring of respiratory diseases in its own pig farms[86]. - The company plans to implement precise medication strategies based on the sensitivity results of pathogenic bacteria to reduce costs and ensure animal health[86]. - The company's R&D personnel increased to 341 in 2023, a 94.86% rise from 175 in 2022, with the proportion of R&D personnel in total employees rising from 1.66% to 3.89%[87]. Risk Management and Governance - The company has established a comprehensive risk management system to address potential risks from disease outbreaks, price fluctuations, and natural disasters[124]. - The company is actively promoting pre-restructuring and restructuring matters while striving to reduce costs and increase efficiency to resolve its debt crisis and return to sustainable development[134]. - The company has faced negative net profits for the last three accounting years, leading to uncertainty in its ability to continue operations, which may trigger risk warnings for its stock[133]. - The company plans to communicate with creditors to seek understanding and reach agreements on debt extensions and settlements, while also optimizing its business model to maximize cash flow[132]. - The company has established a complete food safety and quality assurance system, ensuring food safety is prioritized in every production process[131]. Shareholder and Management Engagement - The company has held 5 shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority shareholders[139]. - The company has conducted 10 board meetings during the reporting period, effectively fulfilling its decision-making role and maintaining the rights of all shareholders[141]. - The company’s performance evaluation for management is based on the "Company Salary Management System" and "Performance Evaluation Method" established by the board of directors[167]. - The company has appointed new senior management, including a vice president, to enhance its leadership team[173]. - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to 453.52 million yuan[168]. Employee Development and Training - The company has a total of 8,766 employees, with 7,117 in production roles and 631 in technical positions[177]. - The company provided training for over 8,338 employees in 2023, including management training for over 50 mid-to-senior level managers[182]. - A total of 9,400 employee training sessions were conducted on the cloud learning platform, with 7,000 employees being long-term active users[185]. - The company has established an employee growth manual to document individual progress and performance, aiding in career development[186]. Financial Management and Control - The internal control evaluation report indicated no major or important defects in the internal control system during the reporting period[191]. - The company maintained effective internal control over financial reporting as of December 31, 2023, according to the internal control audit report[194]. - The internal control audit report received a standard unqualified opinion, indicating no significant deficiencies in non-financial reporting[194].