Financial Performance - The company recorded revenue of RMB 74 million for the fiscal year ending June 30, 2021, an increase of approximately 2% from RMB 72 million in the previous fiscal year[13]. - Gross profit remained at RMB 20 million, with a gross margin of 27%[13]. - Operating loss for the fiscal year was RMB 25 million, compared to RMB 14 million in the previous year[13]. - As of June 30, 2021, the group held cash and bank balances of RMB 107 million, a decrease from RMB 125 million in 2020[18]. - The total equity of the group as of June 30, 2021, was RMB 228 million, down from RMB 258 million in 2020[18]. - The group maintained a debt-to-equity ratio of zero as there were no outstanding bank loans or long-term debts as of June 30, 2021[18]. - The current ratio was 4 times as of June 30, 2021, consistent with the previous year[18]. - General and administrative expenses increased by 2% to RMB 52 million[13]. - The group did not engage in any significant investments or acquisitions during the fiscal year[22][23]. Business Strategy and Development - The company aims to establish a new partnership model involving "Chaoda + impoverished households + farmers + cooperatives + agricultural enterprises + village collectives" to enhance income sharing among farmers[10]. - The company plans to leverage internet and IoT technologies to promote new models of partnership and customized agriculture[10]. - The new business model aims to address issues in agricultural production and sales, leveraging modern internet technology and big data platforms[17]. - The implementation of the new business model has been delayed due to the COVID-19 pandemic[17]. - The company is committed to green development and improving self-innovation capabilities to enhance the quality and supply level of agricultural products[15]. - The company anticipates challenges in the upcoming year due to the ongoing uncertainty of the COVID-19 pandemic and will continuously reassess its strategies[10]. - The company is focused on enhancing employee awareness of climate change adaptation through various measures related to greenhouse gas emissions and resource management[121]. - The company is actively pursuing market expansion, targeting new regions and demographics to increase its market share in the agricultural sector[188]. - Strategic acquisitions are being considered to bolster the company's capabilities and enhance its competitive edge in the market[188]. Corporate Governance - The board of directors held a total of four meetings during the fiscal year ending June 30, 2021, with attendance rates for executive directors averaging 75%[38]. - The remuneration committee convened once during the fiscal year to review the group's remuneration policy and proposed salary adjustments for employees[44]. - The nomination committee met once during the fiscal year to review the board's structure, size, and diversity[47]. - The chairman and CEO, Mr. Guo, has been in his position for 20 years, demonstrating significant experience in agricultural knowledge and professional skills[47]. - The board currently consists of six members, all of whom are male, highlighting a lack of gender diversity[47]. - The board is committed to maintaining a balance of power and authority, regularly reviewing the roles of the chairman and CEO[41]. - The company has established three committees: audit, remuneration, and nomination, to oversee various aspects of corporate governance[36]. - The board confirmed its responsibility for overseeing the group's risk management and internal control systems, with the audit committee reviewing their effectiveness at least annually[60]. - The company secretary supports the board in ensuring compliance with listing rules and other applicable laws during the fiscal year ending June 30, 2021[67]. Environmental, Social, and Governance (ESG) Initiatives - The report period covers activities, challenges, and measures related to environmental, social, and governance (ESG) aspects for the year ending June 30, 2021[84]. - The company has established an ESG working group to collect relevant data and assess ESG risks, reporting to the board of directors[79]. - The company has committed to sustainable development as a core part of its business strategy, believing it is key to future success[78]. - The company has established quantifiable environmental goals for the next three reporting years ending June 30, 2024[96]. - The board has authorized the ESG working group to manage environmental, social, and governance (ESG) issues, including setting relevant goals and policies[88]. - Product quality and safety are identified as the most critical ESG issues, followed by supplier quality review and waste management[90]. - The company has implemented effective management policies and monitoring systems for ESG matters during the reporting period[93]. - Stakeholder engagement is crucial for improving the company's sustainable development performance, with ongoing communication channels established[90]. - The company aims to enhance employee awareness of ESG issues and integrate ESG initiatives into daily operations[88]. Employee Management and Development - The group employed 132 staff members as of June 30, 2021, down from 170 in 2020[27]. - The total number of employees as of June 30, 2021, was 132, with 91 (69%) being part-time and 41 (31%) full-time[132]. - The employee gender distribution was 49 males (37%) and 83 females (63%)[131]. - The company has a 100% labor contract signing rate with employees in mainland China[126]. - The company has implemented a fair and competitive compensation system, which includes basic salary, performance pay, and various bonuses[124]. - Employee turnover rate is 45% for males and 63% for females, with a total of 68 employees leaving during the reporting period[133]. - The turnover rate for employees aged 30 or below is significantly high at 175%, while it is 54% for those aged 31-50 and 23% for those aged 51 and above[133]. - The company has established a training management system to regularly review and update training programs, ensuring they meet employee needs[140]. - 46% of male employees and 54% of female employees received training, with average training hours of 4.92 for males and 8.00 for females[143]. Community Engagement and Social Responsibility - The company donated RMB 50,000 to Baihua Village in Gansu Province to alleviate poverty among villagers[168]. - The company contributed RMB 200,000 to the Nanjing Agricultural University Education Development Foundation and RMB 1,000,000 to the Shenzhen National Spirit and China Development Research Center[169]. - The company actively encourages employees to participate in social welfare activities to enhance their sense of social responsibility[170]. - The company plans to increase its support for public welfare initiatives through donations and organizing charitable activities in the future[169]. Risk Management - The group faces significant risks from natural disasters and adverse weather conditions, which can severely impact its agricultural and livestock operations[200]. - The company has established a formal risk assessment system, identifying potential risks annually based on their likelihood and impact on business operations[61]. - The board expects to review risk management and internal control systems annually, with no significant risks identified for the fiscal year ending June 30, 2021[63]. - The company has identified climate-related risks, including increased costs due to stricter greenhouse gas emission regulations[120]. - The company has established emergency plans to address adverse impacts on operations due to extreme weather conditions[120]. Product Quality and Safety - The company emphasizes the importance of food safety, maintaining a complete quality traceability system for agricultural products, allowing consumers to verify product safety through traceability codes[155]. - The company has not had any products recalled due to safety and health reasons during the reporting period, indicating effective risk management[155]. - The company prioritizes local procurement and the use of environmentally friendly products and services in its supplier selection process[149]. - The company has a dedicated department for handling customer complaints, ensuring confidentiality and proper documentation of the complaint process[156]. - The company views customer complaint management as a crucial part of continuous quality improvement, aiming to enhance service quality and customer loyalty[158].
超大现代(00682) - 2021 - 年度财报