Financial Performance - The company reported a revenue of RMB 4.57 billion for the six months ended June 30, 2024, a decrease of 21.4% compared to RMB 5.82 billion in the same period last year[2]. - The company incurred a loss attributable to shareholders of RMB 386.57 million, compared to a profit of RMB 251.45 million in the same period last year[2]. - The basic loss per share was RMB (0.0844), compared to a profit of RMB 0.0549 per share in the previous year[2]. - The company reported a net loss before fair value adjustment of biological assets was RMB 389 million, compared to a net profit of RMB 168 million in the same period of 2023[52]. - The company incurred a pre-tax loss of RMB 487,592,000 for the six months ended June 30, 2024, compared to a profit of RMB 171,001,000 for the same period in 2023[16][17]. - The company’s EBITDA before fair value adjustment of biological assets was RMB 103 million, down from RMB 677 million in the same period of 2023[54]. Sales and Revenue Breakdown - The company’s livestock sales generated RMB 1,226,591 thousand, while fresh pork sales contributed RMB 2,063,075 thousand, and meat products sales accounted for RMB 376,803 thousand[13]. - The pig farming segment reported a revenue of RMB 2,663,310,000, while the fresh pork segment generated RMB 2,097,176,000, indicating a significant contribution to total revenue[17]. - Fresh pork sales volume slightly decreased by 2.2% year-on-year to 120 thousand tons[2]. - The average selling price of commodity pigs increased by 4.6% year-on-year to RMB 15.28 per kilogram[2]. Assets and Liabilities - As of June 30, 2024, total non-current assets amounted to RMB 11,588,104 thousand, an increase of 4.3% from RMB 11,109,373 thousand as of December 31, 2023[7]. - Current assets totaled RMB 5,450,974 thousand, up from RMB 5,120,959 thousand, reflecting a growth of 6.4%[7]. - The company reported a net asset value of RMB 9,490,591 thousand, compared to RMB 9,246,183 thousand, indicating an increase of 2.6%[8]. - The company’s bank borrowings decreased significantly from RMB 3,990,977 thousand to RMB 2,107,020 thousand, a reduction of 47.3%[8]. - The current liabilities net amount improved from RMB (1,135,422) thousand to RMB (563,597) thousand, indicating a positive shift in liquidity[8]. Dividends and Shareholder Returns - The company has decided not to declare an interim dividend for the six months ended June 30, 2024[3]. - The company reported no interim dividends for the six months ended June 30, 2024, consistent with the previous year[28]. - The board has resolved not to declare an interim dividend for the six months ending June 30, 2024, consistent with the previous period[69]. Market and Industry Trends - In the first half of 2024, the national pig output was 364 million heads, a year-on-year decrease of 3.1%, while pork production was 29.81 million tons, down 1.7%[41]. - By the end of June 2024, the national breeding sow inventory was 40.38 million heads, an 8% reduction from the peak of 43.90 million heads in 2022[41]. - The average selling price of live pigs in major cities was 18.00 RMB/kg at the end of June 2024, an increase of 22.4% compared to the end of 2023[41]. Operational Efficiency and Cost Management - The company reduced its sales and distribution expenses and administrative expenses to RMB 380 million, down from RMB 409 million in the same period of 2023[50]. - Total sales costs decreased to RMB 4,627,571 thousand in 2024 from RMB 5,215,241 thousand in 2023, reflecting a reduction of approximately 11.3%[26]. - The company has implemented various risk management strategies to mitigate price, epidemic, food safety, and production safety risks[64][65][66][67]. Investments and Future Plans - The company plans to further expand pig breeding capacity, focusing on modern breeding bases in Jilin and other provinces[37]. - The company aims to accelerate the expansion of its core business while enhancing the quality of its layout by integrating intelligent breeding technologies into new projects[68]. - Capital expenditure for the first half of 2024 was RMB 523 million, an increase of 25% compared to RMB 419 million in the same period of 2023[59]. Governance and Compliance - The company has adopted corporate governance principles and is committed to maintaining high standards of governance to ensure operational integrity and investor trust[69]. - The interim financial results for the six months ending June 30, 2024, have been reviewed and deemed compliant with applicable accounting standards[72].
中粮家佳康(01610) - 2024 - 中期业绩