NWF(SH:600975)2015-04-29 16:00Financial Performance - In 2014, the company reported a revenue of CNY 1,302,493,866.31, representing a 15.26% increase compared to CNY 1,130,087,615.49 in 2013[27] - The net profit attributable to shareholders was a loss of CNY 48,963,311.38, a decrease of 459.19% from a profit of CNY 13,631,603.34 in 2013[27] - The total profit for the period was CNY -68,171,300, a decrease of 751.21% compared to the previous year[32] - The net profit attributable to the parent company was CNY -48,963,300, a decline of 459.19% year-on-year[32] - The basic earnings per share for 2014 was -CNY 0.21, a decline of 450.00% compared to CNY 0.06 in 2013[28] - The weighted average return on equity decreased by 11.63 percentage points to -9.17% in 2014 from 2.46% in 2013[28] - The company did not propose any profit distribution for 2014 due to the reported losses[5] Assets and Liabilities - The total assets at the end of 2014 were CNY 1,286,463,624.66, which is a 6.93% increase from CNY 1,203,058,142.27 in 2013[27] - The company's net assets attributable to shareholders decreased by 7.71% to CNY 510,542,053.30 from CNY 553,170,251.00 in 2013[27] - Total liabilities amounted to CNY 684,434,387.34, up from CNY 581,199,947.07, indicating an increase of about 17.7%[196] - The company's total equity decreased to CNY 602,029,237.32 from CNY 621,858,195.20, representing a decline of approximately 3.9%[196] - Cash and cash equivalents were reported at CNY 92,570,968.77, down from CNY 141,994,389.51, a decrease of about 34.7%[194] - Accounts receivable increased significantly to CNY 109,236,816.41 from CNY 24,387,604.37, marking a rise of approximately 348.5%[194] Business Operations - The company has expanded its business from solely pig farming and export to a full industry chain including feed production, meat processing, and cold chain logistics[21] - The company exported 115,100 pigs, a decrease of 11.87% year-on-year, with export sales revenue of CNY 187,042,700, down 14.13%[37] - Domestic sales revenue reached CNY 372,359,100, an increase of 4.89% due to higher sales volume[37] - The company reported a 29.56% increase in feed sales volume, totaling 48,956 tons, with sales revenue of CNY 171,350,500, up 21.38%[37] - Revenue from the slaughter and refrigeration business reached ¥126,326,318.43 during the reporting period due to the Guanglian project coming online[44] - The company has established a complete industrial chain, enhancing its ability to resist market risks, particularly during periods of low pig prices[66] Investments and Projects - The company initiated a non-public offering to enhance its sustainable development capabilities, receiving approval from the China Securities Regulatory Commission on April 1, 2015[32] - The company completed the construction of the Hunan Changzhutan Guanglian Pig Trading Market project, transitioning from construction to operational phase[33] - The company plans to invest in a 180,000 tons/year feed project to ensure feed supply in core breeding areas and enhance competitiveness[33] - The investment amount during the reporting period was CNY 3,725,000, representing a decrease of CNY 14,725,000 or 79.81% compared to the previous year[70] Market and Competitive Landscape - The competitive landscape of the pig industry in China shows low concentration in pig farming, while higher concentration exists in upstream feed processing and downstream slaughtering sectors[82] - The company is recognized as a national key leading enterprise in agricultural industrialization and is one of the largest live pig exporters in mainland China[66] - The company is focusing on both domestic and international markets to stabilize sales and reduce operational pressure from falling pig prices[92] Risk Management - The company emphasizes the risks associated with forward-looking statements in its annual report[6] - The company faces risks from continuous declines in pig prices, which have negatively impacted its performance[92] - The company plans to enhance epidemic monitoring and prevention measures to mitigate risks associated with pig diseases[91] Corporate Governance - The company has established a comprehensive environmental management system to enhance employee awareness and increase investment in environmental facilities[93] - The company has no significant litigation or bankruptcy restructuring matters reported for the year[103] - The company has continued to fulfill its social responsibilities by providing internship and employment opportunities to local students[100] - The company has established a system for accountability regarding significant errors in annual report disclosures, which was approved by the board[185] Shareholder Information - A shareholder return plan for the years 2014-2016 has been established, with a commitment to actively distribute profits to shareholders when conditions permit[114] - The company reported a total number of shareholders reached 22,056, an increase from 20,002 prior to the report[128] - The largest shareholder, Hunan Grain and Oil Food Import and Export Group Co., Ltd., holds 87,967,606 shares, representing 37.54% of the total shares[130] Compensation and Employment - The total compensation for the board members and senior management during the reporting period amounted to 3.5942 million yuan[143] - The total number of shares held by all directors and senior management remained unchanged at 0 shares[142] - The total number of employees in the parent company is 927, while the main subsidiaries have 459 employees, resulting in a total of 1,386 employees[164]