Financial Performance - The operating revenue for the year ended December 31, 2024, was RMB 5,834,604, a decrease of 9.1% compared to RMB 6,418,966 in 2023[3] - Gross profit increased by 10.7% to RMB 733,407, with a gross margin of 12.6%, up from 10.3% in the previous year[3] - Profit attributable to shareholders rose by 25.1% to RMB 58,831, compared to RMB 47,024 in 2023[3] - Basic earnings per share increased to RMB 0.058 from RMB 0.046, reflecting improved profitability[5] - The total segment operating income for 2024 is 7,217,226, down from 8,154,471 in 2023, indicating a decrease of about 11.5%[20] - The group reported a net profit of 84,312 for 2024, compared to 75,380 in 2023, indicating an increase of about 11.9%[18] - In 2024, the company's total revenue was RMB 5,834,604 thousand, a decrease of 9.1% year-on-year, while net profit attributable to shareholders increased by 25.1% to RMB 58,831 thousand[47] Assets and Liabilities - Total non-current assets amounted to RMB 2,209,335, an increase from RMB 2,045,539 in 2023[7] - Current assets decreased to RMB 1,670,355 from RMB 1,738,411, with cash and cash equivalents at RMB 469,747[7] - Total liabilities decreased to RMB 1,450,000 from RMB 1,402,937, indicating improved financial stability[8] - The company reported a net asset value of RMB 2,429,691, up from RMB 2,381,013 in the previous year[8] - The total liabilities for the group increased to 1,449,999 in 2024 from 1,402,937 in 2023, representing an increase of approximately 3.4%[20] - The group's total non-current assets in 2024 are reported at 2,042,897, an increase from 1,885,561 in 2023, showing a growth of about 8.3%[23] Revenue Breakdown - Revenue from the mainland China market for 2024 is 5,519,176, down from 6,157,786 in 2023, a decrease of approximately 10.4%[23] - Sales revenue from chain restaurant customers grew rapidly by 43% year-on-year, becoming a significant driver for the growth of processed food business[44] - Processed food business revenue increased by 10.7% year-on-year to RMB 2,571,851 thousand, with gross profit rising by 9.2% to RMB 522,021 thousand[49] - The feed business revenue decreased by 24% year-on-year to RMB 1,720,637 thousand, with gross profit declining by 6.3%[54] - The meat business revenue fell by 15.9% year-on-year to RMB 1,542,116 thousand, but gross profit surged by 116.1% to RMB 67,453 thousand[57] Expenses and Costs - The group's depreciation and amortization expenses for 2024 amounted to 171,696, up from 130,260 in 2023, reflecting an increase of approximately 31.9%[18] - The group's financial expenses for 2024 were reported at 23,168, compared to 17,738 in 2023, indicating an increase of about 30.5%[20] - Distribution costs accounted for 6.11% of total operating income in 2024, up from 5.26% in 2023[61] - Administrative expenses represented 4.86% of total operating income in 2024, compared to 3.88% in 2023[62] Cash Flow and Investments - As of December 31, 2024, the group's cash and bank deposits totaled RMB 469,747 thousand, a decrease of RMB 57,193 thousand from 2023[63] - The group's net cash generated from operating activities in 2024 was RMB 306,153 thousand, down RMB 101,099 thousand from 2023[63] - Capital expenditures in 2024 amounted to RMB 335,465 thousand, primarily funded by internal resources and bank loans[64] Strategic Focus and Future Outlook - The company continues to focus on the production and sale of poultry feed, poultry, and processed meat products, indicating a stable operational strategy[10] - The company plans to enhance food production capacity and develop high-quality, cost-effective products to strengthen market competitiveness[52] - The company aims to optimize supply chain management and improve operational efficiency through digital transformation[46] - The company will continue to focus on processed food as the main growth driver while diversifying its product offerings and market channels[46] - The company anticipates a shift in industry competition from growth to a more intense competition in the existing market due to oversupply and weak demand[43] Governance and Compliance - The audit committee has been established in accordance with the "Listing Rules" and has defined its scope of authority[79] - The audit committee is responsible for evaluating financial statements and providing recommendations on financial reporting, internal controls, and risk management systems[79] - The audit committee consists of independent non-executive directors, ensuring no disagreements with external auditors regarding accounting policies[79] - The executive directors include the chairman, Mr. Wei Junxian, and Mr. Han Jiayin[81] - The board of directors includes several non-executive and independent non-executive directors, ensuring a diverse governance structure[81]
大成食品(03999) - 2024 - 年度业绩