丰乐种业(000713) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was CNY 2,926,044,504.72, a decrease of 6.03% compared to CNY 3,113,679,181.58 in 2023[22]. - Net profit attributable to shareholders increased by 73.67% to CNY 69,841,728.84 from CNY 40,214,103.71 in the previous year[22]. - The net profit after deducting non-recurring gains and losses rose by 93.66% to CNY 51,594,014.58, compared to CNY 26,641,226.62 in 2023[22]. - The company's cash flow from operating activities showed a significant decline, with a net outflow of CNY 28,180,823.57, down 117.00% from a net inflow of CNY 165,737,655.61 in 2023[22]. - Basic and diluted earnings per share increased by 73.59% to CNY 0.1137 from CNY 0.0655 in the previous year[22]. - Total assets at the end of 2024 reached CNY 3,265,772,322.13, reflecting a 10.59% increase from CNY 2,953,035,625.21 in 2023[22]. - Net assets attributable to shareholders increased by 2.98% to CNY 2,010,353,949.68 from CNY 1,952,168,486.44 in 2023[22]. - The company reported a quarterly revenue of CNY 1,205,559,869.11 in Q4 2024, which was the highest among the four quarters[26]. - The net profit attributable to shareholders in Q4 2024 was CNY 140,893,063.63, marking a significant recovery from losses in the earlier quarters[26]. - The company achieved operating revenue of 292.60 million yuan, a decrease of 6.03% compared to the previous year, while net profit attributable to shareholders increased by 73.67% to 69.84 million yuan[64]. Dividend Distribution - The company plans to distribute a cash dividend of 0.2 RMB per 10 shares based on a total of 614,014,980 shares, with no bonus shares issued[4]. - The cash dividend represents 100% of the total distributable profit of CNY 523,666,344.00[171]. - The cash dividend payout ratio meets the minimum requirement of 40% for mature companies with significant capital expenditures[171]. - The cash dividend distribution complies with the company's articles of association and shareholder resolutions[170]. Business Operations - The company’s main business includes the production and sale of crop seeds and fertilizers, with specific projects managed by its subsidiaries[19]. - The company operates a "company + distributor + farmer" sales model for its seed and agricultural products, ensuring effective market penetration[39]. - The company has established 18 breeding stations and 280 testing sites across major agricultural ecological zones in China to enhance its breeding programs[42]. - The company has a seed production area of 303,300 mu, with a total output of 12,279.38 million kg, and experienced sales returns totaling 92.05 million yuan[47]. - The company has a total of 402 registered trademarks in the agrochemical industry and 46 domestic invention patents[48]. Research and Development - The company maintains a strong focus on research and development, with a breeding cycle typically lasting 3-5 years for new crop varieties[42]. - The company has established two national-level R&D platforms and two provincial-level R&D platforms, with over 2400 square meters of laboratory space and more than 200 advanced research instruments[57]. - The company has applied for 60 plant variety rights protection and has been granted 32, showcasing its commitment to innovation in seed technology[57]. - The company is focusing on developing new maize varieties with enhanced resistance to pests, aiming to create 3-5 new pest-resistant maize varieties[90]. - The company has made progress in high-efficiency genetic transformation and gene editing technologies for maize, which are expected to significantly improve future development[90]. Market Trends and Challenges - The seed industry is experiencing steady growth, driven by technological innovations such as gene editing and molecular marker-assisted selection[32]. - The agricultural chemical industry faces challenges including high environmental costs and increasing international competition, necessitating a shift towards greener practices[33]. - The fertilizer market is expected to see stable prices in 2024, with companies possessing raw material resources and innovative technologies gaining a competitive edge[34]. - The company faces challenges including increased competition in the corn seed market and the need for more high-level research talent[119]. Environmental Compliance - The company has complied with various environmental protection laws and standards, including the Air Pollution Prevention and Control Law and the Solid Waste Pollution Prevention Law[179]. - Fengle Agricultural Chemical obtained a new pollutant discharge permit valid until June 6, 2029, and Hubei Fengle's permit is valid until May 22, 2028[180]. - The company reported a total chemical oxygen demand discharge of 12.716 tons per year, with no exceedance of discharge standards[181]. - The company has established wastewater and air pollution treatment facilities that operate in compliance with national requirements[183]. - Fengle has implemented measures to control carbon emissions, including energy consumption monitoring and equipment upgrades to reduce smoke emissions[185]. Corporate Governance - The management emphasized the importance of maintaining shareholder rights and ensuring transparency in corporate governance practices[131]. - The company has established a comprehensive internal control management system to enhance governance standards[131]. - The board of directors is committed to professional development and training to fulfill their responsibilities effectively[131]. - The company has not disclosed specific details regarding its valuation enhancement plan or market value management system[128]. - The company has established an independent financial management system and accounting framework, ensuring autonomous financial decision-making[134]. Strategic Initiatives - The company is actively involved in the integration and collaboration with research institutions to advance its breeding and production capabilities[32]. - The company is exploring potential acquisitions to enhance its product portfolio and market share, with a budget of 30 million allocated for this purpose[138]. - The company is considering the purchase of bank financial products using idle funds for 2024, reflecting a strategy to optimize asset management[156]. - The company plans to expand its seed business scale and improve product structure, driven by increased planting area and yield[84]. - The company aims to enhance digital technology applications in breeding and production processes, and accelerate mergers and acquisitions in the seed industry[119].