JOYVIO FOOD(SZ:300268)2025-03-12 15:10Financial Performance - In 2024, the company experienced a significant decline in revenue due to reduced production and sales volume, resulting in a substantial year-on-year decrease [4]. - The company's operating revenue for 2024 was ¥3,417,572,942.68, a decrease of 24.14% compared to ¥4,505,247,711.56 in 2023 [26]. - The net profit attributable to shareholders for 2024 was -¥924,421,813.03, an improvement of 19.72% from -¥1,151,556,101.65 in 2023 [26]. - The net cash flow from operating activities was -¥144,297,132.34 in 2024, a decline of 168.17% compared to -¥53,807,893.98 in 2023 [26]. - The total revenue for 2024 was approximately CNY 3.42 billion, a decrease of 24.14% compared to CNY 4.51 billion in 2023 [111]. - Salmon products accounted for CNY 2.53 billion, representing 74.15% of total revenue, down 25.07% from CNY 3.38 billion in 2023 [112]. - The production volume decreased by 12.68% to 73,717.42 tons, while sales volume dropped by 23.55% to 86,527.12 tons due to high costs and cash flow management [115]. - The company reported a significant decline in revenue due to reduced production and sales volume, leading to a substantial loss for the period [105]. Assets and Liabilities - As of December 31, 2024, the net assets attributable to shareholders were -442.75 million yuan, triggering "delisting risk warning" for the company's stock [7]. - The company's net assets attributable to shareholders decreased to -¥442,750,094.62 in 2024 from ¥283,109,982.68 in 2023, a decline of 256.39% [26]. - As of December 31, 2024, the company's total liabilities exceeded total assets, resulting in a debt-to-asset ratio of 104.92%, an increase of 9.34% compared to the end of 2023 [176]. - The company is facing overdue debts totaling 182 million yuan, with ongoing negotiations with suppliers for repayment plans [176]. - The company successfully reduced its interest-bearing liabilities from CNY 3.05 billion at the beginning of the year to CNY 157 million by year-end, significantly alleviating liquidity risks [109]. Risk Management - The company has acknowledged the risks associated with its salmon farming model and has detailed its risk management strategies in the report [6]. - The company emphasizes the importance of investor awareness regarding the risks associated with its forward-looking statements and plans [6]. - The company is under continuous risk warning, and its stock name will change to "*ST JIAWO" following the annual report disclosure [9]. - The company is actively pursuing legal actions against former shareholders and management for violations leading to overproduction, with hearings scheduled for January 2025 [109]. - The company is committed to improving its compliance and risk management frameworks to align with ESG principles and ensure sustainable operations [173]. Market Trends and Demand - The global aquaculture production reached a historical high of 130.9 million tons in 2022, with a total value of $312.8 billion [42]. - The demand for salmon is currently weak due to macroeconomic downturns and competition from lower-priced alternative proteins like beef and pork [48]. - The long-term outlook for salmon demand remains positive due to increasing global population, aging demographics, and rising health consciousness among consumers [48]. - The global salmon supply is projected to grow at a compound annual growth rate (CAGR) of 2% from 2023 to 2028, with 2024 supply growth estimated at 2% [47]. - The average annual consumption of salmon per capita in China is approximately 0.07 kg, compared to 6-8 kg in Norway, indicating significant growth potential in the Chinese market [67]. Operational Efficiency and Strategy - The company has implemented a compliance production capacity compensation plan in response to high costs and tight funding [4]. - The company is focusing on deep processing of cod products and developing new products to meet the demands of emerging markets [64]. - The company is committed to optimizing its operational efficiency and reducing costs amid a challenging macroeconomic environment [106]. - The company aims to enhance operational efficiency in overseas assets, particularly in Chile, to ensure sustainable operations and cost reduction [171]. - The company plans to increase the sales proportion of value-added and deep-processed products to optimize profitability and achieve sustainable growth [171]. Governance and Management - The company has established a management team with an international perspective and a dedicated team in Chile to address various risks associated with its overseas operations [183]. - The company emphasizes the importance of good corporate governance for sustainable development, ensuring compliance with legal and regulatory standards [193]. - The company has maintained effective communication with investors through various channels, ensuring fair access to information for all shareholders [192]. - The company held 5 shareholder meetings during the reporting period, with a total of 24 proposals approved by the board [189]. - The board of directors consists of 7 members, including 3 independent directors, and held 13 meetings during the reporting period [189]. Environmental and Sustainability Practices - The company is committed to sustainable practices, requiring only 2,000 liters of freshwater to produce one kilogram of farmed salmon, which is much lower than other protein sources [97]. - The carbon footprint of farmed salmon is significantly lower than that of other protein sources, with only 5.1 kg of CO2 equivalent emissions per kg of salmon compared to 39.0 kg for beef [97]. - The company has established a comprehensive food safety assurance system, focusing on standardized production and management to minimize food safety risks [99]. - The salmon farming industry in Chile is under strict government regulation, with multiple agencies involved in monitoring various aspects such as biological asset quantity, mortality rates, and environmental conditions [92]. - The company has successfully implemented antibiotic-free salmon farming, leveraging the natural advantages of the Magellan Sea region [104].