Fortune(SH:600965)2025-03-21 11:20Financial Performance - The company's operating revenue for 2024 was CNY 1,021,540,066.21, a decrease of 2.36% compared to CNY 1,046,278,513.24 in 2023[22]. - Net profit attributable to shareholders for 2024 was CNY 51,698,765.52, down 47.56% from CNY 98,589,383.37 in 2023[22]. - Basic earnings per share for 2024 decreased by 47.59% to CNY 0.0631 from CNY 0.1204 in 2023[23]. - The weighted average return on equity for 2024 was 2.408%, a decrease of 2.335 percentage points from 4.743% in 2023[23]. - Cash flow from operating activities for 2024 increased significantly to CNY 103,672,405.28, up 196.24% from CNY 34,996,611.49 in 2023[22]. - The company reported a net profit of CNY 46,521,628.35 after deducting non-recurring gains and losses, a decrease of 52.79% from CNY 98,550,439.37 in 2023[22]. - The company's total revenue for the reporting period was 1.022 billion yuan, a decline of 2.36% compared to the previous year[63]. - The net profit attributable to shareholders was 51.70 million yuan, representing a significant decrease of 47.56% year-on-year[63]. Dividend Policy - The company plans to distribute a cash dividend of 0.38 CNY per 10 shares, totaling 31,110,636.29 CNY based on a total share capital of 818,700,955 shares as of the end of 2024[7]. - The cash dividend for the 2023 fiscal year was set at 0.49 CNY per 10 shares, amounting to 40,116,346.80 CNY, with the remaining undistributed profits also carried forward[153]. - For the 2022 fiscal year, the company distributed a cash dividend of 0.54 CNY per 10 shares, totaling 44,209,851.57 CNY[152]. - The cumulative cash dividends over the last three fiscal years amount to 115,436,834.66 CNY, with an average annual net profit of 85,807,976.35 CNY, resulting in a cash dividend ratio of 134.53%[160]. - The company's net profit attributable to ordinary shareholders for the most recent fiscal year was 51,698,765.52 CNY, with cash dividends representing 60.18% of this net profit[158]. Audit and Compliance - The company has received a standard unqualified audit report from Yongtuo Accounting Firm, ensuring the authenticity and completeness of the financial report[6]. - The audit committee reviewed the 2023 financial statements, confirming compliance with national accounting standards and accurate reflection of the company's financial condition[141]. - The internal control audit report issued by Yongtuo Accounting Firm confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024[164]. - The company is actively engaged in internal audits to ensure compliance with legal and regulatory requirements, confirming the effectiveness of internal controls[141]. - The company has not reported any risks or dissenting opinions from the supervisory board during the reporting period[146]. Operational Challenges - The company has detailed potential risks in the third section of the report, highlighting challenges it may face in future development[10]. - The domestic live cattle and beef prices have significantly declined due to increased imports and inventory releases, leading to a substantial decrease in profits from cattle sales compared to 2023[35]. - The restaurant service sector experienced a decline in scale and profitability due to increased competition and consumer price sensitivity, with a notable drop in customer flow and average spending[45]. - The company is addressing challenges in the beef breeding sector, including high costs and competition from imported beef, while exploring potential policy changes to support domestic production[97]. Strategic Initiatives - The company plans to enhance its food processing and manufacturing capabilities, focusing on the pre-prepared food sector and expanding sales channels in 2025[33]. - The company aims to improve management structures and attract market-oriented professionals to enhance governance and operational efficiency[33]. - The company is adapting to the challenging cattle farming environment by purchasing young breeding cows to reduce costs and improve breeding efficiency[42]. - The company is committed to ensuring food safety and compliance with new food safety regulations issued in 2024, which aim to enhance the quality and safety of pre-prepared foods[43]. - The company is developing an integrated food consumption industry chain, linking ecological agriculture, beef breeding, food processing, and restaurant services[101]. Market Position and Expansion - The company has secured over 63,000 acres of agricultural land for cultivation, enhancing its upstream supply chain for the green food industry[34]. - The company operates three cattle farms with a total building area of 648,900 square meters, capable of housing over 40,000 live cattle[35]. - The company is actively expanding its market coverage and consumer channels to enhance brand recognition and market share[55]. - The company plans to expand its product offerings and enhance market penetration in the coming year[70]. - The company intends to apply for a comprehensive credit line from banks, which may support future financing needs[134]. Governance and Shareholder Relations - The company has a controlling shareholder, holding 61.55% of shares, and has committed to maintaining the interests of minority shareholders[109]. - The company emphasizes investor relations and has revised its profit distribution policy to enhance cash dividends and protect minority shareholder interests[115]. - The company has established a management system for insider information to ensure compliance with disclosure regulations and protect investor rights[116]. - The company has established a comprehensive governance structure in compliance with relevant laws and regulations since its listing[169]. Environmental and Social Responsibility - The company has invested 1,379,800 CNY in environmental protection initiatives during the reporting period[166]. - The company has ceased dairy cattle farming to reduce pollution pressure and has upgraded its wastewater treatment facilities to ensure compliance with discharge standards[166]. - The company has committed to fulfilling its social responsibilities by protecting the rights of shareholders, employees, suppliers, and customers[169]. - The company has created numerous job opportunities in the local community while adhering to labor laws and regulations[170]. Legal and Regulatory Matters - The company reported a significant legal case involving Tian Defu Cemetery, with a court ruling requiring the company to compensate investors for economic losses amounting to CNY 153 million[183]. - The company has received an administrative regulatory measure from the Hebei Securities Regulatory Bureau, which includes a warning and a directive to cooperate with independent directors on a major project review[184]. - The company received a warning letter from the Hebei Securities Regulatory Bureau regarding issues identified during an on-site inspection, with specific measures outlined for rectification[185].