Financial Performance - The company reported a total operating revenue of RMB 16.33 billion for the year ending December 31, 2024, a decrease of 5.3% compared to RMB 17.24 billion in 2023[2]. - The company's net profit attributable to shareholders was RMB 2.59 billion, down from RMB 5.38 billion in the previous year, reflecting a significant decline[5]. - The basic earnings per share decreased to RMB 0.0566 from RMB 0.1175 in the previous year[2]. - Total revenue for the year ending December 31, 2024, is projected to be RMB 16,326,201 thousand, with contributions from various segments including live pig farming (RMB 3,231,292 thousand) and feed sales (RMB 5,758,906 thousand)[23]. - For the fiscal year ending December 31, 2024, total revenue from external customers reached RMB 16,326,201 thousand, a decrease from RMB 17,237,951 thousand in 2023, representing a decline of approximately 5.3%[33]. - The total segment profit for the fiscal year 2024 was RMB 497,530 thousand, compared to RMB 269,266 thousand in 2023, indicating an increase of approximately 84.8%[33]. - The company reported a pre-tax profit of RMB 609,757 thousand for 2024, a significant recovery from a pre-tax loss of RMB 832 thousand in 2023[33]. - The total income tax expense for the year ended December 31, 2024, was RMB 55,495,000, compared to RMB 33,794,000 in 2023, reflecting an increase of 64%[44]. Sales and Production - The number of live pigs sold decreased by 31.5% year-on-year to 3,560 thousand heads, primarily due to herd rotation and the closure of inefficient factories[5]. - The average selling price of commodity pigs increased by 13.6% to RMB 16.53 per kilogram, compared to RMB 14.55 per kilogram in the previous year[2]. - The sales volume of fresh pork increased by 7.1% to 262 thousand tons, while the sales volume of branded packaged pork rose by 9.8% to 42,317 thousand boxes[2]. - The total segment revenue for the pig farming segment was RMB 6,370,286 thousand in 2024, down from RMB 7,312,910 thousand in 2023, a decrease of approximately 12.9%[33]. - The feed segment generated revenue of RMB 5,758,906 thousand in 2024, while the fresh pork segment reported a revenue of RMB 4,795,181 thousand, reflecting a decrease of 1.3% and an increase of 15.8% respectively compared to 2023[33]. - The company achieved a revenue of RMB 2.59 billion in the pig farming segment, representing a year-on-year growth of 137.4%[64]. - The fresh pork segment saw a 9.8% increase in sales volume of branded packaged pork, with the sales of the upgraded "no antibiotic" flaxseed pork rising over 70% year-on-year[64]. Assets and Liabilities - Non-current assets increased to RMB 14,043,794,000 in 2024 from RMB 11,946,609,000 in 2023, representing a growth of approximately 17.5%[9]. - Current assets decreased to RMB 6,313,027,000 in 2024 from RMB 6,848,029,000 in 2023, a decline of about 7.8%[9]. - Total liabilities rose to RMB 10,763,517,000 in 2024, up from RMB 8,130,276,000 in 2023, indicating an increase of approximately 32.3%[12]. - The company reported a net asset value of RMB 9,593,304,000 in 2024, down from RMB 10,664,362,000 in 2023, reflecting a decrease of about 10.1%[12]. - The company’s current liabilities net exceeded current assets by RMB 2,128,591,000 in 2024, compared to RMB 551,164,000 in 2023, indicating a worsening liquidity position[12]. - The company’s total equity decreased to RMB 9,593,304,000 in 2024 from RMB 10,664,362,000 in 2023, a decline of about 10.1%[12]. Cash Flow and Financing - The company’s cash and bank balances decreased significantly to RMB 1,063,987,000 in 2024 from RMB 2,063,915,000 in 2023, a drop of about 48.6%[9]. - The company incurred financing costs of RMB 123,727 thousand in 2024, compared to RMB 142,933 thousand in 2023, showing a reduction of about 13.4%[33]. - The financing cost for 2024 was RMB 124 million, a decrease of RMB 19 million from RMB 143 million in 2023, attributed to improved cash turnover[83]. - The company’s liquidity ratio (current ratio) decreased to 0.75 in 2024 from 0.93 in 2023[90]. - The company’s net debt to equity ratio increased to 52.8% in 2024 from 28.5% in 2023[95]. - The company’s total interest-bearing bank borrowings were approximately RMB 4.231 billion as of December 31, 2024, down from RMB 4.496 billion in 2023[93]. Strategic Initiatives - The company is focusing on the "flaxseed pork" core product and expanding its marketing efforts to enhance brand influence[5]. - The company completed a strategic acquisition of COFCO Jiahua Industrial Co., enhancing its feed processing capacity and optimizing its business structure[54]. - The company is expanding its pig farming capacity with new projects in Jilin, including a 330,000-head facility that has commenced operations[55]. - The company is focusing on smart farming initiatives in 2024, including the installation of digital equipment and the establishment of a smart farming operation platform to enhance efficiency and reduce costs[67]. - The company has strengthened its brand influence through multi-channel marketing strategies, achieving significant progress in retail and e-commerce partnerships[75]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with the code throughout the fiscal year ending December 31, 2024[110]. - The roles of the Chairman and CEO are now separated, with Dr. Gao Xiang serving as Chairman and Dr. Zhang Nan appointed as CEO from April 15, 2024, ensuring compliance with governance code C.2.1[111]. - The company did not purchase, sell, or redeem any listed securities during the fiscal year ending December 31, 2024[113]. - The board has resolved not to declare a final dividend for the fiscal year ending December 31, 2024[115]. Risk Management - The company faces significant price risks due to fluctuations in procurement and sales prices, particularly in the pork business, which affects profitability[103]. - The company has implemented various measures to mitigate epidemic risks, including the establishment of biosecurity control procedures and emergency response plans[104]. - The company has developed a comprehensive food safety management system to prevent risks associated with food safety and ensure compliance with safety standards[105].
中粮家佳康(01610) - 2024 - 年度业绩