Zhongjing Food(SZ:300908)2025-03-26 09:10Financial Performance - The total revenue for 2024 was approximately ¥1,097.65 million, representing a 10.40% increase compared to ¥994.25 million in 2023[17]. - The net profit attributable to shareholders for 2024 was approximately ¥175.40 million, a 1.81% increase from ¥172.29 million in 2023[17]. - The net cash flow from operating activities for 2024 was approximately ¥228.10 million, showing a slight increase of 0.92% from ¥226.03 million in 2023[17]. - The basic earnings per share for 2024 was ¥1.20, up 1.69% from ¥1.18 in 2023[17]. - The total assets at the end of 2024 were approximately ¥2,001.77 million, a 5.63% increase from ¥1,895.11 million at the end of 2023[17]. - The net assets attributable to shareholders at the end of 2024 were approximately ¥1,723.26 million, reflecting a 2.76% increase from ¥1,677.06 million at the end of 2023[17]. - The company achieved a net profit of approximately ¥166.72 million after deducting non-recurring gains and losses, which is a 1.83% increase from ¥163.73 million in 2023[17]. - The company reported a weighted average return on equity of 10.34% for 2024, slightly down from 10.50% in 2023[17]. Dividend Distribution - The company plans to distribute a cash dividend of ¥8 per 10 shares, totaling approximately ¥116.80 million based on 146 million shares[4]. - The cash dividend for the current year amounts to 116.8 million yuan (including tax), representing 100% of the total profit distribution[180]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares for the 2024 third quarter, totaling 29.2 million yuan (including tax), based on a total share capital of 146 million shares as of September 30, 2024[177]. Market Position and Products - The company’s main products include mushroom sauce, Shanghai scallion oil, and supercritical extraction spice products, which are market leaders in their respective categories[31]. - The Chinese condiment market is projected to reach 687.1 billion yuan in 2024, reflecting steady growth despite increasing competition and cost pressures[26]. - The company has maintained a leading position in the spice industry, with its mushroom sauce and Shanghai scallion oil ranking first in national sales from 2021 to 2023[30]. - The company’s main business remains unchanged, focusing on the research, production, and sales of healthy condiments[31]. - The company launched new products in 2024, including garlic sauce and zero-fat spicy sauce, expanding its product matrix[61]. Sales and Distribution - The company achieved online direct sales of ¥245.08 million through platforms like Tmall and JD.com, marking a year-on-year growth of 29.86%[48]. - Direct sales accounted for 60.67% of the main business revenue, primarily driven by the increase in e-commerce direct sales and food industrial users[45]. - The number of distributors increased by 256, or 13.12%, from 1,951 in 2023 to 2,207 in 2024, with significant growth in regions such as East China (10.87%) and South China (24.39%)[46]. Operational Efficiency and Technology - The company’s operational efficiency is enhanced through digital transformation, utilizing big data and AI technologies to optimize production and marketing strategies[28]. - The company focuses on product innovation and technology iteration, driving performance growth through differentiated competitive advantages[29]. - The company utilizes a supercritical CO2 extraction production line with a capacity of 19,950L, maintaining a technological and scale advantage in the spice sector[33]. Research and Development - R&D investment amounted to ¥37,806,027.97, representing 3.44% of operating revenue, an increase from 3.29% in the previous year[87]. - The number of R&D personnel increased by 16.04% to 123, with a higher proportion of staff holding bachelor's degrees at 48, up 23.08% from last year[86]. - The company’s R&D focuses on user demand, integrating market insights into the entire product development cycle[58]. Financial Management and Investments - The company has consistently returned value to investors, distributing a total of ¥446 million in cash dividends since its listing, which is 61.92% of the cumulative net profit attributable to shareholders[70]. - The company reported a significant increase of 250.00% in other business income, amounting to ¥10,038,476.87, compared to ¥2,868,096.47 in the previous year[72]. - The company has committed to various investment projects, including the Zhongjing Food Industrial Park, with a total committed investment of CNY 35,374 million[101]. Corporate Governance - The company has a supervisory board consisting of 3 members, including 1 employee representative, complying with legal requirements[130]. - The company ensures information disclosure is accurate, timely, and fair, with designated channels for investors to access information[131]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations[133]. Sustainability and Social Responsibility - The company has implemented measures to reduce carbon emissions, including the installation of a rooftop solar power station, which generated 153,000 kWh, accounting for 7.57% of total electricity consumption[188]. - A total of 900,000 yuan in poverty alleviation funds has been distributed to support 500 individuals in need since 2022[192]. - The company has invested 8.58 million yuan in the establishment of a mushroom planting demonstration base to enhance local agricultural development[192]. Risks and Challenges - The company faces market competition risks due to product homogeneity and changing consumer preferences, which could impact market share and profitability if innovation and quality are not maintained[115]. - The cost of raw materials significantly affects the company's main business costs, with fluctuations in prices of key ingredients like mushrooms and spices posing a risk to profitability[116]. - The company acknowledges management risks associated with rapid scale expansion, necessitating improvements in internal structures and processes to maintain operational efficiency[120].