益生股份(002458) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was ¥3,135,825,731.09, a decrease of 2.76% compared to ¥3,224,676,928.89 in 2023[26]. - The net profit attributable to shareholders for 2024 was ¥503,823,356.22, down 6.84% from ¥540,793,818.23 in 2023[26]. - The cash flow from operating activities for 2024 was ¥753,364,847.56, representing a decline of 24.95% compared to ¥1,003,825,529.92 in 2023[26]. - Basic earnings per share for 2024 were ¥0.46, a decrease of 14.81% from ¥0.54 in 2023[26]. - The company reported a weighted average return on equity of 11.26% for 2024, down from 17.41% in 2023, a decrease of 6.15 percentage points[26]. - The company achieved a revenue of 3.136 billion yuan and a net profit of 504 million yuan during the reporting period[80]. - Chicken revenue accounted for 86.00% of total revenue, decreasing by 9.50% year-over-year, while pig revenue surged by 320.39% to CNY 223,653,805.93, representing 7.13% of total revenue[84]. - The gross margin for chicken revenue was 33.54%, slightly up by 0.28% from the previous year, while pig revenue had a gross margin of only 3.08%[86]. - The company reported a total investment of 910 million in various projects, with a specific focus on the construction of breeding farms and hatcheries[119]. Market and Industry Risks - The company faces risks related to reliance on foreign suppliers for breeding technology, which could impact normal operations if supply is disrupted[5]. - The fluctuation in product prices poses a risk, as market demand and supply can lead to significant price volatility affecting business performance[7]. - The company is exposed to biosecurity risks from poultry diseases, which could adversely affect operations[8]. - The cost of raw materials, particularly feed ingredients like corn and soybean meal, significantly impacts production costs and is subject to market fluctuations[9]. - The company emphasizes the importance of maintaining a robust supply chain to mitigate risks associated with raw material procurement[9]. - The company's future plans and strategic developments are subject to market risks and should be approached with caution by investors[5]. Production and Operations - The company is positioned in the poultry industry, specifically in the breeding of white feather broilers, which is crucial for national food security[34]. - The company has established breeding farms in seven provinces, becoming the largest supplier of white feather chicken seedlings in China[46]. - The company has established a breeding base for the "Yisheng 909" broiler chicken variety, which is well-received in the market due to its excellent production performance and adaptability[47]. - The company has implemented a comprehensive purification strategy for poultry diseases, becoming the first in China to be certified as a "Poultry Leukemia Purification Demonstration Farm"[48]. - The company has established a modern automated pig farming system, enhancing production efficiency and management[79]. - The company has established a high-standard breeding system for pigs, collaborating with top international genetic breeding companies[79]. - The company has launched the "Yisheng 909" small white feather broiler upgrade project to improve production performance metrics[82]. Research and Development - The company is actively involved in various research projects to enhance breeding technology and improve the quality of livestock products[82]. - Research and development expenses increased by 13.98% to ¥126,311,980.66 compared to the previous year[98]. - The company is focusing on enhancing research and development investments to optimize the breeding system and improve the performance of white feather broilers and breeding pigs[131]. - The company is developing new technologies for disease prevention in poultry, which is expected to enhance product quality and performance[99]. - The company has increased its R&D personnel to 131, a growth of 3.97% compared to 126 in 2023[101]. - R&D investment amounted to ¥127,969,762.36, representing an 8.81% increase from ¥117,609,133.88 in 2023, with R&D expenditure accounting for 4.08% of operating revenue[101]. Corporate Governance - The company adheres to legal regulations and has improved its corporate governance structure[139]. - The board of directors consists of 7 members, including 3 independent directors, complying with legal requirements[140]. - The company maintains independence from its controlling shareholder in operations, finance, and management[139]. - The company has established a dedicated internal audit department to ensure the authenticity and completeness of financial information and internal control systems[144]. - The company has a complete and independent procurement, production, sales, and R&D system, allowing it to operate independently in the market[143]. - The company has implemented various internal control measures to prevent significant deficiencies in governance[186]. Shareholder Relations and Dividends - The company reported a cash dividend of 1 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[9]. - The company plans to distribute a cash dividend of RMB 2 per 10 shares, totaling RMB 221,282,583.00 (including tax) for the 2023 fiscal year[172]. - The total cash dividend distributed, including other methods, amounts to RMB 336,935,182.87, which represents 100% of the total distributable profit of RMB 1,391,201,299.30[175]. - The company’s independent directors have fulfilled their responsibilities in the decision-making process regarding the cash dividend policy[174]. - The company has provided opportunities for minority shareholders to express their opinions and protect their legal rights[174]. Community Engagement and Social Responsibility - The company actively participated in social responsibility initiatives, contributing over 400,000 yuan to local community projects in 2024[195]. - The company provided technical training to 603 personnel in the poultry industry, enhancing local farming practices[196]. - The company established a model for integrated farming, combining poultry raising with waste management and crop planting, contributing to rural revitalization[196]. - The company has successfully implemented various community support projects, including road construction and school repairs, to aid local residents[195]. Strategic Partnerships and Acquisitions - The company has established long-term strategic partnerships with major foreign breeding suppliers for its breeding stock procurement[68]. - The company completed the acquisition of a 100% stake in Chengke Construction (Qingdao) Co., Ltd. in December 2023[91]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach[153]. Future Outlook - The company provided a positive outlook, projecting a revenue growth of 10% for the next fiscal year[153]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[153]. - The company plans to enhance its digital marketing efforts, aiming for a 40% increase in online sales[153]. - The company plans to continue expanding its poultry farming projects, reflecting a strategic shift in resource allocation[164].