NWF(SH:600975)2025-03-28 13:15Financial Performance - The company reported a net profit of -71,819,831.57 RMB for the fiscal year 2024, with accumulated undistributed profits amounting to -501,001,202.29 RMB as of December 31, 2024, leading to no profit distribution or capital reserve increase for the year [6]. - The company's operating revenue for 2024 reached ¥7,045,046,681, representing a 25.09% increase compared to ¥5,631,944,572 in 2023 [25]. - The net profit attributable to shareholders for 2024 was ¥39,320,391.64, a significant recovery from a loss of ¥1,203,418,006.16 in 2023 [25]. - The cash flow from operating activities for 2024 was ¥856,518,905.6, a turnaround from a negative cash flow of ¥642,353,258.16 in 2023 [25]. - The basic earnings per share for 2024 improved to ¥0.03, compared to a loss of ¥1.03 per share in 2023 [26]. - The weighted average return on equity for 2024 was 1.31%, an increase of 43.67 percentage points from -42.36% in 2023 [26]. - The total assets at the end of 2024 were ¥12,357,742,88, a decrease of 2.36% from ¥12,656,515,812.4 at the end of 2023 [25]. - The company reported a significant increase in pig sales volume and higher market prices for commodity pigs, contributing to revenue growth [27]. - The net profit for the second quarter of 2024 was ¥7,345,670.94, showing a recovery from a loss in the first quarter [29]. Risk Management and Compliance - The company has detailed potential risks in the report, which investors should review carefully [10]. - There are no violations of decision-making procedures regarding external guarantees [9]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties [8]. - The company has established a comprehensive internal control system in place to ensure compliance and asset security [171]. - The internal control audit report issued by Tianjian Accounting Firm confirmed effective financial reporting internal controls as of December 31, 2024 [172]. - The company has no dissenting opinions from the supervisory board regarding risk oversight during the reporting period [157]. Corporate Governance - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report [3]. - The company held 5 shareholder meetings during the reporting period, ensuring equal treatment of all shareholders [127]. - The board of directors consists of 7 members, including 3 independent directors, and has held 8 meetings to ensure effective decision-making [127]. - The supervisory board comprises 5 members, with 2 being employee representatives, and has conducted 7 meetings to oversee company operations [128]. - The company has maintained its independence in operations, finance, and business despite the presence of controlling shareholders [129]. - The total remuneration paid to all directors, supervisors, and senior management during the reporting period amounted to 5.1976 million yuan [140]. Operational Efficiency and Strategy - The company achieved a turnaround in profitability in 2024, significantly improving operational efficiency and overall strength amid a challenging external environment [34]. - The company streamlined its management structure, reducing the number of departments from 22 to 12, enhancing operational efficiency [35]. - The company has implemented cost control measures, optimizing feed formulas and improving breeding performance, leading to a reduction in feed costs [36]. - The company is focusing on expanding its cooperative farming model to increase pig production capacity and optimize profit-sharing mechanisms with partner farmers [47]. - The company is committed to enhancing its biosecurity measures and employee training to further reduce the risk of disease outbreaks [116]. - The company is focusing on cost reduction and efficiency improvements to enhance production performance and manage financial pressures from recent industry downturns [121]. Market Expansion and Product Development - The company plans to continue expanding its market presence and investing in new product development to sustain growth [27]. - The company launched new high-quality products, including meat dumplings and U-fresh mooncakes, enhancing brand recognition and market presence [39]. - The company plans to expand its product line to include organic fertilizers and feed additives, aiming for a market share increase of 5% in the next fiscal year [102]. - The company is investing in technology development for feed processing, with an allocated budget of 4,000 million for R&D initiatives [102]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 100 million allocated for potential deals [135]. Environmental Compliance - Hunan Xinwufeng Co., Ltd. Yong'an Branch discharges approximately 100 tons of wastewater daily, adhering to COD limit of 400 mg/L and ammonia nitrogen limit of 80 mg/L [1]. - Hunan Changzhutan Guanglian Pig Trading Market Co., Ltd. has a wastewater treatment capacity of 1500 m³/d, meeting strict discharge standards with COD ≤ 280 mg/L and ammonia nitrogen ≤ 45 mg/L [1]. - Hunan Shunxin Food Co., Ltd. processes wastewater with a treatment capacity of 800 m³/d, complying with COD ≤ 300 mg/L and ammonia nitrogen ≤ 30 mg/L [2]. - Hunan Tianxin Seed Industry Co., Ltd. has received pollution discharge permits from relevant environmental authorities, ensuring compliance with environmental impact assessments [192]. - Hunan Tianxin Seed Industry Co., Ltd. has implemented quarterly wastewater testing through third-party agencies, ensuring adherence to environmental regulations [200]. Research and Development - The total R&D expenditure for the period amounted to ¥76,164,620.23, representing 1.08% of the operating revenue [84]. - The company has implemented full genomic selection technology to enhance breeding efficiency and improve the genetic performance of pig populations [63]. - The company invested ¥51,250,000.00 during the reporting period, a decrease of 95.21% compared to ¥1,069,503,590.09 in the previous year [95]. - The company is focusing on digital transformation, establishing an integrated information system to improve operational efficiency across the entire industry chain [64]. - The company is actively involved in the development of new farming technologies and practices to improve productivity and sustainability in livestock farming [105].