Financial Performance - The company reported a revenue of approximately RMB 3,683.8 million for the year ended December 31, 2024, representing a decrease of 6.1% compared to RMB 3,924.4 million in 2023[5]. - Gross profit fell by 30.7% to RMB 491.0 million, down from RMB 708.5 million, primarily due to a 17.0% decrease in raw milk prices and a 16.4% decrease in beef prices[6][7]. - The net loss attributable to the company was approximately RMB 1,269.3 million, a significant increase of 159.7% from a loss of RMB 488.8 million in the previous year[5][9]. - Cash EBITDA decreased by 32.6% to RMB 513.3 million from RMB 761.1 million in 2023[5]. - Basic loss per share increased by 158.6% to RMB (1.81) from RMB (0.70) in the previous year[5][9]. - The company reported a net loss of RMB 1,269,000 thousand for the year ended December 31, 2024[15]. - The company reported a pre-tax loss of RMB 1,260,646 thousand in 2024, compared to RMB 667,883 thousand in 2023, reflecting a significant increase in losses[34]. - The company reported a loss attributable to equity holders of RMB 1,269,287,000 in 2024, compared to a loss of RMB 488,791,000 in 2023, indicating a significant increase in losses[38]. Revenue Breakdown - Total revenue for the year ended December 31, 2023, was RMB 3,924,360,000, compared to RMB 3,683,841,000 for the year ended December 31, 2024, representing a decrease of approximately 6.1%[26]. - The raw milk segment generated external sales of RMB 3,341,602,000, while the beef segment generated RMB 361,992,000, and other businesses generated RMB 220,766,000 for the year ended December 31, 2023[26]. - Revenue from raw milk sales decreased to RMB 2,888,940 thousand in 2024 from RMB 3,341,602 thousand in 2023, representing a decline of approximately 13.5%[33]. - Revenue from raw milk business accounted for 78.4% of total revenue in the reporting year, down from 85.2% in 2023[54]. - Revenue from the beef business increased by 37.6% to RMB 497.9 million, accounting for 13.5% of total revenue[59]. Production and Sales Volume - The average annual milk production per cow increased by 2.9% to 14.0 tons, while the herd size decreased by 6.5% to 122,251 cows[5][7]. - The sales volume of raw milk increased by 4.2% to 815,900 tons, while the beef herd size decreased by 7.1% to 35,707[5][6]. - The total production of raw milk decreased by 2.9% to approximately 40.8 million tons in 2024, down from 42.0 million tons in 2023[49]. - The total sales volume of beef increased by 64.5% to approximately 19,415 tons, resulting in a 37.6% increase in beef sales revenue to RMB 497.9 million[67]. Asset and Liability Management - Total non-current assets decreased from RMB 8,434,586 thousand in 2023 to RMB 7,482,170 thousand in 2024, a decline of approximately 11.3%[11]. - Current liabilities increased from RMB 3,252,649 thousand in 2023 to RMB 3,642,059 thousand in 2024, an increase of about 12%[12]. - The net current liabilities amounted to RMB 1,252,154 thousand in 2024, compared to RMB 509,871 thousand in 2023, indicating a significant deterioration in liquidity[12]. - The total assets less current liabilities decreased from RMB 7,924,715 thousand in 2023 to RMB 6,230,016 thousand in 2024, a drop of approximately 21.4%[12]. - The total equity decreased from RMB 5,075,666 thousand in 2023 to RMB 3,807,512 thousand in 2024, a decline of approximately 25%[12]. Financing and Capital Expenditures - The company is actively pursuing financing measures to ensure sufficient funding from financial institutions and shareholders[15]. - The company is exploring other debt or equity financing arrangements to support operations[18]. - Capital expenditures for 2024 totaled RMB 1,632,278 thousand, a decrease from RMB 2,250,791 thousand in 2023, representing a reduction of approximately 27.4%[33]. - Financing costs increased to RMB 282,295 thousand in 2024 from RMB 268,948 thousand in 2023, marking an increase of about 4.9%[35]. Market Conditions and Strategic Decisions - The company decided to temporarily suspend the construction of the Chunyuan Ranch 4 due to the challenging operating environment in the dairy market, with the construction timeline extended to December 2025[8]. - The company continues to monitor the supply and demand situation in the raw milk market to make further decisions regarding the development timeline of Chunyuan Ranch 4[8]. - The company plans to enhance raw milk production and quality while negotiating better sales prices to improve financial performance[15]. - The company plans to enhance operational efficiency and diversify its customer base, anticipating a recovery in raw milk market balance by the second half of 2025[103]. ESG and Sustainability Initiatives - The company has integrated ESG concepts into its operations, establishing a governance structure to ensure business sustainability[107]. - The company achieved a reduction in greenhouse gas emissions to 0.81 tons of CO2 equivalent per ton of FPCM in 2024, a decrease of approximately 9.00% from the 2022 baseline[110]. - The company has set ambitious emission reduction targets of 10%, 28%, and 40% for FPCM production by 2025, 2030, and 2035, respectively[110]. - The company has signed sustainable development-linked loans totaling RMB 2.09 billion with financial institutions to enhance its ESG goals[110]. Governance and Compliance - The company has engaged an external independent internal control consultant to review its internal control procedures[113]. - The company has adopted the Corporate Governance Code as a basis for its governance practices since its listing date on December 30, 2022[113]. - The audit committee, consisting of one non-executive director and two independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2024[123].
澳亚集团(02425) - 2024 - 年度业绩