Fortune(SH:600965)2025-04-10 11:55Financial Performance - The company's operating revenue for 2024 was CNY 1,021,540,066.21, a decrease of 2.36% compared to CNY 1,046,278,513.24 in 2023[22] - The net profit attributable to shareholders for 2024 was CNY 51,698,765.52, down 47.56% from CNY 98,589,383.37 in 2023[22] - The net profit after deducting non-recurring gains and losses was CNY 46,521,628.35, a decrease of 52.79% compared to CNY 98,550,439.37 in 2023[22] - Basic earnings per share decreased by 47.59% to CNY 0.0631 in 2024 from CNY 0.1204 in 2023[23] - The weighted average return on equity fell to 2.408% in 2024, down 2.335 percentage points from 4.743% in 2023[23] - Total revenue for the fourth quarter of 2024 reached CNY 313,441,936.97, with a net profit attributable to shareholders of CNY 22,761,702.03[25] - In 2024, the company achieved operating revenue of 1.022 billion yuan, and net profit attributable to shareholders was 51.6988 million yuan, representing a year-on-year decline of 2.36% and 47.56% respectively[35] - The company reported a significant increase in revenue, achieving a total of $1.5 billion for the quarter, representing a 20% year-over-year growth[125] - Total revenue for the reporting period reached 736,130,201.37 CNY, an increase of 17.24% compared to 627,866,606.09 CNY in the previous year[72] Cash Flow and Assets - Cash flow from operating activities for 2024 was CNY 103,672,405.28, an increase of 196.24% from CNY 34,996,611.49 in 2023[22] - The total assets at the end of 2024 were CNY 2,601,046,849.68, reflecting a 1.50% increase from CNY 2,562,669,961.56 at the end of 2023[22] - The net assets attributable to shareholders at the end of 2024 were CNY 2,152,836,688.58, a slight increase of 0.54% from CNY 2,141,254,269.86 at the end of 2023[22] - Operating cash flow increased by 196% to 104 million RMB compared to the previous year[64] - Cash and cash equivalents decreased by 29.73% to CNY 96,613,370.71 from CNY 137,496,160.31[82] - Other receivables increased by 208.89% to CNY 30,341,150.61, primarily due to a court-ordered deduction of CNY 21 million[84] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.38 per 10 shares, totaling CNY 31,110,636.29 for the year[7] - The company declared a cash dividend of CNY 31,110,636.29, which represents 60.18% of the net profit attributable to ordinary shareholders in the consolidated financial statements[157] - The cumulative cash dividend amount over the last three accounting years is CNY 115,436,834.66, with an average annual net profit of CNY 85,807,976.35, resulting in a cash dividend ratio of 134.53%[159] - The company has maintained a consistent cash dividend policy, with a total cash dividend of CNY 816 million since its listing, exceeding the total direct financing amount of CNY 252 million[169] Business Operations and Strategy - The company has secured over 63,000 acres of agricultural land for its upstream operations, enhancing its green food industry chain[33] - The company plans to strengthen its food processing and manufacturing, particularly in the prepared food sector, to capture market opportunities[32] - The company aims to expand its sales market and channels while maintaining stable development in food manufacturing and new product research[32] - The company is focusing on optimizing its management structure and attracting market-oriented talent to enhance governance[32] - The company is committed to ensuring food safety and controlling costs through its integrated industry chain approach[33] - The company operates three cattle farms with a total construction area of 648,900 square meters and a capacity to house over 40,000 live cattle, aiming to enhance its core competitiveness in beef cattle breeding[34] - The company has increased its leased agricultural land to 63,000 acres to support large-scale agricultural planting, aiming to improve efficiency and ensure a stable supply of raw materials for downstream industries[38] - The company is adapting to the challenging beef cattle breeding environment by purchasing young breeding cows to replace high-cost purchases and improving feed efficiency to balance supply and demand[41] - The company is exploring market expansion opportunities in high-end ecological agricultural products to meet the demands of middle to high-income consumers[97] - The company focuses on food processing and manufacturing, aiming to develop pre-prepared dishes and beef breeding businesses, with a goal of providing high-quality, cost-effective safe food[101] Risks and Governance - The company has detailed potential risks in its report, which investors should review[9] - The company faces risks including food safety, market price fluctuations, and governance issues due to its controlling shareholder holding 61.55% of shares[104][110] - The company has established a comprehensive internal control system to mitigate risks related to operations and financial reporting[105] - The company is committed to maintaining transparency and protecting the rights of minority shareholders through fair governance practices[109][116] - The company has not reported any significant differences in governance compared to regulatory standards[117] Regulatory and Legal Matters - The company received multiple regulatory penalties from the China Securities Regulatory Commission in 2022 and 2024, including warnings and public reprimands[130][131][132][133] - The company is currently facing a major lawsuit, with the court ruling requiring compensation of 153 million yuan to investors, which is still in the execution phase[182] - The company received administrative regulatory measures from the Hebei Securities Regulatory Bureau, including a warning letter and corrective orders, due to issues identified during inspections[184] - The company has acknowledged the need for improved disclosure practices regarding related party transactions in its financial reports[194] - The company acknowledges the need for accurate and timely information disclosure, committing to detailed reporting in the 2024 annual report[195] Employee and Management Compensation - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 254.94 million CNY[124] - The chairman and general manager, Li Liang, received a total pre-tax remuneration of 36 million CNY[124] - The financial director, Zhen Lanlan, received a total pre-tax remuneration of 41.74 million CNY[124] - The new board secretary, Li Wei, is set to receive a total pre-tax remuneration of 50.09 million CNY[124] - The company has maintained a consistent remuneration structure for its directors and senior management[124] Environmental and Social Responsibility - The company invested CNY 1,379,800 in environmental protection during the reporting period[165] - The company has actively engaged in environmental protection and energy management, including the installation of gas boilers to reduce pollution[166][167] - The company has not faced any administrative penalties related to environmental issues during the reporting period[171] - The company guarantees compliance with social insurance and housing fund payments for employees prior to the completion of the restructuring, taking responsibility for any unpaid amounts[174]