Gaishi Food(836826)2025-04-11 12:55Company Developments - Gaishi Food launched its "dual factory" phase with the grand opening of Gaishi Food (Jiangsu) Co., Ltd. on May 8, 2024, enhancing its competitive position in the market[6]. - A technical cooperation agreement was established with Jiangnan University on December 2, 2024, to promote innovation and development in the food industry through deep collaboration in food research and technology[10]. - The company established a wholly-owned subsidiary in Singapore to enhance its international market presence and improve service quality, aiming to increase overseas market share[49]. - The new factory in Jiangsu, which commenced operations on May 8, 2024, has an annual production capacity of 15,000 tons, addressing capacity issues and expanding market reach in East China[50]. - The company has established a 100% ownership of Gaishi (Singapore) Holding Pte. Ltd. and included it in the consolidated financial statements as of March 21, 2024[116]. Financial Performance - The company's operating revenue for 2024 was CNY 534,239,925.45, representing a year-over-year increase of 9.04% compared to CNY 489,944,178.83 in 2023[29]. - The net profit attributable to shareholders for 2024 was CNY 41,075,730.45, reflecting a 17.79% increase from CNY 34,871,499.96 in 2023[29]. - The gross profit margin decreased to 17.74% in 2024 from 19.28% in 2023[29]. - The total assets increased by 9.39% to CNY 496,906,945.01 at the end of 2024, compared to CNY 454,241,352.53 at the end of 2023[30]. - The total liabilities rose by 13.08% to CNY 151,610,382.11 at the end of 2024, up from CNY 134,077,506.09 at the end of 2023[30]. - The net cash flow from operating activities significantly decreased by 74.63% to CNY 36,725,673.55 in 2024, down from CNY 144,755,601.47 in 2023[30]. - The company reported a basic earnings per share of 0.29 in 2024, a decrease of 3.33% from 0.30 in 2023[29]. - The weighted average return on equity based on net profit attributable to shareholders was 12.38% in 2024, up from 11.02% in 2023[29]. - The company achieved a non-recurring profit of CNY 6,634,789.56 in 2024, compared to CNY 3,059,465.88 in 2023[36]. Shareholder Information - The company distributed a cash dividend of 1.5 RMB per 10 shares and increased its capital by issuing 23,114,227 new shares, totaling 17,335,670.55 RMB in cash dividends on June 4, 2024[8]. - The company reported a total share capital of 140,515,814 shares, with no preferred shares issued[22]. - The largest shareholder, Shanghai Lexiangjia Industrial Co., Ltd., holds 67,901,004 shares, representing 48.32% of total shares[176]. - The actual controller, Gai Quan Hong, holds 99.90% of the shares of the controlling shareholder, Shanghai Lexiangjia Industrial Co., Ltd.[176]. - The company’s actual controller and their concerted actors hold 78,599,096 shares, representing 55.94% of voting rights[181]. Research and Development - Gaishi Food participated in the national key R&D project focusing on "algae food quality enhancement and value-added processing technology" on June 5, 2024, aiming for high-quality development in the algae food industry[9]. - The company holds 46 patents as of December 31, 2024, including 6 invention patents and 40 utility model patents, reflecting its strong R&D capabilities[46]. - The company’s R&D efforts focus on standardized cold dish manufacturing and quality control technologies, improving production efficiency and safety standards[51]. - The company’s research and development expenses increased by 19.91% year-on-year, indicating a focus on innovation[70]. - The project focused on new processing technology for shellfish aims to enhance product quality and market share, with significant economic benefits expected[102]. Market Trends and Strategy - The company plans to continue expanding its market presence in the prepared vegetable sector, aiming to strengthen its position as a leading brand in China[40]. - The pre-prepared food market in China reached a scale of 485 billion yuan in 2024, with an annual growth rate of 20%-35% expected to reach 749 billion yuan by 2026[59]. - The pre-prepared food market penetration in China is currently 10%-15%, expected to rise to 15%-20% by 2030, with a market size potentially reaching 1.2 trillion yuan[126]. - The company aims to become the leading brand in standardized cold dishes for chain restaurants, leveraging over 20 years of food export experience and a product range of over 300 items[130]. - The company plans to enhance its marketing strategy by focusing on large clients and exploring new retail models, including live streaming sales[52]. Risk Management - The company faces risks related to food safety regulations and quality control throughout the production and distribution processes[137]. - The audit identified revenue recognition as a key audit matter due to the high inherent risk of misstatement, necessitating thorough evaluation of internal controls and revenue recognition policies[106]. - The company has initiated measures to manage exchange rate risks, including encouraging the use of RMB for settlements[138]. Corporate Governance - The board of directors consists of 9 members, while the supervisory board has 3 members and there are 3 senior management personnel[197]. - The company has not experienced any major litigation or arbitration matters during the reporting period[142]. - The company has not reported any instances of related party transactions or fund misappropriation by shareholders[145]. - There are no familial relationships among the company's directors, supervisors, and senior management, except for the relationship between Gai Quan Hong and YING JING[198].