YBTI(SH:600883)2025-04-21 10:45Financial Performance - The company achieved a net profit of RMB 83,137,031.03 for the fiscal year 2024, with a total distributable profit of RMB 532,792,749.18 as of December 31, 2024[3]. - A cash dividend of RMB 0.06 per share (before tax) is proposed, totaling RMB 14,165,280 (before tax), which represents 19.63% of the net profit attributable to shareholders for the year[3]. - The company's operating revenue for 2024 reached ¥42,694,877.84, representing a 101.36% increase compared to ¥21,203,777.71 in 2023[23]. - The net profit attributable to shareholders for 2024 was ¥72,151,933.27, a decrease of 24.96% from ¥96,151,569.43 in 2023[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥57,871,552.06, down 33.66% from ¥87,230,226.66 in 2023[23]. - Basic earnings per share for 2024 were ¥0.3056, a decrease of 24.97% from ¥0.4073 in 2023[24]. - The net cash flow from operating activities for 2024 was -¥39,936,575.73, compared to -¥32,836,882.42 in 2023[23]. - The company reported a government subsidy of ¥381,204.14 in 2024, compared to ¥151,715.41 in 2023[28]. Risk Management - The report includes a risk statement indicating that future plans are subject to uncertainties and do not constitute a commitment to investors[5]. - The company has disclosed potential risks in the management discussion and analysis section of the report[8]. - The company faces risks in the edible fungus business due to seasonal supply fluctuations and market competition, which may impact financial performance[123]. - Fluctuations in pork prices pose a risk to the ham business, as they directly affect raw material procurement costs[124]. - The coffee business is subject to risks from policy changes and market competition, which may affect operational outcomes[125]. Corporate Governance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[3]. - The company has established a governance structure that complies with legal requirements and maintains investor interests[129]. - The company held its annual general meeting, approving 17 resolutions, including the 2023 annual financial report and the profit distribution plan for 2023[132]. - The company has not reported any changes in shareholding for its directors and senior management during the reporting period[133]. - The company has established measures to ensure the independence of its operations and management[130]. Investment and Growth Strategies - The company is focusing on expanding its edible mushroom business, particularly in the Shangri-La and Chuxiong regions, to enhance market presence[35]. - The company plans to invest up to CNY 100 million in entrusted wealth management products to enhance fund utilization while ensuring liquidity[38]. - The company plans to invest CNY 30 million to establish a wholly-owned subsidiary in Chuxiong, Yunnan Province, to enhance its operational capabilities[97]. - A new coffee production base project is set with a total investment of CNY 15 million, focusing on expanding the company's main business in the coffee sector[98]. - The company plans to achieve a revenue of 80 million yuan in 2025, focusing on optimizing product structure and expanding both domestic and international markets[121]. Market Trends and Industry Insights - The total production of edible mushrooms in China reached 43.34 million tons in 2023, with a total output value of CNY 396.557 billion, reflecting a year-on-year growth of 2.64% and 2.02% respectively[40]. - The coffee industry in Yunnan has become the largest in China, with the province accounting for over 98% of the national coffee planting area and output[117]. - The expected annual compound growth rate for China's edible mushroom production is approximately 2.6%, with an estimated production of about 46.07 million tons by 2025[114]. - The ham industry in China has significant growth potential, with meat product output in 2021 reaching 89.9 million tons, a year-on-year increase of 16.03%[115]. Financial Management - The company has established a cash dividend policy prioritizing cash dividends, aiming for a minimum of 80% of profit distribution in mature stages without major capital expenditures[162]. - The cumulative cash dividend amount over the last three fiscal years is RMB 50,758,920, with an average cash dividend ratio of 61.19% of the average net profit[171]. - The company’s investment income decreased by 59.88% to ¥13,517,279.00 from ¥33,695,464.25, primarily due to reduced dividends from associates[85]. - The company has not reported any impairment provisions for entrusted wealth management or loans[200]. Compliance and Social Responsibility - The company strictly adheres to laws and regulations, ensuring compliance in its operations and governance[180]. - The company has not engaged in poverty alleviation or rural revitalization efforts in 2024 but plans to actively fulfill its social responsibilities in the future[181]. - The company has not reported any safety production accidents in 2024, indicating a strong focus on workplace safety[180].