海大集团(002311) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was CNY 114.60 billion, a decrease of 1.31% compared to CNY 116.12 billion in 2023[29]. - Net profit attributable to shareholders for 2024 reached CNY 4.50 billion, representing a significant increase of 64.30% from CNY 2.74 billion in 2023[29]. - The net profit after deducting non-recurring gains and losses was CNY 4.54 billion, up 78.60% from CNY 2.54 billion in the previous year[29]. - The net cash flow from operating activities for 2024 was CNY 7.99 billion, down 37.03% from CNY 12.70 billion in 2023[29]. - Basic earnings per share for 2024 increased to CNY 2.71, a rise of 63.25% compared to CNY 1.66 in 2023[29]. - Total assets at the end of 2024 were CNY 48.14 billion, reflecting a growth of 7.58% from CNY 44.75 billion at the end of 2023[29]. - Net assets attributable to shareholders increased to CNY 23.91 billion, a rise of 21.67% from CNY 19.65 billion in 2023[29]. - The company reported a quarterly revenue of CNY 32.56 billion in Q3 2024, marking a significant contribution to the annual performance[33]. - The company received government subsidies amounting to CNY 88.41 million in 2024, compared to CNY 59.12 million in 2023[35]. - The weighted average return on equity for 2024 was 20.88%, an increase from 14.53% in 2023[29]. Market and Sales Performance - In 2024, the company achieved a feed sales volume of 26.52 million tons, a year-on-year increase of approximately 9%[44]. - The company's market share increased, with poultry feed external sales reaching 12.65 million tons, up about 12% year-on-year[44]. - Aquatic feed external sales grew by approximately 11% to 5.85 million tons, benefiting from strategic resource allocation and support for quality customers[45]. - Domestic feed external sales were 22.06 million tons, reflecting a 5% year-on-year increase, despite a 2.1% decline in total industrial feed production in China[45]. - The company reported a decrease in pig feed external sales by approximately 3% to 5.64 million tons, attributed to a decline in the number of small and medium-sized pig farmers[44][46]. - The company is focusing on adjusting its customer structure to target strong family farms and large-scale operations in the pig farming sector[46]. - The company is actively expanding its market presence in Southeast Asia, where demand for animal protein is expected to grow significantly[40]. - The global animal feed production is nearing 1.3 billion tons, with China accounting for approximately 24% of this total[39]. - Overseas feed sales reached 2.36 million tons, a year-on-year increase of approximately 40%, with significant growth in aquaculture feed (25-30%) and poultry feed (50%)[48]. - In Vietnam, the company anticipates a sales growth rate of 25-30% in 2024, maintaining its position as the largest overseas sales region[49]. Research and Development - The company invests significantly in research and development, focusing on animal nutrition, feed formulation technology, and health breeding models, which enhances its ability to adjust feed formulations in response to raw material price fluctuations[10]. - The company has a strong R&D focus, investing significantly in seven key areas, which supports product optimization and cost competitiveness[60]. - The company has developed nine national aquatic new varieties, showcasing its leading technology in seed breeding[62]. - The number of R&D personnel increased by 9.50% to 3,860, with a notable rise in the number of master's and doctoral degree holders[79]. - Total R&D investment reached ¥911,811,476.92, a 13.54% increase from the previous year, with a capitalization rate of 5.68%[79]. Operational Strategies - The company has established a comprehensive layout of factories in major breeding areas in China and overseas markets, effectively mitigating risks from local weather anomalies and natural disasters[6]. - The company has a complete range of feed products, including pig, chicken, and duck feed, which helps to manage risks associated with single species disease outbreaks[8]. - The company has implemented a strict disease prevention system in its feed production process, leveraging its technical advantages to control animal disease risks[8]. - The company is enhancing its foreign exchange risk management by carefully selecting settlement currencies and utilizing financial instruments to hedge against currency fluctuations[13]. - The company has adopted a mixed procurement strategy for raw materials, combining centralized purchasing of bulk commodities with local sourcing to manage procurement risks effectively[10]. - The company is committed to expanding its aquaculture and light-asset pig farming models, ensuring unique competitive advantages[55]. Governance and Compliance - The company’s governance structure includes an audit committee, a compensation and assessment committee, a strategy committee, and a nomination committee, contributing to regulatory compliance[115]. - The company has established a comprehensive internal audit system to effectively supervise daily operations[116]. - The company has maintained a high level of information disclosure, receiving the highest grade A from the Shenzhen Stock Exchange for 14 consecutive years from 2010 to 2023[117]. - The company’s monitoring and supervisory mechanisms are in place to ensure compliance and protect shareholder interests, with a supervisory board comprising 3 members[115]. - The board of directors has adopted all relevant suggestions made by its members during the reporting period[147]. Environmental Responsibility - The company strictly adheres to environmental protection laws and has obtained necessary approvals for project construction, ensuring compliance with environmental impact assessments[192]. - The company has successfully managed its internal control systems, achieving the expected goals and safeguarding shareholder interests[184]. - The company has taken measures to address any issues encountered during the integration of subsidiaries, although specific details were not provided[186]. - All key pollutant subsidiaries are equipped with pollution prevention facilities and maintain effective operation of environmental protection facilities as required[195]. - The company has implemented measures for solid waste treatment to ensure harmless and resourceful processing[195]. - The company invested over 40 million yuan in environmental governance and protection during the reporting period[198]. Employee Management and Compensation - The total remuneration for directors, supervisors, and senior management amounted to 32.64 million yuan, excluding additional performance bonuses of 95.24 million yuan for the year 2024[141][142]. - The company has a structured remuneration management system approved by the shareholders' meeting, ensuring compliance with national laws and regulations[139]. - The company has established a comprehensive training program through its "Hai University," focusing on both elite and inclusive education to enhance employee skills[155]. - The company emphasizes non-cash rewards such as honors and career development opportunities to enhance executive engagement[172]. - The total number of employees at the end of the reporting period is 41,821, with 2,628 in the parent company and 39,193 in major subsidiaries[152].