SDDSC(SZ:002041)2025-04-22 10:50Financial Performance - The company's operating revenue for 2024 was ¥1,245,664,505.89, a decrease of 19.74% compared to ¥1,551,975,042.78 in 2023[23]. - The net profit attributable to shareholders for 2024 was ¥56,625,639.65, down 77.86% from ¥255,783,003.82 in 2023[23]. - The net profit after deducting non-recurring gains and losses was -¥23,637,879.76 in 2024, a decline of 113.33% compared to ¥177,344,840.06 in 2023[23]. - The net cash flow from operating activities was ¥128,136,431.70, a decrease of 28.37% from ¥178,886,548.03 in 2023[23]. - The company reported a basic earnings per share of ¥0.0643 for 2024, down 77.88% from ¥0.2907 in 2023[23]. - The total assets at the end of 2024 were ¥4,878,071,041.66, an increase of 1.58% from ¥4,802,168,323.50 at the end of 2023[23]. - The total amount of sales returns was 41.82 million yuan, with corn seeds accounting for 95.78% of the total returns[39]. - The company reported a significant increase in inventory levels, with a stock amount of CNY 920.53 million, up 10.58% from CNY 832.46 million in the previous year[51]. - The company's gross profit margin for corn seeds was 29.50%, a slight increase of 0.33% compared to the previous year[50]. - The company reported a significant loss of ¥129,016,664.75 due to inventory impairment, impacting overall profitability[68]. Research and Development - The company has a strong commitment to research and development, focusing on breeding technology and biotechnology applications[4]. - The company achieved a research and development investment of ¥86,419,693.13 in 2024, representing a 22.89% increase compared to ¥70,325,345.47 in 2023[65]. - The proportion of R&D investment to operating revenue rose to 6.94% in 2024 from 4.53% in 2023, an increase of 2.41%[65]. - The company is focused on building a strong foundation for hybrid corn seed industry and expanding its product lines in wheat, vegetables, and rice[86]. - The company aims to accelerate the commercialization of transgenic and gene-editing technologies to meet the growing demand for resistant varieties due to climate change and food security strategies[87]. - The company has established a research center in Qingdao, which is responsible for R&D activities[109]. - The company has developed and promoted multiple new corn and wheat varieties, contributing to advancements in agricultural technology[118][119]. Market and Competition - The seed industry is sensitive to seasonal and climatic conditions, with revenue and profit concentrated in November-December and January-June of the following year[4]. - The company faces risks from natural disasters and market competition, particularly in the corn seed sector where inventory remains high[4]. - The corn seed market in 2024 faced oversupply, with inventory issues exacerbated by reduced planting areas due to increased cultivation of other economic crops[33]. - The company has a strong market position in the corn seed sector, with approximately 90% of its revenue derived from corn hybrid seed sales, primarily from the "Denghai" and "Xianyu" series[34]. - The company aims to leverage favorable policy environments and research support to adjust its development strategy in response to market challenges[33]. - The company is addressing the risk of new variety promotion by enhancing marketing efforts and providing comprehensive technical guidance for planting and pest control[90]. Governance and Compliance - The company is committed to improving its governance structure in compliance with relevant laws and regulations, ensuring transparency and fairness for all shareholders[98]. - The company has established independent financial and operational structures, ensuring separation from the controlling shareholder[102]. - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the internal control audit report[149]. - The company has established an internal control management system that covers all business activities, with no significant internal control deficiencies reported during the period[144]. - The board actively fulfilled its responsibilities, ensuring compliance with disclosure regulations and monitoring the company's operational status[132]. Shareholder Information - The total number of shares is 880,000,000, with 100% being unrestricted shares[187]. - The largest shareholder, Laizhou Agricultural Science Institute, holds 53.21% of the shares, totaling 468,223,255 shares[190]. - The total number of shareholders increased from 67,877 to 73,087 during the reporting period[190]. - The company has not issued any new shares or conducted any stock splits during the reporting period[189]. - The top 10 unrestricted shareholders include major funds such as E Fund, ICBC Credit Suisse, and GF Fund, with holdings of 4,113,319, 4,058,426, and 3,673,700 shares respectively[192]. Social Responsibility - The company is committed to environmental protection and social responsibility, focusing on food security and agricultural development[152]. - The company made social donations totaling CNY 17,000 during the reporting period, including contributions to the Red Cross and local education development[153].