新农股份(002942) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥962,266,796.26, representing a 17.20% increase compared to ¥821,032,278.60 in 2023 [18]. - Net profit attributable to shareholders was ¥57,727,596.55 in 2024, a significant turnaround from a loss of ¥25,374,268.50 in 2023, marking a 327.50% increase [18]. - The net profit after deducting non-recurring gains and losses was ¥37,177,897.51, up 185.28% from a loss of ¥43,594,379.46 in the previous year [18]. - The net cash flow from operating activities increased by 71.73% to ¥155,374,290.85 in 2024, compared to ¥90,476,478.57 in 2023 [18]. - Basic and diluted earnings per share improved to ¥0.38 in 2024, compared to a loss of ¥0.17 in 2023, reflecting a 323.53% increase [18]. - Total assets at the end of 2024 were ¥1,615,515,152.58, a 9.45% increase from ¥1,476,010,746.37 at the end of 2023 [18]. - The company's net assets attributable to shareholders rose by 3.90% to ¥1,165,646,952.52 at the end of 2024, compared to ¥1,121,841,233.36 at the end of 2023 [18]. - The company's total revenue for 2024 reached ¥962,266,796.26, representing a year-on-year increase of 17.20% compared to ¥821,032,278.60 in 2023 [67]. - The pesticide sector accounted for ¥931,180,142.09, or 96.77% of total revenue, with a year-on-year growth of 16.61% [67]. - Domestic revenue was ¥741,104,087.52, making up 77.02% of total revenue, while international revenue was ¥221,162,708.74, accounting for 22.98% [67]. Dividend Distribution - The company plans to distribute a cash dividend of 3 RMB per 10 shares to all shareholders, based on a total of 155,857,930 shares [5]. - The company has approved a stock incentive plan for 2024, with relevant proposals passed by the board and supervisory committee [182][183]. - The company has a clear profit distribution policy in place, ensuring reasonable returns for shareholders and compliance with regulations [178]. - The company has a cash dividend total that represents 100% of the profit distribution amount, reflecting a strong commitment to shareholder returns [180]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the annual report, indicating potential risks and countermeasures [4]. - The company has implemented risk control measures for its derivative investments, including selecting liquid and controllable financial derivatives [99]. - The company’s foreign exchange hedging activities are aimed at mitigating exchange rate risks, with no speculative trading operations [99]. - The company recognizes management risks associated with rapid growth and will improve its management structure to adapt to increased operational demands [137]. Market and Industry Trends - The global pesticide market is projected to grow from $88.38 billion in 2023 to $112.37 billion by 2030, with a CAGR of 6.04% [28]. - The demand for green and environmentally friendly pesticides is increasing due to heightened government focus on environmental protection and food safety, leading to a significant market opportunity for efficient, low-toxicity, and low-residue pesticides [30]. - The Chinese pesticide industry is expected to undergo capacity optimization and consolidation, with non-competitive companies gradually exiting the market, resulting in increased industry concentration and a shift towards sustainable practices [31]. - The agricultural chemical industry is undergoing a transformation towards greener development, with a shift away from high-toxicity products [124]. Research and Development - Research and development expenses for 2024 are projected to be ¥56,815,700, constituting 5.9% of total revenue [63]. - The company has a comprehensive technology management and R&D system, recognized as a national high-tech enterprise and awarded multiple honors for innovation [48]. - The company has developed new products and technologies, including the industrialization of water-based formulations of Chlorpyrifos and Thiacloprid, which are part of national key R&D projects [49]. - The company’s R&D team consists of 77% personnel with doctoral or master's degrees, indicating a strong technical foundation [63]. Environmental Compliance - The company has established a dedicated environmental management department to ensure compliance with pollution discharge regulations [197]. - The company utilizes a two-stage treatment process for waste gas, ensuring compliance through real-time monitoring systems [198]. - The company has implemented a hazardous waste transfer tracking system and installed a hazardous waste process monitoring system, enhancing management of hazardous waste collection, storage, and transportation [200]. - New Agricultural Co. has established a solid waste management strategy that includes classification and proper disposal of hazardous and non-hazardous waste [198]. Corporate Governance - The company governance structure includes a general meeting of shareholders, a board of directors, a supervisory board, and an operational management team, ensuring effective decision-making and supervision [143]. - The board of directors consists of 9 members, including 3 independent directors with expertise in finance, accounting, and law, enhancing operational efficiency and risk management [143]. - The company has established a market value management system and disclosed a valuation enhancement plan [140]. - The company is focused on maintaining shareholder rights and improving operational governance through strategic oversight [170]. Employee Management - The company has established a comprehensive training system to support employee growth and development, focusing on various management levels and job functions [177]. - The total number of employees receiving compensation during the reporting period is 1,259, indicating full employment [175]. - The company has no retired employees requiring financial support, indicating a focus on maintaining a stable workforce [175]. - The company has a strong commitment to innovation, collaborating with Zhejiang University and Zhejiang University of Technology for over 20 years to develop green synthesis processes and environmentally friendly formulations [60].