温氏股份(300498) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥104.86 billion, an increase of 16.64% compared to ¥89.90 billion in 2023[23]. - The net profit attributable to shareholders was ¥9.23 billion, a significant turnaround from a loss of ¥6.39 billion in 2023, representing a 244.46% increase[23]. - The net cash flow from operating activities was ¥19.59 billion, up 157.92% from ¥7.59 billion in the previous year[23]. - The company's total revenue for the reporting period reached CNY 10,492.44 million, an increase of 16.68% compared to the previous year[115]. - The net profit attributable to shareholders was CNY 923.04 million, a significant increase of 244.46% year-on-year[115]. - The total assets at the end of 2024 were ¥93.86 billion, a slight increase of 1.04% from ¥92.90 billion in 2023[23]. - The equity attributable to shareholders increased by 23.87% to CNY 4,095.23 million[115]. - The total profit for the reporting period reached 9.572 billion yuan, a year-on-year increase of 250.26%, with net profit attributable to shareholders at 9.230 billion yuan, up 244.46%[117]. Market and Sales Performance - The company sold 1.208 billion chickens in 2024, a year-on-year increase of 2.09%, capturing 8.41% of the national market share[33]. - The company sold 30.18 million pigs, reflecting a 14.93% growth, accounting for 4.30% of the national pig market[33]. - Sales of pork products increased by 33.71% to ¥64.85 billion, representing 61.85% of total revenue, while chicken sales slightly decreased by 2.58% to ¥35.72 billion[128]. - The total sales volume of pork reached 3,018.27 million heads, reflecting a growth of 14.93% from 2,626.22 million heads in 2023[131]. - The average selling price of meat pigs rose by 12.83% to CNY 16.71 per kilogram, while the average price of meat chickens fell by 4.60% to CNY 13.06 per kilogram[116]. Production and Operations - The company has a registered capital of 1.5 billion RMB, reflecting its substantial financial foundation[19]. - The company employs a close "company + farmer" model, where it signs contracts with cooperative farmers for breeding, providing technical support and management throughout the process[79]. - The company has a total of 43,000 cooperative farmers, with regional distribution as follows: South China 40.42%, East China 21.63%, Central China 16.97%, Southwest 15.13%, North China 3.78%, Northwest 1.15%, Northeast 0.92%[84]. - The company has a dual main business model with chicken and pig farming, which helps mitigate the impact of industry cycles on operational performance[100]. - The company has developed a leading position in chicken breeding, with approximately 50 varieties of quality chicken breeds and 9 breeding systems certified by national standards[102]. Research and Development - The company invested CNY 675 million in R&D during the reporting period, resulting in 222 new research projects and 25 authorized invention patents[109]. - The company has established a robust "industry-university-research" technology R&D system, collaborating with several universities to drive continuous technological innovation and maintain industry leadership[101]. - The company has implemented a smart marketing project that successfully pushed product information to over 3,000 customers, resulting in a sales increase of 670,000 broilers[142]. - The company has established a second-generation and third-generation sequencing platform, improving the efficiency and reliability of pathogen genome sequencing[143]. Risk Management - The company emphasizes the importance of risk awareness among investors, highlighting risks such as policy, competition, price fluctuations, and disease outbreaks[5]. - The company has established strict risk control measures for commodity futures hedging, including a separation of decision-making and execution functions[166]. - The company has implemented hedging strategies using financial derivatives and commodity futures to mitigate price volatility risks associated with its production and sales operations[166]. Investment and Funding - The total amount raised for the pig farming biosecurity upgrade project is RMB 17,194.11 million, with an actual investment of RMB 7,798.99 million, achieving an investment progress of 83.22%[198]. - The company has a remaining balance of 29,550,969.85 CNY in its special account for raised funds[173]. - The company has approved the use of up to 200 million yuan of idle fundraising funds to supplement working capital, with a repayment period not exceeding 12 months[193]. - The company has raised 270.9 million for working capital, fully utilizing the funds[186]. Environmental and Social Responsibility - The company has been focusing on environmental protection since 2004, promoting sustainable development and waste resource utilization[108]. - The company has established a comprehensive disease prevention and biosecurity system to ensure stable production[106]. - The company is focused on integrating crop planting with livestock farming to improve resource utilization and reduce costs[140]. Strategic Outlook - The company's future outlook and strategic plans are subject to market conditions and investor risk awareness[5]. - The company is transitioning its operational model from "company + farmers" to "company + modern breeding areas + farmers" to leverage scale advantages[190]. - The company aims to enhance its market position through the development of new technologies and expansion of its breeding capabilities[179].