Jialong(002495)2025-04-24 09:55Financial Performance - The company's operating revenue for 2024 was CNY 267,614,156.48, representing a 3.02% increase compared to CNY 259,774,678.60 in 2023[22]. - The net profit attributable to shareholders for 2024 was CNY 24,696,279.83, a significant turnaround from a loss of CNY 44,714,689.22 in 2023, marking a 155.23% improvement[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 24,686,521.60, compared to a loss of CNY 15,056,395.29 in 2023, reflecting a 263.96% increase[22]. - The basic earnings per share for 2024 was CNY 0.0266, a recovery from a loss of CNY 0.0478 in 2023, indicating a 155.65% improvement[22]. - The total profit reached 27.51 million yuan, a significant increase of 155.88% compared to the previous year[71]. - The net profit attributable to shareholders was 24.70 million yuan, up 155.23% year-on-year[71]. Cash Flow and Assets - The net cash flow from operating activities for 2024 was CNY 44,454,256.54, down 24.84% from CNY 59,143,882.64 in 2023[22]. - Total assets at the end of 2024 were CNY 1,166,735,157.53, a slight increase of 0.03% from CNY 1,166,360,773.38 at the end of 2023[22]. - The net assets attributable to shareholders at the end of 2024 were CNY 1,116,949,076.81, a decrease of 0.18% from CNY 1,118,942,229.15 at the end of 2023[22]. - The weighted average return on equity for 2024 was 2.20%, a significant improvement from -3.92% in 2023, reflecting a 6.12% increase[22]. - The company reported a significant difference between net cash flow from operating activities (¥44,454,256.54) and net profit (¥22,046,200.00), with a variance of ¥22,408,810.00 attributed to various accounting adjustments[98]. Revenue Sources and Product Performance - The company’s main products, chicken powder and chicken essence, accounted for 57.13% and 21.19% of total revenue, respectively[38]. - The company's revenue from the distribution model reached ¥259,443,710.13, with a gross margin of 36.93%, reflecting a 2.15% increase in revenue year-over-year and a 15.15% increase in gross margin[48]. - Chicken powder sales generated ¥152,899,940.82, with a gross margin of 39.55%, showing a 7.28% increase in revenue compared to the previous year[50]. - The company launched new products such as claypot potato noodles and pig crispy bones to enhance product variety and market competitiveness[46]. - The company achieved operating revenue of 267.61 million yuan in 2024, representing a year-on-year growth of 3.02%[71]. Market and Competitive Position - The Chinese condiment market is projected to reach 687.1 billion CNY in 2024, driven by the growth of the food industry and the rise of ready-to-eat meals[33]. - The company has been recognized as a "National Key Leading Enterprise in Agricultural Industrialization" and a "High-tech Enterprise," enhancing its market position[37]. - The company is actively promoting its brand and new products through various channels, including social media platforms like Douyin[46]. - The company plans to expand its soy sauce and condiment business, leveraging existing brand resources and implementing joint promotion strategies[115]. Research and Development - The company has 9 invention patents, 23 utility model patents, and 20 design patents, showcasing its strong R&D capabilities[66]. - The company completed several R&D projects, including low-sodium chicken essence and pork bone broth, aimed at enhancing product quality and market competitiveness[91]. - The company plans to enhance its research and development investment to improve technology and reduce production costs, aiming to develop customized products that meet customer needs[128]. Operational Changes and Strategies - The sales model has been adjusted to optimize distributor structures and deepen market cooperation with large chain restaurants and food manufacturers[43]. - The company plans to reform its market sales model in the second half of 2024, which may impact future revenue and cost structures[85]. - The company adjusted its distribution structure, focusing on deeper market penetration and partnerships with experienced distributors[70]. Governance and Management - The company has established a comprehensive governance structure, including a board of directors, supervisory board, and management team, ensuring operational independence[151]. - The company has a governance structure that complies with regulatory requirements, ensuring transparency and protecting investor rights[136]. - The company has established a fair and transparent performance evaluation system for directors and senior management, linking their compensation to company performance and individual achievements[142]. - The company has a monitoring system in place to oversee major financial matters and ensure compliance with legal obligations[141]. Employee and Internal Control - The company has established a training management system to enhance employee skills and align with corporate culture[192]. - The company has a competitive and fair compensation system, with a total cash dividend of 7,341,004.80 CNY distributed to shareholders, representing 100% of the profit distribution total[193]. - The internal control evaluation report indicates that 100% of the total assets and operating income of the evaluated units are included in the consolidated financial statements[198]. - The company has implemented regular checks and timely revisions of internal control systems in accordance with relevant laws and regulations[196]. Risks and Challenges - The company faces risks related to raw material price fluctuations, which could impact market competitiveness and financial performance[118]. - The company is exposed to market competition risks due to the low industry concentration and potential new entrants in the seasoning market[119]. - The company has established a scientific procurement plan to manage raw material price fluctuations while ensuring quality and production needs[128].