大北农(002385) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was ¥28,766,965,640.91, a decrease of 13.85% compared to ¥33,390,129,865.04 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥345,772,740.55, representing a significant increase of 115.91% from a loss of ¥2,173,885,940.88 in 2023[6]. - The net profit after deducting non-recurring gains and losses was ¥220,590,217.02, up 111.02% from a loss of ¥2,001,948,668.71 in 2023[6]. - The net cash flow from operating activities reached ¥2,482,963,911.92, a remarkable increase of 912.10% compared to ¥245,327,637.61 in 2023[6]. - The basic earnings per share for 2024 was ¥0.08, compared to a loss of ¥0.53 in 2023, marking a 115.09% improvement[6]. - The company's total revenue for 2024 was approximately ¥28.77 billion, a decrease of 13.85% compared to ¥33.39 billion in 2023[81]. - Feed and veterinary products accounted for 67.30% of total revenue in 2024, down from 72.85% in 2023, with revenue of ¥19.36 billion, a decline of 20.41% year-over-year[81]. - The revenue from pig farming products increased by 10.10% to ¥6.28 billion in 2024, compared to ¥5.70 billion in 2023, representing 21.82% of total revenue[81]. - Seed and plant protection products generated revenue of ¥1.65 billion in 2024, a 2.90% increase from ¥1.60 billion in 2023, accounting for 5.73% of total revenue[81]. Business Operations - The company reported a significant reliance on feed business, with raw material prices being highly volatile due to global agricultural market fluctuations, impacting feed and breeding costs[7]. - The company has maintained its core business without significant changes since its listing, ensuring stability in operations[24]. - The company operates in the agricultural technology sector, focusing on crop and animal sciences, with an emphasis on seed industry and bio-breeding[35]. - The company has established partnerships with over 200 seed enterprises to enhance the rapid transformation of scientific achievements in agriculture[48]. - The company has established a biotechnology innovation laboratory and a haploid breeding platform, achieving a comprehensive industry chain layout in seed industry from resource exploration to product development[49]. - The company has created over 20 new protein feed raw materials and over 20 new compound feed products as part of a national key R&D project[60]. - The company has established a comprehensive service ecosystem for seed production, providing services from pre-planting to post-harvest[77]. - The company has established a comprehensive pig breeding system covering 22 provinces and over 2,000 cooperative ecological farms[63]. - The company emphasizes a "self-breeding and self-raising" model and a "company + ecological farm" model to enhance the quality of pig farming[64]. Market Trends and Challenges - The cyclical nature of pig prices affects the company's gross margins, with potential adverse impacts on operational stability if pork prices fluctuate significantly[10]. - The company faces health risks in pig farming, including diseases that can unpredictably lower pig production and feed demand, potentially leading to reduced sales volumes[8]. - The company faces risks from fluctuations in feed raw material prices, which could impact feed and farming costs due to global agricultural market volatility[143]. - Increased competition in the seed market necessitates continuous innovation and market expansion to maintain competitive advantages[146]. - The company is focusing on large-scale farming and cost reduction strategies to improve market competitiveness and manage price volatility[145]. Research and Development - The company aims to enhance its innovation and competitiveness by focusing on key agricultural technologies and improving the entire industry chain[70]. - The company is committed to building a sustainable pig farming ecosystem that integrates culture, management, technology, and supply chain[64]. - The company is developing new products and technologies, including high-yield soybean varieties and protein feed alternatives, to enhance market competitiveness and economic efficiency[93]. - The company has a strategic focus on innovation and collaboration within the agricultural technology ecosystem[175]. - The company has a strong leadership team with diverse educational backgrounds and extensive experience in the agricultural industry[175]. Governance and Compliance - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[158]. - The company maintains independence from its controlling shareholders in terms of business, personnel, assets, and finance, ensuring a complete supply, production, and sales system[163]. - The company adheres to strict information disclosure practices, ensuring timely and accurate reporting without regulatory penalties during the reporting period[161]. - The company has a complete organizational structure with clear responsibilities and checks and balances, ensuring effective governance without interference from controlling shareholders[168]. - The company has established several subsidiaries to strengthen its operational capabilities and market reach[175]. Financial Management - The company raised a total of RMB 699,999,998.22 through a specific stock issuance, with a net amount of RMB 692,605,517.86 after deducting issuance costs[121]. - The company approved a proposal for the acquisition of a stake in Jiamusi Longjing Seed Industry Co., Ltd. during the board meeting on January 30, 2024[192]. - The company plans to provide guarantees for its affiliated companies and has approved related transactions in multiple board meetings throughout 2024[192]. - The company has implemented a management system for commodity futures hedging, clearly defining operational guidelines and risk management protocols[117]. - The company has not identified any risks during the supervisory activities of the supervisory board in the reporting period[199].