Haixin Foods (SZ:002702)2025-04-25 08:35Financial Performance - The company's operating revenue for 2024 was ¥1,706,495,912.33, a decrease of 0.54% compared to ¥1,715,823,986.65 in 2023[21]. - The net profit attributable to shareholders for 2024 was a loss of ¥36,943,292.56, representing a significant decline of 1,727.37% from a profit of ¥2,270,128.26 in 2023[21]. - The cash flow from operating activities improved to ¥96,348,767.38 in 2024, a 511.47% increase from a negative cash flow of ¥23,415,982.12 in 2023[21]. - The basic and diluted earnings per share for 2024 were both -¥0.0668, a decrease of 1,584.44% from ¥0.0045 in 2023[21]. - Total assets at the end of 2024 were ¥2,103,790,407.38, down 2.82% from ¥2,164,853,985.08 at the end of 2023[21]. - The net assets attributable to shareholders decreased by 7.29% to ¥1,074,208,714.62 at the end of 2024 from ¥1,158,733,274.57 at the end of 2023[21]. - The total revenue for 2024 was approximately ¥1.71 billion, a decrease of 0.54% compared to ¥1.72 billion in 2023[57]. - Revenue from frozen fish and meat products was approximately ¥1.05 billion, accounting for 61.65% of total revenue, down 18.17% from ¥1.29 billion in 2023[57]. - Revenue from frozen dishes increased by 61.11% to approximately ¥482.79 million, representing 28.29% of total revenue[57]. - The company achieved a revenue of 1.706 billion yuan in 2024, a slight decrease of 0.54% year-on-year, with a comprehensive gross margin of 18.52%, down 1.16% year-on-year[53]. Business Operations - The company has a total of 12 wholly-owned subsidiaries and 2 controlled subsidiaries[12]. - The company operates in the frozen fish and meat products industry, which exhibits seasonal characteristics, with Q2 being the off-peak season and Q4 the peak season for sales[33]. - The company is focusing on product diversification and quality upgrades in response to evolving consumer preferences in the frozen food industry[31]. - The company is expanding its sales channels, leveraging e-commerce and social media to enhance market reach[32]. - The company has established a comprehensive marketing network, with products available in major retail chains and various e-commerce platforms, ensuring a balanced online and offline business development[52]. - The company maintains a diverse sales model, including modern channels, e-commerce, and direct supply to large chain restaurants[39]. - The company has increased its online direct sales presence through platforms such as Tmall and JD, focusing on a variety of frozen and processed food products[46]. - The company has a total production capacity of 139,011 tons, with an actual production of 90,446 tons, indicating a utilization rate of approximately 65%[50]. Research and Development - R&D investment amount for 2024 is CNY 16,094,455.25, a decrease of 0.65% from CNY 16,200,203.51 in 2023[72]. - The company has completed several R&D projects, including the successful scale-up of shrimp and duck egg products using new preservation technologies[70]. - The company is in the industrialization phase for new products such as high-quality low-salt fish paste and quinoa fish balls, aiming to enhance product quality and market competitiveness[71]. - The company has successfully developed new products, including black truffle beef balls and mushroom dietary fiber, to improve taste and nutritional value[71]. - The R&D team restructuring aims to enhance efficiency and retain core talents with practical experience and technical skills[72]. Financial Management - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves[6]. - The company has not reported any major changes in the feasibility of projects during the period[94]. - The company has not sold any significant assets during the reporting period[97]. - The company has not proposed any cash dividends or stock bonuses for the current fiscal year, nor plans to increase capital through capital reserves[149]. - The company has a stable profit distribution policy, with clear standards and procedures for cash dividends, ensuring the protection of minority shareholders' rights[148]. Compliance and Governance - The company maintains a governance structure compliant with relevant laws and regulations, with no discrepancies reported[117]. - The board consists of seven directors, including three independent directors, ensuring compliance with legal requirements[118]. - The company has established an independent financial department with a separate accounting system and bank accounts, ensuring financial independence[122]. - The company has engaged in various investor communication activities to maintain transparency and provide updates on its operational status[114]. - The company has committed to strengthening compliance with securities regulations to prevent future violations following the short-term trading incident[181]. Environmental Responsibility - The company has adhered to environmental protection laws and regulations, ensuring compliance in its production operations[162]. - The company has established a wastewater treatment system with a processing capacity of 1,500 m³/d, ensuring compliance with environmental discharge standards[164]. - Total investment in environmental governance and protection during the reporting period amounted to CNY 7.53 million, with environmental protection tax paid of CNY 24,900[165]. - The company has implemented a real-time monitoring system for fixed pollution sources, connected to the provincial ecological cloud platform since September 2020[165]. - No administrative penalties were imposed on the company or its subsidiaries during the reporting period due to environmental issues[166]. Market Outlook - The company expects a revenue growth of approximately 7.19% for the year 2025[107]. - The company plans to optimize supply chain management to reduce raw material and operational costs, enhancing production efficiency and product quality[106]. - The company aims to improve brand awareness and market share through targeted marketing strategies and customer service enhancements[106]. - The company will focus on eliminating low-margin products and refining its product lifecycle management system[106]. - The company intends to strengthen cash flow management and optimize internal operations to improve profitability[107]. Shareholder Engagement - The annual shareholders' meeting had a participation rate of 22.52% on May 17, 2024[123]. - The first temporary shareholders' meeting in 2024 had a participation rate of 23.42% on May 20, 2024[123]. - The second temporary shareholders' meeting in 2024 had a participation rate of 24.41% on December 4, 2024[123]. - The company reported a total shareholding increase from 46.92 million shares at the beginning of the period to 52.82 million shares at the end, reflecting an increase of approximately 12.5%[125]. Leadership and Management Changes - The company experienced a change in its board of directors, with several members, including Wu Diyan and Liu Weifang, leaving due to term expiration on May 20, 2024[126]. - The financial director Zheng Shunhui resigned for personal reasons but continues to hold other positions within the company[127]. - The company appointed a new financial director, Xiang Jinhong, effective September 25, 2024, following a personnel transfer[132]. - The company is undergoing a leadership transition, with several key positions being filled or vacated in the upcoming months[128]. Risks and Challenges - The company faces significant market competition risks, particularly in mature regions where competition is intensifying, leading to a gradual concentration of market share[109]. - The company is exposed to raw material price volatility, which could impact production costs; it plans to adopt measures to reduce procurement costs and manage inventory effectively[112]. - Investment and acquisition activities carry risks due to their long cycles and potential for failure; the company will conduct thorough evaluations to ensure strategic alignment[113].