Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 13,254 million, a decrease of 1.5% compared to RMB 13,458 million in 2023[10]. - The company experienced a significant loss of RMB 1,469 million for the year, compared to a profit of RMB 185 million in 2023[10]. - The total cost of sales for the group was RMB 9,802.9 million, representing a year-on-year decrease of 5.1%[144]. - The gross profit for the raw milk business was RMB 3,257.2 million, an increase of 11.8% year-on-year, with a gross profit margin of 31.2%[154]. - The gross profit for integrated dairy farming solutions was RMB 194.3 million, a decrease of 9.6% year-on-year, with a gross profit margin of 6.9%[154]. - The Group's cash EBITDA increased by 19.6% year-on-year to RMB 2,985.8 million in 2024, with a cash EBITDA margin of 22.5%[177]. - The net cash inflow from operating activities decreased significantly to RMB 2,403.6 million, down RMB 3,045.4 million year-on-year from RMB 5,449.0 million in 2023[184]. Production and Sales - The total raw milk sold reached 289.3 thousand tons, representing a 13.6% increase from 254.7 thousand tons in 2023[10]. - Average annualized milk yield per milkable cow reached 12.8 tons, a year-on-year increase of 1.6%, with total raw milk production at 3.005 million tons, demonstrating a year-on-year increase of 16.1%[19]. - Total sales volume of raw milk increased by 13.6% year-over-year to approximately 2.893 million tons, compared to 2.547 million tons in 2023[140]. - Sales revenue from the raw milk business increased by 1.9% year-over-year to RMB 10,454.4 million, up from RMB 10,263.7 million in 2023[136]. - The average selling price (ASP) of raw milk decreased by 10.4% year-over-year to RMB 3.61/kg, down from RMB 4.03/kg in 2023[139]. Debt and Financing - The Group's debt-to-asset ratio increased to 67.2%, up 4.9 percentage points from the end of 2023, while the financing cost rate decreased to 3.40%[19]. - The total interest-bearing borrowings increased by 25.8% year-on-year to RMB 14,463.1 million, up from RMB 11,496.7 million in 2023[191]. - The net gearing ratio increased to 97.1% as of December 31, 2024, up from 74.4% in 2023, reflecting an increase in interest-bearing borrowings[179]. - The annual interest rate for bank borrowings ranged from 2.20% to 4.85% in 2024, compared to 1.50% to 8.16% in 2023[194]. Operational Efficiency and Cost Management - The company implemented cost-reduction and efficiency-enhancing measures, strengthening its core competitiveness amid a challenging market environment[17]. - The average unit cost of raw milk before inter-segment offset was RMB 2.53/kg, down RMB 0.39/kg from RMB 2.92/kg in the previous year[147]. - Selling and distribution costs increased by 17.8% year-on-year to RMB 445.1 million in 2024, up from RMB 377.8 million in 2023, mainly due to higher raw milk sales volume[166]. - Administrative expenses decreased by 10.1% year-on-year to RMB 766.2 million in 2024 from RMB 852.4 million in 2023, reflecting cost reduction efforts[169]. Strategic Initiatives and Innovations - The company aims to be a global dairy farming leader by deploying the entire industry chain and focusing on digital intelligence and ecological practices[17]. - Modern Dairy's strategic direction includes leveraging digital intelligence to innovate across the entire industry chain[43]. - The Group has developed the "Modern No. 1" Genomic Germplasm "Chip," filling a gap in the domestic commercial dairy cows genomic germplasms market[20]. - The company launched its "Green Leadership 2030" vision and initiated the "65 555 11" plan, focusing on six key areas and five core business areas[64]. - The Group's intelligent digital platform, Yunyangniu, focuses on data integration for dairy cow management, improving breeding capabilities and supply chain accuracy[121]. Sustainability and Environmental Initiatives - The Group has established a green recycling industrial chain for sustainable development, including biogas power generation and fertilizer treatment[126]. - The Group aims to reduce unit carbon emissions by 7%, 15%, and 20% by the end of 2025, 2030, and 2035, respectively, using 2021 as the base year[133]. - The Group has been recognized for its green low-carbon initiatives, leading to the establishment of the "FRESH" strategy for sustainable development in the livestock industry[81]. - The company is dedicated to building a green and sustainable development ecosystem across the entire industry chain[41]. Market Conditions and Challenges - Domestic demand for dairy products decreased, leading to a 1.9% year-over-year decline in dairy product output, totaling 29.62 million tons[89]. - China's total raw milk output in 2024 was 40.79 million tons, a 2.8% year-over-year decrease, marking the first decline since 2018[89]. - The average annual prices of feed ingredients like corn and soybean meal decreased by 14.8% and 21.3% respectively, providing some relief to dairy farming costs[90].
现代牧业(01117) - 2024 - 年度财报