LONGDA(SZ:002726)2025-04-25 11:25Financial Performance - The company's operating revenue for 2024 was ¥10,989,671,145.22, a decrease of 17.49% compared to ¥13,318,473,211.90 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥21,617,644.76, a significant recovery from a loss of ¥1,538,353,704.08 in 2023, representing a 101.41% increase[6]. - The cash flow from operating activities improved to ¥393,300,577.06 in 2024, a 166.81% increase from a negative cash flow of ¥588,718,478.69 in 2023[6]. - The basic earnings per share for 2024 was ¥0.02, compared to a loss of ¥1.43 per share in 2023, marking a 101.40% improvement[6]. - The total assets at the end of 2024 were ¥5,879,447,058.14, down 6.93% from ¥6,317,538,408.46 at the end of 2023[6]. - The company achieved operating revenue of 10.99 billion yuan, a year-on-year decrease of 17.49%, while net profit attributable to shareholders was 22 million yuan, an increase of 101.41% year-on-year[44]. - The slaughtering industry accounted for 81.81% of total revenue, generating ¥8.99 billion, down 6.65% from ¥9.63 billion[50]. - The food segment generated revenue of 1.90 billion yuan, down 14.45% year-on-year, but its proportion of total revenue increased from 16.69% to 17.31%, with a gross margin of 11.23%, up 1.11% year-on-year[44]. Business Operations - The company has a total of 13 wholly-owned subsidiaries and several controlling subsidiaries in the food industry[10]. - The company has seen a quarterly revenue trend with Q4 2024 revenue at ¥2,975,577,525.96, showing stability in the latter half of the year[22]. - The company’s sales model is primarily through distribution channels, accounting for 79.79% of total sales, while direct sales account for 20.21%[34]. - The company has established long-term partnerships with major clients such as Haidilao and KFC, enhancing its market presence[32]. - The company has developed over 100 new clients in the West Fast channel, contributing to the growth of its food business[47]. - The company has introduced new products in the leisure food segment, including crispy meat products and various flavored sausages, aiming to expand its market presence[63]. Research and Development - The company’s R&D focuses on product design, flavor innovation, and quality control to meet market demands[32]. - The company has established three major R&D centers in Shandong, Shanghai, and Sichuan, resulting in 8 invention patents and 15 utility model patents[41]. - New product launches included "Dragon Big Fresh Meat Sausage," which achieved sales of 10 million yuan within a month and a half, and "Sauce-flavored Beef," with monthly sales exceeding 2 million yuan[45]. Market Trends and Industry Insights - The pre-prepared food industry in China has a penetration rate of only 10%-15%, indicating substantial growth potential compared to over 60% in the US and Japan[28]. - The Shandong provincial government aims to increase the number of market entities in the pre-prepared food sector to over 8,000 and achieve an industry chain output value exceeding ¥6,600 billion by 2027[28]. - In 2024, the national pig output is projected to be 57.06 million tons, with a decrease of 3.31% in the number of pigs slaughtered compared to 2023[29]. - The average price of pigs in 2024 is expected to be 16.7 yuan/kg, an increase of 12.1% from 14.9 yuan/kg in 2023[29]. Financial Management and Governance - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase capital from reserves for the fiscal year 2024[4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and senior management[4]. - The company has established a governance structure that complies with the requirements of the Company Law and the Shenzhen Stock Exchange, ensuring transparency and accountability in operations[95]. - The board of directors consists of 7 members, including 3 independent directors, and has established specialized committees to provide professional opinions for decision-making[96]. - The company has implemented a transparent performance evaluation and incentive mechanism for its directors and senior management, ensuring compliance with legal standards[98]. Environmental and Social Responsibility - The company has established a strict food safety assurance system and traceability system, implementing 12 key processes from raw material procurement to retail, ensuring food safety compliance[149]. - The company has allocated food supplies worth 300,000 yuan to disaster-stricken areas in response to a flood in July 2024, demonstrating its commitment to social responsibility[150]. - The company has implemented various control measures to prevent fraud and ensure compliance with accounting standards[130]. - The company has established emergency response plans for environmental incidents, enhancing its capability to manage pollution events[141]. Employee and Stakeholder Engagement - The company actively engages with investors and stakeholders through various communication channels to discuss operational performance and future plans[91]. - The company has conducted a systematic optimization of its compensation system to attract and retain talent, ensuring fairness and competitiveness[122]. - The company actively engages in employee wellness programs and organizes various activities to enhance employee morale and cohesion[148]. Future Outlook and Strategic Initiatives - The company plans to launch a new black pig product line in 2024, enhancing its product differentiation strategy[48]. - The company is focusing on optimizing its product structure and reducing low-margin business scales to improve overall profitability[44]. - The company is exploring potential mergers and acquisitions to further strengthen its market position[182]. - The company is expanding its market presence with a new strategy aimed at increasing distribution channels, targeting a 10% market share increase by the end of 2024[181].