Financial Performance - For the year ended December 31, 2024, the company's revenue reached RMB 20,096.16 million, representing a 7.5% increase from RMB 18,693.90 million in 2023[13] - Gross profit for the same period was RMB 5,782.99 million, a significant increase of 29.4% compared to RMB 4,469.79 million in 2023[13] - The company reported a loss attributable to owners of RMB 690.89 million, which is a 34.2% improvement from a loss of RMB 1,049.98 million in 2023[13] - Cash EBITDA for the year was RMB 5,324.91 million, reflecting a 38.3% increase from RMB 3,851.42 million in the previous year[13] - The gross profit margin improved to 28.8% in 2024, up from 23.9% in 2023[20] - The company achieved a revenue growth of 7.5% year-on-year, reaching RMB 20,096 million, with gross profit increasing by 29.4% to RMB 5,783 million[30] - The raw milk business generated approximately RMB 15,100 million in revenue, a 17.0% increase compared to the previous year, accounting for 75.1% of the total revenue[56] - The company reported a revenue of RMB 20,096 million for the period, representing a 7.5% increase from RMB 18,694 million in 2023[55] - The net loss for the 2023 period was RMB 1,453 million, while the reporting period showed a loss of RMB 861 million, representing a year-on-year reduction of 40.7%[147] Production and Operations - The production of high-quality fresh milk and specialty fresh milk totaled 3,747,448 tons, with new product categories including sheep milk introduced[6] - The company expanded its herd size, operating 97 farms and managing 621,568 dairy cows and 19,164 goats as of December 31, 2024[6] - The production of controlled embryos increased by 75.7% year-on-year, exceeding 25,000 units, establishing the company as a leader in high-yield dairy cow breeding in China[6] - The annualized milk yield per cow (excluding special breeds) increased to 12.6 tons, up 5.0% from 12.0 tons in 2023[13] - The number of operational farms increased to 97, with a total dairy cow inventory exceeding 620,000, and the proportion of breeding cows rose by 3.5 percentage points to 52.3%[31] - The annual yield per breeding cow increased by 5.0% year-on-year to 12.6 tons, with the yield at the Saikexing farm rising by 8.8%[31] - Raw milk production reached 3,747,448 tons, a 24.1% increase from 3,020,182 tons in the previous year[61] - The company established a new goat farm with a planned capacity of 50,000 heads, which is the largest single goat farm in China[60] Cost Management and Efficiency - The cost of raw milk feed decreased to RMB 2.10 per kilogram, down from RMB 2.45 in 2023[21] - The average price of raw milk decreased by 5.9% year-on-year, yet raw milk business revenue grew by 17.0%[33] - The average price of fresh milk in major producing provinces decreased by 13.5% to RMB 3.32 per kilogram during the reporting period[53] - The company implemented lean management practices, resulting in a 14.3% reduction in feed costs per kilogram of raw milk[65] - The group’s total borrowings amounted to RMB 24,256 million as of December 31, 2024, down from RMB 26,259 million in 2023[162] Research and Development - R&D investment increased by 76% year-on-year, resulting in 91 core patents and participation in the formulation of 6 national and local standards[40] - The company developed the "Breeding No. 1 Chip," enhancing genetic evaluation accuracy and efficiency for dairy cows, leveraging a breeding big data platform with 9 million DHI production data sets and 30,000 phenotype identification data sets[103] - The company holds 91 core patent technologies and has launched 12 new patents during the reporting period, enhancing its technological barriers[108] - The company is advancing multiple key projects in agricultural biotechnology and dairy breeding, including the efficient production and transplantation of sex-controlled embryos[108] Sustainability and Environmental Initiatives - The company has built 11 photovoltaic pastures and upgraded energy equipment in 54 pastures, achieving a carbon credit of 49,600 tons[43] - The company aims to achieve peak carbon emissions by 2030 and carbon neutrality by 2050, actively implementing carbon reduction measures and developing carbon asset projects[117] - The group received a carbon neutrality certificate, becoming the first "zero-carbon factory" in China's feed industry, setting a benchmark for green transformation[81] - The company has implemented 11 photovoltaic farm projects, with 5 achieving green electricity self-use, significantly enhancing energy efficiency[68] Market and Customer Relations - The group reported revenue from its top five customers of RMB 15,979 million, representing 79.5% of total revenue, an increase from 73.1% in 2023[195] - Sales to the largest customer, Yili Group, generated revenue of RMB 14,323 million, accounting for 94.8% of the group's total raw milk revenue, down from 96.5% in 2023[195] - The company has maintained a long-term strategic partnership with Yili Group, ensuring stable revenue streams[195] Employee and Corporate Governance - The group’s employee count as of December 31, 2024, was 12,930, with skilled personnel making up 53.1% of the total[178] - The group has established a three-tier talent development system focusing on management delivery, competency training, and expert cultivation[181] - The company has established an Environmental, Social, and Governance (ESG) committee to assess and enhance its ESG performance[193] - The group has complied with all relevant laws and regulations without any significant violations during the reporting period[194]
优然牧业(09858) - 2024 - 年度财报