东瑞股份(001201) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥1,520,183,818.53, representing a 46.58% increase compared to ¥1,037,067,905.17 in 2023[6]. - The net profit attributable to shareholders was a loss of ¥65,650,187.57, an improvement of 87.28% from a loss of ¥516,090,568.51 in 2023[6]. - The net cash flow from operating activities was ¥58,139,420.30, a significant increase of 132.59% compared to -¥178,422,334.05 in 2023[6]. - The basic earnings per share improved to -¥0.26 from -¥2.43 in 2023, marking an 89.30% improvement[6]. - Total assets at the end of 2024 were ¥6,072,477,253.45, a slight decrease of 0.37% from ¥6,094,797,681.93 at the end of 2023[6]. - The net assets attributable to shareholders decreased by 3.26% to ¥3,385,783,241.87 from ¥3,499,844,270.61 in 2023[6]. - The cost of sales increased by 13.76% to ¥1,195,813,643.97, attributed to an increase in the number of pigs sold[60]. - The total cash inflow from operating activities was ¥1,553,010,506.41, up 45.92% year-on-year[75]. - The total investment amount for the reporting period was CNY 603,619,457.28, a decrease of 35.77% compared to CNY 939,841,267.66 in the same period last year[84]. Market and Industry Insights - In the pig farming industry, the total number of pigs slaughtered in China for 2024 was 70,256 million, a decrease of 3.3% year-on-year[28]. - The total industrial feed production in China for 2024 was 31,503.1 million tons, down 2.1% from the previous year[29]. - The company has established a pig breeding capacity of 2 million heads, with 7 registered farms supplying live pigs to Hong Kong and Macau, maintaining a leading market share for 5 consecutive years[36]. - The company has secured a quota of 224,800 live pigs for export to Hong Kong in 2024, indicating strong market competitiveness and stable revenue potential[48]. - The company has a significant market presence in Guangdong, where the demand for live pigs exceeds local supply, allowing for higher revenue opportunities[48]. Risk Management - Major risks identified include significant animal disease risks, fluctuations in pig prices, raw material price volatility, and food quality safety risks[5]. - The company has implemented a comprehensive disease prevention management system, effectively controlling major diseases during the breeding process[42]. - The company faces risks from price fluctuations in live pigs, which can significantly impact profitability; it plans to strengthen cost control and expand capacity to mitigate these risks[117]. - Raw material costs, particularly corn and soybean meal, account for over 50% of the company's main business costs, making it vulnerable to price volatility in these commodities[118]. Technological Innovation and Development - The company has obtained 2 invention patents and 51 utility model patents, focusing on technological innovation to drive high-quality development[35]. - The company is actively exploring new product development in the processed meat sector, successfully launching products like cured meat and sausages, which have received positive market feedback[39]. - The company has developed a "multi-layer intelligent ecological pig farming model" that optimizes land use and integrates renewable energy systems, enhancing production efficiency and environmental sustainability[56]. - The company has introduced advanced breeding systems to improve reproductive performance and reduce farming costs while meeting market demands[53]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring independent operation from the controlling shareholder[128]. - The board of directors has set up four specialized committees to provide professional advice for decision-making[130]. - The company strictly adheres to information disclosure obligations, ensuring timely and fair access to information for all shareholders[133]. - The company has implemented a performance-oriented compensation policy linked to employee performance and professional capabilities[165]. Environmental Responsibility - The company has implemented a wastewater treatment technology that effectively removes COD, ammonia nitrogen, and total phosphorus, ensuring compliance with discharge standards and enabling water reuse for irrigation of crops like corn and rice[183]. - The biogas utilization technology allows for the conversion of organic waste into methane, with an annual electricity generation of over 3.6 million kWh, saving approximately 1,054.28 tons of standard coal each year[184]. - The company emphasizes green production and pollution reduction through technological innovation and equipment upgrades, enhancing its environmental responsibility[190]. - The company paid environmental protection taxes amounting to 19,624.98 yuan during the reporting period, reflecting its commitment to environmental compliance[187]. Social Responsibility - The company has signed industry poverty alleviation cooperation agreements, attracting approximately 35 million yuan in funding and benefiting over 2,000 households and 8,000 individuals[193]. - Dongrui Co., Ltd. donated approximately 25 million yuan over the past 10 years for poverty alleviation activities, with 4 million yuan donated in 2024[194]. - The company has provided 420,000 yuan in scholarships to 210 impoverished college students in 2024, totaling over 8 million yuan in educational donations since 2011[194]. Future Plans and Strategies - The company aims to increase its pig production capacity by 1 million heads over the next three years, targeting a total production scale of over 3 million heads[105]. - The company plans to enhance its "311" project, focusing on improving disease prevention, breeding quality, and nutritional precision to achieve cost reduction and efficiency[106]. - The company intends to utilize its existing slaughtering capacity to achieve over 90% utilization and develop pre-prepared pork products[107]. - The company will focus on the Guangdong-Hong Kong-Macao Greater Bay Area market over the next three years, enhancing its sales network and increasing live pig supply to the region[113].