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雨润食品(01068) - 2024 - 年度财报
YURUN FOODYURUN FOOD(HK:01068)2025-04-28 09:39

Financial Performance - In 2024, the company achieved a revenue of HKD 992 million, with a loss attributable to equity holders of HKD 39 million, a reduction in loss of HKD 109 million year-on-year [12]. - The group's revenue for the fiscal year 2024 was HKD 992 million, a decrease of 29.5% from HKD 1.411 billion in 2023 [27]. - The group reported a loss attributable to equity holders of approximately HKD 39 million, compared to a loss of HKD 148 million in the previous year [27]. - Fresh meat revenue decreased by 42.6% to HKD 479 million, accounting for approximately 48% of total revenue before internal sales, down from 59% in 2023 [24]. - Low-temperature meat products revenue increased by 8.5% to HKD 294 million, representing about 30% of total revenue before internal sales, up from 19% in 2023 [24]. - The overall gross profit margin increased by 3.6 percentage points to 11.6%, compared to 8.0% in 2023 [31]. - The group achieved other net income of approximately HKD 96 million, compared to a net loss of HKD 105 million in the previous year [32]. - The group's operating profit for the year was approximately HKD 16 million, a significant recovery from a loss of approximately HKD 170 million in the previous year [37]. - The impairment loss on non-current assets for the year was approximately HKD 42 million, reflecting a non-cash accounting loss [34]. - Operating expenses for the year amounted to HKD 195 million, representing 19.7% of total revenue, an increase from 12.6% in the previous year [36]. Market and Consumer Trends - The average price of live pigs in China for 2024 was approximately RMB 17.08 per kilogram, representing an increase of about 11.3% year-on-year [20]. - The total retail sales of consumer goods in China for 2024 amounted to RMB 49 trillion, growing by 3.5% year-on-year [18]. - The company aims to leverage market opportunities arising from the upgrading of consumer structures in China [12]. - The company anticipates that the demand for high-quality pork products will continue to rise as consumer preferences evolve [19]. - The company recognizes the importance of consumer preferences and aims to develop new products that align with changing tastes and dietary habits [95]. Operational Adjustments - The total number of live pigs slaughtered in China in 2024 was 702.56 million, a decrease of 3.3% year-on-year [19]. - The group reduced upstream slaughtering capacity by approximately 1 million heads to 2.35 million heads as of December 31, 2024 [25]. - The sales volume of upstream business decreased by approximately 50.8% to about 250,000 heads due to strategic production reductions [28]. - The upstream slaughtering business adjusts live pig inventory based on expected price fluctuations, increasing stock when prices are anticipated to rise and reducing stock to lower costs when prices are expected to fall [96]. - The downstream processing business utilizes strategic raw material reserves to control costs and gain time for price increases in response to market conditions [96]. Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the review year, with the exception of the separation of roles between the Chairman and CEO [62]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balance of power [64]. - The independent non-executive directors provide independent and constructive opinions, contributing to the development of the company's strategies and policies [67]. - The board has delegated certain functions to committees, including the audit, remuneration, and nomination committees, which operate under clearly defined terms of reference [64]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations impacting operations [145]. Risk Management - The company has established a risk management system to manage business risks effectively, ensuring the protection of shareholder interests and assets [88]. - The group faces significant financial risks, including market, liquidity, and credit risks, with a net debt status as of December 31, 2024, posing risks of failing to meet financial obligations [98]. - The group is subject to strict regulatory oversight in the pig slaughtering and meat processing industry, with potential impacts on operations if compliance standards are not met [100]. - The company actively monitors disease outbreaks and implements strict quarantine measures to minimize the impact on operations [104]. - The company has implemented a comprehensive food safety control system with 21 inspection and quarantine processes to ensure product quality and safety [105]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental protection and has increased investments in green technology and production processes [57]. - The company has implemented a comprehensive environmental management system, including ISO 14001 certification [144]. - The company has formed an ESG working group to oversee and manage ESG-related matters, including risk identification and assessment [109]. - The company has implemented a whistleblowing policy to encourage employees to report misconduct or fraud risks [112]. Financial Position and Debt Management - Total assets decreased to HKD 645 million from HKD 1.012 billion, a reduction of HKD 367 million year-on-year [47]. - Total liabilities decreased to HKD 1.353 billion from HKD 1.701 billion, a reduction of HKD 348 million year-on-year [47]. - The company had approximately HKD 239 million in non-current assets to support ongoing operations despite being in a net debt position [49]. - The group has outstanding bank loans of HKD 344 million, with ongoing discussions for restructuring and waiver of repayment terms [50]. - The company is actively communicating with banks to reach agreements on overdue loans and is working on a debt restructuring plan [130]. Shareholder and Capital Management - The company has not declared a final dividend for the year [139]. - The board will consider various factors before declaring or recommending any dividends, including the company's financial performance and compliance with applicable laws [124]. - The company's distributable reserves as of December 31, 2024, are approximately HKD 137,795,000 [160]. - The maximum number of shares that can be issued under the new share option scheme is 182,275,565 shares, representing 10% of the total issued shares [181]. - The total number of issued ordinary shares as of December 31, 2024, is 1,822,755,650 shares [174].