TECON(002100)2025-04-28 11:20Financial Performance - The company's operating revenue for 2024 was CNY 17,175,805,190.11, a decrease of 9.72% compared to CNY 19,025,806,286.59 in 2023[16] - The net profit attributable to shareholders for 2024 was CNY 605,052,882.38, representing a significant increase of 144.38% from a loss of CNY 1,363,316,030.34 in 2023[16] - The basic earnings per share for 2024 was CNY 0.44, compared to a loss of CNY 1.01 in 2023, marking a 143.56% improvement[16] - The total assets at the end of 2024 amounted to CNY 17,562,512,271.12, an increase of 4.84% from CNY 16,751,659,614.41 at the end of 2023[16] - The net cash flow from operating activities for 2024 was CNY 1,161,865,306.32, down 33.68% from CNY 1,751,811,265.78 in 2023[16] - The weighted average return on equity for 2024 was 9.01%, a significant recovery from -19.18% in 2023[16] - The net profit after deducting non-recurring gains and losses for 2024 was CNY 558,836,996.66, compared to a loss of CNY 1,378,079,973.60 in 2023, reflecting a 140.55% increase[16] Revenue Breakdown - The company achieved total operating revenue of CNY 1,717,580,520.11, a decrease of 9.72% compared to the previous year[40] - The feed business revenue was CNY 534,479,850, a decline of 17.67%, accounting for 31.12% of total revenue[40] - The pharmaceutical business revenue was CNY 99,852,020, an increase of 0.22%, representing 5.81% of total revenue[41] - The revenue from pig farming and food processing increased by 11.11% to CNY 615,655,280, making up 35.84% of total revenue[42] - The company sold 206,384 thousand doses of animal vaccines, a growth of 18.44% year-on-year[41] Investment and R&D - The company invested over CNY 200 million in a high-level biosafety laboratory, which was completed and put into use in 2020[39] - The company has over 400 R&D personnel and has obtained more than 20 national new veterinary drug certificates and over 200 patents[39] - The company’s total R&D investment amounted to CNY 206,652,390.30, a decrease of 22.79% from CNY 267,665,996.63 in the previous year[58] - The proportion of R&D investment to operating revenue decreased from 1.41% to 1.20%[58] - The number of R&D personnel decreased by 7.36% from 435 to 403[58] Cash Flow and Financial Management - The company reported a net cash flow from operating activities of CNY 1,161,865,306.32, a decrease of 33.68% compared to the previous year[60] - The company’s financing activities generated a net cash flow of -CNY 130,869,098.67, an improvement of 91.31% from the previous year[61] - The company’s investment activities saw a net cash outflow of CNY 750,018,757.17, a slight improvement of 3.22% compared to the previous year[61] - The company achieved a net increase in cash and cash equivalents of CNY 280,977,450.48, a significant increase of 153.18% compared to the previous year[61] Governance and Management - The company maintains strict independence from its controlling shareholder, ensuring separate operations in personnel, assets, and finances[105] - The board of directors consists of seven members, with three independent directors, meeting legal requirements for governance[106] - The supervisory board is composed of three members, including one employee representative, adhering to legal standards[108] - The company actively manages investor relations, organizing events such as the 2023 annual performance briefing to enhance communication with investors[109] - The company has established a complete and independent financial accounting system, ensuring financial decisions are made autonomously[114] Environmental Compliance - The company holds multiple pollution discharge permits with validity extending to 2026 and beyond, indicating compliance with environmental regulations[157] - The company reported a chemical oxygen demand (COD) of 13.9195 mg/L at the wastewater discharge point, which is below the standard limit of 150 mg/L for ammonia nitrogen[160] - The total nitrogen concentration at the wastewater treatment facility was recorded at 14.137 mg/L, indicating compliance with environmental standards[160] - The company has implemented measures to ensure that nitrogen oxides emissions are below the threshold of 1060 mg/m³, adhering to environmental regulations[160] - The company is continuously improving its environmental performance through the adoption of new technologies and compliance with updated standards[160] Shareholder Engagement - The company commits to distributing cash dividends of no less than 10% of the annual distributable profit for the next three years[175] - The company plans to conduct cash dividends annually, with the board able to propose mid-term cash distributions based on profitability and financial status[175] - The first temporary shareholders' meeting of 2024 had an investor participation rate of 30.45% on March 11, 2024[117] - The second temporary shareholders' meeting of 2024 had an investor participation rate of 30.04% on April 18, 2024[117] - The annual shareholders' meeting for 2023 had an investor participation rate of 31.51% on May 20, 2024[117]