粤海饲料(001313) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was ¥5,911,740,005.99, a decrease of 13.98% compared to ¥6,872,366,227.32 in 2023 [6]. - The net profit attributable to shareholders for 2024 was -¥85,392,026.49, representing a decline of 307.55% from ¥41,143,558.44 in 2023 [6]. - The basic earnings per share for 2024 was -¥0.12, a decrease of 300.00% compared to ¥0.06 in 2023 [6]. - The company's net assets attributable to shareholders decreased by 5.60% to ¥2,576,819,825.21 at the end of 2024 from ¥2,729,715,295.68 at the end of 2023 [6]. - The total sales amount from the top five customers was ¥242,915,103.08, accounting for 4.11% of the annual total sales [67]. - The sales revenue from feed products was 5.67 billion yuan, accounting for 95.97% of total revenue, down 13.93% year-on-year [59]. - The company reported a net cash flow from operating activities of 519.40 million yuan, an increase of 8.47% year-on-year [55]. - The company achieved a net increase in cash and cash equivalents of ¥128,596,134.98, a 292.50% increase compared to ¥32,762,941.34 in 2023 [78]. Shareholder Information - The company reported a total of 700 million shares, with a proposed cash dividend of 0 per 10 shares, indicating no cash distribution or stock bonus for shareholders [4]. - The company plans to distribute a cash dividend of 0.50 CNY per 10 shares, totaling 34,473,931.60 CNY for the year 2023 [170]. - The total number of shares for the dividend distribution is based on 689,474,932 shares after excluding repurchased shares [170]. - The company will not distribute cash dividends or implement any other forms of distribution for the fiscal year 2024 due to reported losses [174]. - The company has implemented a share repurchase program amounting to 67,666,788.16 CNY, which is considered equivalent to cash dividends for the year 2024 [175]. Business Operations - The company has not made any changes to its main business since its listing, maintaining its focus on feed production [16]. - The company operates under the stock code 001313 on the Shenzhen Stock Exchange, reinforcing its presence in the market [13]. - The company has established over 30 subsidiaries across major aquaculture regions in China and Vietnam, with 70% of its revenue generated from the South China region [30]. - The company has implemented a "three highs and three lows" technical strategy, which emphasizes high quality, health, and growth while reducing protein, waste, and feed conversion ratio, leading to significant industry advancements [30]. - The company has launched an online store on five major e-commerce platforms, including Douyin and Taobao, to expand its sales channels and promote its premium aquatic products [52]. Market Trends and Industry Insights - The total output value of the national feed industry in 2024 was ¥12,620.8 billion, a decrease of 10.0% compared to the previous year [27]. - The total production of industrial feed in 2024 was 31,503.1 million tons, down 2.1% from the previous year [27]. - The production of aquatic feed in 2024 was 2,262.0 million tons, representing a decline of 3.5% compared to the previous year [27]. - The company is a leading player in the aquatic feed industry, focusing on special aquatic feed, with approximately 70% of its sales coming from this segment [30]. - The company anticipates continued growth in the aquaculture feed industry, driven by government support for high-quality development and modernization of aquaculture practices [103]. Research and Development - The company has a stable R&D team with 9 PhDs and 53 Masters, enhancing its technical capabilities in aquatic animal nutrition and feed technology [43]. - The company is developing a new shrimp breeding system aimed at improving growth and disease resistance, which is currently in progress [72]. - The company is working on breeding high-quality South American white shrimp with superior economic traits, which is ongoing [72]. - The company aims to improve the quality of aquaculture through innovative feed additives and premixes, enhancing its market competitiveness [73]. - R&D investment dropped significantly by 47.60% from ¥131,690,821.58 in 2023 to ¥69,011,393.15 in 2024, representing 1.17% of operating revenue [76]. Corporate Governance - The company maintains a strict governance structure in compliance with relevant laws and regulations, ensuring clear responsibilities among shareholders, the board, and management [126]. - The company operates independently from its controlling shareholders in terms of assets, personnel, finance, and business, ensuring a complete operational system [127]. - The company has established an independent financial department with dedicated personnel and a separate accounting system, ensuring no interference from controlling shareholders [130]. - The company has a structured approach to governance, adhering to the rules set forth in its Articles of Association and Company Law [153]. - The company has established a market value management system to enhance investment value and protect investor interests, approved on February 10, 2025 [123]. Social Responsibility and Sustainability - The company is committed to sustainable development, aligning its mission with the growing demand for healthy and safe aquatic products [34]. - The company has donated a total of 330,200 CNY in cash and materials for social welfare and poverty alleviation in 2023, fulfilling its social responsibility [198]. - Since 2015, the company has established over 50 "Yuehai Villages" across multiple provinces, contributing to rural revitalization and helping farmers increase their income [199]. - The company emphasizes sustainable development and social responsibility, balancing shareholder interests with environmental protection [192]. - The company employs a comprehensive approach to manage waste gases, dust, and noise, ensuring compliance with national and local environmental standards [188][189][190].