WINALL(300087)2025-04-29 13:00Financial Performance - The company's operating revenue for 2024 reached CNY 4,708.99 million, an increase of 14.77% compared to the previous year, primarily driven by increased seed exports and domestic corn seed revenue [4]. - The seed industry revenue amounted to CNY 3,063.33 million, reflecting a growth of 6.52% year-on-year [4]. - Net profit attributable to shareholders was CNY 114.41 million, a decrease of 58.23% from the previous year, mainly due to increased competition and higher research and management expenses [4]. - The company's operating revenue for 2024 reached ¥4,708,992,457.10, representing a 14.77% increase compared to ¥4,102,895,157.95 in 2023 [18]. - Net profit attributable to shareholders decreased by 58.23% to ¥114,405,261.09 in 2024 from ¥273,862,389.94 in 2023 [18]. - Cash flow from operating activities dropped significantly by 76.99% to ¥65,396,069.32 in 2024 from ¥284,164,131.37 in 2023 [18]. - Basic earnings per share decreased by 58.62% to ¥0.12 in 2024 from ¥0.29 in 2023 [18]. - Total assets increased by 14.05% to ¥7,652,407,216.86 at the end of 2024 from ¥6,709,796,938.68 at the end of 2023 [18]. - The company reported a significant decline in quarterly net profit, with Q4 2024 showing a profit of ¥198,738,665.73 after losses in Q2 and Q3 [20]. - The company recorded a net cash outflow from operating activities of ¥633,233,782.96 in Q1 2024, followed by positive cash flows in subsequent quarters [21]. Research and Development - In 2024, the company achieved a research and development investment of 170.83 million yuan, accounting for 5.65% of seed sales revenue [34]. - The company has established multiple key research and development platforms, including a national-level hybrid rice variety creation laboratory and a national enterprise technology center [34]. - The company’s breeding cycle for new varieties typically takes 8-10 years, which can be shortened to 3-4 years using molecular breeding technology [35]. - The company has secured 36 invention patents and 361 plant variety rights, showcasing its strong research and innovation capabilities [46]. - The company has increased its R&D investment, with the proportion of R&D expenses to seed sales revenue rising from 4.9% to 5.65% [133]. - A total of 59 new rice varieties and 16 hybrid corn varieties developed by the company or in collaboration have been approved by national standards, enhancing its competitive edge [133]. Market Strategy and Expansion - The company plans to enhance market competitiveness through increased R&D innovation, brand and service improvement, and internal management optimization [6]. - Future plans include strengthening the integration of the industry chain to improve sales and net profit [6]. - The company is positioned to benefit from supportive government policies aimed at revitalizing the seed industry, which may enhance its competitive edge in the market [28]. - The company aims to create a rapid breeding technology platform for super high-yield hybrid rice, with the goal of producing superior new germplasm [72]. - The company is expanding its overseas business, focusing on markets in Southeast Asia, South Asia, and Africa, while also establishing overseas R&D bases [123]. - The company aims to strengthen its market presence in core businesses like rice, corn, and wheat, targeting to rank among the top three in corn seed sales by the end of the 14th Five-Year Plan [122]. Risk Management - The company faces risks including intensified market competition, new variety development and promotion risks, and changes in industrial policies [6]. - The overall gross margin of the seed business has declined due to increased competition and a higher number of approved varieties in the domestic market [4]. - The company acknowledges the risks associated with new variety development and aims to align its R&D with market demands to ensure successful commercialization [125]. - The company is enhancing its seed production management to mitigate risks from climate change and natural disasters affecting seed quality and yield [126]. - The company has implemented a risk-sharing mechanism with seed producers and farmers to mitigate losses caused by adverse weather conditions [38]. Corporate Governance - The company’s board of directors consists of 8 members, including 4 independent directors, ensuring compliance with governance regulations [140]. - The company maintains independence from its controlling shareholder, with no interference in decision-making or operational activities [139]. - The company has established a sound internal management structure to independently exercise management authority, ensuring separation from the controlling shareholder's operations [151]. - The company has committed to transparency in its financial dealings and governance, as evidenced by the detailed disclosures in its shareholder meetings [154]. - The company reported a total of 45,594 shares held by the chairman, with no changes during the period [156]. Employee Management - The company has implemented a series of employee incentive mechanisms, including stock ownership plans, to enhance employee motivation and align their interests with the company's goals [51]. - The company has a total of 1,829 employees at the end of the reporting period, with 933 in sales, 306 in technical roles, and 304 in production [186]. - The company emphasizes a broad salary structure that aligns compensation with job value and includes comprehensive benefits to attract and retain talent [188]. - The company has implemented training programs focusing on agricultural technology, office skills, legal knowledge, and professional development [189]. Dividend and Profit Distribution - The profit distribution plan proposes a cash dividend of CNY 0.5 per 10 shares (tax included) based on a total share capital of 947,331,751 shares as of December 31, 2024 [6]. - A cash dividend of RMB 0.5 per 10 shares (totaling RMB 47,366,587.55) is proposed for distribution to shareholders based on a total share capital of 947,331,751 shares [195]. - The company plans to retain the remaining undistributed profits for the next fiscal year and will not issue bonus shares [195].