Shandong Teamgene Technology (SH:603151)2023-03-30 16:00Financial Performance - The company's operating revenue for 2022 was ¥1,658,462,167.22, a decrease of 18.50% compared to ¥2,034,916,182.62 in 2021[23]. - The net profit attributable to shareholders for 2022 was ¥120,301,102.73, down 17.50% from ¥145,822,978.50 in 2021[23]. - Basic earnings per share for 2022 were ¥0.9045, a decrease of 21.84% from ¥1.1573 in 2021[24]. - The weighted average return on equity for 2022 was 20.09%, down 19.91 percentage points from 40.00% in 2021[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 109.80 million, a decline of 16.31% year-on-year[33]. - The company's gross margin in the feed industry was 13.89%, reflecting a slight increase of 1.34 percentage points compared to the previous year[50]. - The company reported a revenue increase of 15% year-over-year, reaching 1.5 billion RMB in the last quarter[94]. - The company reported a total revenue of CNY 1,658.46 million, a decrease of 18.50% compared to the previous year[46]. Cash Flow and Assets - The net cash flow from operating activities decreased by 55.08% to ¥59,073,515.34, primarily due to an increase in accounts receivable and higher raw material inventory[24]. - The total assets at the end of 2022 were ¥1,391,640,906.48, reflecting a 153.26% increase from ¥549,491,627.60 at the end of 2021[23]. - The company's total assets at the end of the reporting period were CNY 1,391.64 million, reflecting a growth of 153.26% compared to the previous year[33]. - Cash and cash equivalents increased by 559,733,169.05 yuan, reversing a decrease of 6,553,567.06 yuan in the previous period[60]. - The company's cash and cash equivalents amounted to ¥747,401,456.81, a significant increase from ¥187,668,287.76 in 2021, representing a growth of approximately 298%[200]. - Accounts receivable increased to ¥48,728,521.61 in 2022 from ¥29,352,521.50 in 2021, reflecting a growth of about 66%[200]. - Inventory rose to ¥185,167,899.16 in 2022, compared to ¥100,901,386.36 in 2021, indicating an increase of approximately 83%[200]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥5.00 per 10 shares, totaling ¥84,000,000 based on the total share capital of 168,000,000 shares[7]. - The cash dividend distribution accounts for 69.82% of the net profit attributable to ordinary shareholders in the consolidated financial statements[116]. - The company has established a stable and continuous dividend policy to balance short-term investor interests with long-term returns[114]. - The company has not proposed any stock bonus or capital reserve conversion for the current year, focusing solely on cash dividends[113]. Market and Industry Context - The company faced significant challenges in the feed industry, including high raw material prices and weak terminal consumption, leading to a downturn in industry prosperity[33]. - The feed industry in China is expected to benefit from the growing demand for meat, eggs, and dairy products, driven by rising income levels and population growth[38]. - The company aims to expand its market presence beyond its established regions, leveraging its competitive advantages in product quality and innovation[39]. - The company is positioned to benefit from the increasing demand for high-quality meat products driven by rising disposable income and urbanization[72]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, advising investors to be cautious[10]. - The company faces risks from animal diseases, which could significantly impact the pig farming industry and, consequently, feed demand[79]. - The company is exposed to fluctuations in raw material prices, particularly corn and soybean meal, which account for over 50% of its raw material costs[80]. - The company may experience adverse effects from changes in tax policies that could eliminate current tax exemptions for feed sales[81]. Corporate Governance - The company strictly adheres to laws and regulations, ensuring the protection of all shareholders' rights, particularly minority shareholders[83]. - The company maintains an independent business operation, with no interference from controlling shareholders in decision-making processes[84]. - The board of directors actively fulfills their responsibilities, with independent directors safeguarding minority shareholder interests[83]. - The company has established independent personnel management systems, ensuring key management does not hold positions in controlling entities[86]. Research and Development - The company focuses on pig feed research, production, and sales, aiming to enhance market share through capacity expansion and nationwide market development[73]. - The company plans to increase R&D investment and improve product iteration speed, leveraging technology to lead industry development[74]. - The total number of R&D personnel is 45, representing 7.33% of the total workforce[58]. - Research and development expenses totaled 33,699,086.71 yuan, which is 2.03% of operating income, showing a decrease of 15.24% year-over-year[56]. Environmental and Social Responsibility - The company invested ¥271.11 million in environmental protection during the reporting period[122]. - The company has transitioned all coal-fired boilers to natural gas boilers to reduce emissions and enhance environmental sustainability[130]. - The company actively participates in poverty alleviation and rural revitalization, providing training and knowledge to farmers to improve their economic benefits[135]. - The company is committed to environmental protection and sustainable development through technological innovation and energy-saving measures[134].