禾丰股份(603609) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was CNY 29,468,925,899.60, representing a 23.73% increase compared to CNY 23,817,600,766.26 in 2020[25] - The net profit attributable to shareholders of the listed company for 2021 was CNY 118,530,518.15, a decrease of 90.40% from CNY 1,235,162,151.48 in 2020[25] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 134,826,072.01, down 89.04% from CNY 1,230,677,435.86 in the previous year[25] - The net cash flow from operating activities was CNY 299,160,222.36, a decline of 60.94% compared to CNY 765,945,453.03 in 2020[25] - As of the end of 2021, the net assets attributable to shareholders of the listed company were CNY 6,464,358,869.77, a decrease of 4.27% from CNY 6,752,397,489.35 at the end of 2020[25] - The total assets at the end of 2021 were CNY 12,971,506,159.72, an increase of 11.38% from CNY 11,646,508,203.99 in 2020[25] - The basic earnings per share were 0.13 RMB, down 90.30% from 1.34 RMB in 2020[26] - The company's asset-liability ratio at the end of the reporting period was 42.08%, indicating effective control over financial risks[103] Dividend and Share Repurchase - The company did not distribute cash dividends or bonus shares for the 2021 fiscal year, with undistributed profits carried forward to the next year[6] - The company implemented a share repurchase amounting to CNY 200,003,612.37, which is considered equivalent to cash dividends, accounting for 168.74% of the net profit for the year[6] - In 2021, the company repurchased 20.96 million shares, with a total expenditure of 200 million yuan, to enhance long-term investment value and shareholder interests[61] Operational Challenges - The company faced significant challenges in 2021 due to high feed raw material prices and a decline in the livestock market[36] - The company adopted a cautious approach to production scale, eliminating inefficient capacity and focusing on cost control amid declining industry profitability[51] Production and Sales - The total feed production of the company's controlled and joint-stock enterprises reached 8.03 million tons, a year-on-year increase of 15.04%[37] - The sales volume of pig feed was 1.9724 million tons, accounting for 45.54% of total feed sales, with a year-on-year growth of 26.44%[38] - The company achieved a total production and sales of 1.8 million tons of chicken products, with a year-on-year growth of 7.0%[45] - The company’s total output of fattening pigs reached 639,000 heads in 2021, with a total output of 1.293 million heads including piglets and breeding pigs[51] - The company’s export of cooked food reached 3,488 tons, marking a year-on-year increase of 15.9%[45] Market Strategy and Expansion - The company’s market expansion strategy included segmenting existing markets into five regions and implementing targeted marketing plans[44] - The company has established feed factories in Nepal, Indonesia, and the Philippines, expanding its international footprint[80] - The company is actively expanding into overseas markets, establishing factories in countries with significant livestock development potential, such as the Philippines, Indonesia, and Nepal[106] Research and Development - The company has accumulated 196 authorized patents, including 59 invention patents, and has received multiple national and provincial awards for technological advancements[112] - The company has developed a dynamic raw material database and has established a comprehensive testing center recognized by CNAS, ensuring product quality and safety[112] - The company has developed a feeding model that has improved livestock management efficiency and increased per capita breeding numbers[152] - The company launched a new generation of pig feed, improving palatability and anti-diarrhea properties, while upgrading existing sow feed products[146] Environmental and Regulatory Compliance - The company has implemented a complete monitoring plan for key pollution sources to comply with increasingly stringent environmental regulations, ensuring stable operations[197] - The company has invested in environmentally friendly raw materials and additives in feed production to reduce emissions of heavy metals, nitrogen, and phosphorus[198] Future Outlook - For 2022, the company plans to achieve a sales volume increase of over 15% in its feed business[185] - The company aims to raise its total breeding of white feather chickens to 690 million and slaughter 730 million in 2022[188] - The company plans to sell 900,000 to 1 million heads of pigs in 2022, focusing on cost control and improving operational capabilities[189] - The company will enhance its core competitiveness and expand its market presence by optimizing its organizational structure and improving team capabilities[185]