京基智农(000048) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥3,221,474,431.12, a decrease of 20.88% compared to 2020[23]. - The net profit attributable to shareholders for 2021 was ¥389,339,568.12, down 55.07% from ¥866,563,499.30 in 2020[23]. - The net profit after deducting non-recurring gains and losses was ¥339,151,964.74, a decline of 58.54% compared to the previous year[23]. - The average return on equity was 15.00%, down from 35.46% in 2020, indicating a significant decline in profitability[23]. - The total operating revenue for 2021 was approximately CNY 3.22 billion, a decrease of 20.88% compared to CNY 4.07 billion in 2020[64]. - The revenue from feed production was CNY 745.08 million, accounting for 23.13% of total revenue, with a year-on-year increase of 7.98%[66]. - Real estate development revenue was CNY 2.22 billion, representing 68.80% of total revenue, with a year-on-year decrease of 31.20%[66]. - The breeding industry saw a significant revenue increase of 228.81%, reaching CNY 241.26 million, up from CNY 73.37 million in 2020[66]. Cash Flow and Assets - The net cash flow from operating activities increased by 46.21% to ¥2,640,721,394.56 in 2021[23]. - The total assets of the company at the end of 2021 were ¥14,832,560,318.32, representing a 49.77% increase from the previous year[24]. - The net cash flow from investment activities was -¥2,562,033,417.56, representing a significant increase of 849.31% compared to -¥269,883,819.01 in 2020[81]. - The total cash inflow from financing activities was ¥1,407,810,475.28, a 65.94% increase from ¥848,410,150.32 in the previous year[81]. - The company's cash and cash equivalents decreased by ¥24,276,224.04, a decline of 101.19% compared to an increase of ¥2,041,513,299.51 in the previous year[81]. - The inventory increased to ¥4,298,519,272.40, accounting for 28.98% of total assets, up from 25.92% in the previous year[88]. - The contract liabilities increased significantly to ¥6,093,887,836.36, representing 41.08% of total assets, up from 15.88% at the beginning of the year[88]. Business Operations and Strategy - The company has expanded its business scope to include livestock breeding, sales, and pork slaughtering, as well as meat product packaging, cold storage, and transportation[21]. - The company aims to achieve a pig output of over 1 million heads in 2022 and over 2 million heads in 2023[104]. - The company plans to enhance production capacity utilization and optimize pig herd structure to ensure stable supply[105]. - The company is committed to building a traceable quality safety system across the entire pig industry chain[105]. - The company has established a full industry chain for livestock production, focusing on pig breeding, feed, and high-quality livestock products, primarily serving the Guangdong-Hong Kong-Macao Greater Bay Area market[54]. - The company has implemented a strategy to optimize its product structure and enhance its market competitiveness in the feed industry[46]. - The company is expected to maintain a stable and healthy development in the real estate market, adhering to the "housing is for living, not for speculation" policy[44]. Risk Management - The company emphasizes the risks associated with raw material price fluctuations and the cyclical volatility of live pig prices, which may impact future performance[5]. - The company is facing challenges due to high raw material costs, with corn and soybean meal prices remaining elevated, impacting profitability[41]. - The cyclical nature of pig prices poses a risk, with the company planning to enhance research and development to improve breeding efficiency and manage cash flow effectively[110]. - The company faces macroeconomic risks due to ongoing challenges from the COVID-19 pandemic and geopolitical tensions, which may impact business development[109]. - The company has established a dedicated team for African swine fever prevention, focusing on improving biosecurity measures to mitigate disease risks[110]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management team[4]. - The company operates under the Shenzhen Stock Exchange's self-regulatory guidelines for the livestock and real estate industries[4]. - The company has established a sound independent financial accounting system, allowing for independent financial decision-making and management[116]. - The company has revised its articles of association and related rules to ensure compliance with legal regulations and improve corporate governance since April 2019[175]. - The company’s board of directors and supervisory board operate independently, ensuring effective management without interference from the controlling shareholder[117]. - The company has not reported any significant discrepancies between its governance practices and the regulatory requirements set forth by the China Securities Regulatory Commission[115]. Employee and Social Responsibility - The company has implemented a training program aimed at enhancing employee skills and supporting business development, with a focus on a dual-phase 180-day training for new graduates[157]. - The company has established a comprehensive employee compensation structure, including performance bonuses and welfare benefits[188]. - The company donated nearly 3 million yuan for social welfare activities, including support for education and assistance to the elderly[191]. - The company is actively involved in rural revitalization projects, creating quality employment opportunities and supporting local economic development[193]. - The company has provided 130,000 yuan in educational funding to support local students and established partnerships with educational institutions[193]. Future Outlook - The company provided a performance guidance for 2022, expecting a revenue growth of 10% to 12%[126]. - The company plans to invest 200 million RMB in new technology development over the next three years[124]. - The company aims to strengthen channel construction in the feed business, focusing on key products and regions, and expanding direct sales in large markets[106]. - The company plans to continue work on the Shanhai Shangyuan Phase III and IV projects, with the Shanhai Yuyuan project currently in pre-sale and expected to deliver units within the year[108].