天邦食品(002124) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥4,518,950,572.98, representing a 47.63% increase compared to ¥3,061,060,630.82 in 2017[22]. - The net profit attributable to shareholders for 2018 was -¥571,964,274.51, a decrease of 318.19% from ¥262,140,967.26 in 2017[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥660,591,874.39, down 381.28% from ¥234,851,104.60 in 2017[22]. - The net cash flow from operating activities was ¥189,959,340.22, a decline of 43.26% compared to ¥334,798,271.65 in 2017[22]. - The basic earnings per share for 2018 was -¥0.49, a decrease of 296.00% from ¥0.25 in 2017[22]. - The diluted earnings per share for 2018 was also -¥0.49, reflecting the same percentage decrease as basic earnings per share[22]. - The weighted average return on net assets was -21.14%, down 31.29% from 10.15% in 2017[22]. - The company achieved a total operating revenue of 4.52 billion yuan in 2018, representing a year-on-year increase of 47.63%[99]. - The net profit attributable to shareholders was -572 million yuan, a decrease of 318% compared to the previous year[99]. - The company reported a total of 2.1697 million pigs slaughtered in 2018, ranking 9th in the domestic market[72]. Business Operations - The company maintained its focus on the full industry chain of pork and aquatic products, with no major changes in its main business and products during the reporting period[37]. - The company has developed a high-end aquatic feed business, focusing on shrimp, crab, and cold-water fish, enhancing customer satisfaction through specialized services[39]. - The animal vaccine business has been strengthened with a focus on biosecurity and personalized disease prevention solutions, supported by two R&D bases[43]. - The company expanded its pig farming scale, with a total of 2.1697 million pigs sold, an increase of 113.93% year-on-year[54]. - The company is focusing on the development of cold fresh meat products, which are expected to see significant growth opportunities in the market[61]. - The company has adopted a two-point production model in pig farming, enhancing biosecurity and efficiency through collaboration with farmers[54]. - The company is developing an integrated supply chain from breeding to fresh meat processing, focusing on six new pig farming and slaughtering bases in economically developed regions[88]. - The company is expanding its business layout from breeding and vaccines to include slaughtering, processing, and sales channels, enhancing its competitive edge in the meat industry[3]. Market and Industry Trends - The company faces significant risks including market price fluctuations and food safety risks, which are detailed in the report[5]. - The African swine fever outbreak has accelerated industry consolidation, with smaller players exiting the market, providing larger companies with greater market opportunities[2]. - The animal vaccine market in China is projected to reach approximately 32.5 billion yuan by 2022, driven by stricter regulations on antibiotic use and increased demand for high-quality vaccines[4]. - The company anticipates a shift in the meat supply chain from "transporting pigs" to "transporting meat" due to regulatory changes following the African swine fever outbreak[3]. - The feed product sector is expected to see growth in high-quality aquatic feed, driven by rising consumer demand for premium seafood products[4]. Investments and Projects - The total investment amount for the reporting period was ¥1,283,264,143.45, a 22.05% increase compared to the previous year[147]. - The company has initiated multiple modern pig farming industrialization projects, including locations in Guangxi and Shandong, with a total investment of approximately 78,830.29 million yuan[180]. - The company plans to invest a total of RMB 9,548.75 million in the Guangxi Zhuang Autonomous Region modern pig farming project, with an actual investment of RMB 294.7 million, achieving a progress rate of 4.30%[172]. - The company has abandoned the original Wuhu project due to environmental concerns and has redirected funds to new projects in Guangxi and Shanxi, enhancing operational efficiency[177]. - The company has made changes to the implementation subjects of several projects, including the transfer of the Anhui Wuhu modern pig farming project to new locations[169]. Cost Management - The total operating costs for 2018 amounted to ¥3,967,577,035.16, representing a 76.89% increase compared to ¥2,242,960,311.13 in 2017[129]. - The raw material costs in pig farming reached ¥1,652,950,239.52, accounting for 63.13% of the total operating costs, up from 60.70% in 2017, with a year-on-year increase of 123.58%[125]. - Labor costs in pig farming were ¥475,696,140.46, making up 18.17% of the total operating costs, compared to 19.26% in the previous year, reflecting a 102.78% increase[129]. - The cost of veterinary drugs and vaccines in pig farming was ¥228,248,255.21, which accounted for 8.72% of the total operating costs, showing a 115.15% increase year-on-year[129]. Strategic Focus - The company aims to achieve a sales target of 100 billion and a market value of 100 billion, focusing on becoming a world-class animal-source food enterprise[199]. - The company will leverage social capital to establish standardized fattening farms under a leasing model for rapid expansion[200]. - The company will focus on high pathogenic vaccines and transition to technical marketing in the animal vaccine segment[199]. - The food processing segment is expected to become a new profit growth point, emphasizing high-value deep processing products and new retail models[199]. - The company will enhance its biosecurity measures against African swine fever while expanding its breeding capacity[200].