天邦食品(002124) - 2021 Q4 - 年度财报

Financial Performance - The total revenue for 2021 was ¥10,506,630,781.93, a decrease of 2.39% compared to ¥10,764,148,563.64 in 2020[27] - The net profit attributable to shareholders was -¥4,461,798,357.13, representing a decline of 237.50% from ¥3,244,986,853.52 in the previous year[27] - The net cash flow from operating activities was -¥555,707,470.19, a significant drop of 112.48% compared to ¥4,453,081,509.46 in 2020[27] - The basic earnings per share for 2021 was -¥2.43, a decline of 227.23% from ¥1.91 in the previous year[27] - The diluted earnings per share also stood at -¥2.43, reflecting the same percentage decline as basic earnings per share[27] - The weighted average return on equity was -73.16%, a decrease of 133.45% compared to 60.29% in 2020[27] - The company achieved a sales revenue of 10.507 billion yuan, a year-on-year decrease of 2.39%, and a net loss attributable to shareholders of 4.462 billion yuan, a significant decline from a profit of 3.245 billion yuan in the same period last year[50] - The company reported a net profit of CNY -4.64 billion from Hansiwei Food Group Co., Ltd., which significantly affected overall performance[129] Revenue Breakdown - The company's operating revenue for 2021 was approximately ¥10.51 billion, a decrease from ¥10.76 billion in 2020, reflecting a decline of about 2.4%[29] - Revenue from pig farming was CNY 6.35 billion, accounting for 60.44% of total revenue, down 20.88% year-on-year[73] - Revenue from food processing surged by 95.48% to CNY 2.66 billion, representing 25.28% of total revenue[73] - The company reported a pig slaughter volume of 4.28 million heads, an increase of 39.06% year-on-year, but the sales price decreased by 64.29%[51] - The revenue from the pork processing business reached 2.657 billion yuan, a year-on-year increase of 95.48%, with a total of 1.3313 million pigs slaughtered[52] Production and Operations - The total number of pigs slaughtered in 2021 reached approximately 67.13 million, marking a year-on-year increase of 27.4%[42] - The company achieved a total pig output of 4.28 million heads in 2021, representing a year-on-year increase of 39.06%[61] - The company processed 1.3313 million pigs during the reporting period, a significant year-on-year increase of 307.37%[64] - The company is transitioning from a pig farming enterprise to a food company, focusing on fresh pork and meat products after divesting from its bioproducts and aquaculture feed businesses[44] - The company employs a two-point production model for pig farming, which includes separate facilities for breeding and fattening pigs, enhancing biosecurity and production efficiency[45] Costs and Expenses - Total operating costs for 2021 reached CNY 12,315,065,662.11, a significant increase from CNY 6,164,684,294.30 in 2020, reflecting a year-on-year growth of 99.83%[88] - The cost of raw materials in the pig farming segment was CNY 5,748,539,407.44, accounting for 67.76% of the total operating costs, up from 66.34% in 2020, with a year-on-year increase of 130.09%[86] - Labor costs in the food processing segment rose to CNY 30,150,587.84, representing 1.15% of total operating costs, a substantial increase of 161.27% compared to CNY 11,539,871.96 in 2020[86] - The overall gross margin for pig farming was -33.60%, reflecting significant cost pressures in the sector[77] Strategic Initiatives - The company is developing a functional micro-ecological preparation to reduce the incidence of digestive diseases in sows, aiming for a 10% or higher reduction in constipation and bloating mortality rates[101] - The company aims to extend its industrial chain from breeding to deep processing of meat products, focusing on high-consumption areas like Beijing-Tianjin-Hebei and the Yangtze River Delta[67] - The company is exploring a "rental breeding" model to enhance production efficiency and ensure stable supply for its meat processing business[70] - The company has initiated a digital transformation, implementing advanced management software SAP and collaborating with Accenture to enhance management efficiency[66] Market and Industry Trends - The pig production industry in China saw a 28.8% increase in pork production in 2021, with a total output of 5.296 million tons[42] - The average price of live pigs dropped from 35.8 yuan per kilogram in January 2021 to 17.59 yuan in December 2021, a decrease of 50.87%[50] - The overall market for live pig sales in China is valued at over one trillion yuan, with annual slaughter volumes around 700 million heads and pork consumption exceeding 55 million tons[55] Governance and Management - The company maintains independent operations in business, personnel, assets, organization, and finance, ensuring no dependency on controlling shareholders[171][172][173][176][177] - The company has improved its corporate governance structure in compliance with relevant laws and regulations, enhancing investor relations management[160] - The company has established a performance evaluation system and incentive mechanism for senior management, ensuring transparency and compliance with legal regulations[169] - The independent directors on the board are professionals in industry, finance, and law, ensuring high-quality decision-making[165] Future Outlook - The company aims to achieve over 5 million pigs slaughtered in 2022, focusing on production stability, efficiency improvement, and cost reduction[142] - The company plans to enhance its processing capabilities and efficiency as it expands its pork processing business following the completion of new facilities[52][60] - The company is focusing on the development of low-temperature meat products, which are increasingly favored by consumers due to their superior quality[136] - The company is committed to digital transformation and innovation to become China's leading pork brand while ensuring food safety[140]