*ST正邦(002157) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was ¥24.52 billion, an increase of 10.87% compared to ¥22.11 billion in 2018[18]. - The net profit attributable to shareholders for 2019 reached ¥1.65 billion, a significant increase of 751.53% from ¥193.42 million in 2018[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1.04 billion, up 368.60% from ¥222.76 million in 2018[18]. - The net cash flow from operating activities was ¥3.92 billion, representing a 194.85% increase from ¥1.33 billion in 2018[19]. - The basic earnings per share for 2019 was ¥0.6857, a rise of 757.13% compared to ¥0.08 in 2018[19]. - The total assets at the end of 2019 were ¥30.83 billion, an increase of 44.58% from ¥21.33 billion at the end of 2018[19]. - The net assets attributable to shareholders at the end of 2019 were ¥9.39 billion, up 44.99% from ¥6.48 billion at the end of 2018[19]. - The company reported a total of 578.40 million pigs sold in 2019, ranking third among A-share listed companies in the pig farming sector[29]. - In 2019, the company achieved a total sales revenue of 24.518 billion yuan, an increase of 10.87% year-on-year, and a net profit attributable to shareholders of 1.647 billion yuan, up 751.53% year-on-year[73]. Dividend Policy - The company reported a cash dividend of 0.7 RMB per 10 shares (including tax) for the profit distribution plan[6]. - The proposed dividend for 2019 is 0.70 CNY per 10 shares (including tax), with a total cash dividend amounting to 175,423,927.77 CNY[175]. - The cash dividend for 2018 was 94,873,469.56 CNY, which represented 49.05% of the net profit attributable to ordinary shareholders[175]. - The company plans to maintain its dividend distribution strategy, adjusting the payout based on the total share capital at the time of distribution[170]. - The company has consistently maintained a positive distributable profit for ordinary shareholders over the past three years[175]. - The cash dividend distribution plan aligns with the company's disclosed shareholder return strategy and articles of association[177]. Business Operations - The company has not changed its main business operations since its listing, focusing on the production and sales of animal feed and breeding[17]. - The company’s business scope includes the production and sales of animal feed, premixes, and feed additives[17]. - The company has developed a comprehensive animal husbandry industry chain, integrating feed, veterinary medicine, and pig breeding to mitigate the impact of cyclical fluctuations in individual business segments[31]. - The feed business has adopted a combination of distributor, direct sales, and farm management models to enhance customer loyalty and product value[31]. - The company is focusing on expanding its market presence through innovative service models in pig farming, such as the "company + farmer" cooperative breeding model[33]. Risk Management - The company faces various risks including pandemic risk, food safety risk, and price fluctuations of live pigs and pork, which may impact profitability[5]. - The company emphasizes the importance of risk awareness for investors regarding future plans and forecasts[5]. - The company has established a comprehensive biosecurity management system, including a multi-layer control system and strict monitoring protocols, to ensure rapid development in pig farming despite adverse market conditions[58]. - The company has established a dedicated African swine fever prevention management team and a comprehensive biosecurity system to mitigate risks associated with pig farming[160]. - The company emphasizes food safety as a core value, implementing strict management practices throughout the production process to ensure product safety[160]. Market Trends - The overall concentration of the pig farming industry is increasing, with large-scale farms gaining market share despite the decline in small-scale farmers[40]. - The market share of the top 10 listed pig farming companies in China increased from 3.84% in 2016 to 8.54% in 2019, with a year-on-year increase of approximately 1.48 percentage points despite the African swine fever outbreak[43]. - The feed production industry in China saw a 3.7% decline in industrial feed output, with pig feed production dropping by 26.6%[36]. - The current pig farming cycle is expected to last longer and see higher price increases due to the ongoing impact of the African swine fever epidemic[45]. Investment and Expansion - The company has completed a capital increase of 1,000,000,000 CNY, fully funded by its own resources, for the breeding and sales of pigs and related services[112]. - The company plans to expand pig output to between 9 million and 11 million heads in 2020, indicating a strong growth outlook[75]. - The company is focusing on expanding its breeding capacity and optimizing its project implementation layout to promote growth in the pig farming business[125]. - The company plans to use up to CNY 39,500 million of idle funds for temporary working capital, with a repayment period not exceeding 12 months[120]. Research and Development - The company reported a significant increase in R&D investment, amounting to ¥394.32 million, representing an 89.07% increase compared to the previous year[101]. - R&D expenses accounted for 1.61% of total revenue, up from 0.94% in the previous year, indicating a strategic focus on innovation[101]. - The company is focusing on research and development to enhance product competitiveness and contribute to healthy farming practices and food safety[140]. Corporate Governance - The company has committed to ensuring the repayment of debts to avoid defaults and maintain control stability[186]. - The company has established a commitment to avoid any competition with its controlling shareholder in similar business areas[183]. - The company will ensure that the net proceeds from the non-public offering are used strictly according to the resolutions passed at the shareholders' meeting[182]. - The company has pledged to maintain transparency and accuracy in its information disclosure to protect investors' rights[183].