大北农(002385) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥19,302,066,717.55, representing a 2.99% increase from ¥18,741,738,574.13 in 2017[18]. - The net profit attributable to shareholders for 2018 was ¥506,911,261.57, a decrease of 59.93% compared to ¥1,265,211,910.87 in 2017[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥117,044,006.53, down 88.26% from ¥996,819,640.23 in 2017[18]. - The net cash flow from operating activities increased by 49.29% to ¥1,067,467,486.86 in 2018 from ¥715,022,801.00 in 2017[18]. - The total assets at the end of 2018 were ¥18,095,720,578.33, a decrease of 6.03% from ¥19,257,822,745.27 at the end of 2017[18]. - The net assets attributable to shareholders at the end of 2018 were ¥9,778,885,025.66, down 4.28% from ¥10,216,472,825.41 at the end of 2017[18]. - The basic earnings per share for 2018 was ¥0.12, a decrease of 61.29% from ¥0.310 in 2017[18]. - The diluted earnings per share for 2018 was also ¥0.12, reflecting the same percentage decrease as basic earnings per share[18]. - The company's overall gross profit margin for 2018 was 18.70%, a decrease of 5.47 percentage points year-on-year, with feed products' gross margin at 19.45% and breeding products' gross margin at -6.79%[42]. - The company reported a significant non-recurring gain from the disposal of non-current assets amounting to ¥347,026,011.92 in 2018[21]. Pig Farming Sector - In 2018, the company sold 1.68 million pigs, including those from eight affiliated breeding platform companies, indicating a significant increase in revenue contribution from the pig farming sector[7]. - The outbreak of African swine fever in the second half of 2018 significantly impacted the pig farming industry, leading to a sharp reduction in production capacity across the sector[6]. - The company plans to continue increasing its investment in pig farming, with a focus on expanding its breeding scale to capitalize on industry opportunities[8]. - The company anticipates that pig prices will enter an upward cycle in the second half of 2019, following significant capacity reductions in the industry[8]. - The company reported a loss of approximately 260 million yuan in its pig farming business, significantly impacting the net profit[25]. - The African swine fever outbreak has accelerated the industry's capacity reduction, with a significant decline in the number of breeding sows and overall pig inventory[28]. - The company has established eight major pig farming platforms across China, with a total of 84 tier-three pig farming companies and a land reserve for nearly 30 million pigs, indicating strong future production capacity[41]. - In 2018, the company achieved total revenue from pig farming of CNY 1.318 billion, a year-on-year increase of 29.44%[41]. Feed Business - In 2018, the company's feed business revenue accounted for 86.67% of total revenue, while pig farming and seed business contributed 6.90% and 2.04% respectively[23]. - The total sales volume of pig feed in 2018 was 374.25 million tons, representing a year-on-year growth of 1.38%, but the gross margin decreased by approximately 3.58 percentage points due to raw material price fluctuations[25]. - The feed sales revenue was CNY 1,666,956.43 million, accounting for 86.67% of the main business revenue, with a sales volume of 459.75 million tons, up 3.56% year-on-year[40]. - The gross profit margin for feed products was 19.45%, reflecting a decrease of 3.01% compared to the previous year[48]. Research and Development - The company launched 107 new patent applications and received 79 patent grants in 2018, with a total of 193 plant variety rights granted[35]. - The company’s R&D efforts included 22 livestock technology projects and 26 crop technology projects, with a focus on green and safe nutrition technologies[43]. - The company holds 329 effective invention patents and 130 authorized plant variety rights, reflecting its commitment to innovation and technology development[43]. - The company has a workforce of 17,230, including over 1,500 core R&D personnel, enhancing its competitive edge in technology and innovation[33]. - The total R&D investment amounted to ¥494,391,367.90, which is 2.56% of total revenue, down from 2.81% the previous year[59]. Market Expansion and Strategy - The company is focusing on global integration of resources and results to develop competitive new products and services in agricultural technology[34]. - The company is actively pursuing market expansion strategies, targeting new regions with a projected increase in customer acquisition by 15%[123]. - The company aims to increase its market share by 10% through targeted marketing campaigns and customer engagement initiatives[123]. - The company is focusing on expanding its market presence, with new contracts signed in various regions, including 1,000 million from Changde and 2,000 million from Zhengzhou[125]. - The company plans to enhance its digital platform to improve customer engagement, with an investment of 10 million allocated for this initiative[129]. Financial Management and Investments - The company does not plan to distribute cash dividends or issue bonus shares for the year[8]. - The company has received approval for its genetically modified soybean DBN-09004-6 in Argentina and is pursuing import permits in other major markets[94]. - The company will strengthen its financial management and explore various financing options, including corporate bonds and bank loans, to support the pig farming sector[93]. - The company has a total of 120,304.77 million in other financial products from its own funds, with no overdue amounts[140]. - The company reported a total of 17,000 million in other types of entrusted financial management sourced from raised funds, with no overdue amounts[140]. Social Responsibility and Community Engagement - The company has made significant contributions to social responsibility, aligning its business strategies with national poverty alleviation goals[145]. - The company has established a cooperative model that pairs family farms with impoverished households, providing financial support and resources, including two breeding pigs per household, ensuring a fixed annual income of 3,000 yuan[146]. - The company has developed a technology promotion poverty alleviation model, utilizing a nationwide service network to deliver agricultural innovations and training to farmers, enhancing production efficiency and income[147]. - The company has invested a total of 756.53 million CNY in 13 poverty alleviation projects focused on agricultural and forestry industry development[153]. Governance and Compliance - The company has established a comprehensive internal control system to enhance governance and operational efficiency[195]. - The company has maintained a continuous relationship with the auditing firm Ruihua for 6 years, with an audit fee of 2.4 million yuan for the current period[111]. - The company has not faced any penalties or rectification issues during the reporting period[113]. - The company has not undergone any bankruptcy restructuring during the reporting period[112]. - The board of directors consists of 5 members, including 2 independent directors, complying with legal and regulatory requirements[198].