大北农(002385) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was approximately ¥16.58 billion, a decrease of 14.11% compared to ¥19.30 billion in 2018[17]. - Net profit attributable to shareholders was approximately ¥513.29 million, representing a slight increase of 1.26% from ¥506.91 million in the previous year[17]. - The net profit after deducting non-recurring gains and losses surged by 180.70% to approximately ¥328.54 million from ¥117.04 million in 2018[17]. - The net cash flow from operating activities increased by 67.41% to approximately ¥1.79 billion, up from ¥1.07 billion in 2018[17]. - Total assets at the end of 2019 were approximately ¥18.90 billion, reflecting a growth of 4.47% from ¥18.10 billion at the end of 2018[17]. - The net assets attributable to shareholders increased by 3.00% to approximately ¥10.07 billion, compared to ¥9.78 billion at the end of 2018[17]. - The company reported a basic earnings per share of ¥0.12, unchanged from the previous year[17]. - The company achieved a gross margin increase of 0.13 percentage points for pig feed despite a decline in sales volume[24]. - The company's comprehensive gross margin increased by 1.22 percentage points to 19.91%[45]. Dividend Distribution - The company plans to distribute a cash dividend of 2.30 RMB per 10 shares (including tax) to all shareholders based on a total share capital of 4,195,329,495 shares as of December 31, 2019[6]. - The cash dividend distribution represents 232.75% of the company's net profit attributable to ordinary shareholders for the year 2019, which was RMB 1,194,694,151.68[111]. - The company’s total distributable profit for the year was RMB 2,113,882,207.70, with cash dividends accounting for 100% of the total profit distribution[113]. - The cash dividend distribution plan was approved in the board meeting held on November 22, 2019, and implemented on December 24, 2019[108]. Market Conditions and Risks - The cost of feed raw materials accounts for over 90% of the total cost of feed products, with key ingredients including corn, wheat, and soybean meal[2]. - The company faces risks related to the supply and price of feed raw materials, which are influenced by international trade negotiations and extreme weather events[4]. - The ongoing risk of African swine fever and other diseases poses significant operational risks, potentially affecting pig production and feed demand[5]. - The company anticipates that pig prices may continue to remain high in 2020 due to tight supply conditions[6]. - The price of corn showed a cyclical fluctuation in 2019, with a general upward trend after initial declines, influenced by supply and trade relations[30]. Production and Sales - In 2019, the company's feed business revenue accounted for 78.89% of total revenue, while pig farming and related services accounted for 11.78%[24]. - The total sales volume of feed reached 3.79 million tons, with pig feed sales declining by 25.40% year-on-year to 2.79 million tons[24]. - The company sold a total of 1.64 million pigs in 2019, with a 16.47% year-on-year decrease in sales volume, but sales revenue increased by 45.64% to CNY 1,919.72 million[25]. - The company’s pig feed accounted for over 70% of its feed revenue, reflecting a shift in demand towards safe and healthy feed products[44]. Research and Development - The company has established five national-level R&D institutions and eight R&D centers, focusing on agricultural technology innovation, including the development of new feed additives and vaccines[39]. - The company’s R&D investment has increased, with 22 livestock technology projects and 2 internet + agriculture projects undertaken in 2019[46]. - The company applied for 59 new patents and received 76 patent grants, totaling 345 effective authorized invention patents[47]. - The company’s corn transgenic technology made significant breakthroughs in marketization, indicating strong future economic benefits[24]. Strategic Initiatives - The company is developing an integrated online pig farming solution through its "Pig Internet" platform, aimed at providing comprehensive management for pig farmers[10]. - The company’s "Agricultural Credit Network" serves as a comprehensive service platform for customers, facilitating various agricultural needs[10]. - The company is focused on creating a world-class agricultural technology and service enterprise, leveraging biotechnology and information technology for innovation[39]. - The company has implemented a "1240" precision service strategy to enhance the competitiveness of its seed industry[26]. Environmental and Social Responsibility - The company has established a comprehensive disease prevention system to mitigate risks from major animal diseases, including African swine fever[104]. - The company has implemented a poverty alleviation strategy, aiming to assist 100 impoverished counties with an investment of 10 billion yuan and create over 100 billion yuan in annual output value[162]. - The company constructed 11 pig farms during the reporting period, implementing effective waste treatment facilities and achieving zero emissions through anaerobic fermentation[172]. - The company’s technology innovation system includes 8 research platforms focused on agricultural science, enhancing productivity and efficiency for impoverished households[165]. Future Outlook - The company expects a gradual recovery in pig feed demand as pig farming capacity stabilizes and policy support increases[29]. - The company has set a performance guidance for the upcoming year, anticipating a revenue growth of approximately 15%[137]. - The company plans to invest 2,000 million in research and development for innovative agricultural solutions over the next two years[147]. - The company is exploring market expansion opportunities, particularly in the aquaculture segment, with contracts valued at 1,275 million[138].