大北农(002385) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥31,328,078,121.44, representing a 37.32% increase from ¥22,813,861,332.61 in 2020[19]. - The net profit attributable to shareholders for 2021 was -¥440,340,985.21, a decrease of 122.52% compared to ¥1,955,722,850.86 in 2020[19]. - The net cash flow from operating activities for 2021 was ¥1,148,769,576.72, down 38.12% from ¥1,856,435,731.39 in 2020[19]. - The total assets at the end of 2021 were ¥26,894,815,883.44, an increase of 11.87% from ¥24,041,748,998.06 at the end of 2020[19]. - The net assets attributable to shareholders at the end of 2021 were ¥10,737,179,620.57, a decrease of 2.53% from ¥11,015,444,461.02 at the end of 2020[19]. - The company reported a basic earnings per share of -¥0.11 for 2021, down 122.92% from ¥0.48 in 2020[19]. - The company's quarterly revenue for Q4 2021 was ¥7,886,573,968.90, showing a slight decrease from Q3 2021[23]. - The company experienced a significant decline in net profit attributable to shareholders in Q3 and Q4 2021, with losses of -¥391,361,981.56 and -¥547,755,309.52 respectively[23]. - The company's weighted average return on equity for 2021 was -4.05%, down from 18.70% in 2020[19]. - The company’s revenue for the reporting period was 31.328 billion yuan, a year-on-year increase of 37.32%, while the net profit attributable to shareholders was -440 million yuan, a decrease of 122.52% compared to the previous year[44]. Feed and Pig Farming Operations - The cost of feed raw materials accounts for over 90% of the total cost of feed products, with key ingredients including corn, wheat, and protein sources like fish meal and soybean meal[3]. - In 2021, the price of live pigs continued to decline, leading to significant losses in pig farming operations, which may persist if prices remain low[7]. - Major animal diseases, such as African swine fever, pose operational risks that could reduce pig production and affect feed demand[6]. - The pig farming business experienced a significant decline in gross profit margin due to falling pig prices and the ongoing presence of African swine fever, leading to losses in this segment[44]. - The feed business saw a sales volume increase of 26.47% and a revenue increase of 36.83%, with profits in this segment also rising year-on-year[44]. - The company’s pig feed sales volume was 4.5756 million tons, a year-on-year increase of 39.76%[43]. - The company recorded a significant increase in pig farming sales volume, which grew by 129.05% year-on-year[60]. - The company aims to enhance cooperation between academia and industry to accelerate the commercialization of veterinary biological products[40]. - The company is focused on integrating technology and innovation to enhance its competitive edge in the agricultural sector[48]. Research and Development - The company has invested in high-end research talent and technology services, resulting in a year-on-year increase in operating expenses due to stock incentive costs[44]. - The company has 2,796 research personnel, including 79 PhDs and 287 Masters, and has undertaken 22 breeding-related and 20 planting-related technology projects in 2021[46]. - The company has applied for 120 new patents and has a total of 2,121 patent applications, with 1,224 valid patents, including 480 valid invention patents[46]. - The company is developing new functional feed additives aimed at improving the reproductive performance of sows, with promising results from trials[69]. - Research on functional feed additives for growing pigs has identified optimal combinations that enhance growth performance and meat quality[69]. - The company has established a new IoT-based precision nutrition testing platform to improve feed formulation for weaning pigs[69]. - The company aims to reduce feed costs and enhance product competitiveness through the development of new functional yeast products[69]. - The company is focusing on the development of gene-engineered vaccines, which are expected to lay the foundation for future vaccine innovations[72]. Market Trends and Industry Insights - In 2021, the total production of industrial feed in China reached 293.44 million tons, an increase of 16.1% year-on-year, with pig feed production rising to 130.77 million tons, up 46.6% year-on-year[27]. - The seed market in China was valued at approximately 119.99 billion yuan in 2020, maintaining its position as the second-largest seed market globally[32]. - The total production of feed additives in China was 14.78 million tons in 2021, reflecting a year-on-year increase of 6.2%[27]. - The overall grain production in China was 683 million tons in 2021, a 4.9-fold increase since 1949, largely due to the development of high-yield crop varieties[31]. - The company plans to integrate upstream and downstream operations to enhance cost control and expand overall business scale in response to rising raw material costs[100]. - The feed industry is transitioning from competition in feed processing to comprehensive competition across the entire agricultural and animal husbandry industry chain[100]. - The company plans to leverage its strong brand and resources to focus on modern biotechnology and breeding technology, aiming to meet the long-term demand for key crops like corn, rice, and soybeans[111]. Corporate Governance and Management - The company has established a comprehensive internal control system to enhance governance and operational efficiency[132]. - The board of directors consists of 9 members, including 4 independent directors, ensuring compliance with legal requirements[136]. - The company has implemented a performance evaluation and incentive mechanism covering all employees to encourage excellence[138]. - The company maintains a commitment to transparency and timely information disclosure, utilizing multiple media channels for communication[140]. - The company has established an independent financial department with a dedicated accounting system and complies with the financial management requirements for listed companies[146]. - The company’s management structure is independent, with no dual appointments among senior management, ensuring compliance with corporate governance regulations[143]. - The company has a competitive salary policy, ensuring relative competitiveness externally and fairness internally, with total employee compensation including fixed salary, performance bonuses, and long-term incentives[174]. Environmental and Social Responsibility - The company has adopted an ecological circular utilization model for pig farming, effectively treating waste and meeting national and local environmental standards[193]. - The company has committed to reducing carbon emissions by replacing coal boilers with solar, natural gas, or biomass boilers across all facilities[195]. - The company has actively engaged in poverty alleviation projects, investing significant funds to support sustainable development in national-level poverty-stricken areas[196]. - The company has initiated the "Love in Flight" public welfare project, donating 2.4 million yuan to build schools in revolutionary old areas[200]. - The company has implemented a robust environmental risk identification and response mechanism to ensure legal and reasonable waste management practices[194].