大北农(002385) - 2023 Q2 - 季度财报

Financial Performance - The company's operating revenue for the reporting period was CNY 15,666,521,602.95, representing a year-on-year increase of 16.97%[20]. - The net profit attributable to shareholders was CNY -774,039,957.59, a decrease of 51.62% compared to the same period last year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -751,176,211.91, down 32.25% year-on-year[20]. - The company's total assets at the end of the reporting period were CNY 30,029,906,310.53, a decrease of 3.76% from the end of the previous year[20]. - The net assets attributable to shareholders at the end of the reporting period were CNY 9,817,153,591.01, down 8.81% from the end of the previous year[20]. - The company's revenue increased from CNY 13.39 billion in the previous year to CNY 15.67 billion, representing a year-on-year growth of 16.97%[50]. - The feed business revenue grew from CNY 13.04 billion in 2019 to CNY 22.29 billion in 2022, with a compound annual growth rate (CAGR) of 14.34%[49]. - The swine farming business revenue rose from CNY 1.95 billion in 2019 to CNY 5.47 billion in 2022, achieving a CAGR of 29.45%[49]. - The seed business revenue increased from CNY 403 million in 2019 to CNY 944 million in 2022, with a CAGR of 23.71%[49]. - The company reported a total revenue of 1.5 billion RMB for the first half of 2023, representing a year-on-year increase of 15%[98]. Business Segments - The feed business accounted for 74.09% of total operating revenue, with sales revenue of CNY 1,160,733.30 million, a year-on-year increase of 21.45%[25]. - The sales volume of feed reached 278.16 million tons, an increase of 18.34% year-on-year[25]. - In the first half of 2023, the company's pig farming business generated sales revenue of CNY 275,135.92 million, representing a year-on-year increase of 50.15%[32]. - The number of pigs slaughtered in the first half of 2023 was 1.7253 million, an increase of 38.3% compared to the previous year[32]. - As of the end of the reporting period, the company's pig inventory was 1.9346 million, up 23.90% year-on-year, with the breeding sows (excluding 41,500 backup sows) inventory at 153,100, a growth of 33.72%[32]. - The company's pig farming model consists of 14% "self-breeding and self-raising" and 86% "company + ecological farm"[28]. - The company has established nearly 100 production bases across 28 provinces, cities, and autonomous regions in China[23]. Risks and Challenges - The company faces risks related to fluctuations in feed raw material prices, which can impact both feed and breeding costs due to changes in agricultural policies and logistics[3]. - The company is exposed to health risks in livestock farming, which could lead to significant operational risks and affect both pig production and feed demand[3]. - The volatility in pig prices is a concern, as it can impact the gross margin of the pig farming industry and overall business performance[3]. - The livestock industry is subject to health risks and natural disasters, which can significantly affect production and demand for feed[40]. - The company faces risks from fluctuations in feed raw material prices, which significantly affect its revenue from the feed business[74]. - The company is exposed to risks from fluctuations in pig prices, which can impact profitability; it aims to improve health standards and reduce costs to enhance competitiveness[77]. Research and Development - Research and development investment reached CNY 370.25 million, up 20.23% from the previous year[50]. - The company aims to strengthen its seed business through a combination of internal growth and external mergers, focusing on key breeding technologies[34]. - The company has launched several genetically modified corn and soybean products, obtaining multiple agricultural biotechnology safety certificates[34]. - The company holds 148 domestic invention patents and 88 international PCT invention patents in its seed business[34]. - The company is investing 100 million RMB in R&D for new technologies aimed at improving crop yield efficiency[99]. Environmental Compliance - The company strictly adheres to various environmental protection laws and standards during its operations, including the Environmental Protection Law of the People's Republic of China[87]. - The company holds valid pollution discharge permits for its subsidiaries, with expiration dates ranging from December 2023 to March 2027[88]. - The company has implemented continuous monitoring for ammonia nitrogen (NH3-N) with a discharge limit of 80 mg/L[96]. - The company has a comprehensive environmental protection strategy, including the installation of high-efficiency filters for odor control in various facilities[93]. - Environmental compliance measures have been strengthened, with emissions now below the regulatory limits set by national standards[99]. Shareholder and Corporate Governance - The company does not plan to distribute cash dividends or issue bonus shares for the current period[4]. - The company's legal representatives and financial officers have confirmed the accuracy and completeness of the financial report[3]. - The company held several shareholder meetings with participation rates around 26% during the reporting period[79]. - The company organized 5 investor relations activities, enhancing communication with investors and ensuring equal access to information[110]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[112]. Guarantees and Financial Support - The total approved external guarantee amount during the reporting period is 81,848.01 million, with actual guarantees issued amounting to 70,545.88 million[135]. - The company has provided guarantees for various subsidiaries, with a total guarantee amount exceeding 10 billion across multiple entities[141]. - The company continues to engage in joint liability guarantees, indicating a strategy of collaborative financial support among its subsidiaries[140]. - The company has a history of providing guarantees to related parties, indicating a strong interconnectedness within its subsidiaries[150][151].