益生股份(002458) - 2020 Q4 - 年度财报

Company Overview - The company has established itself as one of the largest breeding enterprises in China, focusing on high-generation poultry source supply as its core competitiveness [9]. - The company has imported Hubbard great-grandparent white feather broilers, reducing its complete reliance on imported grandparent poultry sources [9]. - The company is actively exploring collaborations with domestic and international breeding institutions to advance its breeding initiatives [9]. - The company has not changed its main business since its listing [31]. - There were no changes in the controlling shareholders during the reporting period [31]. Financial Performance - The company's operating revenue for 2020 was CNY 1,751,036,372.39, a decrease of 51.14% compared to CNY 3,583,534,105.26 in 2019 [32]. - The net profit attributable to shareholders for 2020 was CNY 91,991,339.23, down 95.77% from CNY 2,176,039,144.86 in 2019 [32]. - The net cash flow from operating activities was CNY 58,166,557.08, a decline of 97.28% compared to CNY 2,134,744,427.38 in 2019 [32]. - Basic earnings per share for 2020 were CNY 0.09, a decrease of 95.96% from CNY 2.23 in 2019 [32]. - The net profit attributable to shareholders was CNY 91.99 million, down 95.77% year-on-year, with basic earnings per share of CNY 0.09, a decline of 95.96% [79]. Raw Material and Cost Management - The company faces risks related to price fluctuations of raw materials, particularly corn and soybean meal, which significantly impact production costs [14]. - The company has implemented measures to mitigate raw material price volatility, including pre-order contracts and strategic partnerships with major suppliers [14]. - The cost of raw materials for poultry farming was ¥470,557,316.57, representing 35.62% of total operating costs, an increase of 21.00% from the previous year [96]. Research and Development - The company is committed to complying with the national genetic improvement plan for broilers, aiming to cultivate over 40 new broiler varieties by 2025 [9]. - The company has implemented a disease purification strategy focusing on major vertical transmissible diseases, continuously improving product quality and providing high-quality breeding chickens [64]. - The company has achieved significant results in the research and development of a new small chicken breed, "Yisheng 909," which has completed pilot testing and is currently in the approval stage, showing advantages in growth metrics compared to mainstream breeds [110]. - Research and development expenses increased by 77.93% in 2020, totaling ¥52,496,299.14, due to increased investment in R&D [108]. - The proportion of R&D investment to operating income rose significantly from 2.10% in 2019 to 5.06% in 2020, indicating a strategic focus on innovation [114]. Breeding and Production - The company has established a complete and robust breeding system for broiler chickens, solidifying its leading position in the industry [63]. - The company is actively developing the pig breeding industry alongside chicken breeding to enhance its risk resistance and profitability [63]. - The company has established a high-standard breeding system for pigs, with its breeding farm recognized as a national core breeding farm, achieving 5 first and 2 second places in provincial testing over 7 years [70]. - The company has introduced a new white feather broiler breed with competitive advantages in egg production rate and feed conversion ratio, enhancing its market position [63]. - The company is the largest breeding enterprise for grandparent white feather broiler chickens in China, significantly reducing reliance on imports [63]. Market and Industry Trends - The overall capacity of the white feather chicken industry increased in 2020, but demand was affected by the COVID-19 pandemic, leading to a decline in industry profitability [76]. - The company anticipates a recovery in demand for white feather chicken as consumer habits shift and the market stabilizes post-pandemic [76]. - The white feather broiler industry has become one of the highest degrees of scale, intensification, organization, and marketization in China's livestock sector, with an annual output close to 5 billion birds [137]. Shareholder and Dividend Policy - The company will not distribute cash dividends, issue bonus shares, or increase capital from reserves in the upcoming period [14]. - The company has established a three-year shareholder return plan (2021-2023) to enhance transparency and return to investors, with a cash dividend of RMB 1.00 per share for the first half of 2020 [150]. - The company has maintained a consistent cash dividend policy, ensuring transparency and compliance with regulations [150]. - The company has not proposed any cash dividend distribution plan for the reporting period despite positive profits [157]. Risk Management - The company acknowledges the risks associated with reliance on foreign suppliers for breeding technology and the potential impact on its business operations [5]. - The company emphasizes strict biosecurity measures to prevent disease outbreaks in its poultry operations [11]. - The company is focusing on the purification and prevention of vertically transmitted diseases in poultry, achieving significant breakthroughs [109]. Asset Management - Total assets at the end of 2020 were CNY 4,668,482,639.12, an increase of 12.74% from CNY 4,140,859,202.23 at the end of 2019 [32]. - The company's fixed assets increased by 36.96% in 2020 compared to 2019, primarily due to the expansion of production capacity [60]. - The company's intangible assets rose by 31.36% in 2020 compared to 2019, mainly due to the acquisition of new land [60]. - The total liabilities amounted to approximately CNY 488.33 million, with current liabilities making up a substantial portion [173]. Corporate Governance - The company appointed He Xin Accounting Firm (Special General Partnership) for auditing services, with a remuneration of 1.1 million CNY, marking a continuous service period of 5 years [188]. - There are no bankruptcy reorganization matters reported during the reporting period [189]. - The company has committed to fulfilling its obligations to minority shareholders, ensuring their rights are protected [170].