益生股份(002458) - 2023 Q2 - 季度财报

Joint Arrangements and Investments - The company classifies joint arrangements into joint operations and joint ventures based on rights and obligations[1]. - In joint operations, the company recognizes its share of assets and liabilities, as well as income from the sale of its share of outputs[2]. - The company uses the equity method to account for investments in joint ventures, reflecting its rights to the net assets of the arrangement[4]. - The company recognizes impairment losses on assets contributed to joint operations in full, while losses on purchased assets are recognized based on the company's share[3]. Financial Assets and Liabilities - The company’s financial assets are classified based on the business model and cash flow characteristics, including those measured at amortized cost and fair value[12]. - Financial liabilities are classified at initial recognition based on the contractual terms and economic substance, with a focus on fair value measurement[19]. - The company confirmed that financial assets are derecognized when cash flow rights are terminated or when almost all risks and rewards of ownership are transferred to another party[20]. - For financial liabilities, the company will derecognize them when the current obligation is discharged, and new financial liabilities are recognized if the terms are substantially different[24]. - Financial assets and liabilities are presented separately in the balance sheet unless there is a legal right to offset and the intention to settle on a net basis[34]. Credit Losses and Impairment - The company assesses expected credit losses based on past events, current conditions, and forecasts of future economic conditions[25]. - For financial instruments with low credit risk, the company assumes that credit risk has not significantly increased since initial recognition, measuring expected credit losses over the next 12 months[26]. - The company conducts impairment testing for receivables that show objective evidence of impairment, recognizing expected credit losses and making provisions accordingly[28]. - Expected credit losses are measured at each reporting date for financial instruments in different stages, with specific provisions for each stage[36]. - The company uses historical credit loss experience and current conditions to determine expected credit loss rates for different types of receivables[39]. - The company will recognize any significant increase in credit risk by comparing the default probabilities at the reporting date with those at initial recognition[45]. - If a financial asset is deemed to have experienced credit impairment, the company will assess it based on observable information such as significant financial difficulties of the debtor[48]. - The company will remeasure expected credit losses at each reporting date, with any changes recognized in profit or loss[49]. Inventory Management - The company uses a perpetual inventory system and regularly conducts inventory counts, with losses and gains recognized in the current period[59]. - The company measures inventory at the lower of cost and net realizable value at the balance sheet date[60]. - The company’s inventory primarily includes raw materials, consumables, and finished goods, with costs accumulated based on actual costs and production-related expenses[58]. - The company assesses inventory at the lower of cost and net realizable value, recognizing impairment losses when necessary[107]. Financial Performance - The company achieved operating revenue of CNY 1,853,433,468.27, an increase of 116.73% compared to the same period last year[117]. - The net profit attributable to shareholders was CNY 564,917,688.28, representing a growth of 252.56% year-on-year[117]. - The basic earnings per share reached CNY 0.57, up 254.05% from the previous year[117]. - The net cash flow from operating activities was CNY 799,955,489.57, a significant increase of 563.22% compared to the same period last year[117]. - The company reported a weighted average return on equity of 18.68%, an increase of 31.08% year-on-year[117]. - The total assets at the end of the reporting period were CNY 5,996,472,255.15, reflecting a 1.05% increase from the end of the previous year[117]. - The net assets attributable to shareholders increased by 20.61% to CNY 3,306,304,532.63 compared to the previous year[117]. Market and Operational Risks - The company reported a significant reliance on foreign suppliers for breeding technology, which poses risks if these suppliers reduce or stop providing chicks due to disease or other reasons[65]. - The livestock product consumption market in China is large, but prices are subject to fluctuations due to supply and demand, which may adversely affect the company's business performance[68]. - The company faces biosecurity risks related to livestock diseases, both from its own livestock and from potential outbreaks in the industry[69]. - Fluctuations in raw material prices, particularly for feed ingredients like corn and soybean meal, could significantly impact the company's production costs and future operating performance[70]. - The company is focused on mitigating risks associated with reliance on foreign suppliers and price fluctuations in raw materials[182]. Strategic Initiatives and Innovations - The company is focusing on the purification of breeding sources to ensure product quality and has seen a significant increase in the sales prices of its main products due to high industry demand[125]. - The company is investing in a breeding pig project, expecting a substantial increase in pig production next year[125]. - The company has been recognized as an "Innovative Demonstration Unit in Livestock Breeding" by the Shandong Provincial Animal Husbandry and Veterinary Bureau, establishing a model for the industry[130]. - The company is committed to continuous innovation in breeding technology and disease prevention measures to maintain its market leadership[130]. - The company has established a disease monitoring laboratory to ensure the health of its breeding pigs, maintaining a negative status for various infectious diseases[171]. Ownership and Structural Changes - The company has increased its indirect ownership in Shijiazhuang Yisheng Pig Breeding Co., Ltd. from 85% to 100% as of May 4, 2023, which also applies to related companies[92]. - The company has a 100% ownership stake in several subsidiaries, including Jiangsu Yitai Breeding Co., Ltd. and Yantai Yisheng Investment Co., Ltd.[132]. - The company directly holds 35.14% and indirectly holds 27.05% of the shares in Binzhou Yisheng Breeding Co., Ltd.[135]. - The company has undergone several structural changes, including the renaming of subsidiaries and changes in ownership percentages, enhancing its operational efficiency[136]. Compliance and Reporting - The financial statements comply with the requirements of the Accounting Standards for Enterprises, accurately reflecting the company's financial position as of June 30, 2023[96]. - The company uses Renminbi as its functional currency for accounting purposes[101]. - The normal operating cycle is defined as 12 months, which is used as a standard for classifying the liquidity of assets and liabilities[100]. - There were no changes in the location of the company's semi-annual report disclosure during the reporting period[114]. - The company has not reported any changes in other relevant information during the reporting period[115].