ShuangTa Food(002481)2023-04-25 16:00Financial Performance - The company's operating revenue for 2022 was CNY 2,381,327,771.40, representing a 9.97% increase compared to CNY 2,165,379,816.96 in 2021[18]. - The net profit attributable to shareholders of the listed company for 2022 was a loss of CNY 310,986,002.54, a decrease of 216.23% from a profit of CNY 267,552,943.35 in 2021[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 325,261,132.24, down 232.57% from a profit of CNY 245,356,698.21 in 2021[18]. - The basic earnings per share for 2022 was -0.25 CNY, a decline of 213.64% from 0.22 CNY in 2021[18]. - The total operating revenue for 2022 was ¥2,381,327,771.4, representing a 9.97% increase from ¥2,165,379,816.9 in 2021[48]. - The revenue from pea protein decreased by 19.58% to ¥666,644,874.58, down from ¥828,986,044.75 in the previous year[48]. - The revenue from pea starch increased significantly by 72.29%, reaching ¥543,036,854.22 compared to ¥315,195,105.38 in 2021[48]. - The gross margin for 2022 was reported at 35%, with efforts to improve this figure through cost management strategies[96]. Cash Flow and Investments - The net cash flow from operating activities decreased by 55.69% to CNY 95,241,261.80 from CNY 214,965,304.58 in 2021[18]. - The company generated a net cash flow from operating activities of -CNY 259.46 million in Q1, -CNY 7.20 million in Q2, -CNY 16.50 million in Q3, and a positive CNY 378.40 million in Q4[22]. - Cash inflow from investment activities decreased by 40.76% year-on-year, mainly due to a decrease of 123 million in cash received from investment recoveries[65]. - Cash outflow from investment activities decreased by 43.16% year-on-year, primarily due to a reduction of 135 million in cash paid for fixed asset purchases[65]. - Cash inflow from financing activities increased by 53.59% year-on-year, mainly due to an increase of 542 million in cash received from borrowings[65]. - The net increase in cash and cash equivalents was 210.31 million, compared to a decrease of 243.30 million in the previous year, representing a 186.44% improvement[64]. Assets and Liabilities - Total assets at the end of 2022 were CNY 3,923,893,284.71, an increase of 5.43% from CNY 3,721,725,553.43 at the end of 2021[18]. - The net assets attributable to shareholders of the listed company decreased by 13.56% to CNY 2,356,410,831.79 from CNY 2,725,940,153.32 at the end of 2021[18]. - The company's overall operating costs increased by 41.63% compared to the previous year, primarily due to rising raw material and energy procurement costs[56]. - The company reported a significant asset impairment of 219.47 million due to the market realizable value of inventory being lower than related costs[67]. Market and Product Development - The company is focusing on expanding its main business areas, including pea protein, vermicelli, and dietary fiber, while optimizing product structure and increasing R&D investment[30]. - The global market for alternative proteins is projected to grow significantly, with a potential increase in market share from 2% in 2020 to 11% by 2035[29]. - The company aims to address the significant dietary fiber deficiency in China, which is reported to be around 50% on average across urban and rural areas[28]. - The company is committed to increasing R&D investment to extend the pea industry chain and improve product value[46]. - The company is focusing on developing high-protein chickpea protein powder and its processing technology, which is expected to enhance product quality and market potential[61]. Governance and Compliance - The company has established independent governance structures, including a board of supervisors that oversees financial and managerial responsibilities[82]. - The company has complied with all relevant laws and regulations regarding corporate governance, with no significant discrepancies noted[84]. - The company maintains an independent financial management system, with dedicated financial personnel and no shared bank accounts with the controlling shareholder[86]. - The company has implemented a transparent performance evaluation and incentive mechanism for directors and senior management[82]. Environmental and Social Responsibility - The company emphasizes sustainable development, with ongoing investments in environmental protection and a commitment to zero pollution and zero emissions in its production processes[128]. - The company has established a circular economy model, integrating various agricultural processes to minimize waste and enhance resource utilization, including a cycle from starch extraction to organic vegetable irrigation[130]. - The company has actively engaged in rural revitalization strategies, focusing on talent development and agricultural modernization, contributing to local economic growth and farmer income[129]. - The company has implemented emergency response plans for environmental incidents, ensuring preparedness and compliance with local environmental regulations[125]. Shareholder and Management Information - The company has not proposed any cash dividends or stock bonuses for the year, indicating a focus on retaining capital amid financial challenges[6]. - The company has implemented a stock repurchase plan, with 80,000 shares being repurchased and canceled during the reporting period[89]. - The company’s board members include Yang Junmin, who has been the Chairman since 2008, and Li Yulin, who has been the General Manager since 2008[91]. - The company has a total of 99,530 shares held by the board members, with a reduction of 4,000 shares during the reporting period[90].