PDAH(SZ:002505)2023-04-28 16:00Financial Performance - The company's operating revenue for 2022 was CNY 19,420,342,864.98, representing a year-on-year increase of 35.77% compared to CNY 14,303,703,855.41 in 2021[30]. - The net profit attributable to shareholders for 2022 was CNY 16,981,224.30, a decrease of 85.39% from CNY 117,063,421.67 in 2021[30]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 22,171,170.52, down 81.46% from CNY 120,419,586.69 in the previous year[30]. - The basic earnings per share for 2022 was CNY 0.0027, down 85.16% from CNY 0.0184 in 2021[30]. - The total revenue for 2022 was approximately ¥19.42 billion, representing a year-on-year increase of 35.77% compared to ¥14.30 billion in 2021[48]. - The company’s net profit attributable to shareholders was negative in Q3 and Q4 of 2022, with losses of ¥19.44 million and ¥2.50 million respectively[58]. - The company reported a non-operating loss of 5.19 million yuan in 2022, compared to a loss of 3.36 million yuan in 2021[155]. - The company reported a loss of 7.07 million yuan from trading financial assets in 2022, an improvement from a loss of 14.11 million yuan in 2021[155]. Cash Flow and Assets - The net cash flow from operating activities for 2022 was CNY 907,110,041.17, a significant improvement of 230.28% compared to a negative cash flow of CNY -705,500,263.80 in 2021[30]. - The company’s cash flow from operating activities was negative in Q1 and Q4 of 2022, with net cash flow of -¥188.54 million and -¥232.68 million respectively[58]. - The company's total assets increased by 25.84% to approximately ¥16.44 billion by the end of 2022, compared to ¥13.04 billion at the end of 2021[57]. - Cash and cash equivalents increased to 1,831,631,027.06 yuan, accounting for 11.14% of total assets, primarily due to increased sales receipts[87]. - Inventory rose to 2,419,173,161.83 yuan, representing 14.71% of total assets, mainly due to increased inventory in the Brazilian subsidiary for agricultural materials and grains[87]. - Short-term borrowings decreased to 1,619,043,415.56 yuan, which is 9.85% of total assets, down by 3.24% from the beginning of the year[87]. - Long-term borrowings decreased to 679,306,583.99 yuan, accounting for 4.13% of total assets, a reduction of 4.76% due to reclassification of long-term borrowings maturing within one year[87]. Business Expansion and Strategy - The company plans to extend its business into the beef industry by integrating beef cattle breeding, slaughtering, and sales, aiming to enhance profitability through value-added services[39]. - The company is focusing on expanding its market presence in Brazil, where the agricultural production market is expected to grow rapidly due to increased crop yields and planting areas[19]. - The company is focusing on mergers and acquisitions to enhance control over overseas green agricultural food resources, currently managing 16 farms in New Zealand[44]. - The company aims to enhance its agricultural resource control while expanding its grain trading business internationally[68]. - The company’s strategy emphasizes "agriculture + food" and aims for rapid acquisition of agricultural and food resources globally[72]. - The company is actively seeking high-quality agricultural and food resources both domestically and internationally, leveraging the "Belt and Road" initiative[169]. - The company is implementing a "industry + finance, investment + mergers and acquisitions" development model to enhance management capabilities[195]. Sector Performance - The livestock farming sector generated revenue of ¥378.79 million, accounting for 1.95% of total revenue, with a year-on-year increase of 11.66%[48]. - The agricultural and forestry sector contributed ¥18.68 billion, making up 96.21% of total revenue, with a year-on-year growth of 43.63%[48]. - The company has expanded its sheep farming operations, with a stock of 320,000 high-quality sheep, a 7% increase year-on-year[47]. - The company has established four large-scale sheep breeding farms in Anhui, promoting standardized and intensive sheep farming[165]. - The domestic beef consumption reached 10.55 million tons in 2022, with a year-on-year growth of 5.96%[183]. - The company is actively expanding its meat cattle business, with the domestic slaughter capacity resuming operations on February 15, 2023[197]. Challenges and Risks - The company reported a negative net profit for the last three accounting years after deducting non-recurring gains and losses, indicating uncertainty in its ability to continue as a going concern[132]. - The company experienced a decrease in milk production due to adverse weather conditions, despite rising milk prices[172]. - The revenue from the food trade segment decreased by 62.53% to CNY 351,526,566.85, indicating challenges in that area[81]. - The sales expenses increased by 75.35% to CNY 698,944,715.49, primarily due to increased freight costs in the Brazilian subsidiary[84]. - The company’s management expenses rose by 31.71% to CNY 476,388,126.96, largely due to inflation in Brazil[84]. Derivative Investments and Risk Management - The company reported a total derivative investment amount of 390,221,861.32 CNY, with a fair value change of 172,762,612.49 CNY during the reporting period[115]. - The company experienced a significant impact from rising grain prices, resulting in actual hedging gains of 1627.18 million CNY from DKBA and 629.54 million CNY from HDPF[115]. - The company utilized derivative financial instruments effectively to mitigate operational risks associated with price, exchange rate, and interest rate fluctuations[116]. - The company has established strict internal approval procedures for derivative transactions to control associated risks[116]. - The company does not engage in speculative derivative investments, focusing solely on hedging activities[116]. - The company’s risk control measures include careful selection of derivative instruments and adherence to internal operational processes[116]. - The company’s board of directors supports the hedging activities, confirming compliance with relevant laws and regulations[116]. Regulatory and Compliance - The audit report for the company includes a qualified opinion, highlighting the need for investors to pay attention to detailed explanations provided by the board and supervisory committee[140]. - The company has not reclassified any non-recurring gains and losses as recurring, maintaining compliance with the relevant disclosure standards[134]. - The company has no discrepancies in net profit and net assets between international accounting standards and Chinese accounting standards during the reporting period[153].