JINZI HAM(SZ:002515)2023-04-24 16:00Financial Performance - The company's operating revenue for 2022 was ¥444,554,147.12, a decrease of 12.12% compared to ¥505,874,274.87 in 2021[22]. - The net profit attributable to shareholders for 2022 was ¥49,028,768.05, an increase of 14.41% from ¥42,853,911.03 in 2021[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥35,303,874.20, up 67.12% from ¥21,125,332.55 in 2021[22]. - The net cash flow from operating activities for 2022 was ¥311,621,307.49, an increase of 12.41% compared to ¥277,224,525.77 in 2021[22]. - The total assets at the end of 2022 were ¥1,586,143,848.39, reflecting a growth of 13.57% from ¥1,396,600,892.32 at the end of 2021[22]. - The net assets attributable to shareholders at the end of 2022 were ¥1,522,952,961.65, an increase of 13.58% from ¥1,340,805,365.20 at the end of 2021[22]. - The company reported a basic earnings per share of ¥0.05 for 2022, unchanged from 2021[22]. - The company achieved operating revenue of CNY 444.55 million in 2022, a decrease of 12.12% compared to the previous year[49]. - The net profit attributable to shareholders was CNY 49.03 million, an increase of 14.41% year-on-year[49]. Market and Industry Position - The company operates in the meat industry, which has significant growth potential due to low per capita meat consumption compared to developed countries[33]. - The market for traditional meat products is expected to grow due to increasing consumer recognition and demand for convenience and ready-to-eat products[34]. - The company focuses on traditional Chinese ham, European fermented ham, and various meat products, maintaining a leading market share and brand recognition in the industry[35]. - The company has a strong brand advantage and pricing power, allowing it to manage raw material price fluctuations effectively[34]. - The main sales channels include direct sales, distributors, and e-commerce platforms, with significant growth in online sales through platforms like Tmall, JD.com, and Pinduoduo[39]. Production and Operations - The production cycle for ham exceeds 10 months, leading to a significant proportion of inventory in current assets, which poses liquidity risks[8]. - The company's production is characterized by mechanization, automation, and intelligent processes, enhancing production efficiency and ensuring food safety[38]. - The company has advanced production technology and holds national invention patents, contributing to its competitive edge in the market[45]. - The company has established three new R&D teams to enhance its technological development capabilities[54]. - The company is progressing on a new smart meat product industrial base project with a total investment of CNY 1 billion and an annual production capacity of 50,000 tons[55]. Risk Management - The company faces risks related to pork price fluctuations, which directly impact raw material procurement costs due to the volatility of pork prices influenced by various factors[5]. - The company has implemented a series of measures to optimize raw material inventory structure, ensuring better supply-demand alignment[51]. - The company has a unique asset structure that may lead to liquidity risks due to the long production cycle of its products[100]. Governance and Management - The company has undergone a change in its controlling shareholder, with Ren Guilong becoming the largest shareholder after a transfer of shares[21]. - The company maintains independence from its controlling shareholders in terms of business operations, assets, personnel, and financial management[104]. - The company has a diverse board with members holding various positions, including independent directors and executives[109]. - The company continues to maintain a stable leadership team with no major turnover reported in 2022[109]. - The company is committed to transparency in its shareholder meetings and governance practices[107]. Shareholder Engagement - The company plans to distribute a cash dividend of 0.2 RMB per 10 shares to all shareholders, based on a total of 978,313,280 shares[8]. - The total distributable profit for the period was 95,529,883.72 yuan, with the cash dividend accounting for 100% of the profit distribution[138]. - The company has a three-year shareholder return plan (2022-2024) aimed at providing stable and reasonable returns to investors[136]. - The participation ratio of investors in the 2022 annual general meeting was 31.97%[107]. - The company held four temporary shareholders' meetings in 2022, with participation ratios of 35.50%, 36.48%, 31.87%, and 53.37% respectively[107]. Employee Relations - The total number of employees at the end of the reporting period was 443, with 183 in production, 102 in sales, and 115 in technical roles[133]. - The company has implemented a salary policy linking compensation to performance, with a focus on economic growth and individual contributions[134]. - The company has established a training plan that includes long-term, annual, and monthly training schedules to enhance employee skills[135]. - The company maintains a harmonious labor relationship, ensuring employee rights and benefits are protected[148]. Compliance and Regulatory Matters - The company faced a penalty of 500,000 RMB from the China Securities Regulatory Commission for failing to timely disclose significant losses related to futures trading[162]. - The company is committed to improving its operational transparency and compliance with securities regulations following past violations[121]. - The company has established a comprehensive internal control system to safeguard asset security and integrity[142]. - The internal control audit report received a standard unqualified opinion from the auditing firm[145]. Future Outlook - The company is expected to provide updated performance guidance in upcoming financial disclosures[117]. - The management team is committed to exploring new technologies and product innovations to drive growth[115]. - The company is actively considering mergers and acquisitions as part of its growth strategy[116]. - Future outlook remains cautiously optimistic, pending the stabilization of management and strategic initiatives[117].