金新农(002548) - 2021 Q4 - 年度财报

Animal Health and Biosecurity - The company reported a significant impact from animal diseases, particularly African swine fever, which has led to a decrease in pig production and increased costs[5]. - The company has implemented strict biosecurity measures to mitigate the risks associated with animal diseases, focusing on comprehensive safety systems across all operational aspects[6]. - The company is committed to improving its biosecurity systems to prevent disease outbreaks and ensure operational stability[6]. Financial Performance - The company's operating revenue for 2021 was CNY 4,867,040,473.69, representing a 19.61% increase compared to CNY 4,069,241,396.79 in 2020[27]. - The net profit attributable to shareholders for 2021 was a loss of CNY 989,098,868.81, a decrease of 847.90% from a profit of CNY 132,249,279.70 in 2020[27]. - The net cash flow from operating activities decreased by 68.52% to CNY 113,477,156.77 in 2021 from CNY 360,427,989.53 in 2020[27]. - The total assets at the end of 2021 were CNY 5,854,217,111.26, down 4.92% from CNY 6,156,989,203.56 at the end of 2020[27]. - The net assets attributable to shareholders decreased by 37.57% to CNY 1,650,904,804.85 at the end of 2021 from CNY 2,644,382,803.57 at the end of 2020[27]. - The basic earnings per share for 2021 was CNY -1.60, a decline of 766.67% from CNY 0.24 in 2020[27]. - The company reported a significant decline in the weighted average return on net assets to -45.93% in 2021 from 6.87% in 2020[27]. Market and Pricing Risks - Fluctuations in pig prices have been identified as a risk, with potential impacts on profitability if prices fall below production costs; the company is enhancing its operational integration to manage this risk[7]. - The company is actively monitoring raw material prices, particularly corn and soybean meal, and is utilizing hedging tools to mitigate the impact of price volatility on its feed and breeding operations[8]. - The company is leveraging futures contracts for hedging to manage price fluctuations in pig sales effectively[7]. - The company experienced a substantial decline in the price of live pigs, dropping from ¥35.95/kg at the beginning of 2021 to ¥16.92/kg by year-end, representing a decrease of 52.93%[39]. Production and Sales - The company sold over 1 million pigs during the reporting period, despite the ongoing downturn in the pig market[64]. - The company achieved a pig sales volume of 1,068,900 heads, a year-on-year increase of 33.01%, with sales revenue of CNY 2,029,926,139.41, down 6.45% year-on-year[65]. - The company reported a record feed sales volume of 1,024,600 tons, a year-on-year increase of 62.69%, with feed sales revenue of CNY 2,317,209,560.65, up 48.43% year-on-year[67]. - The company's feed sales volume increased by 35.65% year-on-year, surpassing revenue from the breeding business by 14.15%[51]. Cost Management and Efficiency - The company is enhancing its procurement management and optimizing feed formulations to improve production efficiency and reduce costs[7]. - The company is exploring new raw material alternatives and continuously optimizing feed formulation technology to control costs[9]. - The company has reduced low-efficiency production capacity by approximately 30% by eliminating ineffective sows and optimizing pig herd structure[64]. - The company will adopt a low-cost, high-efficiency pig farming system to reduce costs and improve profitability[142]. Research and Development - The company has completed the development of a new wet fermentation feed product for piglets, which is expected to improve growth rates by 4%-8%, reduce diarrhea rates by 5%-10%, and increase survival rates by 3%-5%[91]. - The research on the application of plant polysaccharides in piglet nursery feed aims to enhance growth performance and improve gut health, with a focus on meeting the nutritional needs of piglets during critical growth phases[92]. - The company has established a technology system for live measurement of eye muscle area in pigs, which will aid in breeding high-quality, high-yield pig varieties, contributing to the development of the livestock industry in China[92]. - The company is focused on developing safe, non-toxic feed additives to replace antibiotics, addressing concerns related to drug residues and environmental pollution[92]. Governance and Management - The company emphasizes the importance of governance and has revised several internal control and decision-making procedures to enhance operational transparency[148]. - The company held a total of 8 shareholder meetings during the reporting period, all convened by the board of directors, ensuring legal compliance and protecting shareholder rights[149]. - The company experienced a change in management with the appointment of Zhao Zukai as the new General Manager on July 3, 2021, following the resignation of Yang Hualin[166]. - The company is focusing on enhancing its governance structure through the election of new board members and management personnel[166]. Future Outlook and Strategy - The company plans to focus on the core businesses of pig farming and feed, with an integrated layout in key regions such as Northeast, Central, South, and East China[137]. - For 2022, the company plans to increase feed sales to 1.25 million tons and pig sales to 1.3 million heads, with a projected revenue of 6 billion yuan[139]. - The company aims to implement a "cash is king" initiative to ensure positive cash flow as a fundamental condition for sustainability[141]. - The company plans to optimize its capital structure by raising 700 million yuan through a private placement of shares and revitalizing idle assets[143].