金新农(002548) - 2023 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2023 was ¥2,071,617,520.93, representing a 7.21% increase compared to ¥1,932,335,660.31 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was a loss of ¥237,853,761.02, a decrease of 27.55% from a loss of ¥184,606,152.99 in the previous year[21]. - The net cash flow from operating activities was ¥17,244,407.24, down 91.42% from ¥145,935,150.57 in the same period last year[21]. - The total assets at the end of the reporting period were ¥6,628,295,188.07, a decrease of 5.02% from ¥6,978,411,394.20 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company were ¥1,903,421,404.87, down 10.66% from ¥2,130,512,183.20 at the end of the previous year[21]. - The basic earnings per share were -¥0.30, compared to -¥0.27 in the same period last year, reflecting an 11.11% decline[21]. - The diluted earnings per share were -¥0.29, down 11.54% from -¥0.26 in the previous year[21]. - The weighted average return on net assets was -11.82%, slightly improved from -12.17% in the same period last year[21]. Revenue Breakdown - The company achieved a revenue of CNY 2,071.62 million, representing a year-on-year growth of 7.21%[39]. - The company's feed sales volume reached 322,700 tons, a year-on-year increase of 22.62%, with sales revenue of CNY 1,277.38 million, up 26.62%[38]. - The company sold 544,500 pigs, a year-on-year decrease of 18.68%, generating sales revenue of CNY 621.61 million, down 18.46%[39]. - The livestock farming segment saw a decline in revenue by 18.46%, totaling ¥621,611,871.53, down from ¥762,352,904.57[62]. Operational Challenges - The company faced a significant loss in the pig farming sector due to oversupply and low market prices, with the pig-to-grain price ratio falling below 5:1[30]. - The national pig output in the first half of 2023 was 37.548 million heads, an increase of 2.6% year-on-year, while the pig price continued to decline[28]. - The company reported a significant decline in cash flow from operating activities, which decreased by 91.42% to ¥17,244,407.24, mainly due to increased cash outflows for raw material purchases[60]. Investments and Acquisitions - The report indicates that the company completed the acquisition of 100% equity in Guangzhou Jinnong Modern Agriculture Co., Ltd. in December 2022, leading to adjustments in the financial statements[21]. - The company has invested CNY 26,841,691.97 in the modern pig farming project in Guangzhou, with a cumulative investment of CNY 1,065,927,681.28[76]. - The company reported a total investment of CNY 146,388,702.92 during the reporting period, a decrease of 22.93% compared to the previous year[73]. Research and Development - Research and development expenses amounted to 28.37 million yuan, focusing on pig breeding, cost reduction in feed, and biosecurity measures[44]. - The company has developed an intelligent digital pig house and monitoring systems to improve farm management efficiency and safety[56]. - The company is investing in research and development, allocating significant resources to innovate new technologies that align with market trends[149]. Risk Management - The company faces risks from animal diseases, which could lead to increased costs and reduced production, and has implemented strict biosecurity measures to mitigate these risks[92]. - The company is exposed to the risk of price fluctuations in live pigs, which could adversely affect profitability, and is using futures hedging to manage this risk[93]. - The company also faces risks from raw material price volatility, particularly for corn and soybean meal, which could impact its feed and breeding business[94]. Environmental Compliance - The company is classified as a key pollutant discharge unit, necessitating strict adherence to environmental regulations and standards[107]. - Continuous investment in environmental protection facilities ensures compliance with pollution discharge standards and stable operation[114]. - The company reported a total wastewater discharge of 99,230 tons annually, adhering to the highest pollution discharge standards[112]. Shareholder Information - The company held its first temporary shareholders' meeting in 2023 with a participation rate of 32.49%[99]. - No cash dividends or stock bonuses were distributed for the first half of 2023, and no capital reserve was converted into share capital[101]. - The total number of shareholders at the end of the reporting period was 44,573[171]. Financial Health - The company's debt-to-asset ratio at the end of the reporting period was 70.36%, an increase of 1.62 percentage points from the previous year[192]. - The company maintains a loan repayment rate of 100%[196]. - The company's credit rating is A- with a negative outlook as per the report issued by Dagong Global on June 27, 2023[193].