湘佳股份(002982) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥2,189,585,769.77, representing a 16.60% increase compared to ¥1,877,860,207.10 in 2019[6]. - The net profit attributable to shareholders for 2020 was ¥174,444,638.50, a decrease of 23.19% from ¥227,104,319.88 in 2019[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥158,726,684.80, down 30.24% from ¥227,536,556.92 in 2019[6]. - The net cash flow from operating activities was ¥161,469,618.87, a decline of 46.62% compared to ¥302,464,999.82 in 2019[6]. - The total assets at the end of 2020 were ¥2,377,630,161.37, an increase of 78.24% from ¥1,333,974,841.38 at the end of 2019[18]. - The net assets attributable to shareholders at the end of 2020 were ¥1,604,318,564.71, up 99.39% from ¥804,614,226.21 at the end of 2019[18]. - The basic earnings per share for 2020 was ¥1.87, a decrease of 37.25% from ¥2.98 in 2019[6]. - The weighted average return on equity for 2020 was 13.28%, down 19.58% from 32.86% in 2019[6]. - The company achieved operating revenue of CNY 2.19 billion, with a net profit of CNY 174 million, reflecting a decrease in sales due to the pandemic[54]. - The total distributable profit for the year 2020 was 704,161,798.40 CNY, with the cash dividend amounting to 20,376,000 CNY, which is 100% of the profit distribution total[123]. Dividend Policy - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total of 101,880,000 shares[4]. - The company distributed a cash dividend of 2 CNY per 10 shares, totaling 20,376,000 CNY for the year 2020, which represents 11.68% of the net profit attributable to ordinary shareholders[120]. - The cash dividend policy requires a minimum of 80% of profit distribution in the absence of significant capital expenditure for mature companies[123]. - The decision-making process for profit distribution involves the president drafting a proposal, which is then reviewed by the board of directors and independent directors[116]. - The independent directors actively participated in the profit distribution decision-making process, ensuring the protection of minority shareholders' rights[119]. - The company plans to conduct cash dividends annually, with the possibility of mid-term distributions based on profitability and funding needs[117]. Business Operations and Strategy - The company’s main business includes breeding, raising, and processing poultry, with no significant changes in its main products during the reporting period[26]. - The company employs a "company + base + farmer" breeding model, where farmers are responsible for raising poultry under the company's guidance, ensuring product quality and safety while controlling costs[29]. - The company has established long-term stable supply relationships with high-reputation suppliers for both live and ice-fresh poultry products, ensuring consistent quality and supply[28]. - The company has developed a leading position in the ice-fresh poultry market, which has become a key profit driver during health crises such as the H7N9 and COVID-19 outbreaks[34]. - The company is focusing on the transformation towards ice-fresh poultry and cooked food products, aligning with consumer demand for quality and safety[40]. - The company is actively expanding its market presence in northern regions by developing varieties suitable for local consumption habits[38]. - The company is strategically located in the Wuling Mountain area, leveraging its ecological advantages for high-quality chicken production[46]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[164]. Risk Management - The company emphasizes significant risks including poultry disease outbreaks, raw material supply and price fluctuations, product price volatility, operational model risks, and food safety risks[4]. - The company recognizes the risk of poultry diseases, which could lead to reduced chicken production and negatively impact financial performance if not managed properly[103]. - Feed costs account for approximately 70% of the company's main business costs, making it vulnerable to fluctuations in raw material prices such as corn and soybean meal[103]. - The company has implemented strict quality control measures to mitigate food safety risks associated with both self-produced and externally sourced products[107]. - The company plans to strengthen its biosecurity measures to prevent disease transmission and enhance its core competitiveness through refined management practices[108]. - The company will utilize a combination of policy-based agricultural insurance and commercial insurance to mitigate and diversify risks[108]. Market and Sales Performance - In 2020, the estimated output of yellow feather broilers in China was 4.43 billion birds, with a total meat production of 5.36 million tons, reflecting a year-on-year price decline of 19.36% to an average selling price of 13.46 RMB/kg[35]. - The average selling price of commodity broilers in 2020 was 13.46 RMB/kg, indicating a significant price drop compared to the previous year[35]. - The company sold 26.73 million live chickens, a year-on-year decrease of 3.70%, with an average selling price of CNY 10.21 per kilogram, down 18.77%[54]. - Sales of fresh products reached 63,925.14 tons, an increase of 47.38%, contributing CNY 1.587 billion to total revenue, a year-on-year increase of 34.55%[54]. - Fresh products accounted for 72.48% of total revenue, indicating a significant shift towards this segment[54]. - The company has developed a mature marketing model for fresh products, covering 22 provinces and cities, and established partnerships with major supermarket chains[48]. Investment and Capital Management - The company raised a total of RMB 759.42 million through the issuance of 25,630,000 shares at a price of RMB 29.63 per share, with a net amount of RMB 645.64 million after expenses[91]. - The company has ongoing significant non-equity investments, although specific details were not disclosed[83]. - The company has invested in research and development, collaborating with institutions like the Chinese Academy of Sciences to enhance its technological capabilities[50]. - The company has established partnerships with universities for research projects, enhancing its technological capabilities in poultry product development[73]. - The company has a project for slaughtering 1 million pigs annually and deep processing of meat products, with an investment of RMB 13.58 million, which is 4.95% of the total project[93]. - The company plans to invest in new product development, focusing on innovative poultry products to capture a larger market share[164]. Corporate Governance and Compliance - The company has not reported any changes in its main business since its listing, nor any changes in controlling shareholders[16]. - The company has not engaged in any securities or derivative investments during the reporting period[87][88]. - The company has ensured that all related party transactions are conducted at fair market prices and in compliance with relevant regulations[142]. - The company has confirmed that all commitments made to minority shareholders have been fulfilled on time[143]. - The current auditor is Tianjian Accounting Firm with a remuneration of 800,000 RMB, and they have been providing audit services for 10 years[148]. - There were no significant lawsuits or arbitration matters during the reporting period[149]. Social Responsibility and Environmental Compliance - The company has engaged in social responsibility by donating approximately 293,700 CNY to impoverished villages and 551,800 CNY for poverty alleviation and assistance during the pandemic[173]. - The company has helped 550 registered impoverished individuals escape poverty through its "company + base + farmer" model[177]. - The company has received recognition as a "National Employment Poverty Alleviation Base" and "National Advanced Collective in Poverty Alleviation"[177]. - The company has maintained compliance with environmental standards, with no exceedance of pollutant discharge limits reported[180]. - The company has implemented a comprehensive training program for employees to enhance their skills and management capabilities[173].