中农联合(003042) - 2022 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2022 was ¥1,933,423,776.43, representing an increase of 18.97% compared to ¥1,625,072,614.01 in 2021[18]. - The net profit attributable to shareholders decreased by 25.82% to ¥73,137,854.07 from ¥98,594,923.92 in the previous year[18]. - Basic and diluted earnings per share fell by 31.08% to ¥0.51 from ¥0.74 in 2021[18]. - Total assets increased by 9.82% to ¥3,536,777,640.77 at the end of 2022, up from ¥3,220,519,913.33 at the end of 2021[18]. - The company's net assets attributable to shareholders rose by 3.22% to ¥1,679,175,934.15 from ¥1,626,867,835.43 in the previous year[18]. - The total revenue for 2022 reached ¥1,933,423,776.43, representing an 18.97% increase compared to ¥1,625,072,614.01 in 2021[60]. - The pesticide industry contributed ¥1,803,693,481.13, accounting for 93.29% of total revenue, with a year-on-year growth of 17.88%[60]. - The company's gross profit margin decreased to 21.30% in the pesticide sector, down from 25.23% in the previous year[62]. - Domestic sales amounted to ¥1,216,289,046.51, which is 62.91% of total revenue, showing a 5.46% increase year-on-year[60]. - International sales surged by 52.01%, reaching ¥717,134,729.92, which is 37.09% of total revenue[60]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report, indicating potential operational risks in future developments[3]. - The company is exposed to risks from price fluctuations of its main products, which could impact its operating performance due to market supply and demand changes[107]. - Raw materials constitute a high proportion of the company's main business costs, and price fluctuations in raw materials could adversely affect profitability[108]. - The company is committed to closely monitoring raw material price trends and implementing strategies to stabilize procurement costs[108]. - There is a risk that fundraising projects may not achieve expected returns due to changes in pesticide regulations, macroeconomic conditions, and market capacity[109]. - The company is enhancing its risk management measures for fundraising projects to ensure quality and progress in implementation[110]. - The company is actively expanding into overseas markets, which exposes it to exchange rate fluctuation risks that could impact its operating performance[111]. Corporate Governance - The company has established a complete governance structure, including a shareholders' meeting, board of directors, and supervisory board, ensuring operational independence[128]. - The company has confirmed that there are no significant differences between its governance practices and the regulations set by the China Securities Regulatory Commission[123]. - The company reported a participation rate of 57.57% in the 2021 Annual General Meeting held on May 18, 2022[130]. - The company maintains independent financial management, with a dedicated finance department and independent accounting systems, ensuring no shared bank accounts with the controlling shareholder[129]. - The company has a total of 3 supervisors on the supervisory board, including 1 employee representative, complying with governance standards[120]. - The company has implemented a transparent information disclosure system, ensuring timely and accurate information release to all shareholders[121]. - The supervisory board found no risks during its oversight activities in the reporting period[161]. - The board of directors has been diligent in fulfilling its responsibilities and has contributed positively to the company's development[156]. Research and Development - The company has developed a complete pesticide production and R&D system, with 53 domestic invention patents and several international patents, indicating strong innovation capabilities[36]. - The company is focusing on expanding its market presence and developing new products in the agricultural biotechnology sector[80]. - The company is investing in new product development, with a budget allocation of 600 million RMB for R&D in 2023[134]. - The company plans to accelerate the research and development of new fungicides and herbicides, while optimizing production processes to enhance product competitiveness[101]. - The company has established cooperative relationships with several universities, enhancing its R&D capabilities[46]. - The company has a personnel management system that ensures all senior management and core technical staff are exclusively employed by the company[126]. Environmental Compliance - The company strictly complies with various environmental protection laws and standards, including the Environmental Protection Law of the People's Republic of China and the Air Quality Standards[184]. - The company has implemented a continuous monitoring system for emissions, ensuring adherence to environmental standards[187]. - The company has developed new technologies for waste gas treatment, including RTO systems, to reduce VOC emissions[189]. - The company has established a comprehensive environmental management system to monitor and control pollution sources effectively[189]. - The company aims to expand its market presence while maintaining strict environmental compliance and sustainability practices[189]. - The company has invested significantly in environmental protection facilities, ensuring that all pollutants are treated and utilized according to legal requirements, positioning its environmental investment ratio among the top in the industry[197]. Shareholder Engagement - The company has a dedicated investor relations team to handle inquiries and maintain communication with shareholders[15]. - The company actively engages with investors through various channels, including performance briefings and investor reception days[122]. - The company has established a dynamic management mechanism that allows for adjustments in employee compensation based on performance and position[164]. - The company has a total of 142,480,000 shares as the basis for its profit distribution plan[171]. - The company distributed a cash dividend of RMB 2 per 10 shares, totaling RMB 14,248,000, which represents 100% of the profit distribution[171]. Market Trends - The global pesticide market size increased from $47.171 billion in 2010 to $73.42 billion in 2021, reflecting a growing demand driven by population and food needs[29]. - China's pesticide production reached 2,498,500 tons in 2021, with a year-on-year growth of 16.3%, solidifying its position as the largest pesticide producer and exporter globally[29]. - The global agricultural pesticide market is experiencing stable demand despite rising costs due to geopolitical tensions and inflation, with a notable increase in raw material prices[31]. - The United Nations projects the world population to reach 8 billion in 2022 and 9.7 billion by 2050, leading to a growing demand for agricultural products and consequently, pesticides[32]. - Crop pests cause up to 40% of global food loss annually, costing the economy approximately $220 billion for plant diseases and $70 billion for invasive pests, highlighting the critical role of pesticides in modern agriculture[33].