JOYVIO FOOD(SZ:300268)2022-04-07 16:00Financial Performance - In 2021, the company reported a loss due to the impact of the pandemic, rising logistics and raw material costs, and increased operational expenses[5]. - The company recorded a goodwill impairment of CNY 164.02 million in 2021[6]. - The company's operating revenue for 2021 was ¥4,597,218,164.16, representing a 1.60% increase from ¥4,525,007,475.06 in 2020[24]. - The net profit attributable to shareholders was -¥288,681,797.16, an improvement of 59.52% compared to -¥713,233,948.43 in the previous year[24]. - The net cash flow from operating activities increased by 242.96% to ¥303,886,024.78 from ¥88,606,301.90 in 2020[24]. - The total assets at the end of 2021 were ¥11,300,420,797.67, a 2.67% increase from ¥11,006,213,936.23 at the end of 2020[24]. - The net assets attributable to shareholders decreased by 32.02% to ¥631,173,109.33 from ¥928,426,556.57 in 2020[24]. - The company reported a basic earnings per share of -¥1.6572, improving by 66.53% from -¥4.9513 in 2020[24]. - The company achieved a gross profit margin of 6.07% in 2021, a decrease of 10.25% compared to the previous year[100]. - The total operating revenue for 2021 was approximately ¥4.60 billion, representing a year-on-year increase of 1.60% from ¥4.53 billion in 2020[97]. Market Strategy and Expansion - The company plans to strengthen overseas asset operations and aggressively develop the Chinese market in 2022, expecting continuous improvement in operational performance[7]. - The company aims to expand its product matrix by developing value-added products and enhancing brand exposure[5]. - The company is focusing on resource integration and operational efficiency improvements to recover profitability as the salmon industry gradually recovers[5]. - The company aims to enhance public health and nutrition awareness, aligning with the national "Healthy China" strategy[36]. - The company plans to expand its market presence in China while consolidating its positions in Europe and Asia-Pacific regions[95]. - The company has established new subsidiaries, including Hainan Fengjia Food Co., Ltd., and Hainan Wozhen Beef Import and Export Trade Co., Ltd., to enhance its operational scope[104]. - The company plans to enhance its market expansion in China through six dimensions: product, brand, supply chain, business collaboration, food material upgrade, and sales channels[155]. - The company is actively forming a research and development team to upgrade food products from raw frozen items to ready-to-eat salmon products[156]. Product Development and Innovation - The company aims to optimize its product structure and develop new products to adapt to market changes and improve profitability[95]. - The company launched the high-nutrition children's food brand "Chuan Xiong Tong Xue" in Q3 2021, which has received positive consumer feedback, indicating a strong market response[68]. - The company has launched the global brand "Southring" and the retail brand "Mama Bear" to target the growing family consumption segment in the global market[92]. - The company is focused on brand building to enhance consumer recognition and trust, which is crucial for future product development and market expansion[51]. - The company has developed a high-end brand, Southring, from its Chilean processing plant to enhance brand premium in China[155]. Supply Chain and Operational Efficiency - The company is committed to enhancing management and operational efficiency amid rising costs and logistical challenges[5]. - The company’s procurement strategy is proactive, closely monitoring raw material price trends and market supply-demand conditions to adjust procurement plans accordingly[63]. - The company’s processing facilities ensure strict quality control and microbiological analysis during the production of value-added salmon products[62]. - The company’s salmon farming model includes a comprehensive supply chain from egg hatching to processing, ensuring high-quality output[69]. - The company has established a comprehensive food safety assurance system, minimizing food safety risks through standardized production and management practices[82]. Industry Trends and Challenges - The global seafood protein industry faces challenges due to supply chain instability and rising operational costs caused by the pandemic[38]. - The demand for high-quality animal protein, particularly seafood, is expected to increase significantly in China due to rising health consciousness among consumers[37]. - The global salmon supply growth is expected to slow, with a projected average annual growth rate of 4% from 2020 to 2024[40]. - The average feed cost in the global salmon industry accounts for 45%-55% of the total production cost, with rising commodity prices putting pressure on these costs[45]. - The company faces risks from raw material price fluctuations and plans to adjust procurement strategies based on market conditions to mitigate impacts on gross margin and net profit[157]. Corporate Governance and Management - The company emphasizes transparency and timely information disclosure to ensure all shareholders have equal access to significant information[172]. - The company has established a performance evaluation system linking executive compensation to company and individual performance[171]. - The company operates independently in terms of business, personnel, assets, and finance, ensuring no reliance on controlling shareholders[174][175]. - The company has a complete and independent supply, production, and sales system, with no shared assets or financial resources with controlling shareholders[174][175]. - The company has a structured approach to corporate governance, with clear roles and responsibilities outlined for its board members and executives[191]. Leadership Changes - The company reported a significant leadership change with the resignation of Chairman and CEO Tang Jie due to personal health reasons on April 29, 2021[180]. - The company appointed Chen Shaopeng as the new Chairman on April 29, 2021, following the resignation of Tang Jie[180]. - The company experienced a turnover in its board, with multiple directors resigning, including HE WEI and Ji Lin on June 11, 2021, due to work adjustments and personal reasons respectively[180]. - The company has elected new directors, including Zhou Qingtong and Wu Xuanli, on June 11, 2021, to fill the vacancies left by resignations[180]. - The company’s management changes are expected to bring fresh perspectives and strategies to navigate the competitive landscape[180].