*ST天山(300313) - 2022 Q4 - 年度财报

Financial Performance - The company's net profit for the reporting period was negative, primarily due to lower-than-expected revenue from live livestock business, resulting in overall gross profit and profitability not meeting expectations[8]. - Non-operating losses impacted net profit, with a reduction of 9.2027 million yuan, and a foreign currency translation difference from the disposal of an overseas subsidiary reduced net profit by 10.0362 million yuan[9]. - The company's operating revenue for 2022 was ¥76,350,268.21, a decrease of 29.29% compared to ¥107,976,195.34 in 2021[29]. - The net profit attributable to shareholders was -¥31,848,222.21, representing a decline of 16.65% from -¥27,302,573.67 in the previous year[29]. - The net profit after deducting non-recurring gains and losses was -¥22,645,548.15, an improvement of 63.79% compared to -¥62,540,184.58 in 2021[29]. - The cash flow from operating activities was -¥7,565,896.10, showing a significant improvement of 78.42% from -¥35,061,014.17 in the previous year[29]. - The total assets at the end of 2022 were ¥332,145,607.55, a decrease of 16.80% from ¥842,790,652.79 at the end of 2021[29]. - The net assets attributable to shareholders decreased by 19.08% to ¥84,261,480.39 from ¥104,129,406.24 in 2021[29]. - The basic earnings per share for 2022 was -¥0.10, a decline of 11.11% from -¥0.09 in the previous year[29]. - The company reported a significant reduction in operating revenue after deductions, amounting to ¥72,077,741.50 in 2022 compared to ¥105,380,686.29 in 2021[30]. - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profit figures over the last three accounting years[29]. Business Strategy and Market Position - The company aims to return to its core competencies in breeding and fattening after experiencing challenges from cross-industry mergers and acquisitions[4]. - The company is positioned to address China's significant beef consumption gap, which is approximately 10 million tons annually, with nearly 3 million tons relying on imports[4]. - The company has established a solid foundation in the breeding sector, particularly in Tongliao, known as the hometown of Simmental cattle[4]. - The company emphasizes the importance of breeding as a fundamental solution to meet domestic beef consumption needs[4]. - The company is focused on improving meat cattle production efficiency and quality through innovation and modern breeding techniques[42]. - The company aims to enhance its competitive advantage by implementing cost-reduction strategies and collaborating with upstream and downstream partners[41]. - The company plans to develop beef cattle fattening industries in key breeding areas such as Xinjiang and Inner Mongolia, focusing on capital, management, and technology integration[54]. - The company is expanding its influence in the beef market, particularly in regions with a long history of cattle breeding, such as Inner Mongolia[66]. Industry Context and Challenges - The meat cattle breeding industry is experiencing a supply-demand imbalance, with China importing approximately 3 million tons of beef annually[41]. - The domestic meat cattle farming industry is still in its early stages, with only 4.1% of farms having over 1,000 heads of cattle[45]. - The gap between domestic beef consumption and production has widened significantly, with a consumption gap of 2.69 million tons in 2022, which is 26% of total consumption[46]. - The Chinese government aims to achieve a beef self-sufficiency rate of approximately 85% by 2025, as outlined in various policy documents[48]. - The average annual per capita beef consumption in China is only 7.3 kg, significantly lower than Argentina's 64.2 kg, indicating substantial growth potential[46]. - The compound annual growth rate (CAGR) of domestic beef consumption from 2012 to 2021 exceeded 50%, highlighting increasing demand[46]. Governance and Management - The company has established a comprehensive internal control system to enhance governance and compliance with relevant laws and regulations[130]. - The company maintains independence from its controlling shareholder in terms of operations, assets, and finances, ensuring autonomous decision-making capabilities[135]. - The company has committed to transparent information disclosure, ensuring all shareholders have equal access to information[133]. - The company has actively respected and maintained the rights of stakeholders, promoting balanced interests among shareholders, employees, and society[134]. - The company has a structured approach to determining the remuneration of its executives, ensuring alignment with shareholder interests[151]. - The company has a significant focus on compliance and governance, as evidenced by the legal qualifications of its management team[147]. - The company has pledged to avoid any competitive business activities that may conflict with the operations of the listed company and its subsidiaries[180]. Legal and Regulatory Issues - The company is actively pursuing legal actions related to a contract fraud case involving the restructured Elephant Advertising, with ongoing court proceedings[77]. - The company faced disciplinary actions from the Shenzhen Stock Exchange and the China Securities Regulatory Commission due to failures in timely and accurate disclosures related to significant investments and related party transactions[150]. - The company has received an administrative penalty of 300,000 yuan from the China Securities Regulatory Commission for information disclosure violations related to a major asset restructuring[126]. - The company is in the process of addressing legal issues related to the former actual controller's contract fraud case, which may impact its financial reporting[199]. Future Outlook and Plans - The company plans to focus on the Chinese beef cattle industry, aiming to become a leading enterprise by implementing a "big beef cattle strategy" that includes breeding and beef cattle farming[112]. - The company aims to enhance its breeding business and beef cattle farming, aiming to stabilize and improve profitability through effective operational management and cost control[117]. - In 2023, the company aims to restart its meat business, leveraging its proximity to the Beijing-Tianjin-Hebei market and the availability of beef sources[118]. - The company intends to optimize its asset structure and reduce financial risks by disposing of idle assets and seeking direct financing[119]. - The company has committed to sustainability initiatives, targeting a 20% reduction in carbon emissions by 2025[189]. Employee and Stakeholder Engagement - The total number of employees at the end of the reporting period was 107, with 16 in the parent company and 91 in major subsidiaries[163]. - Employee training programs are implemented to enhance skills and management capabilities, combining internal and external training[165]. - The company has not implemented any employee stock ownership plans or other employee incentive measures during the reporting period[168]. - The independent directors fulfilled their responsibilities in the profit distribution process, ensuring shareholder interests were protected[166].