立华股份(300761) - 2021 Q2 - 季度财报

Revenue and Profitability - The company reported that over 99% of its revenue comes from the sales of yellow feathered chickens and pigs[4]. - The company's operating revenue for the reporting period was ¥5,281,141,507.89, representing a 58.41% increase compared to ¥3,333,882,954.93 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was -¥280,227,175.17, a slight decrease of 0.64% from -¥278,453,861.68 in the previous year[21]. - The company achieved a revenue of 5.281 billion yuan, with a net profit attributable to shareholders of -280 million yuan, indicating a significant impact from rising raw material costs and market price declines[38]. - The company sold 174 million live chickens, a year-on-year increase of 24.61%, with sales revenue from chicken reaching 4.522 billion yuan, up 53.70% compared to the previous year[38]. - The company sold 148,300 live pigs, a staggering year-on-year increase of 357.53%, with sales revenue from pigs reaching 407 million yuan, up 240.94%[38]. - The company’s pig sales price was 24.50 yuan per kilogram, down 25.48% year-on-year, leading to a decrease in gross margin by 11.25%[38]. - The company sold 11,100 tons of fresh and frozen chicken, representing a year-on-year growth of 17.63%[38]. Costs and Expenses - The cost of sales increased by 47.26% to ¥4,842,406,962.04 from ¥3,288,286,416.79, driven by higher sales volume and rising raw material costs[47]. - The company's financial expenses surged by 494.22% to ¥25,870,190.26, primarily due to the implementation of new leasing standards and increased interest expenses[47]. - The company has implemented cost control measures in response to rising raw material prices, including optimizing procurement strategies and developing differentiated feed formulas[38]. Inventory and Assets - The company has a high inventory level due to the long production cycles of livestock, which increases the risk of inventory impairment if market prices decline significantly[6]. - Total assets at the end of the reporting period were ¥10,354,458,218.87, an increase of 11.93% from ¥9,250,517,071.83 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company decreased by 5.00%, amounting to ¥6,345,372,437.49 compared to ¥6,679,601,208.95 at the end of the previous year[21]. - Inventory decreased to ¥1,606,607,622.24, a decline of 15.52% from ¥1,678,476,403.29, indicating improved inventory management[52]. Risk Factors - The company faces significant risks from animal diseases, including highly pathogenic avian influenza and swine fever, which can lead to decreased production efficiency and increased costs[2]. - The company is exposed to price volatility in raw materials such as corn and soybean meal, which can impact feed costs and overall profitability[4]. - The company employs a cooperative breeding model, which may face challenges if trust with partner farmers diminishes or if government policies change[8]. - The company has established a comprehensive risk management strategy to address various operational risks, including animal disease, price volatility, and food safety[81]. Operational Strategies - The company is expanding its breeding bases across 11 provinces to mitigate disease risks and enhance operational efficiency[8]. - The company is focusing on optimizing feed formulations and enhancing breeding technology to improve production efficiency and reduce costs[9]. - The company plans to extend its industrial chain by moving towards downstream processing to counteract cyclical price fluctuations[9]. - The company has established a complete industrial chain for yellow feathered chicken, including breeding, feed processing, and slaughtering, transitioning from live poultry sales to fresh and frozen products[25]. - The company employs a "company + cooperative + farmer" model for its yellow feathered chicken and goose breeding business, which helps mitigate operational risks and enhance production efficiency[27]. - The company is innovating its production model by constructing "beautiful ranch" type breeding areas, promoting environmental sustainability and modern agricultural practices[28]. Food Safety and Quality Control - The company emphasizes the importance of food safety and is prepared to increase quality control measures in response to stricter regulations[8]. - The company has established a comprehensive food safety control system to ensure product quality and safety[10]. - The company is increasing investment in veterinary research and establishing standardized processes to strengthen its disease prevention system[8]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares[11]. - The company has committed to invest in projects totaling RMB 115,000 million, with an investment progress of RMB 82,529.76 million, representing 71.8% completion[61]. - The company has received approval for the issuance of convertible bonds, which is currently under review by the Shenzhen Stock Exchange[125]. Environmental Compliance - The company reported a total annual discharge of COD at 5.12 tons, ammonia nitrogen at 0.522 tons, and total phosphorus at 0.227 tons[88]. - The company executed pollution discharge standards for wastewater and waste gas, complying with relevant regulations[91]. - The company has established an emergency response plan for environmental incidents and has reported it to environmental protection authorities[91]. Shareholder and Governance - The company has undergone changes in its board of directors, with several members being elected or resigning during the reporting period[84]. - The company has no stock incentive plans or employee stock ownership plans in place during the reporting period[87]. - The total number of shares is 403,880,000, with 70.35% being restricted shares and 29.65% being unrestricted shares[132].