Ligao Foods (SZ:300973)2022-04-24 16:00Financial Performance - The company reported a total share capital of 169,340,000 shares, with a cash dividend of 5.00 RMB per 10 shares to all shareholders[7]. - The company's operating revenue for 2021 was ¥2,816,982,964.66, representing a 55.66% increase compared to ¥1,809,690,090.92 in 2020[24]. - The net profit attributable to shareholders for 2021 was ¥283,102,550.20, up 21.98% from ¥232,095,144.33 in 2020[24]. - The net profit after deducting non-recurring gains and losses was ¥269,199,813.56, a 19.20% increase from ¥225,836,500.61 in 2020[24]. - The total assets at the end of 2021 reached ¥2,532,751,088.67, a significant increase of 159.85% from ¥974,685,209.23 at the end of 2020[24]. - The net assets attributable to shareholders at the end of 2021 were ¥1,985,578,044.80, reflecting a 204.54% increase from ¥651,985,889.52 at the end of 2020[24]. - The company generated a total revenue of approximately ¥2.81 billion, with a gross profit of ¥983 million, resulting in a gross margin of 55.64%[65]. - Total revenue for 2021 reached CNY 2,814,632,029.43, with a year-on-year increase of 55.64%[67]. - Gross profit amounted to CNY 983,059,224.61, reflecting a gross margin of 34.92%, down 3.32% from the previous year[67]. - The company achieved a revenue of 2.817 billion yuan in 2021, representing a year-on-year growth of 55.66%[85]. Risk Management - The company does not face any significant risks that could impact its normal operations, including food safety risks and fluctuations in raw material prices[7]. - The company has implemented measures to address risks related to management during expansion and changes in consumer preferences[7]. - The company has a comprehensive risk management strategy in place to mitigate potential impacts from macroeconomic changes[7]. - The company faces risks related to food safety, macroeconomic changes, and fluctuations in raw material prices, which could impact future performance[58][59][62]. Market Outlook - The company expects the Chinese baking market to exceed ¥300 billion by 2023, maintaining a growth rate of over 10%[35]. - The frozen baking food market in China is projected to reach ¥903.68 billion if it achieves a 39% penetration rate similar to the U.S. in 1961[36]. - The retail sales of baked goods in China reached RMB 231.71 billion in 2019, indicating significant growth potential for the frozen baked goods market[39]. - The competitive landscape in the baking industry is intensifying, with a compound annual growth rate of 16.50% in the pastry and bread sector from 2011 to 2017[64]. Product Development - The company offers over 900 product specifications, catering to diverse customer needs in the baking industry[41]. - The company has developed both frozen baked semi-finished and finished products, including a variety of frozen pastries and breads[44]. - The company has launched over 50 new products and application solutions annually, supported by a strong R&D team and a comprehensive R&D system[78]. - The company plans to continue upgrading production lines and expanding capacity for dairy and fruit products in the future[74]. - The company will continue to innovate its product offerings by optimizing ingredient formulations and introducing new flavors to meet consumer demands[139]. Sales and Distribution - The company has established a diversified sales channel covering baking shops, beverage stores, supermarkets, restaurants, and convenience stores[56]. - The company primarily utilizes a distribution model, with a flat management structure for distributors, allowing for efficient market coverage[56]. - The company has a diverse sales network covering all provinces and municipalities in China, enhancing market reach[41]. - Direct sales revenue increased by 144.60% year-on-year, totaling CNY 959,862,332.51[67]. Governance and Management - The company’s financial report has been confirmed as true, accurate, and complete by its board of directors and management[5]. - The governance structure remains compliant with regulatory requirements, enhancing transparency and accountability[158]. - The company has established an independent financial accounting system, with a dedicated financial department and personnel, ensuring independent financial decision-making[162]. - The management team, including the chairman and general manager, has been stable since October 30, 2017, with no changes in their shareholdings during the reporting period[167]. - The company has been actively restructuring its management team, with multiple high-level resignations and appointments occurring between 2021 and 2022[174]. Research and Development - Total R&D investment reached ¥82,199,399.24 in 2021, accounting for 2.92% of operating revenue, slightly up from 2.91% in 2020[110]. - The number of R&D personnel increased by 161.11% to 329 in 2021, with a significant rise in the proportion of personnel holding bachelor's and master's degrees[108]. - Research and development investments increased by 30%, focusing on sustainable food technologies and product innovation[157]. Financial Management - The company has no outstanding guarantees for its controlling shareholders, ensuring financial independence[159]. - The company confirmed that the fundraising and usage of funds in the first half of 2021 complied with regulations, with no violations reported[199]. - The company has not reported any significant changes in the implementation of investment projects as of the reporting date[130]. - The company has not raised any additional funds beyond the planned amount for the current projects[126]. Future Plans - The company aims to enhance its production capacity by expanding its three major production bases in South China, East China, and North China over the next three years, with a goal of exceeding 1,000 product specifications[138]. - The company plans to enhance its marketing channels by developing partnerships with restaurants, supermarkets, and convenience stores, aiming to quickly expand sales scale and meet diverse consumer needs[143]. - The company intends to leverage advanced technology and invest in capacity expansion in South China, East China, and North China, ensuring a network of six large production bases[140].