OGI(SH:600811)2024-02-28 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥13.72 billion, a decrease of 6.63% compared to ¥14.70 billion in 2020[21]. - The net profit attributable to shareholders of the listed company was approximately -¥1.72 billion, representing a decline of 814.81% from a profit of ¥240.45 million in 2020[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately -¥1.17 billion, a decrease of 1,997.84% compared to ¥61.46 million in 2020[21]. - The total assets at the end of 2021 were approximately ¥44.30 billion, a decrease of 5.53% from ¥46.90 billion at the end of 2020[21]. - The net assets attributable to shareholders of the listed company decreased to approximately ¥19.41 billion, down 8.09% from ¥21.12 billion at the end of 2020[21]. - The basic earnings per share was -0.4697 RMB, showing a significant decline of 814.92% compared to the previous year[23]. - The diluted earnings per share also stood at -0.4697 RMB, reflecting the same percentage decrease[23]. - The weighted average return on equity was -8.48%, a decrease of 9.62 percentage points from the previous year[23]. - The company reported a net profit attributable to shareholders of -1.719 billion yuan for the fiscal year 2021, primarily due to credit impairment losses and increased financial expenses[160]. - The company plans not to distribute cash dividends for the fiscal year 2021, as it does not meet the conditions for cash dividends according to its articles of association[161]. Cash Flow and Investments - The net cash flow from operating activities increased significantly to approximately ¥500 million, up 938.64% from ¥48.14 million in 2020[21]. - The company reported a net cash flow from operating activities of CNY 499.993 million, a significant increase of 938.64% year-on-year[71]. - The company’s total investment cash payments decreased by 43.25% to CNY 40,258,782,211.28, reflecting a reduction in financial management scale[85]. - The company plans to accelerate cash flow and reduce debt by promoting asset disposal and managing existing projects more effectively[91]. Revenue by Segment - In 2021, the company's rice processing and sales generated revenue of CNY 1.853 billion, a year-on-year decline of 33.78% due to reduced consumer demand and the impact of the pandemic[33]. - The company's oil processing segment achieved revenue of CNY 3.286 billion, a year-on-year increase of 12.57%, but reported a net loss of CNY 93 million due to rising raw material costs and price pressures[35]. - The company's soybean product segment generated revenue of CNY 140 million, a year-on-year decrease of 0.88%, with net profit declining by 11.43% due to customer and order losses from pandemic control measures[36]. - The agricultural product trading and supply chain finance business achieved revenue of CNY 9.762 billion, a year-on-year increase of 8.62%, with a trading volume of nearly 4 million tons[37]. - The agricultural product processing and sales segment generated revenue of CNY 15.035 billion, a decrease of 2.12% year-on-year[72]. Strategic Initiatives and Future Plans - The company plans to focus on high-value industries such as high-moisture plant-based protein and seawater potassium extraction to enhance its product offerings[30]. - The company is actively adjusting its production and product structure in response to market changes and increasing competition[30]. - The company is enhancing its product structure to meet community group buying channel demands, which has led to a gradual increase in market share[33]. - The company is committed to developing high-value-added agricultural products and health foods, with a focus on innovation and market trends[120]. - For 2022, the company aims for operating revenue of 15.5 billion yuan, driven by modern agriculture and health food sectors, along with expected cost recoveries from land development projects[121]. Risk Management - The company faces various risks as detailed in the management discussion and analysis section of the report[7]. - The company emphasizes the importance of investment risk awareness for investors regarding future plans and strategies[6]. - The company faces risks from high grain prices influenced by global commodity fluctuations and potential supply imbalances due to ongoing pandemic effects[124]. - The company will seek to mitigate risks in its real estate business due to ongoing pandemic impacts and regulatory challenges affecting asset disposal[125]. Corporate Governance and Management - The company appointed Sun Mingtao as the new CEO, effective from February 4, 2021, following the board's approval[134]. - The company has seen changes in its executive team, with notable resignations and appointments in key positions[143]. - The company has established a compensation and benefits system that is internally equitable and competitive in the market, aligning with its overall development strategy[157]. - The company has a training plan that includes leadership programs and management trainee development initiatives[158]. - The company’s board of directors approved the 2021 annual profit distribution plan with a vote of 9 in favor, 0 against, and 0 abstentions[160]. Environmental and Social Responsibility - The company’s subsidiary, Xiamen Yinxiang Oil Co., Ltd., reduced SO2 emissions from 28 tons to 13.08 tons through boiler renovation[177]. - Energy consumption decreased by 1,796.36 tons of standard coal in 2021 compared to 2020, resulting in a reduction of 4,778.32 tons of CO2 emissions[177]. - The company has obtained the environmental impact assessment approval and passed the environmental protection acceptance inspection for its projects[173]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[175]. Restructuring and Compliance - The company is in the process of restructuring, which includes issuing shares and cash for asset purchases, with detailed proposals submitted for board approval[145]. - The company has committed to providing truthful and complete information regarding the ownership status of the assets involved in the restructuring[180]. - The company has confirmed that all performance commitments related to the restructuring will be fulfilled by December 31, 2021[180]. - The company has not been involved in any major civil litigation or arbitration related to economic disputes in the last five years[191]. - The company has not been subject to any administrative regulatory measures or disciplinary actions by the China Securities Regulatory Commission (CSRC) in the last thirty-six months[200].