OGI(SH:600811)2024-02-28 16:00Financial Performance - The company's consolidated net profit attributable to shareholders for 2022 was -¥995.44 million, an improvement from -¥1.72 billion in 2021[6] - Total operating revenue for 2022 was ¥11.26 billion, a decrease of 17.95% compared to ¥13.72 billion in 2021[23] - The net cash flow from operating activities was ¥380.29 million, down 23.94% from ¥499.99 million in the previous year[23] - The total assets as of the end of 2022 were ¥42.23 billion, a decline of 4.67% from ¥44.30 billion at the end of 2021[23] - The net assets attributable to shareholders decreased by 5.60% to ¥18.33 billion from ¥19.41 billion in 2021[23] - The company reported a decrease in the total share capital to ¥3.66 billion, down 1.49% from ¥3.71 billion in 2021[23] - Basic and diluted earnings per share for 2022 were both -RMB 0.2721, compared to -RMB 0.4697 in 2021[24] - The weighted average return on equity improved to -5.28% from -8.48% in the previous year, an increase of 3.20 percentage points[24] - The company reported non-recurring gains and losses totaling -RMB 70.232 million for 2022, compared to -RMB 552.418 million in 2021[28] - The company reported a net profit attributable to shareholders of -996 million yuan for the year 2022, with a net profit of 878 million yuan for the parent company[146] Dividend and Capital Management - The company plans not to distribute cash dividends or increase capital reserves for 2022 due to its profit situation and operational needs[6] - The company’s cash dividend policy remains unchanged, with no adjustments made during the reporting period[145] - The company decided not to distribute cash dividends for 2022 due to a decline in core business performance and a net loss in the real estate sector[147] - As of December 31, 2022, the company had undistributed profits amounting to 2.452 billion yuan[146] Business Operations and Challenges - The company faced challenges in its real estate business, with asset disposal progress not meeting expectations due to market conditions and increased financing costs[32] - The company reported a significant impairment loss and credit impairment loss in Q4 2022, impacting overall profitability[26] - The company’s agricultural product processing sales generated main business revenue of CNY 12.80 billion, a year-on-year decrease of 14.85%, with main business costs of CNY 12.85 billion, down 13.20% year-on-year[63] - The revenue from oil processing sales was CNY 2.03 billion, a year-on-year decline of 40.63%, while the main business cost was CNY 2.16 billion, down 33.99% year-on-year[63] - The company’s land and real estate development business generated revenue of CNY 42 million, a year-on-year decrease of 10.97%, with costs down 46.77%[64] Strategic Initiatives and Future Plans - The company is actively pursuing new profit growth points, including the seawater potassium extraction project and the acquisition of a 25% stake in United Energy Group, both of which are progressing smoothly[34] - The company plans to continue optimizing its business structure and risk management in response to challenging market conditions, with expectations of improved performance as the domestic economy recovers[34] - The company aims to enhance profit margins by developing sales channels for cottonseed and rapeseed processing products and reducing procurement costs through partnerships with large state-owned enterprises[108] - The company is focused on optimizing its industrial structure and creating new profit growth points through the acquisition of a 25% stake in United Energy Group and advancing the seawater potassium extraction project[108] Environmental and Compliance Efforts - The company invested 71.01 million yuan in environmental protection during the reporting period[153] - The total SO2 emissions for 2022 were 0.809 tons, significantly lower than the approved total of 13.08 tons[156] - The total particulate matter emissions for 2022 were 0.672 tons, well below the approved total of 9 tons[156] - The company implemented measures that resulted in a reduction of 11,815 tons of carbon dioxide equivalent emissions[157] - The company has established mechanisms for environmental protection and compliance with relevant regulations[154] Governance and Management Changes - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 8.182 million CNY[118] - The company appointed Party Rongyi as the Chief Financial Officer and Secretary of the Board, with a term aligned with the current board's tenure[118] - The company saw the resignation of three senior executives, including Hu Zengzheng and Tian Jian, due to personal reasons[119] - The company’s Chairman and President, Sun Mingtao, has a background in engineering and law, previously serving as Vice President of Dongfang Group[120] Legal and Regulatory Matters - The company faced a significant lawsuit involving a claim of RMB 1.3 billion related to a contract dispute with Shandong Tian Shang, which has been resolved through a mutual agreement[198] - The company agreed to return an initial payment of RMB 1 billion to Shandong Tian Shang along with interest, with the agreement approved in a shareholder meeting on March 25, 2022[199] - The company has not reported any major accounting errors or changes in accounting policies that would significantly affect the financial statements[195] - The company has not faced any delisting risks or bankruptcy restructuring matters during the reporting period[197] Research and Development - The company has 16 R&D personnel, accounting for 1.37% of total employees, with a diverse educational background[74] - R&D expenses totaled CNY 6.88 million, representing 0.06% of operating revenue[73] - The company is investing heavily in R&D, with a budget allocation of 200 million for new technologies and product development[121] Market and Sales Performance - The company’s agricultural product trading business achieved a revenue of 10.115 billion yuan, reflecting a year-on-year growth of 3.62%[39] - The company optimized its product SKU from over 200 at the beginning of the year to 71 core products by year-end, with high-end and mid-high-end product sales increasing by 87%, rising from 14.8% to 24% of total sales[49] - User data showed an increase in active users, reaching 10 million, which is a 15% increase compared to the previous year[121] - The company provided a positive outlook for 2023, projecting a revenue growth of 25% and aiming to reach 1.875 billion[121]