Financial Performance - Operating revenue for 2023 was RMB 6,418,966 thousand, an increase of 3.6% compared to RMB 6,195,175 thousand in 2022[2] - Gross profit for 2023 decreased to RMB 662,690 thousand, down 2.5% from RMB 680,906 thousand in 2022[2] - Net profit for the year was RMB 75,380 thousand, a decline of 38.5% from RMB 122,480 thousand in the previous year[2] - Basic and diluted earnings per share for 2023 were RMB 0.046, compared to RMB 0.090 in 2022, reflecting a decrease of 48.9%[2] - The operating profit for the year was 101,668, down from 149,560 in 2022, indicating a decline of about 32%[38] - The company reported a net profit of 75,380 for 2023, compared to 122,480 in 2022, reflecting a decrease of approximately 38.4%[38] - The pre-tax profit for 2023 was RMB 86,050 thousand, a decrease of 37.3% compared to RMB 137,272 thousand in 2022[61] - Basic earnings per share for 2023 were RMB 47,024 thousand, a decline of 48.8% from RMB 91,852 thousand in 2022[87] Assets and Liabilities - Total assets less current liabilities increased to RMB 2,672,651 thousand in 2023 from RMB 2,630,551 thousand in 2022[5] - Non-current assets, including property, plant, and equipment, rose to RMB 1,636,588 thousand, up from RMB 1,240,947 thousand in 2022, indicating a significant investment in infrastructure[6] - Total assets reported for 2023 were 3,053,954, an increase from 2,784,151 in 2022, showing a growth of about 9.7%[38] - The total liabilities reported for 2023 were 960,262, an increase from 873,847 in 2022, indicating a growth of about 9.9%[38] - Total liabilities rose to RMB 1,402,937 thousand in 2023, up 12.4% from RMB 1,248,170 thousand in 2022[61] - Interest-bearing borrowings increased by RMB 152,839 thousand to RMB 530,079 thousand in 2023, with a debt-to-equity ratio of 22.3%[129] Revenue Sources - The company’s external customer operating revenue for processed food was 2,322,970 in 2023, up from 2,151,768 in 2022, representing an increase of approximately 7.9%[38] - Revenue from external customers in mainland China was RMB 6,157,786 thousand, up 4.7% from RMB 5,883,960 thousand in 2022[65] - The company's revenue from processed food, feed, and meat businesses accounted for 36.2%, 35.3%, and 28.5% of total revenue, respectively, with processed food being the largest source of revenue and profit[98] - The company's operating income from the domestic market increased by 10.8% to RMB 2,063,168 thousand, while export income decreased by 10.4% to RMB 259,802 thousand[100] Cost Management - The company reported a decrease in administrative expenses to RMB 248,739 thousand from RMB 264,290 thousand, reflecting cost control measures[2] - The company incurred financial expenses of 17,738 in 2023, up from 11,278 in 2022, marking an increase of approximately 57.5%[40] - The distribution cost as a percentage of total operating revenue was 5.26% in 2023, compared to 4.97% in 2022[107] - The company's administrative expenses accounted for 3.88% of operating revenue in 2023, down from 4.27% in 2022[129] Investment and Capital Expenditures - The company has committed but unprovided capital expenditures of RMB 70,827 thousand as of December 31, 2023, down from RMB 531,809 thousand in 2022[114] - Capital expenditures for 2023 amounted to RMB 529,018 thousand, primarily funded by internal resources and bank borrowings[130] Market Challenges and Strategies - The company continues to face challenges such as insufficient effective demand and overcapacity in certain industries amid global economic uncertainties[79] - The company plans to continue expanding food production capacity and optimizing its product portfolio to mitigate risks associated with market fluctuations[97] - The company aims to enhance customer engagement through increased investment in direct sales channels and digital transformation initiatives[100] - The company will focus on diversifying its export markets to reduce risks associated with over-concentration in specific regions[101] Dividends - The company did not declare any dividends for the year, maintaining a focus on reinvestment[2] - The company did not declare any final dividends for the years ended 2023 and 2022[48] - The company decided not to distribute dividends for the 2023 fiscal year, consistent with the previous year[112] Operational Highlights - The domestic food business maintained steady growth, with revenue and gross profit increasing by 10.8% and 14.1% year-on-year, respectively[98] - The processed food segment saw an 8.0% increase in operating revenue and a 13.3% increase in gross profit year-on-year for 2023, driven by robust growth in domestic food sales[121] - The meat business experienced a 7.6% increase in operating revenue in 2023, but gross profit decreased by 72.0% due to oversupply in the broiler market[126]
大成食品(03999) - 2023 - 年度业绩