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中粮家佳康(01610) - 2023 - 年度业绩
COFCO JOYCOMECOFCO JOYCOME(HK:01610)2024-03-19 04:09

Financial Performance - The company reported a total operating revenue of RMB 11.57 billion for the year ended December 31, 2023, a decrease of 10.3% compared to RMB 12.90 billion in 2022[3]. - The net profit attributable to the company's owners was RMB 51.14 million, a significant improvement from a loss of RMB 135.68 million in the previous year[2]. - The company reported a net loss attributable to owners of RMB 135,679 thousand for the year ended December 31, 2023, compared to a profit of RMB 356,674 thousand in 2022, representing a significant decline[6]. - Total comprehensive expenses for the year amounted to RMB 368,982 thousand, compared to total comprehensive income of RMB 227,532 thousand in the previous year[6]. - The company reported a pre-tax loss of RMB 177,454,000, after adjusting for fair value changes in biological assets and agricultural products[21]. - The company recorded a pre-fair value adjustment profit of RMB 0.16 billion, compared to a loss of RMB 0.32 billion in the same period of 2022[55][60]. - The company reported a pre-tax profit of RMB 477,100 thousand for the year ended December 31, 2023, compared to a pre-tax loss of RMB 3,408,976 thousand in the previous year[24]. - The total financing costs for the year were RMB 132,236 thousand, down from RMB 176,855 thousand in 2022, indicating a reduction of approximately 25.2%[34]. - The company's income tax expense for the year ended December 31, 2023, was RMB 6,443 thousand, a significant decrease from RMB 120,166 thousand in 2022[36]. Revenue Breakdown - Total revenue for the year ended December 31, 2023, was RMB 11,568,322,000, with significant contributions from live pig farming (RMB 4,443,555,000) and fresh pork sales (RMB 4,141,252,000)[13]. - The revenue from the live pig farming segment was RMB 7,312,910,000, while the fresh pork segment generated RMB 4,210,481,000[23]. - Customer contract revenue amounted to RMB 14,763,837,000, after accounting for inter-segment eliminations of RMB 3,195,515,000[14]. - The total segment revenue for the year was RMB 16,309,660 thousand, with a segment profit of RMB 54,175 thousand[24]. Asset and Liability Management - The company's non-current assets increased to RMB 11,109,373 thousand in 2023 from RMB 11,010,594 thousand in 2022, reflecting a growth of approximately 0.9%[7]. - Current assets decreased significantly from RMB 7,383,774 thousand in 2022 to RMB 5,120,959 thousand in 2023, a decline of about 30.6%[7]. - The company's total liabilities decreased from RMB 9,266,042 thousand in 2022 to RMB 6,256,381 thousand in 2023, a reduction of approximately 32.4%[8]. - The company's equity attributable to owners increased to RMB 9,132,352 thousand in 2023 from RMB 8,113,545 thousand in 2022, representing a growth of approximately 12.5%[8]. - The company's current ratio as of December 31, 2023, was 0.82, slightly up from 0.80 in 2022[64]. - The company had unused bank financing of RMB 12.22 billion as of December 31, 2023[64]. - The total interest-bearing bank borrowings as of December 31, 2023, were approximately RMB 4.041 billion, down from RMB 5.998 billion in 2022[67]. Operational Highlights - The number of live pigs sold increased by 26.7% year-on-year to 5,200 thousand heads, driven by improved production management[2]. - Fresh pork sales volume increased by 6.1% year-on-year, indicating successful expansion of sales channels[3]. - The company focused on fine management to enhance capacity utilization amidst a surplus in domestic pig supply and lower consumer demand[3]. - The company operates modern pig farming bases and plans to further expand its pig farming capacity across various provinces in China[45]. - The fresh pork segment includes modern slaughtering and processing bases in Jiangsu, Hubei, Jilin, and Inner Mongolia, with a focus on brand development in major cities[46]. - The meat products division produces and distributes various meat products, primarily Western-style low-temperature meat products, with a presence in major first-tier cities[47]. - The company has established a meat import division that combines imported raw materials with domestic processing capacity to provide high-value-added products to well-known food processors and large chain restaurants[48]. Challenges and Risks - The company faces significant risks from diseases affecting livestock, including African swine fever and other diseases, which can lead to reduced production and increased costs[76]. - Price fluctuations in key raw materials, such as corn and soybean meal, continue to pose risks to the company's profitability[78]. - Food safety risks are managed through comprehensive food safety management systems and regular inspections to prevent product recalls and customer complaints[80]. Future Outlook - The company plans to continue focusing on the pig farming and meat processing sectors, aiming for market expansion and potential acquisitions in the future[9]. - The group anticipates further market expansion and product development in the coming fiscal year[12]. - The company will accelerate the expansion of its core business scale in 2024[82]. - The company aims to enhance its management level to reduce efficiency gaps between sites, solidifying its core competitive advantages[82]. - The company plans to dynamically optimize its futures hedging strategy to achieve a combination of spot and futures markets[82]. - The company will continue to promote fresh product branding and differentiated operations, accelerating new product development to enhance channel operation efficiency[82]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, adhering to the latest requirements in China, Hong Kong, and abroad[83]. - The company has established an environmental risk warning monitoring system with clear warning and bottom-line indicators[81]. - The company has not engaged in the purchase, sale, or redemption of its listed securities during the year ending December 31, 2023[85]. - The company's financial statements for the year ending December 31, 2023, have been audited by Tianzhi Hong Kong CPA Limited[87].