巨星农牧(603477) - 2023 Q4 - 年度财报

Financial Performance - The company reported a net profit attributable to shareholders of -645,294,123.57 RMB for the year 2023, indicating a significant loss compared to previous periods[4]. - As of December 31, 2023, the company's available distributable profits amounted to 40,406,419.08 RMB, reflecting the financial challenges faced during the year[4]. - The board of directors has decided not to distribute cash dividends or increase capital reserves due to the negative net profit for 2023, aiming to ensure stable operations and long-term shareholder interests[4]. - The company's operating revenue for 2023 was CNY 4,040,713,360.73, representing a 1.83% increase compared to CNY 3,967,938,253.12 in the previous year[20]. - The net profit attributable to shareholders for 2023 was a loss of CNY 645,294,123.57, a significant increase in loss of 508.18% compared to a profit of CNY 158,089,633.50 in the previous year[20]. - The net cash flow from operating activities for 2023 was a negative CNY 105,053,899.59, a decrease of 121.78% compared to a positive cash flow of CNY 482,403,044.20 in the previous year[20]. - The total assets at the end of 2023 were CNY 7,720,965,323.92, an increase of 6.44% from CNY 7,253,935,129.03 at the end of the previous year[20]. - The basic earnings per share for 2023 was -CNY 1.2750, a decrease of 508.13% compared to CNY 0.3124 in the previous year[21]. - The weighted average return on equity for 2023 was -19.33%, a decrease of 23.82 percentage points from 4.49% in the previous year[22]. Operational Challenges - The company faces major risks including price fluctuations in livestock products, raw material cost volatility, animal diseases, changes in environmental policies, and industry policy risks[7]. - The management has highlighted the importance of addressing operational challenges and adapting to market conditions in future strategies[5]. - The company is actively monitoring industry trends and risks to better position itself for recovery and growth in subsequent periods[7]. - The company faced a significant decline in sales and revenue in its leather business due to weak downstream market demand[30]. - The company plans to actively explore customers and optimize product structure in the leather business to adapt to market changes[30]. Compliance and Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties, ensuring compliance with regulatory standards[6]. - The audit report issued by Sichuan Huaxin (Group) CPA firm confirmed the financial statements as standard and unqualified, indicating reliability in financial reporting[3]. - The company is committed to maintaining transparency and accuracy in its financial disclosures, as stated by the management team[4]. - The company has not engaged in any significant asset restructuring or major acquisitions during the reporting period, focusing instead on internal stability[13]. - The company has not engaged in any significant related party transactions, ensuring operational independence[83]. Research and Development - Research and development expenses increased by 65.60% to CNY 24,967,282.16, indicating a focus on innovation[42]. - The company has established four research centers under the Giant Star Research Institute to focus on key technologies in breeding, nutrition, disease control, and environmental management[77]. - The company is focusing on the development of advanced veterinary and AI technologies in genetic breeding, aiming to address core issues in the agricultural and livestock industry[78]. - The company plans to continue investing in technology research and development in areas such as genetic breeding and animal nutrition to improve pig quality and cost control[77]. Environmental Responsibility - The company has achieved ISO14001:2015 certification and BLC-LWG gold certification, indicating compliance with international and domestic environmental standards[127]. - The company has invested a total of 60.94 million yuan in social responsibility projects, focusing on industrial development and rural revitalization[137]. - The company has established strict pollution prevention measures, including real-time monitoring of wastewater emissions with CODcr and NH3-N online monitoring systems[133]. - The company has maintained compliance with pollution discharge standards, with all major pollutants meeting total control requirements during the reporting period[131]. Market Position and Strategy - The company aims to maintain a competitive advantage in the pig farming industry by focusing on cost control and quality management[30]. - The company employs a "company + farmer" model for pig farming, ensuring close collaboration and resource sharing with partner farmers[36]. - The company aims to achieve an annual output scale exceeding 10 million pigs, with production costs not exceeding 80% of the industry average[75]. - The company plans to enhance its management capabilities and market analysis skills to improve competitiveness and profitability[77]. Shareholder and Management Changes - The company held three shareholder meetings in 2023, with key resolutions including the election of independent directors and approval of financing plans[84][86]. - The company has undergone personnel adjustments, resulting in the resignation of several key executives, including the chairman and financial director[97]. - The company has appointed new directors and supervisors, with the latest appointments made on October 11, 2023[88]. - The company has a clear compensation policy aimed at attracting, retaining, and motivating talent, with performance-based pay linked to overall company performance[115]. Financial Management - The company has established a financing plan for 2023, indicating a proactive approach to capital management[86]. - The company has not made any changes to the use of raised funds during the reporting period[162]. - The total amount of guarantees provided to subsidiaries during the reporting period was RMB 1,666,887,792.28[154]. - The company has completed a total investment of RMB 30,525.96 million from the proceeds of its initial public offering, achieving a 100.28% investment progress[159].