WINALL(300087)2024-03-22 16:00Financial Performance - The company's operating revenue for 2023 reached ¥4,102,895,157.95, representing a 17.54% increase compared to ¥3,490,544,779.30 in 2022[18]. - Net profit attributable to shareholders was ¥273,862,389.94, up 17.37% from ¥233,339,963.11 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥233,875,654.99, a significant increase of 32.72% from ¥176,222,836.31 in 2022[18]. - The total assets of the company increased by 32.13% to ¥6,709,796,938.68 at the end of 2023, compared to ¥5,078,108,520.77 at the end of 2022[18]. - The basic earnings per share rose to ¥0.29, reflecting a 16.00% increase from ¥0.25 in 2022[18]. - The cash flow from operating activities showed a decline of 28.53%, totaling ¥284,164,131.37 compared to ¥397,602,337.65 in the previous year[18]. - The company reported a significant quarterly revenue of ¥2,548,996,324.48 in Q4 2023, contributing to the overall annual growth[20]. - The company experienced a net profit of ¥263,225,507.47 in Q4 2023, indicating strong performance despite fluctuations in earlier quarters[20]. - The total equity attributable to shareholders increased by 13.63% to ¥1,949,150,988.35 at the end of 2023, compared to ¥1,715,399,430.57 at the end of 2022[18]. Dividend Distribution - The company plans to distribute a cash dividend of 1 CNY per 10 shares to all shareholders, based on a total of 947,331,751 shares[5]. - The total cash dividend distributed to shareholders for 2022 was RMB 67,666,553.70, with a proposed cash dividend of RMB 94,733,175.10 for 2023[164][169]. - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling 94,733,175.10 RMB, based on a total share capital of 947,331,751 shares[167][169]. Risk Management - The company faces risks including intensified market competition, new variety research and promotion risks, and changes in industrial policies[4]. - The company has a comprehensive risk management strategy to address potential risks in its agricultural business operations[4]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments in its forward-looking statements[4]. - The company is focused on risk management, including funding turnover risks and market volatility risks, to ensure smooth business operations[40]. - The company has established a risk management system for its derivative trading activities to mitigate potential market and credit risks[89]. - The company aims to align its derivative trading with actual business operations to avoid speculative activities[89]. - The company has committed to maintaining a conservative approach in its financial investments, focusing on risk mitigation and operational stability[89]. Research and Development - The company invested CNY 140.27 million in R&D in 2023, accounting for 4.9% of seed sales revenue[32]. - The company has established a multi-level innovation platform system, including national, provincial, and municipal levels, to enhance its innovation capabilities[33]. - The company has a research team of 254 people, accounting for 14.86% of the total workforce, with many holding advanced degrees and significant industry influence[47]. - The company is focusing on developing high-yield, quality, and disease-resistant hybrid rice varieties, with a target yield increase of over 10% compared to local varieties[72]. - The company has implemented a comprehensive talent development system, focusing on employee training and establishing a reserve talent pool[193]. - The company is committed to innovation in seed technology, with ongoing projects aimed at improving crop yields and sustainability[144]. Market Expansion and Sales - The company primarily operates in the domestic and international markets, with domestic sales relying on a distributor model and international sales based on export contracts[36]. - The company’s main products include hybrid rice, corn, wheat, cotton, vegetables, and rapeseed, with sales covering major agricultural regions in China and extending to Southeast Asia, South Asia, and Africa[31]. - The company is actively exploring order agriculture business, integrating resources to promote the development of specialized wheat, high-quality rice, and silage corn[39]. - The company has expanded its market presence both domestically and internationally, actively engaging in seed exports and overseas agricultural technology development[49]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in sales in that region over the next year[147]. - The company exported seeds to over 20 countries and regions, establishing breeding centers and seed production bases in Pakistan, Bangladesh, and Myanmar, and became the sole seed supplier for the World Bank's poverty alleviation project in Africa[186]. Corporate Governance - The company has established a sound internal control system and governance structure, ensuring compliance with relevant laws and regulations, which contributes to its sustainable and healthy development[116]. - The board of directors consists of 9 members, including 4 independent directors, ensuring compliance with legal regulations and company bylaws[119]. - The supervisory board is composed of 3 members, including 1 employee representative, fulfilling its responsibilities in overseeing the company's financial and managerial compliance[120]. - The company has maintained independence from its controlling shareholder, ensuring no interference in decision-making and operations, and no instances of fund occupation or guarantees provided to the controlling shareholder[118]. - The company has implemented a "Quality Return Dual Improvement" action plan, although the details of its execution were not disclosed[114]. - The company has reported a commitment to optimizing its management systems and improving its governance level to mitigate risks[116]. Social Responsibility - The company donated a total value of 2.5958 million yuan in cash and materials through its subsidiaries and employees during the reporting period, reflecting its commitment to social responsibility[194]. - The company provided 536,000 yuan worth of love seeds and fertilizers to 2,679 households in five provinces as part of its "Ears of Joy Action" public welfare project, supporting farmers with technical training[195]. - The company established an employee mutual aid fund, donating 100,000 yuan annually to assist employees facing special difficulties[191]. - The company organized various cultural and sports activities to enhance employee cohesion and sense of belonging, including a spring outing for female employees on International Women's Day[192]. - The company actively participated in community support initiatives, including donations to elderly care facilities and educational support for underprivileged students[196]. Employee Management - The total number of employees at the end of the reporting period was 1,709, with 924 in sales, 270 in production, and 254 in technical roles[161]. - The company has established a performance-based salary system for senior management, with 70% of the salary being a fixed annual amount and 30% based on performance[170]. - The company has implemented various training programs to enhance employee skills and knowledge, including agricultural technology and legal knowledge[163]. - The total remuneration paid to directors, supervisors, and senior management in 2023 amounted to CNY 9.8404 million[150]. - The company has a total of 335,063,984.40 RMB available for distribution to shareholders after accounting for legal reserves and dividends[169]. Acquisitions and Investments - The company completed the acquisition of controlling interest in Hebei New Era Seed Industry Co., enhancing its market share in corn seeds[59]. - The company completed the acquisition of Hebei New Era Seed Industry Co., Ltd. with a total investment of CNY 99.5 million, which was included in the consolidated financial statements starting from June 2023[85]. - The acquisition of 67.90% equity in Hebei New Era Seed Industry Co., Ltd. was completed for CNY 224.07 million, with an expected impact on net profit of -CNY 11.30 million[101]. - The company plans to adjust its fundraising usage as discussed in the board meeting on May 23, 2023[153]. - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions[153]. Internal Controls and Compliance - The company confirmed that there were no significant defects in internal controls during the reporting period, ensuring effective execution of internal control systems[176]. - The company has implemented strict compliance with laws and regulations regarding related party transactions[200]. - The company will ensure that any unavoidable related party transactions are conducted in accordance with legal and regulatory requirements[200]. - The company will maintain a focus on the development and protection of shareholder interests, particularly those of minority shareholders[200].