Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 13.458 billion, an increase of 9.5% compared to RMB 12.295 billion in the previous year[4]. - The group’s net profit for the year was RMB 185 million, a decline of 68.1% from RMB 580 million in the previous year[4]. - The group’s cash EBITDA for the year was RMB 2.496 billion, down 8.9% from RMB 2.740 billion in the previous year[4]. - Gross profit for 2023 was RMB 3,128,013 thousand, down 4.2% from RMB 3,266,979 thousand in 2022[7]. - The company reported a net foreign exchange loss of RMB 77,638,000 in 2023, a decrease from a loss of RMB 377,346,000 in 2022, indicating improved foreign exchange management[31]. - The company reported a profit attributable to shareholders of RMB 175.2 million, a decrease of 68.9% from RMB 562.5 million in 2022, with basic earnings per share dropping to RMB 2.23 from RMB 7.16[73]. Revenue Breakdown - The raw milk business generated RMB 10,263,657,000 in revenue, up from RMB 9,945,090,000 in the previous year[19]. - The offline feed business generated revenue of RMB 2,537,792,000, significantly up from RMB 1,851,325,000 in 2022[19]. - The digital platform business contributed RMB 605,278,000 in revenue, compared to RMB 498,676,000 in the previous year[19]. - Revenue from external customers in mainland China reached RMB 13,103,259,000, an increase from RMB 11,877,865,000 in 2022, representing a growth of approximately 10.3%[29]. - The revenue from raw milk was RMB 10,263,657,000, while the offline feed business generated RMB 2,537,792,000, and the digital intelligence platform contributed RMB 656,774,000[21]. Cost and Expenses - The total sales cost for the year was RMB 10,330.2 million, an increase of 14.4% compared to RMB 9,028.1 million in 2022, driven by growth in both raw milk and new business sales[56]. - The sales cost of the raw milk business reached RMB 7,350.7 million, up 7.3% from RMB 6,850.0 million in 2022, primarily due to increased sales volume[56]. - Total employee benefits expenses rose to RMB 827,191,000 in 2023, compared to RMB 748,604,000 in 2022, marking an increase of about 10.5%[32]. - The total operating expenses for the year amounted to RMB 1,230.2 million, an increase of 11.8% from RMB 1,100.1 million in 2022[66]. - Administrative expenses for the year amounted to RMB 852.4 million, an increase of RMB 122.2 million or 16.7% compared to RMB 730.2 million in 2022, primarily due to the hiring of experienced management for new farms and increased operational resources[68]. Debt and Financial Stability - The group reduced interest-bearing debt to RMB 11.497 billion, a decrease of 7.8% year-on-year[3]. - The company has sufficient financial resources to meet its debt obligations and fund ongoing operations, with available credit facilities amounting to approximately RMB 6,989.0 million[74]. - The company's net debt was approximately RMB 8,813.2 million, down from RMB 9,921.7 million as of December 31, 2022[77]. - Net gearing ratio improved to 74.4% as of December 31, 2023, down 10.8 percentage points from 85.2% in 2022, indicating better financial stability[74]. Market and Business Development - The group achieved a sales revenue of RMB 3.195 billion from new business developments, representing a year-on-year increase of 35.9%[3]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[12]. - The new business segment, which includes feed and digital platforms, is expected to continue growing and contribute to the group's profits[54]. - The company aims to increase its dairy cow inventory to over 500,000 heads and produce 3.6 million tons of fresh milk by 2025[83]. - The company plans to maintain a low operating cost while achieving high economic efficiency, high performance, high employee satisfaction, and high-quality development[82]. Operational Metrics - The total sales volume of fresh milk reached 255,000 tons, up 9.4% from 233,000 tons in the previous year[4]. - The average milk yield per cow increased by 3.3% to 12.6 tons per head per year[4]. - The average annual milk yield per cow increased to 12.6 tons in 2023, up 3.3% from 12.2 tons in 2022[48]. - Total milk production reached 2.588 million tons in 2023, representing a 9.5% increase from 2.364 million tons in 2022[50]. - The group operated 42 farms in mainland China, with a total of 450,562 dairy cows, reflecting an 11.2% increase from 405,358 cows in 2022[49]. Investment and Future Plans - The company entered into a capital injection agreement with Zhongken Fund, with an investment of RMB 600 million for a 25.4% stake in a subsidiary[89]. - The company will implement a "Five-Year Leading Plan" focusing on technological innovation and green transformation[82]. - The company is committed to sustainable development and aims to lead the industry towards digital innovation and low-carbon environmental protection[83]. - The company plans to leverage national policies and technological innovations to support high-quality development in the dairy industry despite ongoing challenges[45]. Governance and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, who reviewed the accounting principles and discussed risk management and internal controls[92]. - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[94]. - The company has established a securities trading behavior code for directors, ensuring compliance with the standards set by the listing rules[85].
现代牧业(01117) - 2023 - 年度业绩