COFC(SZ:000798)2024-03-27 16:00Financial Performance - The company's operating revenue for 2023 was approximately CNY 4.04 billion, representing a 1.71% increase compared to the previous year[20]. - The net profit attributable to shareholders was a loss of approximately CNY 118.08 million, a decrease of 174.94% year-on-year[20]. - The net cash flow from operating activities was negative CNY 187.01 million, a decline of 223.28% compared to the previous year[20]. - The basic earnings per share were reported at -0.3228 CNY, reflecting a decrease of 170.20% from the previous year[20]. - The weighted average return on net assets was -8.35%, a decrease of 15.54% compared to the previous year[20]. - The company reported a total of CNY 47,738,439.43 in non-recurring gains for 2023, down from CNY 188,545,400.57 in 2022[28]. - The total profit amounted to 2.065 million yuan, a decrease of 25.883 million yuan compared to the previous year[43]. - The net profit attributable to the parent company was -11.808 million yuan, down 27.565 million yuan year-on-year, primarily due to declining prices of low-temperature and ultra-low-temperature tuna and rising fuel and labor costs[43]. - The company reported a total revenue of approximately 2.83 billion for the year, with a net profit of around 253.45 million[86]. - The company achieved a net profit of 25.345 million from the consolidation of 中渔环球海洋食品有限责任公司, while other consolidations resulted in losses[86]. Market Expansion and Strategy - The company is focusing on expanding its market presence and enhancing product development strategies[20]. - The company is actively pursuing mergers and acquisitions to strengthen its market position[20]. - The company aims to enhance its international influence and governance capabilities in the fishing industry during the "14th Five-Year Plan" period[32]. - The company plans to focus on sustainable deep-sea fishing, aiming to enhance its competitive advantage and optimize its business structure[88]. - The company plans to expand its market presence, targeting a 25% increase in market share in the next two years[126]. - The company is actively exploring new markets while consolidating traditional ones to strengthen terminal market marketing efforts[94]. Operational Developments - The company completed a significant asset restructuring in June 2023, effectively resolving over 20 years of industry competition issues[33]. - The company expanded its fishing operations to include various methods, significantly increasing the variety of catch and adding new business segments such as fishery services and food processing[33]. - The company has diversified its product offerings, including high-value tuna species and various types of squid and shrimp, enhancing its market coverage[37]. - The company has increased its technological investment, resulting in multiple self-developed technological achievements being applied to its fishing operations in 2023[39]. - The company is actively participating in the construction of the national distant-water fishery base in Shenzhen, enhancing its business transformation and upgrade[42]. Research and Development - The company aims to complete a comprehensive analysis report on swordfish resources in the Southeast Pacific Ocean, enhancing its understanding of the fishing environment[55]. - The R&D project focuses on developing a high-tech fishing sonar system to improve catch efficiency and operational decision-making[56]. - The company is developing an intelligent control system for tuna longline fishing vessels to optimize fishing parameters and improve catch rates[56]. - The company is committed to fulfilling international obligations while advancing its technological capabilities in the tuna fishing industry[57]. - The company aims to enhance its tuna fishing operations through the development of a mid- to long-term fishery forecasting and decision-making system, which will improve economic efficiency and reduce fishing costs[57]. Financial Management and Investments - The company raised a total of approximately RMB 400 million through the issuance of 46,403,712 shares, with a net amount of approximately RMB 388.8 million after deducting issuance costs[81]. - The company has a high proportion of overseas assets, with the shipping project in Hong Kong accounting for 68.95% of the total overseas asset value[71]. - The company completed significant equity investments, including CNY 1,062,539,000 for acquiring a 51% stake in a seafood company[76]. - The company reported a total of CNY 2,064,558,900 in significant non-equity investments during the reporting period[77]. - The company has secured a credit line of 1 billion RMB from financial institutions to support its expansion plans[126]. Compliance and Governance - The company emphasizes the importance of ensuring the safety and effectiveness of the use of raised funds amid macroeconomic changes[82]. - The company has established a robust governance structure with independent directors overseeing key decisions[118]. - The company has maintained strict compliance with information disclosure obligations as per relevant laws and regulations[103]. - The company has implemented an insider information management system to ensure confidentiality and compliance during sensitive information disclosures[103]. - The company has committed to avoiding any illegal occupation of funds and assets from its subsidiaries[154]. Challenges and Risks - The company faces market risks due to global inflation affecting consumer purchasing power and increasing competition from farmed seafood[91]. - The company anticipates continued high costs for production materials, including fuel, due to geopolitical tensions and economic downturns[91]. - The company reported a significant decline in catch volumes, with a 50% drop in skipjack tuna in the Pacific and over 40% in tuna resources in the Solomon Islands[91]. - The company is committed to enhancing safety and compliance management to mitigate risks associated with international operations[90]. Employee and Management Structure - The total number of employees at the end of the reporting period was 5,392, with 2,353 in the parent company and 3,039 in major subsidiaries[130]. - Employee compensation totaled CNY 498.29 million, accounting for 12.99% of the total company costs[132]. - The company has established a training plan that focuses on internal training, supplemented by external training[133]. - The management team includes experienced professionals with backgrounds in finance, management, and strategic investment, enhancing the company's operational capabilities[117]. Environmental and Social Responsibility - The company is committed to enhancing its economic and social benefits through sustainable fishing practices and innovative new products and technologies[62]. - The company is actively participating in the Antarctic krill resource development and conservation initiatives[61]. - The company has implemented a tracking record for the deployment of eco-friendly FADs, contributing to sustainable fishing practices[62]. - The company is collaborating with various partners to ensure compliance with ecological management measures and enhance the sustainability of its fishing operations[62].