Financial Performance - Revenue for the year ended December 31, 2022, was RMB 18,050,761 thousand, representing a 17.6% increase from RMB 15,346,167 thousand in 2021[2] - Adjusted profit attributable to the company's owners decreased by 56.4% to RMB 889,338 thousand from RMB 2,040,400 thousand in 2021[2] - The company reported a net profit of RMB 414,771 thousand for the year, a significant decrease of 73.4% from RMB 1,558,016 thousand in 2021[2] - The group’s pre-tax profit for 2022 was RMB 475,270,000, a significant decrease from RMB 2,095,333,000 in 2021, reflecting a decline of approximately 77.3%[52] - The company's basic and diluted earnings per share for 2022 were RMB 109.00, down from RMB 436.00 in 2021, representing a decline of approximately 75.0%[55] - The company reported a significant increase in cash flow from financing activities, indicating a strong capital raising effort[134] Revenue Breakdown - Raw milk business revenue was RMB 10,853,917 thousand, up 13.8% from RMB 9,537,814 thousand in the previous year[2] - Revenue from feed sales increased to RMB 6,576,398 thousand in 2022, compared to RMB 5,328,139 thousand in 2021, reflecting a growth of 23.4%[29] - The total revenue from customer A reached RMB 10,617,768 thousand in 2022, up from RMB 8,838,777 thousand in 2021, representing a growth of approximately 20%[43] - The total segment revenue for the raw milk business was RMB 10,853,917 thousand in 2022, with external customer revenue contributing significantly[39] - Revenue from the ruminant animal breeding systematic solutions business grew by 23.9% from RMB 5,808 million in 2021 to RMB 7,197 million, supported by technological empowerment and service enhancement[112] Cost and Expenses - The total sales cost increased to RMB 16,958,848 thousand in 2022 from RMB 14,333,273 thousand in 2021, reflecting a rise of about 18%[44] - The sales cost for raw milk increased by 33.2% from RMB 5,585 million in 2021 to RMB 7,442 million, primarily due to new farm operations and rising raw material prices[114] - The total depreciation and amortization expenses for 2022 were RMB 883,576,000, an increase of 25.7% from RMB 702,678,000 in 2021[53] - Financing costs rose to RMB 1,097,485 thousand in 2022 from RMB 732,443 thousand in 2021, an increase of approximately 50%[49] - Administrative expenses decreased by 13.6% to RMB 722 million, with the proportion of administrative expenses to revenue dropping from 5.4% to 4.0%[125] Assets and Liabilities - As of December 31, 2022, total assets amounted to RMB 31,877,107 thousand, an increase from RMB 24,507,476 thousand in 2021, representing a growth of approximately 29.0%[13] - Non-current liabilities increased to RMB 8,798,904 thousand in 2022 from RMB 5,773,742 thousand in 2021, reflecting a rise of about 52.5%[14] - The total liabilities as of December 31, 2022, were RMB 19,896,284 thousand, compared to RMB 11,307,986 thousand in 2021, marking an increase of approximately 76.5%[14] - The net current liabilities as of December 31, 2022, were RMB (8,327,074) thousand, compared to RMB (3,853,823) thousand in 2021, indicating a significant increase in liabilities[14] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.022 per share for the year ended December 31, 2022, compared to no dividend in 2021[3] - The company has not paid or proposed any dividends for 2021, indicating a shift in dividend policy for 2022[56] - The board proposed a final cash dividend of RMB 0.022 per share for the year ended December 31, 2022, which is a new dividend compared to no dividend in 2021[153] Operational Highlights - The number of dairy cows increased by 20.0% to 499,451 from 416,196 in the previous year[2] - The group produced nearly 2.38 million tons of raw milk, with an annualized yield per cow (excluding special breeds) reaching 11.4 tons, a growth of 4.6% compared to 2021[71] - The group operated 78 modern farms across 16 provinces in China, with a total dairy cow inventory of 499,451 heads, a 20.0% increase from the previous year[75] - The group established 7 new farms during the reporting period, including a 10,000-head organic dairy farm, enhancing its operational capacity and technological advancement[77] Strategic Initiatives - Future outlook includes plans for market expansion and potential mergers and acquisitions to strengthen competitive positioning in the dairy industry[16] - The company is actively engaged in the research and development of new products and technologies to improve operational efficiency and product offerings[16] - The company aims to lead the Chinese livestock industry and become a world-class livestock technology group, focusing on high-quality sustainable development[104] - The company plans to enhance its upstream dairy industry chain and expand its market presence through strategic initiatives[110] Research and Development - The company is actively researching carbon reduction technologies in dairy farming, collaborating with multiple research institutions[81] - The company has established a leading domestic dairy nutrition system and a research platform focused on cow nutrition and health[80] - The group is involved in the "National Dairy Breeding and Farming Technology Research Center" and has undertaken significant projects in dairy breeding and quality forage selection[96] Corporate Governance - The company is committed to maintaining high corporate governance standards and has adhered to all applicable codes of conduct as per the listing rules[148] - The audit committee has reviewed the audited consolidated financial statements for the reporting period and discussed accounting policies and internal controls with senior management[150] - The company has established a nomination committee and a remuneration committee in addition to the audit committee[151]
优然牧业(09858) - 2022 - 年度业绩