Financial Performance - The company recorded revenue of approximately RMB 3,924.4 million for the year ended December 31, 2023, representing a slight increase of 3.2% compared to 2022[3]. - The company reported a net loss of approximately RMB 488.8 million, primarily due to a loss of RMB 667.9 million from changes in the fair value of biological assets[15]. - The gross profit decreased by 19.8% to RMB 708.5 million, down from approximately RMB 883.0 million[15]. - The comprehensive loss for the year was RMB 501,623 thousand, a significant decrease from a comprehensive income of RMB 128,100 thousand in the previous year[40]. - The pre-tax loss for the year was RMB 469,951 thousand, compared to a profit of RMB 171,924 thousand in the previous year, highlighting a challenging financial environment[73]. - The company's basic and diluted loss per share was RMB 0.70 in 2023, compared to earnings of RMB 0.25 per share in 2022[191]. - The company reported a basic loss attributable to equity holders of the parent of RMB (488,791,000) for 2023, compared to a profit of RMB 158,079,000 in 2022[82]. Revenue and Sales - The company's revenue from mainland China for the year 2023 was RMB 3,924,360 thousand, compared to RMB 3,802,915 thousand in 2022, representing an increase of approximately 3.2%[54]. - In 2023, the total revenue reached RMB 3,924,360 thousand, an increase of 3.2% from RMB 3,802,915 thousand in 2022[56]. - Raw milk sales contributed RMB 3,341,602 thousand, slightly up from RMB 3,314,465 thousand in the previous year, while beef sales decreased to RMB 361,992 thousand from RMB 376,434 thousand[56]. - Other sales saw significant growth, increasing to RMB 220,766 thousand from RMB 112,016 thousand, marking a 96.7% rise[56]. - Total revenue from raw milk increased by 0.8% to RMB 3,341.6 million in 2023, driven by higher sales volume, despite a decline in average selling prices[155]. - The total sales volume of raw milk grew by 9.8% to approximately 783,028 tons, up from 712,767 tons in 2022[136]. - The total sales volume of beef increased by 4.1% to approximately 11,803 tons in 2023, while the average selling price per ton decreased by 7.6% to RMB 30,670[148]. Costs and Expenses - The direct material costs for the raw milk business increased by 8.2% to RMB 1,996.8 million, up from RMB 1,844.8 million in 2022[140]. - The total sales cost for raw milk business was RMB 353.58 million in 2023, up from RMB 283.06 million in 2022[181]. - The direct materials cost for the beef business increased by 27.6% to RMB 283.9 million in 2023, primarily due to the growth in beef sales volume[161]. - The company reported a significant increase in employee benefits expenses, totaling RMB 386,291 thousand compared to RMB 416,499 thousand in the previous year, indicating a focus on workforce investment[77]. - Administrative expenses decreased by 32.6% to RMB 225.6 million in 2023, attributed to the absence of one-time listing expenses and lower share-based payment expenses[166]. Assets and Liabilities - As of December 31, 2023, total non-current assets amounted to RMB 8,434,586 thousand, an increase of 3.55% from RMB 8,145,179 thousand in 2022[22]. - Current assets totaled RMB 2,742,778 thousand, up 5.68% from RMB 2,595,207 thousand in 2022[23]. - Total liabilities reached RMB 3,252,649 thousand, a significant increase from RMB 2,488,343 thousand in 2022, reflecting a growth of 30.76%[23]. - The company's net asset value decreased to RMB 5,075,666 thousand from RMB 5,573,801 thousand in 2022, representing a decline of 8.93%[23]. - The company's accounts payable decreased to RMB 785,309,000 in 2023 from RMB 1,058,287,000 in 2022, a reduction of approximately 25.8%[100]. - As of December 31, 2023, the company's net current liabilities amounted to approximately RMB 509,871,000, with available unused bank loan financing of about RMB 1,196,984,000 for the next 12 months[85]. Biological Assets and Production - The total value of biological assets was RMB 4,053,416 thousand, up from RMB 3,830,555 thousand in 2022, indicating a growth of 5.9%[22]. - The company recorded a significant loss of RMB 667.9 million from the fair value adjustment of biological assets in 2023, compared to a loss of RMB 158.2 million in 2022, largely due to declining milk prices[170]. - The average annual milk production per cow reached a new high of 13.6 tons, an increase of 2.3%[5]. - The company operates 11 large-scale modern dairy farms, with a total cow count of 130,802, an increase of 10.9% from 117,950 in 2022[131]. Financing and Cash Flow - The company’s financing costs increased to RMB 268.9 million from RMB 219.8 million in the previous year[9]. - The net cash flow from financing activities was RMB 910.75 million in 2023, significantly higher than RMB 296.54 million in 2022[176]. - The net cash flow from operating activities was RMB 183.96 million, a decrease from RMB 1,002.73 million in 2022[173]. - The net cash flow used in investing activities was RMB (1,220.1) million in 2023, compared to RMB (1,043.3) million in 2022[196]. Market Conditions - The average selling price of dairy products decreased by approximately 4% compared to December 2022, indicating intensified price competition among manufacturers[106]. - The total consumption of dairy products in China grew by about 3.4% in 2023, marking the slowest growth in over a decade[106]. - The company’s operational environment for dairy farms became more challenging in 2023, with raw milk prices dropping approximately 11% year-on-year, the largest decline in over a decade[107]. Legal and Regulatory - The company has filed a legal claim against Hebei Yuanfuda for unpaid milk supply amounting to RMB 7,223,812.5, pending resolution of criminal charges against the latter[199]. - The company is currently assessing the impact of recent amendments to liability classification regulations, which are not expected to have a significant effect on the consolidated financial statements[34].
澳亚集团(02425) - 2023 - 年度业绩