*ST天山(300313) - 2023 Q4 - 年度财报

Financial Performance - The company reported a net loss of 7.2175 million yuan due to significant impairment of consumable biological assets and depreciation costs exceeding revenue from low-efficiency assets[3]. - The company's operating revenue for 2023 reached ¥137,499,875.86, representing an increase of 80.09% compared to ¥76,350,268.21 in 2022[23]. - The net profit attributable to shareholders was a loss of ¥22,001,636.31, an improvement of 30.88% from a loss of ¥31,848,222.21 in the previous year[23]. - The net cash flow from operating activities was negative at ¥13,747,711.18, which is a decline of 81.71% compared to ¥-7,565,896.10 in 2022[23]. - The total assets at the end of 2023 were ¥315,229,860.70, down 5.22% from ¥332,145,607.55 at the end of 2022[23]. - The net assets attributable to shareholders decreased by 26.14% to ¥62,168,636.03 from ¥84,261,480.39 in 2022[23]. - The company reported a basic earnings per share of -¥0.07, an improvement of 30.00% from -¥0.10 in 2022[23]. - The company reported an operating loss of 18.66 million yuan, a year-on-year reduction in losses of 33.92%[66]. - The company reported a negative net profit for 2023, which may lead to continued risk warnings under the Shenzhen Stock Exchange regulations[113]. Audit and Compliance - The financial report received an unqualified audit opinion with emphasis on matters related to going concern uncertainties[3]. - The company continues to face uncertainty regarding its ability to continue as a going concern, as indicated in the recent audit report[24]. - The board respects the audit report issued by Zhongxing Caiguanghua Accounting Firm, which includes a significant uncertainty regarding the company's ability to continue as a going concern[198]. - The company has maintained independence in operations, assets, personnel, and finance since its establishment, ensuring a complete production, sales, and R&D system[130]. - The company has not reported any violations regarding external guarantees during the reporting period[187]. Operational Developments - The company operates primarily in the livestock industry, with approximately 80% of its business focused on cattle breeding and beef cattle farming[35]. - The company is expanding its operations into the beef cattle fattening industry, leveraging its breeding advantages and improving existing ranch facilities[49]. - The company aims to enhance digital management in cattle breeding and slaughtering, establishing a big data platform for the beef cattle industry in Tongliao[47]. - The company has established a modern breeding system integrating breeding, prevention, nutrition, and scientific feeding, providing comprehensive services to cattle farmers[48]. - The company is focused on establishing a stable supply network for healthy beef in key regions such as Beijing and the Yangtze River Delta[110]. Market Conditions - The average price of fattened cattle in June 2023 dropped to approximately 25.39 yuan/kg, the lowest since November 2017, reflecting a significant decline in market prices[42]. - The beef cattle industry is experiencing cyclical fluctuations, with many large-scale breeding enterprises reporting significant losses due to declining market conditions in 2023[42]. - The company is expanding its beef cattle breeding operations in Xinjiang to counteract market fluctuations and price declines[68]. - The company recognizes the cyclical nature of the livestock industry and aims to create a closed-loop industry chain to mitigate risks associated with market fluctuations[115]. Strategic Initiatives - The company plans to focus on the Chinese beef cattle industry, implementing a "big beef cattle strategy" to strengthen breeding and beef cattle farming[104]. - The company aims to provide high-quality frozen semen and embryos, enhancing genetic material and related technical services for the livestock industry[104]. - The company has initiated a breeding alliance to enhance the independent innovation capability of China's beef cattle industry[48]. - The company is actively participating in policy-driven initiatives to support high-quality development in the beef cattle industry, including digitalization and standardization efforts[46]. Governance and Management - The board of directors consists of 9 members, with independent directors making up at least one-third, ensuring compliance with governance standards[126]. - The company has a new management team with diverse backgrounds in finance, law, and livestock management[136][137][138]. - The company has implemented a long-term training mechanism to improve management capabilities and operational control across subsidiaries[119]. - The company has held multiple shareholder meetings in 2023, with attendance rates ranging from 12.05% to 35.10%[131]. Social Responsibility and Sustainability - The company has actively engaged in social responsibility initiatives, linking industry development with rural revitalization[168]. - The company has complied with environmental regulations and has not faced any administrative penalties related to environmental issues[167]. - The company has committed to sustainability initiatives, planning to invest 50 million yuan in eco-friendly practices[178]. - The company aims to achieve carbon neutrality by 2025, aligning with global sustainability trends[184]. Legal and Financial Risks - The company is involved in a legal case regarding the original actual controller's contract fraud, with a final ruling resulting in the confiscation of 37,279,083 shares held by the controller and 78,345,524 shares held by 35 shareholders[189]. - The company is actively pursuing the recovery of shares held by the original actual controller of Daxiang Advertising, who was involved in a contract fraud case[197]. - The company has faced significant uncertainties regarding its ability to continue as a going concern due to declining revenues and substantial losses[188]. - The company will take necessary measures to address the impacts of the legal issues and financial adjustments on its operations[190].