登海种业(002041) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was CNY 1,551,975,042.78, representing a year-on-year increase of 17.06% compared to CNY 1,325,793,968.31 in 2022[36]. - The net profit attributable to shareholders for 2023 was CNY 255,783,003.82, a slight increase of 1.01% from CNY 253,220,120.69 in 2022[36]. - The net cash flow from operating activities surged by 360.24% to CNY 178,886,548.03, compared to CNY 38,868,296.53 in the previous year[36]. - The total assets at the end of 2023 amounted to CNY 4,802,168,323.50, reflecting a growth of 3.77% from CNY 4,627,682,170.43 at the end of 2022[36]. - The basic earnings per share for 2023 was CNY 0.2907, showing a growth of 1.01% from CNY 0.2878 in 2022[36]. - The weighted average return on equity decreased to 7.43% in 2023 from 7.92% in 2022, a decline of 0.49%[36]. - The net profit after deducting non-recurring gains and losses was CNY 177,344,840.06, which is a 9.35% increase from CNY 162,181,650.91 in 2022[36]. - The company's net assets attributable to shareholders increased by 7.72% to CNY 3,569,553,948.26 at the end of 2023, compared to CNY 3,313,770,944.44 at the end of 2022[36]. Revenue Breakdown - Corn seed sales accounted for ¥1,353,831,383.12, which is 87.23% of total revenue, showing a growth of 15.25% from ¥1,174,641,626.87 in the previous year[46]. - The northern region contributed ¥1,397,620,061.00, accounting for 90.05% of total revenue, with a year-on-year growth of 24.94%[46]. - The southern region's revenue decreased by 25.48% to ¥154,354,981.78, representing only 9.95% of total revenue[46]. Research and Development - The company has a strong focus on R&D, with a significant increase in the number of proprietary and competitive new varieties in recent years[44]. - The company's R&D investment increased by 32.39% to ¥70,325,345.47 in 2023, representing 4.53% of total revenue[61]. - The number of R&D personnel increased by 9.88% to 178, with a notable rise in younger staff under 30 years old, increasing by 200%[61]. - The company has developed new corn varieties that are resistant to southern rust and high temperatures, contributing to improved agricultural productivity[61]. - The company successfully developed 14 new corn varieties, which were approved by the National Crop Variety Approval Committee, enhancing its product portfolio[133]. - The company has maintained a stable business model focused on crop variety breeding and seed production, aligning with national industry development policies[154]. - The company has a strong R&D capability with 6 national-level and 3 provincial-level R&D platforms, ensuring its technological leadership in the industry[155]. Investment and Assets - The total investment during the reporting period was ¥102,060,000, representing a 521.90% increase compared to ¥16,411,000 in the same period last year[73]. - The investment in the Qingdao Biotechnology R&D Center reached CNY 111.1263 million, with 98.61% of the project completed, supporting breeding innovation[133]. - The company has invested ¥41,140,360.61 in various agricultural projects, with a cumulative actual investment of ¥146,786,392.27[73]. - The total cash inflow from investment activities was 5,182,447,088.57, down from 5,525,938,551.03, reflecting a decrease of about 6.2%[169]. Cash Flow and Financing - The net cash flow from operating activities rose significantly by 360.24% to ¥178,886,548.03, primarily due to an increase in cash received from sales[62]. - The net cash outflow from investing activities increased by ¥196,373,348.90, primarily due to a decrease in net purchases and redemptions of financial products[48]. - The net cash inflow from financing activities increased by ¥29,629,327.71, mainly due to dividend distributions and interest payments in the previous period[48]. - The net cash flow from financing activities improved to 6,962,632.38, compared to a negative flow of -22,666,695.33 previously, indicating a turnaround[169]. Market Position and Strategy - The company ranked 4th in total sales of commercial seeds and 2nd in hybrid corn sales in 2022, with "Denghai 605" and "Xianyu 335" being among the top 10 varieties in terms of planting area[41]. - The company has improved its marketing model to adapt to the rise of new customer groups such as large-scale farmers and agricultural cooperatives[43]. - The company plans to focus on innovation and high-quality development in 2024, emphasizing the importance of securing national food and agricultural seed safety[92]. - The company aims to increase hybrid corn production area to 120,000 mu, with a focus on improving yield by over 10% and achieving an annual production of quality seeds reaching 70,000 tons by 2025[167]. Challenges and Risks - The overall supply and demand situation in the corn seed market is stabilizing, but competition remains intense due to high homogeneity among approved varieties[133]. - The company is committed to addressing risks related to natural disasters and the development of new crop varieties, which are critical for maintaining seed quality and yield[99][100]. Corporate Governance and Recognition - The company has been recognized as a "Ten-Year AAA Credit Enterprise" and a "China Seed Industry Credit Star Enterprise" by the China Seed Association in 2022[41]. - The company has established a comprehensive legal protection and anti-counterfeiting mechanism to safeguard its interests from illegal activities[133]. - The company is recognized as a national high-tech enterprise and has established partnerships with domestic universities and multinational companies for continuous technological innovation[155].