JINZI HAM(SZ:002515)2024-04-22 13:23Financial Performance - The company's operating revenue for 2023 was ¥313,700,326.22, a decrease of 29.43% compared to ¥444,554,147.12 in 2022[6]. - The net profit attributable to shareholders for 2023 was ¥40,062,954.75, down 18.29% from ¥49,028,768.05 in 2022[6]. - The net cash flow from operating activities decreased by 70.90% to ¥90,672,751.40 in 2023 from ¥311,621,307.49 in 2022[6]. - The total assets at the end of 2023 increased by 66.92% to ¥2,647,559,354.55 from ¥1,586,143,848.39 at the end of 2022[6]. - The basic earnings per share for 2023 was ¥0.04, a decline of 20.00% compared to ¥0.05 in 2022[6]. - The company reported a significant drop in net profit excluding non-recurring gains and losses, with a figure of ¥32,567,255.80 in 2023, down 7.75% from ¥35,303,874.20 in 2022[6]. - The company achieved operating revenue of CNY 313.70 million, a decrease of 29.43% year-on-year, with online sales contributing CNY 112.11 million, down 18.37%[50]. - Net profit attributable to shareholders was CNY 40.06 million, a decline of 18.29% compared to the previous year, primarily due to weak consumer demand and a drop in specialty meat product sales[50]. - The brand meat business reported revenue of CNY 28.74 million, down 46.82%, with a gross profit margin of -8.97%, an increase of 8.05 percentage points year-on-year[50]. - The ham industry accounted for 87.73% of total revenue, generating CNY 275.22 million, a decrease of 33.38% year-on-year[60]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 0.20 RMB per 10 shares to all shareholders, based on a total of 1,210,614,164 shares[8]. - The cash dividend distribution plan for 2023 is set at 0.20 CNY per 10 shares, totaling 24,212,283.28 CNY, which represents 100% of the profit distribution amount[167]. - The total distributable profit for the period is 99,759,909.92 CNY, with the cash dividend amount fully utilizing the available profits[167]. - The company approved a shareholder return plan for 2023-2025, emphasizing a stable and reasonable cash dividend policy to enhance investor returns[165]. Market and Industry Trends - The company operates in the meat industry, which has seen a steady growth trend, with pork products holding a 60% market share in China's meat product consumption[33]. - The market for traditional meat products is expected to continue growing due to increasing consumer recognition and demand for convenience and ready-to-eat products[34]. - The company aims to enhance brand value by sourcing all raw materials externally and focusing on brand premium pricing[34]. - The company focuses on producing Chinese-style ham, European fermented ham, sausages, and other specialty meat products, with ham being the core business and leading in market share and brand recognition[35]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[144]. Quality Control and Safety - The company adheres to strict quality control measures, including ISO9001 and ISO22000 standards, to ensure food safety and product quality[6]. - The company emphasizes the importance of food safety and quality control in response to increasing consumer awareness and regulatory scrutiny[6]. - The company has established a comprehensive monitoring and quality control system to ensure product standards are met throughout the production process[7]. - The company is committed to quality management, having obtained certifications such as ISO9001, ISO22000, and ISO14001, reinforcing its focus on product quality and safety standards[48]. Production and Inventory Management - The production cycle for ham exceeds 10 months, leading to a significant proportion of inventory in current assets, which poses liquidity risks[8]. - The company has a unique asset structure due to the long fermentation process of its products, which can enhance flavor and nutritional value over time[8]. - The company reported a significant decline in sales volume for specialty meat products, down 55.57% to 970,648 kg, while inventory levels increased by 32.21%[63]. - The company maintains a governance structure compliant with relevant laws and regulations, ensuring independent operations from its controlling shareholders[130]. Research and Development - Research and development expenditure amounted to 3,919,014.77 yuan, representing a decrease of 19.84% from the previous year, while the R&D expenditure as a percentage of operating revenue increased to 1.25%[74]. - The number of R&D personnel decreased by 18.42% to 31, with a notable reduction in the proportion of personnel holding bachelor's degrees[74]. - The company plans to launch new pre-packaged ham dishes, targeting annual sales of 50,000 cans for each product, enhancing brand recognition and extending the product line[73]. - The company is investing 100 million RMB in R&D for new technologies aimed at improving product quality and sustainability[144]. Corporate Governance and Management - The company has established a complete and independent organizational structure, with separate operational and financial systems from its controlling shareholders[131]. - The company has maintained a stable management team, with no significant changes in executive positions during the reporting period[135]. - The company is focused on expanding its market presence and enhancing product offerings through strategic initiatives[137]. - The company emphasizes the importance of corporate governance and transparency in its operations[137]. Financial Management and Investments - The company raised CNY 1.038 billion through a private placement of 232.3 million shares, with funds allocated for the construction of an intelligent industrial base[57]. - The company reported a significant increase in investment, with total investments amounting to 557,703,607.40, a 527.64% increase compared to the previous year[86]. - The company has committed to a project with an annual production capacity of 50,000 tons of meat products, with a total investment of 94,707 million yuan, and 20,585 million yuan has been invested as of June 30, 2023[95]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[177]. Employee and Workforce Management - The total number of employees at the end of the reporting period is 408, with 14 in the parent company and 394 in major subsidiaries[161]. - The professional composition includes 163 production personnel, 81 sales personnel, 118 technical personnel, 25 financial personnel, and 21 administrative personnel[162]. - The company has implemented a salary distribution system that links compensation to job responsibilities and performance, emphasizing efficiency and overall balance[163]. - The company is focused on enhancing management personnel's work motivation through competitive compensation[153]. Future Outlook and Strategic Initiatives - The 2024 operational plan emphasizes management optimization, quality improvement, cost reduction, market expansion, and innovation in product development[112]. - The company will implement an Amiba management model to enhance operational efficiency and employee engagement[119]. - New product development will focus on room temperature products, guided by market research to identify customer needs[120]. - The company aims to fill domestic market gaps with the development of an automatic salting machine, improving production efficiency and reducing labor intensity[73].