大北农(002385) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was ¥33,390,129,865.04, representing a 3.07% increase compared to ¥32,396,746,022.43 in 2022[15]. - The net profit attributable to shareholders for 2023 was -¥2,173,885,940.88, a significant decrease of 4,355.85% from ¥55,601,766.41 in 2022[15]. - The net cash flow from operating activities for 2023 was ¥245,327,637.61, down 82.67% from ¥1,432,351,027.90 in 2022[15]. - The basic earnings per share for 2023 was -¥0.53, a decline of 5,400.00% compared to ¥0.01 in 2022[15]. - Total assets at the end of 2023 were ¥29,784,362,506.10, a decrease of 4.64% from ¥31,174,429,135.15 at the end of 2022[15]. - The net assets attributable to shareholders at the end of 2023 were ¥8,084,091,479.86, down 24.92% from ¥10,752,974,607.43 at the end of 2022[15]. - The company reported a quarterly operating revenue of ¥9,458,704,696.88 in Q4 2023, the highest among the four quarters[19]. - The net profit attributable to shareholders in Q4 2023 was -¥1,265,490,199.21, contributing to the overall annual loss[19]. - Non-recurring gains and losses for 2023 totaled -¥171,937,272.17, compared to -¥113,418,811.50 in 2022[21]. - The company experienced a significant decline in net profit margins, with a weighted average return on equity of -22.96% in 2023[15]. Revenue Breakdown - The seed business revenue grew by 48.84%, while the feed business revenue increased by 7.76%[28]. - The feed business generated revenue of CNY 24,020.78 million in 2023, representing a year-on-year growth of 7.76%, with total feed sales volume of 5.85 million tons, up 10.08%[35]. - In 2023, the company's seed business achieved revenue of CNY 1,405.45 million, a year-on-year increase of 48.84%, with seed sales volume reaching 61.66 million kg, up 47.39%[32]. - The pig farming segment generated ¥5.70 billion, a 4.31% increase compared to ¥5.47 billion in 2022, but with a negative gross margin of -7.91%[47]. - The company's revenue from the seed industry increased from 403 million yuan in 2019 to 1.405 billion yuan in 2023, with a compound annual growth rate (CAGR) of 36.65%[45]. - The feed business revenue rose from 13.04 billion yuan in 2019 to 24.021 billion yuan in 2023, achieving a CAGR of 16.50%[45]. - The revenue from the pig farming business grew from 1.947 billion yuan in 2019 to 5.702 billion yuan in 2023, with a CAGR of 30.82%[45]. Market Expansion and Strategy - The company is actively exploring market expansion opportunities to increase its footprint in the agricultural sector[2]. - The company plans to continue expanding its market presence in South America, implementing the "technology-driven grain import" strategy[29]. - The company is focusing on technological innovation and collaboration with academic institutions to maintain a competitive edge in the seed market amid increasing competition[92]. - The company is actively working on expanding its market presence and product offerings through innovation and strategic partnerships[92]. - The company is targeting new regions in Southeast Asia, which is anticipated to increase market share by 10%[120]. Research and Development - The company has a strong focus on research and development of new products and technologies to enhance its market position[2]. - The company's R&D investment in 2023 was 834 million yuan, reflecting an increase of 11.68% year-on-year, with a compound growth rate of 6.85% from 2016 to 2023[44]. - The company has filed a total of 2,681 patent applications, with 2,010 patents granted as of the end of 2023[44]. - The company has developed over 20 new protein feed raw materials and nearly 20 new compound feed products as part of its national key research and development project[35]. - The company is developing a dual vaccine for pig respiratory diseases, with clinical trials completed and registration in progress[60]. - The company is advancing a new vaccine for porcine circovirus, with laboratory and clinical trials completed, and is in the registration phase[60]. Risk Management - The company reported significant risks related to feed raw material price fluctuations, which heavily impact its revenue from feed business[2]. - The company faces health risks in pig farming, including diseases that could reduce pig production and affect feed demand[2]. - The cyclical fluctuations in pig prices due to various factors could adversely affect the company's operational performance stability[3]. - The company continues to prioritize animal health and biosecurity measures to mitigate risks in its farming operations[2]. - The company has implemented a strict three-tier biosecurity system around pig farms, including vehicle separation and thorough cleaning protocols[90]. - The company is implementing strategies to mitigate raw material price volatility through strategic partnerships and optimized procurement channels[89]. Corporate Governance - The company is committed to improving governance structures in compliance with regulatory requirements to enhance operational standards[96]. - The company maintains independence from its controlling shareholder in terms of business operations, personnel, assets, and finances[102]. - The company has established a modern corporate governance structure with a clear division of responsibilities among the board of directors, supervisory board, and management[106]. - The company has an independent financial department and a separate financial accounting system, ensuring no interference from the controlling shareholder in financial decisions[106]. - The company has conducted compliance training to improve risk prevention awareness among its employees[146]. - The company has established a long-term commitment to transparency and accountability in its financial practices, reinforcing investor confidence[177]. Environmental Compliance - The company adheres to multiple environmental protection laws and standards, including the Environmental Protection Law of the People's Republic of China and various industry-specific pollutant discharge standards[152]. - The company has implemented strict measures to ensure compliance with environmental standards, including monitoring and reporting of various pollutants[155]. - The company reported a total wastewater discharge of 0.017 tons for ammonia nitrogen (NH3-N) against an annual limit of 0.2 tons, indicating compliance with standards[156]. - The company achieved a chemical oxygen demand (COD) discharge of 0.392 tons, well below the annual limit of 2.0 tons[156]. - The company has implemented effective strategies for reducing wastewater and emissions, contributing to sustainable operational practices[161]. Shareholder Engagement - The company held three temporary shareholder meetings and one annual shareholder meeting in 2023, with investor participation rates of 26.90%, 26.49%, 26.98%, and 26.12% respectively[107]. - The annual shareholder meeting approved the 2022 annual report and financial statements, including the profit distribution plan[107]. - The company has maintained a stable shareholding structure, with key executives holding significant shares[110]. - The company is actively engaging in related party transactions, which are being closely monitored and approved by shareholders[108]. Employee Development - The company emphasizes employee training and development, implementing various training programs to enhance skills and management capabilities[136]. - The company has a competitive salary structure aimed at attracting and retaining talent, including fixed salaries, performance bonuses, and long-term incentives[135]. - The company reported a total of 18,465 employees at the end of the reporting period, with 7,856 in production, 4,727 in sales, and 2,991 in technical roles[133].