BAIYANG(SZ:002696)2024-04-26 11:23Financial Performance - The company reported significant financial metrics in the 2023 annual report, with a focus on revenue growth and profitability[16]. - The company's operating revenue for 2023 was ¥2,720,215,725.75, a decrease of 15.36% compared to ¥3,213,988,743.45 in 2022[21]. - The net profit attributable to shareholders was -¥27,593,739.86 in 2023, representing a decline of 144.26% from ¥62,338,831.59 in 2022[21]. - The net cash flow from operating activities increased by 35.93% to ¥240,060,791.79 in 2023, up from ¥176,602,946.46 in 2022[21]. - The total assets at the end of 2023 were ¥2,973,962,804.48, reflecting a 2.89% increase from ¥2,890,431,931.03 at the end of 2022[21]. - The company's basic earnings per share for 2023 was -¥0.08, down 144.44% from ¥0.18 in 2022[21]. - The weighted average return on equity was -1.95% in 2023, a decrease of 6.41% from 4.46% in 2022[21]. - The company reported a net profit excluding non-recurring gains and losses of -¥39,392,278.37 in 2023, a decline of 172.34% from ¥54,451,904.94 in 2022[21]. - The company experienced a significant drop in net profit due to various factors, including a decrease in operating revenue and increased costs[21]. - The company reported a net profit for 2023 of CNY -23.32 million, a decline of 134.50% year-on-year[57]. Strategic Development - The company is actively engaged in new product and technology development to enhance its market position[16]. - Market expansion strategies are being implemented to increase the company's footprint in the industry[16]. - The company is exploring merger and acquisition opportunities to bolster its growth and market share[16]. - The company aims to enhance its feed business by focusing on shrimp feed and special aquatic feed products as key growth areas[40]. - The company has developed new high-end aquaculture feed products "Luo Fei Feng Yuan" and "Cao Yu Feng Yuan" to help reduce farming costs and improve efficiency[41]. - The company has introduced a series of special aquatic feed products targeting species like freshwater grouper and California bass, along with a product line aimed at improving fish liver health[44]. - The company aims to enhance its technological innovation capabilities and expand its product offerings, striving to become a global supplier of high-quality seafood[53]. - The company intends to transition from a single feed product provider to a comprehensive aquaculture service provider, integrating breeding, feed, and processing services[100]. - The company plans to develop processed aquatic products using tilapia, golden pomfret, and sea bass, emphasizing refined processing techniques and consumer-friendly packaging[101]. Research and Development - The company has established technical cooperation with several universities and research institutions to enhance its R&D capabilities[56]. - Research and development expenses for 2023 were CNY 4.94 million, a decrease of 24.29% year-on-year[60]. - The company reported a total R&D investment of ¥4,937,037.28 in 2023, a decrease of 24.29% compared to ¥6,520,953.76 in 2022[75]. - The company has made progress in developing innovative drying techniques for aquatic products, improving production efficiency and reducing energy consumption[73]. - The company is focusing on the development of functional collagen peptide products, enhancing its product offerings and economic benefits[74]. Operational Efficiency - The company has established a comprehensive food safety and quality control system, achieving multiple certifications including ISO9001 and HACCP[56]. - The company has formed a complete aquaculture industry chain, enhancing business synergy and risk diversification[56]. - The company has optimized the extraction process of collagen peptides, improving production efficiency and product quality[74]. - The company has established a disaster and disease prevention system to mitigate risks from natural disasters and farming diseases affecting its feed business[104]. - The company has a short fishing operation cycle of approximately 3 days, which helps to avoid the impact of natural disasters on fishing activities[104]. Governance and Compliance - The management team is committed to transparency and accuracy in financial reporting, ensuring compliance with regulatory standards[4]. - The company has a governance structure that includes a board of directors with 7 members, 3 of whom are independent directors, ensuring compliance with relevant regulations[110]. - The company conducted 9 board meetings and 5 supervisory meetings during the reporting period, maintaining transparency and oversight in its operations[111]. - The company emphasizes transparency in information disclosure and investor relations management[113]. - The company is committed to complying with legal regulations and internal governance standards[142]. Environmental Responsibility - The company emphasizes sustainable development and social responsibility, focusing on economic, social, and ecological benefits[173]. - The company has implemented measures to reduce carbon emissions, with no administrative penalties reported for environmental issues during the reporting period[173]. - The company has established a comprehensive traceability system for its products, ensuring compliance with safety standards[175]. - The company has maintained compliance with environmental protection standards, with valid discharge permits for its subsidiaries until 2027[165]. - The company has established an online monitoring system for wastewater, continuously tracking indicators such as COD, ammonia nitrogen, and pH levels[170]. Market Trends - The overall industry trend indicates increasing demand for high-quality aquatic products in China, driven by rising living standards and environmental protection initiatives[100]. - The demand for aquaculture feed decreased in 2023 due to lower stocking and feeding volumes, resulting in a decline in product prices and sales, alongside rising costs of animal protein feed raw materials[32]. - In 2023, China's total feed industry output value reached 1,401.83 billion yuan, an increase of 6.5% year-on-year, with total industrial feed production at 32,162.7 million tons, up approximately 6.6% from the previous year[30]. Subsidiary Performance - The subsidiary Guangxi Baiyue Agricultural and Animal Husbandry Co., Ltd. generated revenue of 565,861,018 CNY and a net profit of 14,974,613 CNY[93]. - The subsidiary Hainan Baiyang Feed Co., Ltd. reported revenue of 163,725,633 CNY[93]. - The subsidiary Guangdong Yujia Aquatic Products Co., Ltd. achieved revenue of 242,910,115 CNY and a net profit of 2,646,527.8 CNY[93]. - The subsidiary Hong Kong Baiyang Industrial Co., Ltd. reported revenue of 874,281,509 CNY and a net profit of 6,317,907.3 CNY[93]. - The subsidiary Hainan Jiadexin Food Co., Ltd. generated revenue of 405,323,383 CNY and a net profit of 7,390,025.6 CNY[93].