PDAH(SZ:002505)2024-05-28 13:56Financial Performance - The company's operating revenue for 2023 was approximately ¥17.45 billion, a decrease of 10.1% compared to ¥19.42 billion in 2022[15]. - After deducting non-recurring gains and losses, the operating revenue for 2023 was approximately ¥17.40 billion, down from ¥19.33 billion in 2022, reflecting a decline of 9.8%[15]. - The company's total revenue for 2023 was approximately CNY 17.45 billion, a decrease of 10.15% compared to CNY 19.42 billion in 2022[57]. - In 2023, the company achieved operating revenue of 17.449 billion yuan and a net profit attributable to the parent company of -0.935 billion yuan[160]. - The company reported a non-operating loss of 66.01 million yuan from the disposal of non-current assets in 2023[188]. Market and Consumption Trends - The domestic beef consumption in 2023 reached 11.06 million tons, showing a year-on-year growth of 3.7%, while the domestic beef production was only 7.5 million tons, resulting in a supply gap of 3.56 million tons[22]. - The self-sufficiency rate for beef in China was reported at 67.83%, indicating a significant reliance on imports to meet domestic demand[22]. - The apparent consumption of lamb in China for 2023 was approximately 5.74 million tons, with a year-on-year increase of 2.5%[22]. - The soybean self-sufficiency rate in China was only 17.21%, with over 80% of soybean supply relying on imports, highlighting the ongoing dependency on foreign sources[20]. - The average per capita beef consumption in China increased from 4 kg in 2000 to 6.58 kg in 2021, indicating a growing demand for beef products[38]. Strategic Initiatives - The company aims to integrate global agricultural resources to meet the upgrading consumption demands in China, focusing on sectors such as agricultural inputs, grain trade, beef, lamb, and dairy[20]. - The company is positioned to benefit from government support for the beef industry, with a target self-sufficiency rate of 85% for beef and lamb by 2025[23]. - The company is actively involved in the development of new technologies and products to enhance its competitive edge in the agricultural sector[20]. - The company is implementing a "agriculture + food" strategy to capitalize on market opportunities arising from consumption upgrades[47]. - The company plans to enhance its dairy segment's profitability by exploring innovative models and seizing industry development opportunities[72]. Revenue and Cost Analysis - The livestock farming sector generated revenue of CNY 537.94 million, representing a 42.01% increase from CNY 378.79 million in the previous year[57]. - The meat cattle segment saw a significant revenue increase of 112.62%, reaching CNY 157.96 million compared to CNY 74.29 million in the prior year[57]. - Direct materials cost for sheep meat increased by 55.16% year-on-year, totaling 240,429,050.69 yuan, representing 1.50% of the total operating costs[60]. - Direct labor cost for beef increased by 287.36% year-on-year, amounting to 13,184,204.74 yuan, which is 0.08% of the total operating costs[60]. - The company's R&D expenses rose by 47.62% year-on-year to 14,419,778.40 yuan, primarily due to increased investment in sheep industry research[65]. Investment and Financing - The total investment amount for the reporting period was ¥391,587,273.93, a decrease of 7.14% compared to the previous year's ¥421,677,393.44[88]. - The company has established risk control measures for hedging activities, ensuring compliance with relevant laws and regulations[92]. - The company plans to extend the original project timeline from May 2024 to May 2025 to enhance risk resistance by diversifying beef sources through imports and local sourcing in Yunnan[117]. - The company has not engaged in any significant equity investments during the reporting period[107]. - The company utilized a total of RMB 650 million of idle raised funds for temporary working capital from December 19, 2021, to December 31, 2023, and has returned the same amount to the special account for raised funds[136]. Operational Developments - The company is expanding its cross-border supply chain for live cattle import and export, with a processing capacity of 500,000 cattle per year[54]. - The company has established several new subsidiaries, including Ludian Pengniu Agricultural Development Co., Ltd., with no significant impact on overall operations[120]. - The company is focusing on the development of a digital sheep management system and a big data platform to enhance operational efficiency in its sheep farming business[142]. - The company has signed an investment agreement with the local government in Yunnan for cross-border animal disease management, establishing a foundation for its beef industry development[150]. - The company acknowledges risks associated with overseas operations and currency fluctuations, which may impact its financial performance[144]. Future Outlook - The company plans to implement a new supply chain strategy aimed at reducing costs by 15% over the next two years[200]. - The company aims to enhance operational capabilities and profitability in its core industries, focusing on market-driven innovation and high-quality development[122]. - The company will disclose the implementation status of its business plans in future periodic reports, emphasizing the need for investors to recognize the risks involved[148]. - Future development prospects are discussed in detail in the management's analysis section of the report[193]. - The company has provided a revenue guidance of RMB 6 billion for the full year 2023, which reflects a growth target of 10%[200].