Core Viewpoint - Dayu Bioengineering Co., Ltd. reported a significant decline in revenue and net profit for 2024, indicating ongoing challenges in the industry due to external factors and market competition [1][2]. Company Summary - Dayu Bio's 2024 revenue was 123 million yuan, a year-on-year decrease of 23.71%, while the net profit attributable to shareholders was -23.94 million yuan, a staggering drop of 1045.71% [1]. - The company, established in 2014 and listed on the Beijing Stock Exchange in 2022, has faced losses since 2023, with 2023 revenue at 161 million yuan and a net profit of -0.21 million yuan [1]. - The decline in performance is attributed to the African swine fever epidemic, production capacity adjustments, and intensified competition in the feedstock market [1]. Industry Summary - The past year saw a recovery in pig prices due to falling prices of major raw materials like soybean meal, but consumer demand has not rebounded as expected, leading to reduced pig inventory and declining feed sales [2]. - The industry has faced significant challenges since 2020, with many companies experiencing operational difficulties and rising debt levels [2]. - Dayu Bio plans to extend its business model into pig farming, establishing a wholly-owned subsidiary to implement a self-breeding and "company + farmer" model, aiming to stabilize its operations [2][3]. - The company believes that integrating pig farming into its feed production will create a closed-loop sales system, reduce costs, and enhance operational efficiency [3]. - However, the industry faces challenges such as intensified competition, high disease prevention costs, and price volatility, which could impact the effectiveness of Dayu Bio's transformation efforts [3].
大禹生物业绩连年不振 转型生猪养殖探索破局之路