Core Viewpoint - Xiangjia Co., Ltd. announced a delay in some fundraising projects due to a prolonged downturn in the breeding industry, which has affected project progress and profitability [1][2]. Group 1: Project Delays and Financial Impact - The company plans to postpone the completion dates of three projects from December 31, 2025, to December 31, 2026, due to macroeconomic factors and changes in project implementation [2]. - Completed projects have not met expected profitability, with significant losses reported: the 13.5 million chicken breeding base project incurred a net loss of 0.93 million yuan, and the pig breeding base project reported a net profit of only 0.33 million yuan [3]. - The company has invested 4.48 billion yuan of the 6.4 billion yuan raised through convertible bonds, leaving a balance of 1.91 billion yuan [2]. Group 2: Financial Performance and Market Conditions - In the first three quarters of the year, the company's revenue increased by 9.63% to 3.272 billion yuan, but net profit plummeted by 74.89% to 22.348 million yuan due to low poultry prices [4]. - The average price of chicken in November was 6.95 yuan per kilogram, leading to losses of 0.14 yuan per chicken [4]. - The company's gross margin has decreased significantly, with the second quarter gross margin at 10.48%, down 5.57 percentage points year-on-year, and the third quarter gross margin at 16.26%, down 6.12 percentage points [5]. Group 3: Expansion and Debt Levels - Xiangjia Co., Ltd. has expanded its fixed assets from 1.151 billion yuan in 2021 to 2.369 billion yuan, a 106% increase, while interest-bearing debt rose from 0.571 billion yuan to 1.551 billion yuan [6]. - Despite revenue growth of nearly 40% from 2021 to 2024, net profit has fluctuated significantly, with a loss of 14.7 million yuan in 2023 [6]. - The company's financial expenses reached 50.359 million yuan, a 26% increase, while depreciation costs have also hit record highs [6]. Group 4: Cost Structure and Cash Flow - Xiangjia Co., Ltd. has a high expense ratio compared to peers, with a sales expense ratio of 9.37%, the highest among eight listed poultry companies [7]. - The company's cash and short-term debt ratio is only 0.94, indicating potential liquidity issues [7]. - The net operating cash flow has significantly decreased, raising concerns about the company's financial stability following its aggressive expansion [7].
湘佳股份募投项目延期：禽价低迷已完工项目未能实现预定收益 多年扩张增收不增利