Core Viewpoint - The company, Yuehai Feed, reported a significant decline in revenue and net profit for the fiscal year 2024, indicating financial challenges despite a slight increase in cash flow from operating activities [1][2]. Financial Performance Summary - **Revenue**: In 2024, the company achieved a revenue of 5.912 billion yuan, a decrease of 13.98% compared to 6.872 billion yuan in 2023 [2][3]. - **Net Profit**: The net profit attributable to shareholders was -85.392 million yuan in 2024, a decline of 307.55% from 41.143 million yuan in the previous year [2][3]. - **Net Profit Excluding Non-Recurring Items**: The net profit after excluding non-recurring items was -103.293 million yuan, down 539.35% from 23.511 million yuan in 2023 [2][3]. - **Operating Cash Flow**: The net cash flow from operating activities was 5.194 billion yuan, an increase of 8.47% from 4.788 billion yuan in 2023 [1][2]. Earnings Per Share and Return on Equity - **Earnings Per Share**: Basic and diluted earnings per share were both -0.12 yuan in 2024, a decrease of 300% from 0.06 yuan in 2023 [2][3]. - **Return on Equity**: The weighted average return on equity was -3.25% in 2024, down 4.74% from 1.49% in the previous year [2][3]. Asset and Equity Position - **Total Assets**: As of the end of 2024, total assets amounted to 4.790 billion yuan, a 3.33% increase from 4.635 billion yuan at the end of 2023 [2][3]. - **Shareholder Equity**: The equity attributable to shareholders was 2.577 billion yuan at the end of 2024, a decrease of 5.60% from 2.730 billion yuan in 2023 [2][3]. Recent Quarterly Performance - **Q1 2025 Revenue**: In the first quarter of 2025, the company reported a revenue of 933 million yuan, a year-on-year increase of 9.58% [3][4]. - **Q1 2025 Net Profit**: The net profit attributable to shareholders was -24.669 million yuan, an improvement from -56.160 million yuan in the same period last year [3][4]. - **Q1 2025 Operating Cash Flow**: The net cash flow from operating activities was -47.484 million yuan, slightly worse than -47.382 million yuan in Q1 2024 [3][4].