众兴菌业(002772) - 2016年6月24日投资者关系活动记录表

Production and Sales Overview - The main product is Enoki mushrooms, with a production experience of over ten years, demonstrating strong competitiveness in brand, quality, and supply stability [2][3] - In 2015, the production volume of Enoki mushrooms was 80,358.49 tons, and sales volume was 80,532.55 tons, with sales slightly exceeding production due to year-end inventory [2][3] - In Q1 2016, production was 25,169.33 tons, with sales increasing due to the commissioning of the Shandong base and the acquisition of the Sichuan base [2][3] Capacity Planning - As of the end of 2015, the daily production capacity for Enoki mushrooms was 280 tons [3][4] - Ongoing projects include a 7,200-ton annual production line for King Oyster mushrooms and a 15,000-ton line for edible mushroom polysaccharides, expected to be operational in late 2016 and 2017 [3][4] Market Competition - The edible mushroom market is growing due to rising income and changing dietary preferences, with the total output value ranking sixth in China's agriculture [3][4] - In 2014, 69 factory-based edible mushroom enterprises were closed or merged, indicating market consolidation and maturity [3][4] Cost Analysis - Operating costs from 2013 to 2015 were 172.71 million, 237.80 million, and 282.06 million CNY, accounting for 65.43%, 62.01%, and 58.82% of revenue, respectively, showing a decreasing trend [3][4] - The unit cost of Enoki mushrooms was 3.78 CNY/kg in 2013, 3.43 CNY/kg in 2014, and increased to 3.50 CNY/kg in 2015 due to rising labor and depreciation costs [4] Core Competitiveness - The company employs liquid strain technology, which offers significant advantages over traditional solid strains, including reduced production costs and shorter growth times [5][6] - The average contamination rate in 2015 was 0.13%, significantly lower than the industry average of 2% [5][6] - The biological conversion rates for various bottle sizes were above 140%, compared to the industry average of 80% [5][6] Future Strategy - The company aims to enhance its R&D capabilities, expand into international markets, and diversify its product offerings beyond Enoki mushrooms to maintain competitiveness [6] - Plans include establishing a dedicated strain library and developing health-related products from edible mushrooms [6]