TRS(002567)2024-08-30 11:12Financial Performance - The company's operating revenue for the first half of 2024 was ¥10,837,074,787.18, a decrease of 19.60% compared to ¥13,479,628,446.96 in the same period last year[10]. - Net profit attributable to shareholders was ¥4,657,048.50, a significant turnaround from a loss of ¥664,031,736.77 in the previous year, representing a 100.70% increase[10]. - The net profit after deducting non-recurring gains and losses was ¥3,586,253.88, compared to a loss of ¥652,556,350.20 last year, marking a 100.55% improvement[10]. - The net cash flow from operating activities was ¥31,753,363.04, down 56.98% from ¥73,808,473.71 in the previous year[10]. - Basic and diluted earnings per share were both ¥0.0033, a recovery from a loss of ¥0.4796 per share in the same period last year, reflecting a 100.69% increase[10]. - Total revenue for the reporting period was CNY 1,083,707.48 million, a decrease of 19.60% compared to CNY 1,347,962.84 million in the same period last year[31]. - The net loss for the first half of 2024 was CNY 31,459,943.70, significantly improved from a net loss of CNY 758,666,715.21 in the first half of 2023[155]. - The total equity of the company rose to CNY 8,733,031,991.72 in the first half of 2024, up from CNY 8,507,641,543.87 in the first half of 2023, indicating a growth of 2.6%[154]. Revenue and Sales - The company achieved operating revenue of 10.837 billion yuan, a year-on-year decrease of 19.60%[17]. - Feed segment revenue was CNY 743,972.36 million, accounting for 68.65% of total revenue, down 26.98% from CNY 1,018,800.49 million last year[31]. - The pig farming segment saw revenue increase by 11.91% to CNY 258,473.62 million, representing 23.85% of total revenue[31]. - The company sold 1.8828 million heads of pigs, an increase of 13.46% year-on-year, with fattened pigs accounting for 87.48% of the total[17]. - The company’s revenue from the South China region increased by 55.28% to CNY 229,977.25 million, indicating strong market performance in that area[31]. Costs and Expenses - The operating cost decreased by 24.15% to approximately ¥10.00 billion from ¥13.18 billion year-on-year[30]. - The company reported a significant decrease in investment, with total investments of CNY 224,536,860.12, down 61.46% from CNY 582,635,462.80 in the previous year[38]. - The company’s interest expenses increased to approximately ¥71.30 million, compared to ¥67.14 million in the same period last year[157]. - The cash paid for purchasing goods and services decreased to approximately ¥683 million, down from ¥863 million in the first half of 2023, indicating a reduction of 20.8%[161]. Assets and Liabilities - Total assets at the end of the reporting period were ¥17,684,946,091.54, an increase of 3.97% from ¥17,009,423,697.72 at the end of the previous year[10]. - Total liabilities reached CNY 11,657,703,935.83, up from CNY 11,028,638,223.09, indicating an increase of approximately 5.69%[149]. - The company’s total liabilities increased to CNY 6,375,026,376.55 in the first half of 2024, compared to CNY 5,789,185,787.73 in the same period of 2023, marking an increase of 10.1%[154]. - Cash and cash equivalents at the end of the reporting period were CNY 199,602.13 million, accounting for 11.29% of total assets, down from 12.29% last year[34]. Investments and Projects - The company has invested RMB 12,024.6 million in the Hunan Huayuan County pig breeding project, achieving an investment progress of 100.21%[50]. - The company reported a total investment of RMB 15,508.67 million in the Foshan Gaoming District pig breeding project, with an investment progress of 101.38%[50]. - The company is expanding its production capacity with new projects, including a 24,000-ton animal nutrition core additive production base in Hunan Zhuzhou, which has achieved an investment progress of 101.61%[51]. - The company has allocated RMB 10,209.43 million for the Hubei Wuhan special aquatic feed project, with an investment progress of 65.87%[50]. Risk Management - The company faces environmental risks due to its operations, which generate noise, odors, and wastewater, and has implemented necessary environmental protection facilities[67]. - The company is exposed to significant epidemic risks in pig farming, which can lead to reduced production and financial losses if not managed effectively[68]. - Fluctuations in raw material prices, particularly for corn and soybean meal, directly impact production costs and profit margins[69]. - The company is enhancing its disease prevention and production cost management systems to mitigate risks associated with pig farming[70]. Environmental Compliance - The company has implemented various environmental protection laws and standards, including the "Environmental Protection Law of the People's Republic of China" and the "Air Pollution Prevention and Control Law" among others[82]. - The company has a total nitrogen discharge of 41.4 tons per year from the Ten Mile Chong base, with no exceedance of discharge limits reported[85]. - The company reported a total nitrogen concentration of 229 mg/l at the Dongchong site, indicating effective wastewater management[88]. - The company’s wastewater treatment process includes ozone disinfection, enhancing the quality of treated water[89]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[74]. - The employee stock ownership plan includes 210 employees holding a total of 5,924,985 shares, representing 0.41% of the company's total equity[77]. - The company has not reported any overdue guarantees that would significantly impact its financial position[120]. - The largest shareholder, Hunan Tangrenshen Holdings, holds 11.24% of the shares, totaling 161,091,448 shares, with 83,630,000 shares pledged[135]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters, aiming for a more robust recovery[167]. - The company aims to improve operational efficiency and reduce costs by approximately 5% in the next fiscal year[167]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge in the market[167]. - The company has set a performance guidance for the next quarter, targeting a revenue growth of 10% year-over-year[167].