Financial Performance - Revenue for the year ended December 31, 2024, was RMB 20,096,160 thousand, representing a 7.5% increase from RMB 18,693,896 thousand in 2023[3] - Gross profit increased by 29.4% to RMB 5,782,990 thousand compared to RMB 4,469,785 thousand in the previous year[3] - The company reported a net loss attributable to owners of RMB 690,890 thousand, a significant improvement from a loss of RMB 1,049,980 thousand in 2023[3] - EBITDA for the year was RMB 5,324,910 thousand, reflecting a 38.3% increase from RMB 3,851,418 thousand in the prior year[3] - The company did not recommend a final dividend for the year ended December 31, 2024[3] - Other income rose to RMB 549,370 thousand from RMB 453,821 thousand, indicating a growth of 21.0%[8] - The cost of sales increased to RMB 18,782,079 thousand from RMB 17,499,357 thousand, reflecting a rise of 7.3%[8] - The company experienced a loss of RMB 774,465 thousand before tax, an improvement from a loss of RMB 1,359,504 thousand in the previous year[8] - Total comprehensive loss for the year was RMB 936,534 thousand, compared to RMB 1,511,836 thousand in 2023, showing a reduction of 38.1%[10] - The annual loss for the group in 2024 was RMB 690,890,000, a decrease from RMB 1,049,980,000 in 2023, indicating an improvement in financial performance[55] Assets and Liabilities - Total assets increased to RMB 35,300,474 thousand in 2024 from RMB 34,793,319 thousand in 2023, representing a growth of approximately 1.46%[12] - Non-current assets decreased slightly to RMB 22,546,780 thousand in 2024 from RMB 25,285,148 thousand in 2023, a decline of about 10.9%[13] - Current liabilities rose to RMB 21,109,887 thousand in 2024, up from RMB 20,914,580 thousand in 2023, indicating an increase of approximately 0.93%[13] - The company's net asset value decreased to RMB 12,159,758 thousand in 2024 from RMB 13,098,695 thousand in 2023, a decline of about 7.2%[13] - Cash and cash equivalents dropped significantly to RMB 829,310 thousand in 2024 from RMB 3,935,982 thousand in 2023, a decrease of approximately 78.9%[12] - The company's goodwill remained unchanged at RMB 672,014 thousand for both 2024 and 2023[12] - The company's total equity attributable to owners decreased to RMB 11,295,246 thousand in 2024 from RMB 11,830,718 thousand in 2023, a decline of approximately 4.5%[13] Production and Sales - The annualized milk production per cow (excluding certain breeds) increased to 12.6 tons from 12.0 tons, marking a 5.0% improvement[3] - Revenue from raw milk sales is RMB 15,100,802,000 for 2024, compared to RMB 12,902,987,000 in 2023, reflecting an increase of about 17%[32] - Revenue from feed sales decreased to RMB 4,446,410,000 in 2024 from RMB 5,209,450,000 in 2023, a decline of approximately 14.6%[32] - The total raw milk production for the company was 3,747,448 tons, with an annualized yield per cow of 12.6 tons, reflecting a 5.0% increase from the previous year[68] - The volume of raw milk sold increased by 24.6% from 2,945,840 tons in 2023 to 3,669,563 tons in the reporting period[125] Costs and Expenses - Total sales cost rose to RMB 18,782,079 thousand in 2024, compared to RMB 17,499,357 thousand in 2023, indicating an increase of about 7.3%[45] - The total employee costs rose to RMB 965,947,000 in 2024, compared to RMB 876,966,000 in 2023, marking an increase of about 10.1%[54] - Administrative expenses increased by 3.7% from RMB 778 million in 2023 to RMB 807 million, with a decrease in the proportion of administrative expenses to revenue from 4.2% to 4.0%[141] - Sales and distribution expenses rose by 2.1% from RMB 620 million in 2023 to RMB 632 million, with the proportion of these expenses to revenue decreasing from 3.3% to 3.1%[140] - Other expenses surged by 74.6% from RMB 70 million in 2023 to RMB 123 million, primarily due to increased R&D investments[142] Research and Development - The company’s research and development costs recognized in profit or loss increased to RMB 114,102,000 in 2024 from RMB 64,846,000 in 2023, showing a significant increase of approximately 76%[54] - R&D investment increased significantly by 76.0% year-on-year, reflecting the group's commitment to innovation in the dairy industry[106] - The group has established a leading ruminant nutrition database with over 1 million samples supports precise nutrition and efficient testing in livestock farming[111] Governance and Compliance - The company emphasizes strict corporate governance and has adhered to all applicable corporate governance code provisions during the reporting period[175] - The company has adopted the Corporate Governance Code and confirmed that all directors strictly adhered to the standards during the reporting period[178] - The audit committee has been established to review and supervise the financial reporting process and internal control systems[179] Sustainability and Environmental Initiatives - The group aims to achieve carbon peak by 2030 and carbon neutrality by 2050, actively implementing various carbon reduction measures[118] - The group successfully issued 49,600 tons of carbon credits through its biogas project, certified by the Verified Carbon Standard (VCS)[119] - The group has improved its sustainability assessment score by 13 points compared to the previous year, recognized as the "Best Progress Company" in the food industry[120] Market and Product Development - The company is focused on expanding its market presence and enhancing its product offerings[191] - The group has developed a diverse product matrix including A2 milk, DHA milk, organic milk, and goat milk, while optimizing feed conversion and precise nutrition[77] - The group successfully launched its proprietary brand product "Ju Wei Dian" and established regional agency cooperation with strategic suppliers, enhancing market coverage and brand influence[96]
优然牧业(09858) - 2024 - 年度业绩