BAIYANG(002696)2025-04-25 15:15Financial Performance - The company's operating revenue for 2024 reached ¥3,077,701,423.20, representing a 13.14% increase compared to ¥2,720,215,725.75 in 2023[19]. - The net profit attributable to shareholders was a loss of ¥15,254,206.49 in 2024, an improvement of 44.72% from a loss of ¥27,593,739.86 in 2023[19]. - The net cash flow from operating activities was negative at ¥60,177,737.62, a decline of 125.07% compared to a positive cash flow of ¥240,060,791.79 in 2023[19]. - The total assets at the end of 2024 amounted to ¥3,067,811,166.68, reflecting a 3.16% increase from ¥2,973,962,804.48 at the end of 2023[19]. - The net assets attributable to shareholders decreased by 4.97% to ¥1,330,278,740.58 at the end of 2024, down from ¥1,399,873,220.06 at the end of 2023[19]. - The company reported a basic earnings per share of -¥0.04 for 2024, improving by 50.00% from -¥0.08 in 2023[19]. - The weighted average return on equity was -1.11% in 2024, an improvement of 43.35% from -1.95% in 2023[19]. - The company achieved total operating revenue of CNY 3.08 billion, a year-on-year increase of 13.14% compared to 2023[68]. - The net profit attributable to shareholders was CNY -15.25 million, a reduction in losses of 44.72% year-on-year[66]. - The seafood processing and biological products segment generated revenue of CNY 1.47 billion, up 57.84% year-on-year, accounting for 47.75% of total revenue[70]. - The feed business reported revenue of CNY 1.17 billion, a decline of 8.36% year-on-year, representing 37.89% of total revenue[70]. - The company’s marine catch business achieved revenue of CNY 157 million, an increase of 13.81% year-on-year, making up 5.1% of total revenue[70]. - The company’s operating costs rose to CNY 2.80 billion, an increase of 12.23% year-on-year, primarily due to higher sales volume[68]. - The company reported a net cash outflow from operating activities of CNY -60.18 million, a decrease of 125.07% year-on-year[68]. - Investment income was CNY -1.07 million, a decrease of 142.12% year-on-year, attributed to reduced operational efficiency of associated companies[69]. Business Operations - The company processed 2,556.13 million tons of aquatic products in 2022, with frozen products accounting for approximately 60% of the total[27]. - The processing volume of dried and pickled products reached 146.43 million tons in 2022, showing a year-on-year growth of 3.47%[27]. - The company has not reported any changes in its main business since its listing[18]. - The company has expanded its product offerings to include new exports such as golden pomfret and catfish, primarily targeting markets in the US, EU, Middle East, and Latin America[37]. - The company established Jingzhou Baiyang Food Co., Ltd. in Hubei in December 2024, focusing on processing crayfish and Qingjiang fish, catering to both small restaurants and family consumption[39]. - The company is actively developing deep-processed products from sea bass and golden pomfret, as well as pre-made dishes like marinated grilled fish[40]. - The company has formed two product series, "Beifeng" and "Qiaoyujia," which include a variety of frozen seafood products aimed at the domestic market[38]. - The company has expanded its operations into deep-sea fishing in Mauritania, leveraging the region's rich fish resources for processing[53]. - The company’s feed business includes a variety of products, such as ordinary aquatic feed, shrimp feed, and special aquatic feed, catering to different market needs[47]. - The company has developed dozens of animal health products to support farmers in improving farming conditions and managing diseases[52]. - The company has formed a synergistic business layout that integrates aquatic food processing, feed production, and deep-sea fishing, enhancing overall operational efficiency[61]. Market Trends - China's trade deficit in aquatic products expanded from 2.7 billion in 2023, marking a shift from a net exporter to a net importer[28]. - The average annual growth rate of aquatic product imports in China reached 13% over the past decade, compared to a more moderate 5% for exports[28]. - In 2024, the total output value of China's feed industry is projected to be ¥1,262.08 billion, a decrease of 10% year-on-year, with total industrial feed production at 31.5 million tons, down 2.1%[30]. - The production of aquatic feed in China was 22.62 million tons in 2024, reflecting a decline of 3.5%[30]. - The company aims to become a "global supplier of high-quality aquatic products and an innovative leader in the aquatic industry" by enhancing technological innovation and expanding market reach[57]. - The Chinese aquatic product market is expected to grow due to increasing consumer demand for high-quality and safe products, with a shift towards aquaculture driven by government policies[104]. Governance and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements in the annual report[5]. - The company has a governance structure that complies with relevant laws and regulations, ensuring fair treatment of all shareholders and maintaining high-quality information disclosure[114]. - The company held 9 board meetings and 13 special committee meetings during the reporting period, ensuring compliance with relevant regulations[116]. - The company maintained independence from its controlling shareholder, with no instances of fund occupation or guarantees provided to the controlling shareholder[117]. - The company has a clear asset ownership structure, with no guarantees provided for shareholders' debts, ensuring asset independence[119]. - The company reported a 43.18% investor participation rate in the first extraordinary general meeting of 2024[121]. - The company has established a sound financial management system, maintaining independent accounting and tax practices[119]. - The company’s board and supervisory board operate independently, ensuring that all departments can work without interference from the controlling shareholder[120]. - The company’s governance practices align with legal and regulatory requirements, with no significant discrepancies noted[118]. - The company has adopted all effective suggestions from the directors to enhance internal control systems and governance practices[149]. Management Changes - The resignation of key executives, including the CFO and General Manager, was due to work adjustments, with the CFO leaving for a position at a subsidiary of Qingdao Guoxin Development Group[125]. - The board of directors experienced changes, with three directors resigning and new appointments made during the shareholders' meeting on July 1, 2024[125]. - The company appointed a new Vice General Manager, Mr. Deng Yunjiang, following his resignation as a staff representative supervisor[126]. - The company is undergoing a restructuring of its management team, which may impact future operational strategies[125]. - The company aims to maintain compliance with legal requirements regarding board member numbers following recent resignations[125]. - The management changes are expected to align with the company's long-term growth objectives and market expansion plans[125]. - The company experienced a leadership transition with multiple appointments and resignations in 2024, indicating a strategic restructuring[127][128]. - The new management team brings diverse backgrounds and experiences, potentially benefiting the company's strategic direction[131][132][133][134]. Environmental and Social Responsibility - The company has established a comprehensive internal control system to ensure effective risk management and compliance with regulations[162]. - The company has implemented measures to ensure compliance with environmental protection regulations and standards[170]. - The company has received multiple honors, including "AAA Credit Enterprise" and recognition as a key brand in Guangxi exports, reflecting its commitment to integrity and social responsibility[185]. - The company actively participates in social welfare activities, contributing to local economic development and promoting harmonious public relations[186]. - The company continues to adhere to national laws and regulations, fulfilling its social responsibilities and striving for harmonious development with society and the environment[186]. Related Party Transactions - The company reported a significant related party transaction involving sales to affiliated parties, with a transaction amount of 3,330,000 yuan, representing 21.24% of the total transaction amount[200]. - Another related party transaction involved sales of feed products, with a transaction amount of 309,000 yuan, accounting for 0.27% of the total transaction amount[200]. - A related party transaction for sales of goods was recorded at 496,000 yuan, which is 0.43% of the total transaction amount[200]. - The company has established pricing principles based on market quotations for related party transactions, ensuring compliance with market pricing standards[200]. - The company anticipates ongoing related party transactions for the fiscal year 2024, with a focus on maintaining transparency and adherence to regulatory requirements[200]. - The pricing for transactions is determined through negotiations between the parties involved, ensuring fair market value is achieved[200]. - The company has disclosed that all related party transactions are subject to approval and are reported in accordance with regulatory guidelines[200]. - The company aims to enhance its operational efficiency through strategic related party transactions while minimizing potential conflicts of interest[200].