Sales Performance - The total sales volume of live pigs increased by 19.4% year-on-year to 4,103 thousand heads in 2022[2] - Fresh pork sales volume rose by 39.1% year-on-year, reaching 231 thousand tons[2] - The average selling price of commodity pigs decreased by 2.2% year-on-year to RMB 17.86 per kilogram[2] - The company actively promoted new production capacity, leading to a significant increase in sales volume of packaged pork by 11.3% year-on-year[3] Financial Performance - Revenue for the year was RMB 12,900.68 million, a decrease of 2.47% compared to RMB 13,227.61 million in 2021[3] - The net loss attributable to the company's owners was RMB 320.04 million, compared to a profit of RMB 356.67 million in the previous year[2] - The basic loss per share was RMB (0.0820), compared to earnings of RMB 0.0914 per share in 2021[2] - The company decided not to declare a final dividend for the year ended December 31, 2022[3] - The company's total operating revenue for 2022 was RMB 12.901 billion, a decline of 2.5% from RMB 13.228 billion in 2021[62] Assets and Liabilities - The company reported a net asset value of RMB 8,262,708,000 as of December 31, 2022, down from RMB 8,608,770,000 in 2021[9] - Current liabilities increased to RMB 9,266,042,000 in 2022 from RMB 8,508,620,000 in 2021, resulting in a net current liability of RMB 1,882,268,000[9] - The company’s non-current assets totaled RMB 11,010,594,000, compared to RMB 10,424,072,000 in the previous year, reflecting a growth of approximately 5.6%[8] - The company reported a decrease in reserves from RMB 6,790,889,000 in 2021 to RMB 6,444,567,000 in 2022[9] - The company's net debt as of December 31, 2022, was RMB 6.06 billion, an increase from RMB 5.17 billion in the previous year, with a net debt-to-equity ratio of 73.3% compared to 60.0% in 2021[77] Revenue Segmentation - The livestock breeding and sales segment generated revenue of RMB 4,525,875,000, while fresh pork sales contributed RMB 4,743,128,000[15] - Total revenue for the year ended December 31, 2021, was RMB 13,227,606,000, with contributions from various segments: RMB 5,165,538,000 from live pig farming, RMB 3,632,697,000 from fresh pork sales, RMB 779,639,000 from meat products, and RMB 3,649,732,000 from imported meat products[17] - The live pig farming segment reported a profit of RMB 2,679,598,000, while the fresh pork segment incurred a loss of RMB (16,275,000), and the meat products segment generated a profit of RMB 19,187,000[25] Cost and Expenses - The gross profit margin before fair value adjustment was 3.7%, a decrease of 22.9 percentage points year-on-year, primarily due to rising feed costs[63] - The financing cost increased to RMB 177 million, up RMB 53.49 million from RMB 123 million in the previous year due to expanded financing scale[64] - The total borrowing costs for the year ended December 31, 2022, amounted to RMB 182,617,000, with RMB 5,762,000 capitalized, resulting in a net borrowing cost of RMB 176,855,000, compared to RMB 123,366,000 in 2021[36] Market Conditions - The company faced a loss in the import business due to market conditions in the second half of the year, resulting in a significant impact on overall profitability[3] - The import volume of pork decreased by 52.6% in 2022, while beef imports increased by 15.3%, indicating a shift in consumer preferences[55] - The average price of live pigs in 22 provinces dropped to RMB 18.41 per kilogram by the end of December 2022, a decline of 35% from the peak of RMB 28.32 per kilogram in October 2022[51] Risk Management - The company faces significant risks from diseases in the livestock industry, particularly African swine fever, which continued to spread widely in 2022[82] - The company has implemented various biosecurity measures and emergency plans to mitigate disease risks, including a comprehensive monitoring and sampling plan[82] - Price risk remains a concern due to fluctuations in procurement and sales prices, particularly for key raw materials like corn and soybean meal[83] - Food safety risks are managed through strict compliance measures and regular inspections to prevent product recalls and customer complaints[85] Corporate Governance - The board of directors consists of one executive director, three non-executive directors, and three independent non-executive directors, ensuring a high level of independence[90] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with the relevant standards for the year ended December 31, 2022[89] - The financial statements for the year ended December 31, 2022, have been audited by Tianji Hong Kong CPA Limited[91] Future Plans - The company plans to expand its pig farming capacity, leveraging modernized breeding bases and feed factories across several provinces[47] - The company plans to promote differentiated and branded operations for fresh products, focusing on the promotion and development of flaxseed pork[87] - The company has entered into a share subscription agreement with COFCO Group (Hong Kong) Limited to issue 680,000,000 shares at a subscription price of HKD 2.30 per share, totaling HKD 1,564,000,000[90]
中粮家佳康(01610) - 2022 - 年度业绩