Financial Performance - Revenue for the year ended December 31, 2023, was RMB 18,693,896 thousand, representing a 3.6% increase from RMB 18,050,761 thousand in 2022[2] - Gross profit for the same period was RMB 4,469,785 thousand, up 5.8% from RMB 4,223,722 thousand in the previous year[2] - The company reported a net loss attributable to shareholders of RMB 1,049,980 thousand, compared to a profit of RMB 414,771 thousand in 2022[2] - Cash EBITDA for the year was RMB 3,851,418 thousand, reflecting a 7.3% increase from RMB 3,591,036 thousand in 2022[2] - The company reported a pre-tax loss of RMB 1,359,504,000 for the year ended December 31, 2023, indicating financial challenges[26] - The company recognized an impairment loss of RMB 120,966,000 related to goodwill, reflecting adjustments in future cash flow expectations[26] - The company’s financial assets recorded a fair value gain of RMB 160,429,000, contributing positively to the overall financial performance[26] - The company reported a significant increase in sales of raw milk, with revenue from this segment reaching RMB 12,447,239 thousand in 2023, compared to RMB 10,485,086 thousand in 2022, marking a growth of approximately 18.8%[32] - The company’s revenue from feed sales was RMB 5,209,450,000 in 2023, a decrease from RMB 6,576,398,000 in 2022, indicating a decline of approximately 20.83%[23] - The company reported a net loss from the sale of property, plant, and equipment amounting to RMB 18,531 thousand in 2023, compared to a loss of RMB 2,000 thousand in 2022[35] Production and Operations - Raw milk production increased by 27.1% to 3,020,182 tons from 2,377,156 tons in the previous year[2] - The number of dairy cows increased by 16.7% to 582,739 heads, with breeding cows accounting for 48.8% of the total[2] - The average annual yield per breeding cow increased by 5.3% to 12.0 tons, compared to 11.4 tons in 2022[64] - The group added 14 operational farms during the reporting period, expanding its capacity and entering the goat milk sector[69] - The company operates 91 modern farms across 17 provinces in China, with 14 new farms added during the reporting period[67] - The company’s feed solutions generated revenue of approximately RMB 5.79 billion, accounting for 31.0% of total revenue[60] - The company’s breeding business achieved sales of approximately 1,368,707 doses of frozen semen, with sexed embryo sales increasing by 270.0% compared to 2022[62] Financial Position - Total assets less current liabilities amounted to RMB 25,285,148 thousand, an increase from RMB 23,550,033 thousand in 2022[8] - Non-current liabilities increased to RMB 12,186,453 thousand from RMB 8,798,904 thousand in the previous year[8] - The company's equity attributable to shareholders decreased to RMB 13,098,695 thousand from RMB 14,751,129 thousand in 2022[9] - The company's net current liabilities as of December 31, 2023, amounted to RMB 9.5 billion[16] - The carrying amount of the company's biological assets, specifically breeding cows, was RMB 8,385,409,000 as of December 31, 2023, compared to RMB 7,204,357,000 in 2022, reflecting an increase of approximately 15.4%[18] - The carrying amount of the company's property, plant, and equipment was RMB 15,181,413,000 as of December 31, 2023, up from RMB 12,965,610,000 in 2022, indicating a growth of about 16.9%[19] Cash Flow and Investments - Cash generated from operating activities was RMB 4,390 million in the reporting period, up from RMB 2,548 million in 2022[116] - Cash used in investing activities was RMB 4,344 million, significantly lower than RMB 10,784 million in 2022, mainly due to reduced investments in biological assets and financial assets[116] - The company’s cash and cash equivalents increased to RMB 4,488 million at the end of the reporting period, compared to RMB 1,452 million at the end of 2022[115] - The company invested RMB 8,973,616 thousand in non-current assets during the year, reflecting a strategic focus on long-term growth[31] - The company has no major investments or capital asset plans as of December 31, 2023, indicating a focus on existing operations[125] Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has adopted all applicable provisions of the corporate governance code[132] - The audit committee has reviewed the audited consolidated financial statements for the reporting period[132] - The company has established a nomination committee and a remuneration committee in addition to the audit committee[132] - The company has confirmed compliance with the standard code regarding securities trading by all directors during the reporting period[131] Strategic Initiatives - The company is focusing on high-quality development and digital management practices to enhance operational efficiency and expand its business scale[57] - The group launched a digital technology center to enhance digital competitiveness and drive business technology upgrades, aiming to become a leader in global livestock digital development[92] - The company has established partnerships with five major research institutions to enhance domestic grass competitiveness[81] - The company is actively engaged in research and development of new products and technologies to drive future growth[139] Market Conditions - The average price of fresh milk in China dropped to RMB 3.84 per kilogram in 2023, down approximately 7.7% from RMB 4.16 per kilogram in 2022[56] - The overall economic environment has posed challenges to the dairy industry, impacting milk prices and feed costs, but government policies are aimed at enhancing the competitiveness of domestic dairy products[56]
优然牧业(09858) - 2023 - 年度业绩