Financial Performance - Revenue for the year ended December 31, 2024, was RMB 2,551,898,000, representing an increase of 15.5% compared to RMB 2,208,581,000 in 2023[4] - Gross profit for the same period was RMB 944,554,000, up 60% from RMB 590,739,000 in the previous year[4] - The company reported a profit before tax of RMB 295,438,000, a significant recovery from a loss of RMB 337,241,000 in 2023[4] - Net profit for the year was RMB 296,670,000, compared to a loss of RMB 339,699,000 in the prior year[4] - The basic earnings per share for the year was RMB 0.0632, recovering from a loss of RMB 0.0724 in the previous year[4] - Other income and gains totaled RMB 158,738,000 in 2024, compared to RMB 144,008,000 in 2023, marking an increase of about 10.2%[20] - The net profit for the year was RMB 296.7 million, a significant recovery from a net loss of RMB 339.7 million in 2023[63] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 6,252,010,000, a decrease from RMB 6,393,250,000 in 2023[6] - Current liabilities decreased to RMB 1,911,522,000 from RMB 2,166,232,000 in the previous year, indicating improved liquidity[6] - The company’s cash and cash equivalents were RMB 637,594,000, down from RMB 959,068,000 in 2023[6] - Total bank borrowings amounted to RMB 884,269,000, down from RMB 1,347,676,000 in the previous year, reflecting a reduction in leverage[35] - The company’s trade payables and notes payable totaled RMB 445,332,000, a decrease from RMB 476,602,000 year-on-year[32] - The company’s bank loans are secured by livestock and other assets, with a total of RMB 510,000,000 in guarantees provided by related parties[36] Operational Efficiency - The company continues to assess its operational cash flow and believes it can meet its financial obligations in the foreseeable future[9] - Trade receivables decreased significantly to RMB 35,048,000 from RMB 82,593,000 year-on-year, indicating improved collection efficiency[29] - The company maintained a strict credit control policy, with trade receivables primarily on a one-month credit term[29] - The company’s cash flow management appears to be effective, as evidenced by the reduction in both trade receivables and total borrowings[29][35] Production and Sales - In 2024, the total sales volume of raw milk increased by 23.2% to 566,704 tons compared to 459,950 tons in 2023[39] - The total revenue from fresh milk sales reached RMB 2,552 million, representing a 15.5% increase year-on-year[39] - The average annual milk production per cow increased by 9.5% to 12.7 tons from 11.6 tons in 2023[45] - The total number of dairy cows increased by 4.7% to 107,296 heads from 102,497 heads in 2023[46] - The number of breeding cows rose by 23.8% to 49,330 heads compared to 39,861 heads in 2023[47] - The average selling price of raw milk decreased by 6.0% to RMB 4,500 per ton from RMB 4,787 per ton in the previous year[48] Strategic Initiatives - The company aims to enhance its digital farming management to improve profitability and adapt to market demand changes[45] - The company plans to continue adjusting its herd size and production strategies to improve operational efficiency and profitability[39] - The company plans to leverage big data and AI technologies to optimize production and reduce overall farming costs[52] Governance and Compliance - The board is committed to high standards of corporate governance and has adhered to the corporate governance code throughout the year[86] - The audit committee, consisting of four independent non-executive directors, has reviewed the annual consolidated performance of the company[89] - The independent auditor has confirmed that the financial figures in the preliminary announcement are consistent with the company's annual financial statements[90] - The board includes four executive directors and four independent non-executive directors, ensuring a diverse governance structure[92] Capital and Investments - Major capital expenditures during the year were related to the construction of new pastures and maintenance of existing ones, with future capital expenditures expected to be funded through operational cash flow, debt financing, or bank loans[69] - The total amount raised from the initial public offering (IPO) was approximately HKD 3,298.0 million, with a net amount of approximately HKD 2,564.0 million after deducting listing fees and underwriting commissions[71] - As of December 31, 2024, the actual use of net proceeds from the IPO was HKD 2,216.2 million, with HKD 347.8 million remaining unutilized, expected to be used for upstream operations by the end of 2025[72] - The group's capital commitments as of December 31, 2024, were RMB 10.8 million, down from RMB 75.5 million as of December 31, 2023, used for new pasture construction and facility upgrades[79]
原生态牧业(01431) - 2024 - 年度业绩