Springsnow Food (605567)2025-04-28 16:10Financial Performance - The company's operating revenue for 2024 was CNY 2,514,331,815.74, a decrease of 10.08% compared to 2023[20]. - Net profit attributable to shareholders was CNY 8,165,199.49, a significant recovery from a loss of CNY 34,686,272.87 in 2023[20]. - The basic earnings per share for 2024 was CNY 0.04, compared to a loss of CNY 0.17 in 2023[21]. - The weighted average return on equity increased to 0.76% in 2024, up 3.89 percentage points from -3.13% in 2023[21]. - Cash flow from operating activities decreased by 49.04% to CNY 101,170,466.11, primarily due to an increase in inventory[20][23]. - The total assets at the end of 2024 were CNY 2,177,193,848.09, a slight decrease of 0.77% from 2023[20]. - The company reported a significant decrease in net cash flow from financing activities, down 78.18% to CNY 20,743,829.24, attributed to increased repayments of bank loans[111]. - The company's total revenue from main business activities was ¥2,505,040,556.68, with a year-on-year decrease of 10.12%[134]. - The company reported a total revenue of 163,585.92 million and a net profit of 1,093.51 million[138]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares, totaling 20,000,000.00 yuan (including tax) based on a total share capital of 200 million shares as of December 31, 2024[5]. - The total number of shares held by current directors and senior management at the end of the reporting period is 21,882,333 shares, unchanged from the beginning of the year[185]. - The total pre-tax remuneration for directors and senior management during the reporting period amounts to 850.87 million yuan[185]. - The company plans to implement a shareholder return plan for the next three years (2024-2026)[196]. Market and Product Development - The company reported a significant increase in export business, contributing to the overall revenue growth despite domestic challenges[21]. - The company exported 770,000 tons of chicken in 2024, marking a 39% year-on-year increase, the highest in history[33]. - Chicken product exports reached 23,200 tons, a 23.4% increase year-on-year, with European market exports growing by 101% to 8,300 tons[34]. - In 2024, the company launched nine new products, further diversifying its product matrix and strengthening its market position[39]. - The company aims to enhance product differentiation and innovation in the pre-prepared dishes sector to meet diverse consumer needs[144]. - The company plans to develop new products in seafood, other meats, plant proteins, and functional foods to increase competitiveness in the food sector[149]. Research and Development - Research and development expenses increased by 22.66% to CNY 11,118,486.76 due to enhanced investment in R&D and recruitment of talent[111]. - The company operates three R&D centers located in Yantai, Qingdao, and Shanghai, with plans to establish more regional centers nationwide[98]. - The company has established a research and development arm to innovate and improve its product lines, which is crucial for maintaining competitive advantage[188]. - The company plans to invest 50 million RMB in R&D for new technologies aimed at improving production efficiency[190]. Operational Efficiency and Cost Management - The company reduced the cost of broiler chicken farming by 13% year-on-year through benchmarking and procurement strategies, resulting in over 5 million yuan in savings on feed raw material procurement[36]. - The company aims to reduce operational costs by 5% through improved logistics and supply chain management[187]. - The company is implementing a cost reduction and efficiency improvement plan in line with government directives, focusing on utilizing various preferential policies[48]. - The gross margin improved to 40%, up from 35% in the previous quarter, reflecting better cost management[186]. Compliance and Governance - The company has received a standard unqualified audit report from Zhongshun Zhonghuan Accounting Firm[4]. - The company has established a complete self-inspection and control system to ensure food safety and product quality throughout the entire production chain[108]. - The company has established an independent financial accounting department and a separate accounting system, ensuring compliance with accounting laws and independent financial decision-making[181]. - The company has a structured governance framework in place, complying with relevant laws and regulations to ensure effective management and oversight[179]. Environmental and Safety Initiatives - The company supports the new regulations on pre-prepared food safety issued by six national departments, aiming to enhance food safety standards and contribute to high-quality industry development[46]. - The company is upgrading its wastewater treatment facilities in response to the new pollution discharge management regulations, ensuring compliance with advanced industry standards[47]. - The company has implemented a comprehensive environmental management system to mitigate risks associated with waste and pollution, including online monitoring of wastewater treatment[172]. Strategic Outlook - The company plans to continue strengthening internal management and expanding both domestic and international markets to enhance profitability[21]. - The company is focusing on both domestic and international market development, with a strategy to expand into Europe, the Middle East, and Southeast Asia while consolidating its position in Japan[147]. - The company aims to achieve significant growth in performance and scale through strategic investments and government support in the prepared food sector[150]. - The company is exploring potential mergers and acquisitions to further strengthen its market position and expand its product portfolio[188].