Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 2,208,581,000, representing an increase of 5.64% compared to RMB 2,090,343,000 in 2022[11] - Gross profit for the same period was RMB 590,739,000, up from RMB 521,715,000, indicating a growth of 13.23%[11] - The company reported a net loss of RMB 339,699,000 for the year, compared to a profit of RMB 22,841,000 in the previous year, reflecting a significant decline[11] - Total comprehensive income for the year was RMB (339,005,000), a decrease from RMB 25,680,000 in 2022[11] - Total other income and gains for 2023 amounted to RMB 144,008,000, up from RMB 90,999,000 in 2022, reflecting a significant increase of approximately 58.59%[37] - The net loss for the year was RMB 339.7 million, compared to a net profit of RMB 22.8 million in 2022, resulting in a basic loss per share of RMB 7.24[92] Assets and Liabilities - The company's total assets as of December 31, 2023, amounted to RMB 6,180,746,000, slightly down from RMB 6,279,888,000 in 2022[18] - Current liabilities increased to RMB 2,166,232,000 from RMB 1,661,422,000, indicating a rise of 30.38%[18] - The group has a total current liability exceeding current assets by RMB 212,504,000, compared to RMB 32,642,000 in 2022, indicating a significant increase in liquidity pressure[23] - The group’s bank and other borrowings amounted to RMB 1,347.7 million, with an asset-liability ratio of 18.7% as of December 31, 2023, compared to 13.2% in the previous year[95] Cash Flow - The company's cash and cash equivalents were RMB 959,068,000, compared to RMB 576,309,000 in the previous year, showing an increase of 66.38%[18] - Cash inflow from operating activities was RMB 707.8 million, down from RMB 799.7 million in 2022, while cash and cash equivalents increased to RMB 959.1 million from RMB 576.3 million[94] Revenue Sources - Customer A contributed RMB 1,974,521,000 in revenue for 2023, up from RMB 1,741,264,000 in 2022, indicating a growth of about 13.4%[30] - Customer B's revenue decreased to RMB 204,716,000 in 2023 from RMB 311,180,000 in 2022, reflecting a decline of approximately 34.2%[30] - Customer contract revenue from raw milk for 2023 was RMB 2,208,581,000, an increase from RMB 2,090,343,000 in 2022, representing a growth of approximately 5.65%[33] Operational Highlights - The group operates primarily in the production and sale of raw cow and goat milk, with no separate financial reporting for different business segments due to their similar economic characteristics[28] - In 2023, the company's raw milk sales increased by 12.2% to 459,950 tons compared to 409,975 tons in 2022, while raw sheep milk sales decreased by 36.3% to 932 tons from 1,463 tons in 2022[60] - The total sales revenue of raw milk reached RMB 2,208.6 million, a 5.7% increase from RMB 2,090.3 million in the previous year[77] - The sales volume of raw milk was 459,950 tons, up 12.2% from 409,975 tons in 2022[77] Governance and Compliance - The company has established an audit committee consisting of four independent non-executive directors to oversee financial reporting and compliance[3] - The board of directors confirmed compliance with the corporate governance code throughout the year, ensuring adherence to best practices[3] - The board emphasizes commitment to high standards of corporate governance and compliance with listing rules[128] Future Plans and Strategies - The company plans to continue expanding its market presence and investing in new product development to drive future growth[9] - The company plans to enhance the standardization of raw milk production and implement strict quality control measures to meet the growing demand for diverse dairy products[59] - The company aims to adjust herd sizes and improve breeding and production techniques to achieve better economies of scale[59] - The group plans to enhance production management and explore new business opportunities to drive diversification in dairy products[81] Employee and Operational Metrics - As of December 31, 2023, the group employed 2,389 staff, an increase from 2,241 staff in 2022[106] - The total area of dairy farms is approximately 9,694,458 square meters, accommodating a capacity of 143,960 dairy cows[64] - The average annual milk production per cow was 11.6 tons, a 3.6% increase from 11.2 tons in 2022[68] Market Conditions - The average selling price of fresh milk slightly declined due to weak demand for raw milk, resulting in a net loss of RMB 339.699 million for the year[60] - The average selling price of raw milk decreased to RMB 4,787 per ton, down 5.7% from RMB 5,074 per ton in the previous year[79] - The average selling price of fresh milk in December 2023 was RMB 3.67 per kilogram, down 0.8% month-on-month and 11.0% year-on-year[58] Capital and Investments - Capital expenditures for the year were primarily related to the construction of new farms and maintenance of existing farms, along with the purchase of additional equipment and dairy cows[97] - The capital commitments for the group as of December 31, 2023, were RMB 75.5 million, used for the construction of new farms and upgrading existing facilities[123] Risk Management - The group has a conservative financial policy, continuously assessing the financial condition of customers to minimize credit risk[122] - The group has not taken any foreign currency hedging measures but will continue to monitor foreign exchange risks[121] Other Notable Information - The group did not recommend any final dividend for the year, consistent with the previous year[93] - The group has not recognized any impairment losses on trade receivables during the reporting periods[116] - The group has not recognized any deferred tax related to the OECD's Pillar Two model rules, as it does not apply to the group but does to its ultimate parent company[27]
原生态牧业(01431) - 2023 - 年度业绩