Securities code: Joyvio Food Co.Ltd(300268) securities abbreviation: Joyvio Food Co.Ltd(300268) Announcement No.: 2022009 Joyvio Food Co.Ltd(300268) 2021 annual report summary
1、 Important tips
The summary of this annual report comes from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plan, investors should carefully read the full text of the annual report in the media designated by the CSRC.
All directors of the company personally attended the meeting of the board of directors to consider this annual report.
The audit opinion of ShineWing Certified Public Accountants (special general partnership) on the company's financial report this year is: standard unqualified opinion.
Changes of accounting firm during the reporting period: the company's accounting firm has not changed this year.
Tips on non-standard audit opinions
□ applicable √ not applicable
The company was not profitable at the time of listing and is not profitable at present
□ applicable √ not applicable
The profit distribution plan of ordinary shares or the plan of converting accumulation fund into share capital in the reporting period considered by the board of directors
□ applicable √ not applicable
The company plans not to distribute cash dividends, bonus shares or increase share capital with provident fund.
Profit distribution plan for preferred shares in the reporting period adopted by the board of directors
□ applicable √ not applicable
2、 Basic information of the company 1. Company profile
Stock abbreviation Joyvio Food Co.Ltd(300268) stock code Joyvio Food Co.Ltd(300268)
Shenzhen Stock Exchange
Share abbreviation of jiawo (if any) before change
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Wu Shuang, Yang Yang
Office address: 10 / F, North Tower, aviation technology building, No. 58, Beiyuan Road, Chaoyang District, Beijing
Fax: 01057058364
Tel: 0105705836201057058362
E-mail [email protected]. [email protected].
2. Introduction to main business or products during the reporting period
(I) main business
The company is mainly engaged in the breeding, processing and sales of high-quality protein seafood. It has deep control over scarce resources in the upstream link of high-quality seafood protein represented by salmon. The company adopts an industrialized business model, and its main business is to carry out salmon breeding, processing and sales through australis, an overseas Chilean holding subsidiary; Carry out processing and sales of narrow cod, Arctic sweet shrimp and halibut through Qingdao Guoxing, a domestic holding subsidiary; Develop, process and sell health, nutrition and delicious brand deep-processing food through other holding subsidiaries in China.
(II) main products and uses
The company's star products mainly include salmon, Arctic sweet shrimp, narrow cod, true cod, halibut and other high-quality seafood, as well as the health and nutrition 3R prefabricated dish series products based on the above high-quality seafood.
1. Salmon: the salmon cultured and processed by the company comes from the South The Pacific Securities Co.Ltd(601099) near Antarctic waters in the south of Chile, with clear water source, high quality, no pollution and excellent natural endowment. Salmon is rich in omega-3, 18 kinds of amino acids (including 8 kinds of amino acids necessary for human body), vitamin A / D, iron, calcium, zinc, selenium and other trace elements. It is low in fat. It can promote brain development, enhance memory, improve physical immunity, prevent cardiovascular disease, anti-aging, anti-tumor, prevent visual decline, and has high nutritional value. It often eats an appropriate amount of salmon, In line with the current consumption upgrading trend from "full", "good" to "right".
The salmon of the company is mainly divided into Atlantic China Welding Consumables Inc(600558) salmon and trout, and the product forms mainly include: whole fish (Hon & Hg), fillet and value-added product (VAP). The whole fish includes taking the lead to get rid of dirt and head to get rid of dirt; Fish fillets cover a full range of products from TrimA to trimf; Value added products include fine segmentation products such as portion and diced fish sold all over the world, as well as salmon deep-processing brand foods such as "Mama Bear" series products, "jiawo Xiansheng" and "greedy bear classmate", which focus on household consumption market segments.
2. Arctic sweet shrimp: the Arctic sweet shrimp imported by the company is mainly produced in the cold seawater environment near the Arctic Circle and 200250 meters deep in the ocean in Canada. The water quality is pure and pollution-free. Arctic sweet shrimp is rich in vitamin B12, calcium / magnesium / sodium and other trace elements, 9 kinds of high-quality amino acids and high-quality protein, and the content of unsaturated fatty acids is as high as 2.6g/100g; The Arctic sweet shrimp processed and sold by the company is compact, fresh and sweet, thawed and ready to eat.
The company's Arctic sweet shrimp products are mainly head seed shrimp and belly seed shrimp, and the product forms mainly include: 1000g (boxed), 400g (boxed, bagged) and 200g (bagged). 3. Other high protein deep-sea fish: narrow cod, true COD and halibut.
Narrow cod is a cold water middle and lower layer fish, which originates from the ocean current gathering place in the clean sea area of The Pacific Securities Co.Ltd(601099) northwest, and the sea water is rich in natural nutrients. Narrow cod contains a, D, e and other vitamins, as well as unsaturated fatty acids, calcium, phosphorus, iron, B vitamins and so on. It has the characteristics of delicate meat, moist and tender; Garlic shaped meat, easy to cook. Real cod is directly collected from the origin, and the whole process of cold chain preservation from food material transportation to processing. Cod has high moisture content, fresh and juicy taste, and is rich in DHA, EPA, calcium, selenium and other nutrients. It is suitable for consumers of all ages.
Flounder grows in the natural and pure polar deep sea. It is naturally low-fat. Its meat is rich, white, tender, delicate, smooth and delicious. It can be called the top grade of fish.
The halibut segment produced by the company is suitable for home steamed, fried, braised and other cooking methods, with convenient cooking and rich nutrition.
The main products of the company include frozen fish, frozen fish and deep-sea surimi.
(III) global seafood protein industry
On the supply side, the production and operation of enterprises are affected to varying degrees. In response to the epidemic, countries have introduced various air, land and sea transportation control measures, resulting in tight transport capacity, high prices, increased instability of the supply chain, and increased labor and operation costs to varying degrees. The above factors have brought severe tests to the global enterprises engaged in mariculture, processing and sales.
On the demand side, in 2020, the global seafood market was affected by the epidemic, the demand of the catering industry decreased sharply, and the market price was greatly impacted. In 2021, with the mitigation of the global epidemic and the gradual liberalization of social control, the recovery of catering channel demand brought about the recovery of the global seafood industry. At the same time, during the epidemic, consumers' inherent consumption habits such as home cooking and online purchase of seafood did not disappear due to the opening and recovery of catering channels. Benefiting from the recovery of overall demand, seafood prices began to recover gradually in 2021.
1. Salmon industry
(1) Supply is becoming increasingly tight. As a representative of high-quality seafood protein, salmon is mainly supplied from artificial breeding. However, due to the Limited breeding area and the scarcity of breeding licenses, the global supply will become increasingly tight in the future. Facing the growing consumer demand, the long-term tight balance between supply and demand in the market makes the upstream breeding end the highest value link in the whole industrial chain.
Norway and Chile are the two main producing areas of salmon in the world, accounting for about 80% of the global supply. According to the data released by kontali and DNB markets, the global harvest of Atlantic China Welding Consumables Inc(600558) salmon in 2021 was about 2.82 million tons (WFE), an increase of 4% year-on-year. Among them, the harvest of Atlantic China Welding Consumables Inc(600558) salmon in Norway in 2021 was 1.51 million tons (WFE), with a year-on-year increase of 10%, mainly due to the good growth conditions of marine organisms in Norway in 2021 and the increase of average harvest weight; At the same time, in the fourth quarter of 2021, local fish gills and other diseases led to early harvest, and the harvest mantissa was higher than expected. The harvest of Atlantic China Welding Consumables Inc(600558) salmon in Chile in 2021 was about 670000 tons (WFE), a year-on-year decrease of 14%, mainly due to the reduction of the number of seedlings and the decline of the average harvest weight. On the one hand, the epidemic situation led to the disruption of the seedling plan and the reduction of the number of seedlings in Chile in 2020, as well as the postponement of the harvest plan due to the weather in some breeding areas at the end of 2021, resulting in the reduction of the tail of harvest; On the other hand, the early harvest rhythm in the year and the poor growth conditions of marine organisms in some breeding areas affect the growth rate, which makes the average harvest weight of the whole industry in Chile lower than that in 2020. Kontali predicts that the growth rate of global salmon supply will slow down in the next few years. The average annual compound growth rate from 2020 to 2024 is expected to be 4%, of which the growth rate of global salmon supply in 2022 is less than 1%. In the fourth quarter report of 2021, mowi, the world's largest salmon producer, predicts that the global salmon supply in 2022 will be basically the same as that in 2021.
(2) Demand continues to grow. In the context of the shortage of available land resources, high-quality animal protein represented by seafood has become an increasingly popular nutritional source. Salmon in seafood has delicious meat and high nutritional value. It is the single commodity with the highest trade value in the global aquatic product trade chain. As the supply of salmon is limited by the breeding sea area and business license, the overall trend is that the supply is in short supply. The relevant research data in the salmon breeding industry report of Meiwei in 2021 show that the annual compound growth rate of the total amount of global salmon consumption in the past decade has reached 8%.
With the growing global population, the expanding middle class in emerging markets and the strengthening of people's health concept, the demand of the global salmon market will continue to grow in the long run. According to the statistics disclosed in the regular report of mowi, the world's largest salmon producer, the global consumption of salmon in 2021 was about 2.86 million tons (WFE), an increase of 8% year-on-year in 2020. In 2021, the consumption in the US market increased by 12%, that in Brazil by 3%, that in Europe by 7% and that in Asia by 7%. Therefore, in the long run, the global salmon market demand is relatively strong.
(3) Prices gradually recovered. Since 2021, with the gradual mitigation of the impact of covid-19 epidemic, the end market demand and sales price of salmon have shown a rapid recovery momentum. According to the latest report of datasalmon, the price of salmon in Chile has shown a rapid upward trend since 2021. Compared with 2020, the average price of Chilean fish trimd (3-4 pounds) sold to the United States in 2021 increased by 33% year-on-year; The average price of Chilean whole fish (12-14 pounds) sold to port Monterey, Brazil increased by 58% year-on-year; The average price of Chilean whole fish (6 + kg) sold to Shanghai, China increased by 41% year-on-year.
(4) Feed costs are under pressure. Affected by the epidemic situation, global inflation and other factors, the prices of bulk commodities such as wheat, corn, vegetable oil, fish oil and fish meal, which are the main raw materials of feed, have continued to rise since the second quarter of 2020 and are still at a high level, thus promoting the continuous rise of feed costs. The average feed cost of the global salmon industry accounts for about 45% - 55% of the cage cost. Affected by this, the salmon breeding cost is also gradually rising. According to analysts at sparebank 1, a Norwegian financial institution, the breeding cost will continue to face challenges in 2022 due to the rise in feed prices.
Australis, a subsidiary of the company, continues to maintain the leading position of the top ten salmon enterprises in the world, ranks among the top companies in the same industry in Chile, and firmly controls the high-quality scarce resources at the upstream aquaculture end with the highest value in the whole industrial chain of high-quality seafood protein in the world.
2. Situation of narrow COD and Arctic sweet shrimp industry
Pollock is a wild fish caught in the deep sea. It is one of the economic fish with the highest catch in the world and one of the edible fish with the largest consumption in the world. The main producing countries of Pollock are Russia and the United States. The total catch of the two countries accounts for more than 90% of the total catch of Pollock in the world. Both countries implement the dual management mode of fishing quota and fishing period for Pollock, and strictly control the fishing quota and fishing moratorium. In 2021, under the influence of tight global logistics and large increase in sea freight, the fishing and transportation costs of narrow cod generally increased. In 2022, the expected catch quota of Pollock is expected to be reduced. According to the data of the Russian Pollock Fishing Association (PCA), the total catch quota of Russian Pollock is expected to be reduced from 1.995 million tons in 2021 to 1.927 million tons, a year-on-year decrease of 3.8%; According to the data of the National Oceanic and Atmospheric Administration (NOAA), the total catch quota of narrow COD in the United States is expected to be reduced by 10-20% to 1.2-1.35 million tons from 1.555 million tons in 2021. At the same time, the complex and changeable international situation and trade friction will also have a certain impact on the global trade of Pollock.
Arctic sweet shrimp is mainly caught in the Arctic Ocean and the North Atlantic China Welding Consumables Inc(600558) sea area. The main fishing countries are Canada, Greenland, Denmark, Iceland and Norway. The global annual fishing volume is about 250000 tons, of which Canada's Arctic sweet shrimp fishing volume accounts for about 60% of the global fishing volume. Thanks to its high nutritional value and fresh, sweet and compact taste, Arctic sweet shrimp is widely recognized by consumers all over the world.
Qingdao Guoxing, a subsidiary of the company, continues to maintain the industry leading position of China's largest Arctic sweet shrimp import distributor and narrow cod processing supplier, and has signed an exclusive priority agency with foreign shipping companies with fishing quotas. After years of intensive cultivation, Qingdao Guoxing has achieved a leading position in the industry in the field of narrow COD and Arctic sweet shrimp, established long-term and stable business relations with upstream suppliers and established long-term cooperation with downstream customers
