2014 COFCO Annual Report: Net profit of 3.35 billion YoY

On March 20,, COFCO released its 2014 annual reportIn 2014, the Company achieved operating income of RMB7.153 billion, down 2.54% YoY, and net profit attributable to shareholders of listed companies was RMB0.35 billion, down 30.53% YoYPLDIn 2014, amino acids and their by-products and other main business costs were RMB950 million, accounting for 15.62 percent of operating costs, down 33.36 percent year-on-yearPLDThe company's core business is fuel ethanol, citric acid, lysineMarket competition is fierce, corn fuel ethanol preferential policy gradually eliminated, the international oil price slower, resulting in the domestic oil prices all the way down, fuel ethanol settlement prices plummeted, comprehensive profitability decline; lysine products, industry capacity expansion, downstream market demand downturn, market competition, domestic industry products market saturation, market demand growth slow, product prices continue to low, product gross margin declinePLDThe new annual business planPLD(1) vigorously promote the sustainable development of the fuel ethanol sector, deepen cooperation, guide planning, and continuously optimize existing equipment to develop and drive new technological progress, accelerate the development of the core business of fuel ethanol, and enhance profitabilityPLD(2) The trend to promote the development of citric acid plate, lysine plate, continue to carry out excavation and consumption reduction, refinement of benchmark management measures, to manage the promotion and technological progress as a means to achieve low-cost systems, improve product competitiveness, improve the profitability of citric acid, lysine productsPLDPLDthe future, the company's development may face the following risks:PLD(1) company's leading product fuel ethanol, affected by international crude oil prices, domestic refined oil prices fluctuate with it, resulting in difficult to predict settlement prices;PLD(2) The company's leading products citric acid, lysine industry domestic overcapacity, market competition will become more intense, the industry as a whole depressedPLD(3) The company mainly produces raw materials corn prices are relatively high, and price fluctuations can not be transmitted to the product market simultaneously, product profit space is limitedPLDMarch 20, Cofco Bio-Chemical and Biological published its 2014 annual reportIn 2014, the Company achieved operating income of RMB7.153 billion, down 2.54% YoY, and net profit attributable to shareholders of listed companies was RMB0.35 billion, down 30.53% YoYPLDIn 2014, amino acids and their by-products and other main business costs were RMB950 million, accounting for 15.62 percent of operating costs, down 33.36 percent year-on-yearPLDThe company's core business is fuel ethanol, citric acid, lysineMarket competition is fierce, corn fuel ethanol preferential policy gradually eliminated, the international oil price slower, resulting in the domestic oil prices all the way down, fuel ethanol settlement prices plummeted, comprehensive profitability decline; lysine products, industry capacity expansion, downstream market demand downturn, market competition, domestic industry products market saturation, market demand growth slow, product prices continue to low, product gross margin declinePLDThe new annual business plan PLD (1) vigorously promote the sustainable development of the fuel ethanol sector, deepen cooperation, guide planning, and continuously optimize existing equipment to develop and drive new technological progress, accelerate the development of the core business of fuel ethanol, and enhance profitability PLD 　　(2) The trend to promote the development of citric acid plate, lysine plate, continue to carry out excavation and consumption reduction, refinement of benchmark management measures, to manage the promotion and technological progress as a means to achieve low-cost systems, improve product competitiveness, improve the profitability of citric acid, lysine products PLD PLD the future, the company's development may face the following risks: PLD (1) company's leading product fuel ethanol, affected by international crude oil prices, domestic refined oil prices fluctuate with it, resulting in difficult to predict settlement prices; PLD 　　(2) The company's leading products citric acid, lysine industry domestic overcapacity, market competition will become more intense, the industry as a whole depressed PLD 　　(3) The company mainly produces raw materials corn prices are relatively high, and price fluctuations can not be transmitted to the product market simultaneously, product profit space is limited PLD Share it on feed