关于港股后市 港股开盘，恒生指数高开0.33%，恒生科技指数高开0.48%。雨润食品涨超11%，比亚迪股份、香港交易 所、阿里巴巴、理想汽车、中芯国际、小米集团涨超1%。 平安证券指出，以DeepSeek系列大模型为代表的国产大模型性能已可比肩海外领军大模型，且成本更 低。大模型在我国已应用于端侧、教育、金融、办公、传媒、医疗、智能汽车、企业服务等多个应用场 景。德邦证券表示，在我国AI应用政策高度持续提升和以DeepSeek为代表的AI技术创新持续突破的情 况下，2025年"人工智能+"有望迎来黄金发展时期，加快AI技术深入场景，实现应用的规模化落地。 高盛称，工商银行(01398)、中国银行(03988)、建设银行(00939)、农业银行(01288)及邮储银行(01658)五 间内地大型国有银行首季拨备前利润及净利润均略逊预期，其他大型国有企业银行净利润亦同比下跌约 2%至4%，除农行外大多数内银贷款增长都未如预期强劲，相信将引发投资者对于全年度派息能否维持 的关注。 本文转载自腾讯自选股，智通财经编辑：陈雯芳。 光大证券认为当前恒生指数估值处于中等偏低位置，而恒生科技指数估值正处于历史低位，从估值角度 ...

Financial Performance - In 2024, the company achieved a revenue of HKD 992 million, with a loss attributable to equity holders of HKD 39 million, a reduction in loss of HKD 109 million year-on-year [12]. - The group's revenue for the fiscal year 2024 was HKD 992 million, a decrease of 29.5% from HKD 1.411 billion in 2023 [27]. - The group reported a loss attributable to equity holders of approximately HKD 39 million, compared to a loss of HKD 148 million in the previous year [27]. - Fresh meat revenue decreased by 42.6% to HKD 479 million, accounting for approximately 48% of total revenue before internal sales, down from 59% in 2023 [24]. - Low-temperature meat products revenue increased by 8.5% to HKD 294 million, representing about 30% of total revenue before internal sales, up from 19% in 2023 [24]. - The overall gross profit margin increased by 3.6 percentage points to 11.6%, compared to 8.0% in 2023 [31]. - The group achieved other net income of approximately HKD 96 million, compared to a net loss of HKD 105 million in the previous year [32]. - The group's operating profit for the year was approximately HKD 16 million, a significant recovery from a loss of approximately HKD 170 million in the previous year [37]. - The impairment loss on non-current assets for the year was approximately HKD 42 million, reflecting a non-cash accounting loss [34]. - Operating expenses for the year amounted to HKD 195 million, representing 19.7% of total revenue, an increase from 12.6% in the previous year [36]. Market and Consumer Trends - The average price of live pigs in China for 2024 was approximately RMB 17.08 per kilogram, representing an increase of about 11.3% year-on-year [20]. - The total retail sales of consumer goods in China for 2024 amounted to RMB 49 trillion, growing by 3.5% year-on-year [18]. - The company aims to leverage market opportunities arising from the upgrading of consumer structures in China [12]. - The company anticipates that the demand for high-quality pork products will continue to rise as consumer preferences evolve [19]. - The company recognizes the importance of consumer preferences and aims to develop new products that align with changing tastes and dietary habits [95]. Operational Adjustments - The total number of live pigs slaughtered in China in 2024 was 702.56 million, a decrease of 3.3% year-on-year [19]. - The group reduced upstream slaughtering capacity by approximately 1 million heads to 2.35 million heads as of December 31, 2024 [25]. - The sales volume of upstream business decreased by approximately 50.8% to about 250,000 heads due to strategic production reductions [28]. - The upstream slaughtering business adjusts live pig inventory based on expected price fluctuations, increasing stock when prices are anticipated to rise and reducing stock to lower costs when prices are expected to fall [96]. - The downstream processing business utilizes strategic raw material reserves to control costs and gain time for price increases in response to market conditions [96]. Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the review year, with the exception of the separation of roles between the Chairman and CEO [62]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balance of power [64]. - The independent non-executive directors provide independent and constructive opinions, contributing to the development of the company's strategies and policies [67]. - The board has delegated certain functions to committees, including the audit, remuneration, and nomination committees, which operate under clearly defined terms of reference [64]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations impacting operations [145]. Risk Management - The company has established a risk management system to manage business risks effectively, ensuring the protection of shareholder interests and assets [88]. - The group faces significant financial risks, including market, liquidity, and credit risks, with a net debt status as of December 31, 2024, posing risks of failing to meet financial obligations [98]. - The group is subject to strict regulatory oversight in the pig slaughtering and meat processing industry, with potential impacts on operations if compliance standards are not met [100]. - The company actively monitors disease outbreaks and implements strict quarantine measures to minimize the impact on operations [104]. - The company has implemented a comprehensive food safety control system with 21 inspection and quarantine processes to ensure product quality and safety [105]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental protection and has increased investments in green technology and production processes [57]. - The company has implemented a comprehensive environmental management system, including ISO 14001 certification [144]. - The company has formed an ESG working group to oversee and manage ESG-related matters, including risk identification and assessment [109]. - The company has implemented a whistleblowing policy to encourage employees to report misconduct or fraud risks [112]. Financial Position and Debt Management - Total assets decreased to HKD 645 million from HKD 1.012 billion, a reduction of HKD 367 million year-on-year [47]. - Total liabilities decreased to HKD 1.353 billion from HKD 1.701 billion, a reduction of HKD 348 million year-on-year [47]. - The company had approximately HKD 239 million in non-current assets to support ongoing operations despite being in a net debt position [49]. - The group has outstanding bank loans of HKD 344 million, with ongoing discussions for restructuring and waiver of repayment terms [50]. - The company is actively communicating with banks to reach agreements on overdue loans and is working on a debt restructuring plan [130]. Shareholder and Capital Management - The company has not declared a final dividend for the year [139]. - The board will consider various factors before declaring or recommending any dividends, including the company's financial performance and compliance with applicable laws [124]. - The company's distributable reserves as of December 31, 2024, are approximately HKD 137,795,000 [160]. - The maximum number of shares that can be issued under the new share option scheme is 182,275,565 shares, representing 10% of the total issued shares [181]. - The total number of issued ordinary shares as of December 31, 2024, is 1,822,755,650 shares [174].

从业务结构看，雨润食品的转型策略成为减亏关键。雨润食品2024年将资源集中于毛利率较高的"哈肉联"品牌，尤其是低温肉制品等高附加值产品，推动集 团整体毛利率提升3.6个百分点至11.6%，总体毛利微增2.1%至1.15亿港元。 尽管减亏幅度显著，低温肉制品带动整体毛利的增长，但雨润食品仍面临多重挑战。截至2024年底，雨润食品流动负债净额达8.72亿港元，银行借款中2.51 亿港元已逾期。 此外，雨润食品的一家附属公司还因未及时偿还银行贷款面临着诉讼，银行要求该附属公司及时偿还3.43亿港元的借款或同等价值资产。该附属公司被法院 判决偿还银行借款及利息共计4.17亿港元。 值得注意的是，雨润食品2024年现金及现金等价物仅有4098万港元。 投资者对雨润食品的长期前景看法分化。部分机构认为，雨润食品通过品牌聚焦与产品升级已展现出韧性，若后续能借助行业回暖进一步优化资产结构，或 有望重获市场信心；但也有声音指出，其债务重压与市场份额流失的风险不容忽视。 随着食品消费市场逐步复苏，这家昔日的"猪肉大王"能否真正走出低谷，仍需观察其战略执行效率与外部环境的协同效应。 日前，雨润食品（01068.HK）发布2024年 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 992,369,000, a decrease of 29.5% compared to HKD 1,410,943,000 in 2023[3] - The cost of sales for the year was HKD 877,027,000, resulting in a gross profit of HKD 115,342,000, which is a slight increase of 2.4% from HKD 112,990,000 in the previous year[3] - The company recorded a net loss of HKD 36,404,000 for the year, significantly improved from a net loss of HKD 201,293,000 in 2023, representing an 81.9% reduction in losses[4] - Basic and diluted loss per share was HKD 0.021, compared to HKD 0.081 in the previous year, indicating a 74.1% improvement[3] - The group reported total revenue of HKD 992,369,000 for the year ended December 31, 2024, a decrease of 30.5% from HKD 1,424,788,000 in 2023[16] - The group incurred a net loss of HKD 36,404,000 for the year 2024, an improvement from a net loss of HKD 201,293,000 in 2023[17] - The group recorded a loss attributable to equity holders of approximately HKD 39 million, compared to a loss of HKD 148 million in 2023[46] Assets and Liabilities - Total assets less current liabilities amounted to HKD (633,641,000) as of December 31, 2024, compared to HKD (605,416,000) in 2023[5] - The company’s current liabilities were HKD 1,278,594,000, down from HKD 1,617,367,000 in the previous year, reflecting a decrease of 21%[5] - The company’s non-current assets decreased to HKD 238,720,000 from HKD 373,825,000 in the previous year, a decline of 36.1%[5] - Total liabilities decreased from HKD 1,170,268,000 in 2023 to HKD 908,023,000 in 2024, indicating a reduction in financial obligations[30] - Total assets as of December 31, 2024, were HKD 645 million, a decrease of HKD 367 million from HKD 1.012 billion as of December 31, 2023[64] - Total liabilities as of December 31, 2024, were HKD 1.353 billion, down HKD 348 million from HKD 1.701 billion as of December 31, 2023[64] Cash Flow and Financing - The company’s cash and cash equivalents stood at HKD 40,983,000 as of December 31, 2024, compared to HKD 39,298,000 in 2023, showing a slight increase[5] - The group successfully restructured bank loans totaling HKD 83,109,000, with part of the interest waived and repayment terms extended by five years until 2029[8] - The group is actively negotiating with banks for additional financing and restructuring of existing loans totaling HKD 343,553,000[9] - The group is involved in ongoing litigation with a bank regarding the repayment of HKD 343,553,000 (2023: HKD 437,069,000) [32] - The group successfully negotiated a settlement with one bank regarding an outstanding debt of HKD 83,109,000 and interest of HKD 55,363,000, resulting in a debt repayment benefit of HKD 56,152,000 [31] - The company is actively communicating with a state-owned commercial bank regarding the overdue bank borrowings of HKD 344 million, with no immediate repayment expected[63] Operational Performance - The cost of inventory for 2024 was HKD 877,027,000, down from HKD 1,297,953,000 in 2023, reflecting a reduction in operational costs[21] - The group reported a significant increase in bank loan interest expenses, which rose to HKD 50,351,000 in 2024 from HKD 35,918,000 in 2023[21] - The group successfully sold subsidiary assets generating HKD 17,710,000 in revenue in 2024, with no such sales reported in 2023[20] - The impairment loss on property, plant, and equipment was HKD 42,119,000 in 2024, down from HKD 56,495,000 in 2023, showing improved asset management[21] - The annual production capacity for upstream slaughtering decreased by approximately 1 million heads to 2.35 million heads as of December 31, 2024[45] - The overall gross profit increased by 2.1% to HKD 115 million, with the gross margin rising by 3.6 percentage points to 11.6% compared to 8.0% in the previous year[49] Governance and Compliance - The independent auditor's report indicated that due to multiple uncertainties regarding going concern, no opinion was expressed on the consolidated financial statements [33] - The independent auditor's report for the year ending December 31, 2024, contains a "disclaimer of opinion" regarding the group's ability to continue as a going concern[73] - The audit committee and the board of directors are aligned in their views regarding the "disclaimer of opinion" and the measures taken to address it[78] - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[80] Future Outlook - The management plans to address the overdue bank loans and aims to remove the "disclaimer of opinion" in the auditor's report for the year ending December 31, 2025, if all plans are executed successfully[77] - The company plans to cautiously approve capital expenditures of approximately RMB 15 million for 2025, primarily for ongoing construction and equipment upgrades[68] - The company has no significant investments or acquisitions planned as of the announcement date[68] Market Conditions - In 2024, the total national GDP reached RMB 135 trillion, with a year-on-year growth of 5.0%[39] - The average price of live pigs in 2024 was approximately RMB 17.08 per kilogram, an increase of about 11.3% year-on-year[41]

Financial Performance - In the first half of 2024, China Yurun Food Group recorded revenue of HKD 539 million, a decrease of 30.0% compared to HKD 770 million in the same period of 2023[10]. - The group reported a loss attributable to equity holders of HKD 10 million, an improvement from a loss of HKD 20 million in the first half of 2023[10]. - Fresh meat sales amounted to HKD 270 million, down 39.0% from HKD 443 million in the same period last year, accounting for approximately 50% of total revenue before internal sales[8]. - The sales revenue from deep-processed meat products was HKD 227 million, a decrease of about 2.2% compared to the same period last year[13]. - The revenue from low-temperature meat products increased by approximately 9.5% to HKD 154 million, representing about 28% of total revenue[14]. - The overall gross profit margin improved from 9.0% to 14.0%, with total gross profit rising by approximately 9.4% to HKD 76 million[15]. - The gross profit margin for low-temperature meat products increased significantly by 5.2 percentage points to 37.2%[16]. - Operating expenses decreased by 33.5% to HKD 66 million, accounting for 12.2% of total revenue[18]. - The group's operating profit was approximately HKD 12 million, a turnaround from an operating loss of HKD 28 million in the same period last year[19]. - The net loss for the period was HKD 13,191,000, compared to a net loss of HKD 39,149,000 in the same period last year, indicating a 66% improvement[56]. - The company reported a basic and diluted loss per share of HKD 0.006, an improvement from HKD 0.011 in the previous year[55]. Economic Environment - The overall economic environment in China showed a GDP growth of 5.0% in the first half of 2024, with consumer price index (CPI) rising only 0.1% year-on-year[4]. Production and Sales - The group maintained annual production capacities of approximately 3.35 million heads for upstream slaughtering and 56,000 tons for downstream processed meat products as of June 30, 2024[9]. - The group's overall sales revenue from upstream operations decreased by 43.1% to HKD 312 million, with a slaughter volume drop of approximately 50.1% to about 149,000 heads[12]. - Fresh meat accounted for approximately 50% of total revenue and 86% of upstream revenue, generating HKD 270 million, a decrease of 39.0% year-on-year[12]. - The sales of frozen meat products increased by 9.5% to HKD 154 million, representing about 28% of total revenue before internal sales[8]. Assets and Liabilities - As of June 30, 2024, the total assets of the group were HKD 958 million, a decrease of HKD 54 million from HKD 1,012 million on December 31, 2023[30]. - The total liabilities of the group as of June 30, 2024, were HKD 1,695 million, down by HKD 6 million from HKD 1,701 million on December 31, 2023[30]. - The net current liabilities amounted to HKD 1,019 million, with net debt of HKD 737 million and bank borrowings of HKD 465 million[31]. - The group has approximately HKD 364 million in non-current assets to support its ongoing operations despite being in a net debt position[31]. - The total equity attributable to the owners of the company was HKD (727,067,000) as of June 30, 2024, compared to HKD (694,969,000) at the end of 2023[59]. Cash Flow and Financing - The net cash used in operating activities was HKD 33,000 for the six months ended June 30, 2024, compared to HKD 7,386,000 in the previous year[62]. - The net cash used in investing activities was HKD 5,882,000 for the six months ended June 30, 2024, compared to HKD 5,035,000 in the previous year[62]. - The net cash used in financing activities was HKD 1,469,000 for the six months ended June 30, 2024, compared to HKD 2,323,000 in the previous year[62]. - The company is actively negotiating with banks regarding the renewal and waiver of certain loan covenants and is optimistic about its financial outlook[31]. - The company is actively negotiating with banks to update financing terms and seek additional funding sources to alleviate liquidity pressure[67]. - Certain bank borrowings totaling HKD 433,956,000 have become overdue, and the company is facing litigation from banks for repayment[66]. Management and Governance - The board has resolved not to declare an interim dividend for the review period, consistent with the previous year[42]. - The company has not granted any stock options under the new stock option plan since its adoption[45]. - The total number of stock options authorized for grant under the new stock option plan is 182,275,565[45]. - The total remuneration for key management personnel was HKD 1,318,000 for the six months ended June 30, 2024, down from HKD 1,373,000 for the same period in 2023[99]. Legal and Compliance - As of June 30, 2024, the group faced litigation from banks demanding immediate repayment of approximately HKD 434 million in bank loans[34]. - The company has outstanding bank loans totaling HKD 433,956,000 as of June 30, 2024, which have not met certain covenants[75]. Investments and Acquisitions - The company has no significant investments or plans for major acquisitions or capital asset purchases as of the report date[33]. - The company entered into an asset transfer agreement to sell property in Shanxi Province for a total consideration of RMB 51 million[53]. - On August 5, 2024, the group agreed to sell land and property in Xinjiang County for a total consideration of RMB 51,000,000 (approximately HKD 55,590,000)[100].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 中 CHINA YURUN FOOD GROUP LIMITED 國雨潤食品集團有限公 司* （於百慕達註冊成立之有限公司） （股份代號：1068） 截至二零二四年六月三十日止六個月 中期業績公佈 中國雨潤食品集團有限公司（「本公司」或「雨潤食品」）董事會（「董事會」或「董事」） 公佈本公司及其附屬公司（統稱「本集團」）截至二零二四年六月三十日止六個月（「回 顧期」）之未經審核綜合中期業績。回顧期的中期財務報告雖未經審核，但已由本 公司的審核委員會審閱。 * 僅供識別 1 綜合損益及其他全面收益表 截至二零二四年六月三十日止六個月－未經審核 | --- | --- | --- | --- | |---------------------------------|-------|------------------------------------------------|---------------- ...

Financial Performance - In 2023, the company achieved revenue of HKD 1.411 billion, a decrease from HKD 2.162 billion in 2022, representing a decline of approximately 34.6%[19] - The loss attributable to equity holders was HKD 148 million, compared to a loss of HKD 15 million in 2022, indicating a significant increase in losses[19] - The sales revenue from deep-processed meat products was HKD 445 million, down from HKD 496 million in 2022, reflecting a decrease of about 10.3%[22] - The company recorded a net loss of approximately HKD 105 million from other activities, compared to a net income of HKD 27 million in 2022, primarily due to the assessment of certain non-operational facilities[23] - The sales revenue of chilled meat was HKD 835 million, a decrease of 43.1% compared to HKD 1.468 billion in 2022, accounting for approximately 59% of total revenue[36] - The revenue from low-temperature meat products was HKD 271 million, a decrease of 4.9% from HKD 285 million in 2022, representing about 19% of total revenue[36] - The slaughter volume decreased by approximately 19.8% to about 500,000 heads compared to the previous year[38] - Operating expenses for the year were HKD 177 million, accounting for 12.6% of total revenue, compared to 5.6% in 2022[43] - The total employee cost for the year was HKD 99 million, accounting for 7.0% of revenue, compared to HKD 106 million and 4.9% in 2022[52] - The group reported a loss attributable to equity holders of approximately HKD 695 million as of December 31, 2023[68] Production and Capacity - The production capacity for upstream slaughtering and downstream deep-processed meat products remained stable at approximately 3.35 million heads and 56,000 tons, respectively[18] - The domestic live pig output was 727 million heads in 2023, an increase of 3.8% year-on-year, while pork production reached 57.94 million tons, up 4.6%[10] - The average procurement price of live pigs was RMB 15.35 per kilogram, a year-on-year decrease of 19.3%[34] - The average procurement price of live pigs fluctuated between RMB 14.26 and 17.14 per kilogram during the review period[140] - The company has established a management mechanism to negotiate with at least three suppliers for the supply of live pigs and meat[138] Strategic Focus and Innovation - The company plans to continue focusing on innovation and quality management to enhance operational efficiency and competitiveness in 2024[8] - The company aims to develop new products that cater to changing consumer demands and trends, driving new growth points for performance[29] - The company is cautious in new product development, gradually introducing products that meet consumer demand through trial phases[142] Environmental and Social Responsibility - The group is committed to green low-carbon production methods and has increased investment in environmental protection and R&D[54] - The group aims to integrate energy-saving and green production concepts into its corporate culture for sustainable development[54] - The company is focused on reducing waste emissions during production processes to promote green transformation[54] - The group recognizes its responsibility as a public company and actively implements environmental protection measures[74] - The company has measures in place to minimize the impact of animal diseases or other epidemics on its business operations[130] Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules during the review year[78] - The board is responsible for approving and monitoring the overall strategy and policies of the group, including annual budgets and business plans[79] - The audit committee reviewed the group's annual and interim financial statements before submission to the board for approval[93] - The company has implemented a risk management and internal control system to ensure effective governance and compliance with the corporate governance code[89] - The company has established an audit committee, remuneration committee, and nomination committee to ensure compliance with the corporate governance code[88] Financial Risks and Debt Management - The company is currently in a net debt position as of December 31, 2023, with risks of failing to meet financial obligations[144] - The company has two overdue bank loans from state-owned commercial banks in China, and it is actively communicating with these banks to negotiate repayment plans and reduce penalties[196] - The board believes that the action plan to address overdue bank loans, if implemented as expected, will eliminate the auditor's uncertainty regarding the company's going concern status[198] - The company believes it has sufficient financial resources to support its operations and meet financial obligations due within the next twelve months[192] Shareholder Communication and Transparency - The company aims to provide high levels of information disclosure and financial transparency to shareholders and potential investors[158] - The company has adopted a shareholder communication policy to ensure shareholders can conveniently and timely access fair and understandable information[179] - The board of directors has reviewed the effectiveness of the shareholder communication policy, deeming it reasonable and effectively implemented[159] Quality Control and Supply Chain Management - The company has implemented a comprehensive quality control system with 21 inspection and quarantine processes for its products[148] - The company conducts regular assessments of supplier production sites to ensure the quality and supply capacity of raw materials[140] - The company emphasizes the quality and supply of raw materials, implementing measures to ensure supply chain stability, including contractual guarantees with suppliers[122] - The company has developed different strategies to cope with fluctuations in raw material prices, such as adjusting pig inventory based on expected price changes[124] Board Diversity and Effectiveness - The board consists of five members, including three independent non-executive directors, ensuring a diverse range of expertise in accounting, legal, and food engineering[96] - The board's gender diversity includes two female directors and three male directors, highlighting the company's commitment to gender representation[96] - The company emphasizes the importance of board diversity, considering factors such as gender, age, cultural background, and professional experience in its selection process[95] - The board has established a policy to review its diversity and effectiveness annually, ensuring continuous improvement in governance practices[95] Crisis Management - The company has established a crisis response procedure to quickly address any incidents that may affect consumer confidence[153] - The company has the capability to ensure product distribution and sales during disease outbreaks due to its nationwide layout[147]

Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of HKD 1,410,943,000, a decrease of 34.6% compared to HKD 2,162,440,000 in 2022[4] - The net loss for the year was HKD 201,293,000, significantly higher than the loss of HKD 25,329,000 reported in 2022, indicating a deterioration in financial performance[4] - The company’s total comprehensive loss for the year was HKD 194,786,000, compared to a loss of HKD 24,974,000 in the prior year[6] - The total reported segment revenue for 2023 was HKD 1,424,788,000, compared to HKD 2,166,027,000 in 2022, indicating a decrease of about 34.2%[31] - The total revenue for the fresh and frozen meat segment in 2023 was HKD 966,400,000, a decrease of 42% from HKD 1,666,115,000 in 2022[28] - The processed meat products segment generated revenue of HKD 444,543,000 in 2023, down from HKD 496,325,000 in 2022, representing a decline of approximately 10.4%[28] - The group reported other net losses of approximately HKD 105 million, primarily due to the write-off of non-productive assets and expected VAT recoveries[88] - The group reported an operating loss of approximately HKD 170 million, compared to a profit of approximately HKD 18 million in the previous year[91] Assets and Liabilities - As of December 31, 2023, the total equity attributable to the company's shareholders was HKD (689,379,000), a decline from HKD (494,593,000) in 2022[11] - The company’s current liabilities amounted to HKD 1,617,367,000, with a net current liability of HKD (979,241,000)[10] - The company’s non-current assets, including property, plant, and equipment, decreased to HKD 326,449,000 from HKD 449,037,000 in 2022[10] - The company’s total liabilities increased to HKD 1,170,268,000 in 2023 from HKD 1,122,566,000 in 2022, indicating a rise of approximately 4.2%[53] - The company’s accounts payable decreased to HKD 171,617,000 in 2023 from HKD 191,633,000 in 2022, a decline of about 10.5%[53] - The group’s total liabilities increased to HKD 1.701 billion as of December 31, 2023, up by HKD 30 million from HKD 1.672 billion on December 31, 2022[114] - The group’s property, plant, and equipment decreased to HKD 326 million from HKD 449 million the previous year, primarily due to an impairment loss of HKD 56 million[105] Cash Flow and Financing - The company’s cash and cash equivalents stood at HKD 39,298,000, an increase from HKD 33,210,000 in the previous year[10] - The company plans to actively negotiate with banks to update financing terms and seek additional funding sources to alleviate liquidity pressure[17] - The company had bank borrowings totaling HKD 437,069,000 as of December 31, 2023, slightly down from HKD 443,381,000 in 2022[55] - The group’s current and non-current bank borrowings amounted to HKD 446,196,000 and HKD 22,029,000, respectively, with cash and cash equivalents of only HKD 39,298,000[61] - The group is involved in a lawsuit with a bank for immediate repayment of HKD 437,069,000, with a judgment requiring repayment of HKD 506,208,000 including interest[62] - The group successfully negotiated a debt settlement with a bank for an outstanding debt of HKD 43,434,000 and interest of HKD 19,347,000, resulting in a debt settlement gain of HKD 12,713,000[60] - The group has two overdue bank loans from state-owned commercial banks in China and is negotiating for installment repayments and waivers on penalties[144] Shareholder Returns - The company did not recommend the distribution of dividends for the year ended December 31, 2023, consistent with the previous year[46] - The group will not declare a final dividend for the year ending December 31, 2023[66] Operational Insights - The group’s pig production volume for 2023 was 727 million heads, an increase of 3.8% year-on-year, while pork production reached 57.94 million tons, up 4.6% year-on-year[68] - The group is focusing on product quality and research and development to adapt to market changes[70] - The group anticipates steady growth in pork consumption driven by rising incomes and demand for processed meat products[68] - The group maintained an annual production capacity of approximately 3.35 million heads for upstream slaughtering and 56,000 tons for downstream deep-processed meat products as of December 31, 2023[79] Employee and Operational Costs - As of December 31, 2023, the group employed approximately 1,000 staff in mainland China and Hong Kong, a decrease from approximately 1,400 staff as of December 31, 2022[136] - Total employee costs for the year amounted to HKD 99 million, representing 7.0% of revenue, compared to HKD 106 million or 4.9% of revenue in 2022[136] Future Outlook and Strategic Plans - The board is optimistic about returning to a net asset position as the economic environment improves and management continues to enhance operational profitability[116] - The board anticipates that the "disclaimer of opinion" in the auditor's report may be removed by December 31, 2024, depending on the success of the action plan[121] - The company plans to exercise caution in capital expenditures for 2024, with an initial budget of approximately RMB 15 million primarily for ongoing projects and maintenance[132] - The group is committed to green low-carbon production methods and has increased investments in environmental protection and R&D[138] - The group aims to integrate energy-saving and green production concepts into its corporate culture for sustainable development[138] Audit and Compliance - The independent auditor's report indicated "unable to express an opinion" regarding the group's ability to continue as a going concern due to various uncertainties[139] - The audit committee has rigorously reviewed the financial statements and aligned its views with the board regarding the going concern basis[142] Challenges and Risk Management - The group is actively addressing challenges, including business losses and overdue bank loans, while maintaining regular communication with banks[141] - The communication process with banks involves multiple approval levels, which can extend the timeline for reaching a resolution[144]

Financial Performance - In the first half of 2023, the group's revenue was HKD 770 million, a decrease of 21.4% compared to HKD 979 million in the same period of 2022[35]. - The group recorded a loss attributable to equity holders of approximately HKD 20 million, compared to a loss of HKD 11 million in the first half of 2022[35]. - Fresh meat sales amounted to HKD 443 million, a decrease of 31.3% from HKD 644 million in the first half of 2022, accounting for approximately 57% of total revenue before internal sales[35]. - The sales revenue of deep-processed meat products was HKD 232 million, a decrease of approximately 10.2% compared to HKD 258 million in the first half of 2022[18]. - Revenue from low-temperature meat products was HKD 140 million, a decrease of approximately 3.1% compared to HKD 145 million in the same period last year, accounting for about 18% of total revenue before internal sales[65]. - Revenue from high-temperature meat products was HKD 92 million, down from HKD 113 million in the same period last year, representing approximately 12% of total revenue before internal sales[65]. - For the six months ended June 30, 2023, the company reported total revenue of HKD 549,207,000, a decrease of 24% compared to HKD 721,623,000 for the same period in 2022[173]. - Total revenue for the six months ended June 30, 2023, was HKD 780,918,000, a decrease of 20.2% compared to HKD 979,630,000 for the same period in 2022[194]. Profitability and Loss - The overall gross profit increased by 4.2% to HKD 69 million, with the overall gross margin rising by 2.2 percentage points to 9.0% compared to 6.8% in the same period last year[19]. - The gross margin for downstream processed meat products increased to 25.8%, up 6.9 percentage points from 18.9% in the same period last year[41]. - The operating loss for the review period was approximately HKD 28 million, compared to a profit of approximately HKD 9 million in the same period last year[71]. - The company incurred a total comprehensive loss of HKD 22,313,000 for the six months ended June 30, 2023[138]. - The consolidated loss for the period was HKD 39,149,000, compared to a loss of HKD 16,135,000 in the previous year, indicating a significant increase in losses[194]. - Basic and diluted loss per share for the period was HKD 0.011, compared to HKD 0.006 in the previous year[150]. Operating Expenses - The operating expenses for the period were HKD 99 million, which included a provision for impairment losses of HKD 36 million, compared to HKD 62 million in the first half of 2022[24]. - The overall operating expenses, excluding impairment losses, were HKD 63 million, which is comparable to the previous year, accounting for 8.2% of total revenue[24]. - Employee costs for the review period totaled HKD 51 million, representing 6.6% of revenue, compared to HKD 55 million and 5.6% of revenue in the first half of 2022[113]. - The company’s total personnel expenses for the six months ended June 30, 2023, were HKD 50,616,000, a decrease of 8.2% from HKD 54,998,000 in the previous year[197]. Assets and Liabilities - Total assets as of June 30, 2023, were HKD 1.139 billion, a decrease of HKD 38 million from HKD 1.177 billion as of December 31, 2022[53]. - Total liabilities decreased by HKD 32 million to HKD 1.640 billion as of June 30, 2023, compared to HKD 1.672 billion at the end of 2022[53]. - As of June 30, 2023, the company's outstanding bank loans amounted to HKD 469 million, a decrease of HKD 15 million from HKD 484 million at the end of the previous year[72]. - As of June 30, 2023, the company's current liabilities and total liabilities were HKD 982,359,000 and HKD 500,934,000, respectively[188]. - The company has approximately HKD 572 million in non-current assets to support daily operations despite being in a net debt position[55]. Strategic Focus and Management - The company plans to focus on high-margin products and adjust its product structure to balance profit and market demand[18]. - The company aims to leverage its core competitiveness in resources, strategy, and branding to capture opportunities in the evolving meat market[30]. - The company has established a systematic quality management system to ensure product quality meets high standards[10]. - The company has established a risk management and internal control system to safeguard assets and manage business risks[107]. - The company is actively communicating with banks regarding the renewal and waiver of loan covenants and is implementing operational plans to enhance profitability and generate sufficient cash flow[83]. Corporate Governance - The company has maintained a high standard of corporate governance, with a board composed of experienced individuals and a majority of independent non-executive directors[130]. - The company has adopted a set of comprehensive corporate governance measures to enhance shareholder value[129]. - No new share options were granted under the new share option scheme since its adoption[99]. - The company has not entered into any arrangements that would allow directors to benefit from purchasing shares or debt securities of the company or any other corporate body during the review period[105]. Market Conditions and Trends - The total number of live pigs slaughtered in China reached 375.48 million, an increase of 2.6% year-on-year, with pork production at 30.32 million tons, up 3.2% year-on-year[30]. - The company noted that its operations are affected by seasonal fluctuations, with demand for processed meat products peaking around the Lunar New Year[174]. - The company experienced a significant increase in litigation provisions, with approximately HKD 229,000 related to patent infringement claims in China for the six months ended June 30, 2023[175].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 CHINA YURUN FOOD GROUP LIMITED * 中 國 雨 潤 食 品 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：1068） 截至二零二三年六月三十日止六個月 中期業績公佈 中國雨潤食品集團有限公司（「本公司」或「雨潤食品」）董事會（「董事會」或「董事」） 公佈本公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「回 顧期」）之未經審核綜合中期業績。回顧期的中期財務報告雖未經審核，但已由本 公司的審核委員會審閱。 ...