2025 年大杯什锦果冻品牌推荐 果冻新势力崛起， Z 世代甜品自由催生行业新变局 | 目录 | | --- | | 一、 | 市场背景 | 3 | | --- | --- | --- | | 1.1 | 摘要 | 3 | | 1.2 | 大杯什锦果冻定义 | 3 | | 1.3 | 市场演变 | 3 | | 二、 | 市场现状 | 3 | | 2.1 | 市场规模 | 3 | | 2.2 | 市场供需 | 4 | | 三、 | 市场竞争 | 4 | | 3.1 | 市场评估维度 | 4 | | 3.2 | 市场竞争格局 | 5 | | 3.3 | 十大品牌推荐 | 5 | | 四、 | 发展趋势 | 7 | | 4.1 | 健康化革新成消费新宠 | 7 | | 4.2 | 个性化与高端化引领潮流 | 7 | | 4.3 | 竞争格局变革催生新机遇 | 7 | 2025 年大杯什锦果冻品牌推荐 一、 市场背景 1.1 摘要 中国大杯什锦果冻行业近年来发展迅速，在休闲食品市场中占据了一定份额。其凭借 丰富多样的口味、独特的口感和大容量包装，满足了消费者在不同场景下的食用需 求，受到众多消费者尤其是年轻群体的喜爱 ...

果冻销售未达目标，米酒卖得好老牌休闲零食企业 亲亲食品去年扭亏为盈 3月17日，亲亲食品（01583.HK，股价1.25港元，市值9.44亿港元）披露了2024年业绩。2024年， 亲亲食品实现营收9.96亿元，同比增长1.5%，公司股东应占利润为2113.0万元，上年同期为亏损200.2万 元。对比近五年的财务数据来看，其营收增速有所放缓，但净利润则是时隔三年再度回归正值。 公开资料显示，亲亲食品是一家总部位于福建晋江的老牌休闲零食企业，成立于1990年，产品包括 果冻、膨化食品、调料、糖果、米酒等。 果冻销售未达目标，米酒卖得好 亲亲食品的调料业务同样表现不佳。2024年，调料业务销售额同比下降6.6%。亲亲食品的官网显 示，其调料产品包括香格里鸡精、鸡粉调味料等。 而亲亲食品的第二大品类——膨化食品（包括亲亲圈、虾条、薯片等）近五年销售额呈现增长态 势，2024年实现销售额3.12亿元，同比增长13.7%。 另外推动亲亲食品实现营收增长的是糖果及干果、坚果、饼干、烘焙、米酒等其他产品，2024年销 售额同比增长三成，公司在财报中称销售额增长主要是由于米酒新产品销量增加。记者查询发现，亲亲 食品在湖北孝感 ...

Core Viewpoint - Qinqin Food has returned to profitability after three years, reporting a revenue of 996 million yuan in 2024, a 1.5% increase year-on-year, and a net profit of 21.13 million yuan, compared to a loss of 2 million yuan in the previous year [1][2]. Revenue Performance - The company achieved a revenue of 996 million yuan in 2024, with a year-on-year growth of 1.5% [1]. - The jelly product line remains the largest revenue contributor, generating 531 million yuan in sales, but this represents a decline of approximately 6.5% compared to 2023, accounting for 53.2% of total revenue [2][3]. - The seasoning business also saw a decline, with sales dropping by 6.6% in 2024 [2]. - In contrast, the puffed food segment, which includes shrimp strips and chips, experienced growth, with sales reaching 312 million yuan, a 13.7% increase year-on-year [2][3]. Product Diversification - Other product categories, including candy, dried fruits, nuts, biscuits, and rice wine, contributed to revenue growth, with a 30% increase in sales attributed mainly to new rice wine products [3]. - Qinqin Food has established a rice wine production base in Xiaogan, Hubei, which began trial production in 2020 [3]. Investment and Operational Adjustments - The company has been adjusting its investment strategy, closing a loss-making production base in Ningxia and recording a one-time disposal loss of approximately 6.1 million yuan [5][6]. - Qinqin Food reported a net loss of 0 yuan from fair value changes in 2024, marking a significant improvement compared to previous years [5]. - The gross profit margin for 2024 was 28.3%, an increase of 1.9 percentage points year-on-year, although it remains lower than the 42.4% margin reported a decade ago [6]. Strategic Outlook - The company is exploring growth opportunities through brand expansion, channel iteration, and market penetration, while also seeking investment in rapidly developing consumer goods that align with its business [4][5]. - The challenges faced by Qinqin Food include increased competition from emerging snack brands and changing consumer preferences towards healthier and more convenient options [6].

Financial Performance - Total revenue for the fiscal year ended December 31, 2024, was RMB 996,497,000, representing a 1.5% increase from RMB 981,574,000 in 2023[2] - Gross profit increased by 9.0% to RMB 282,068,000, with a gross margin of 28.3%, up from 26.4% in the previous year[2] - Net profit attributable to shareholders was RMB 21,130,000, a significant turnaround from a loss of RMB 2,002,000 in 2023, marking an 11.6 times increase[2] - Adjusted EBITDA rose by 10.3% to RMB 101,306,000 compared to RMB 91,861,000 in the prior year[2] - The company reported a comprehensive income of RMB 18,337,000 for the year, compared to a loss of RMB 33,478,000 in 2023[5] - Basic earnings per share for the year was RMB 0.028, a recovery from a loss of RMB 0.003 per share in the previous year[35] - The annual profit for 2024 was RMB 21,130,000, compared to a loss of RMB 2,056,000 in 2023, indicating a significant turnaround[73] Dividends and Equity - The company proposed a final dividend of RMB 0.020 per share, compared to no dividend in the previous year[2] - Total equity increased to RMB 1,219,861 thousand in 2024 from RMB 1,201,338 thousand in 2023, reflecting a growth of 1.5%[8] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.02 per share, totaling approximately RMB 15,102,000, pending shareholder approval on May 16, 2025[37] Cash Flow and Financial Position - Net cash position improved by 81.7% to RMB 415,079,000 from RMB 228,442,000 in 2023[2] - Total liabilities decreased to RMB 724,004 thousand in 2024 from RMB 762,735 thousand in 2023, representing a reduction of 5.1%[8] - The total borrowings decreased to RMB 172,467 thousand in 2024 from RMB 292,294 thousand in 2023, with a weighted average interest rate of 2.71%, down from 3.03% in the previous year[54][56] - The group has trade financing of RMB 340.0 million, of which RMB 233.0 million has been utilized as of December 31, 2024, with a weighted average effective annual interest rate of 1.03%[94] Operational Efficiency - Inventory turnover period improved to 12 days from 16 days, while accounts receivable turnover period increased to 4 days from 2 days[2] - The company aims to enhance operational efficiency through digital transformation and talent development, focusing on sustainable growth and core competitiveness[94] - The company aims to enhance production facilities' automation to reduce labor costs and improve production efficiency[90] Product Performance - Revenue from candy and jelly products reached RMB 530,638 thousand, contributing significantly to the total group revenue of RMB 996,497 thousand for the year ended December 31, 2024[20] - Jelly product sales amounted to approximately RMB 530.6 million, a year-on-year decrease of about 6.5%, accounting for 53.2% of total revenue[62] - Sales of puffed products increased by approximately 13.7% to RMB 311.7 million, representing 31.3% of total revenue, with a gross profit of RMB 86.3 million, up 23.5%[64] - Sales of candy and other products rose by approximately 31.3% to RMB 80.5 million, with a gross profit increase of approximately 125.9% to RMB 18.3 million[67] Strategic Initiatives - The company plans to continue expanding its product lines and enhancing its distribution channels to drive future growth[20] - The company launched a new product, zero-calorie jelly, which aligns with health trends and has shown good market performance, contributing to a 20% increase in sales for the jelly product line[77] - The company introduced a new non-fried snack, "Seaweed Crisps," which caters to health-conscious consumers and is part of its strategy to enhance its market position in the snack segment[79] - The company plans to enhance the management of distribution channels and retail endpoints, increasing the number of retail points and expanding product sales in areas surrounding production bases[81] Challenges and Market Conditions - The competitive landscape in the Chinese snack industry remains challenging, with increasing competition from emerging brands and rising costs impacting operational performance[58] - The company has seen significant sales growth through new snack chain stores, although traditional sales channels experienced a decline due to competitive pricing from these new stores[84] Governance and Compliance - The company has adopted corporate governance policies in line with the highest standards to manage business risks and enhance transparency[109] - All directors confirmed compliance with the standard code of conduct for securities trading for the year ending December 31, 2024[111] - The audit committee, consisting of all three independent non-executive directors, reviewed the financial statements for the year ending December 31, 2024[114]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 563,585 thousand, a decrease of 0.9% compared to RMB 568,823 thousand in the same period of 2023[6] - Gross profit increased by 3.4% to RMB 171,722 thousand, with a gross margin of 30.5%, up from 29.2%[6] - Profit attributable to shareholders rose by 25.4% to RMB 32,809 thousand, with earnings per share increasing to RMB 0.043 from RMB 0.035[6] - Revenue for the six months ended June 30, 2024, was RMB 563,585 thousand, a decrease of 0.4% compared to RMB 568,823 thousand in the same period of 2023[14] - Gross profit increased to RMB 171,722 thousand, up 3.9% from RMB 166,088 thousand year-on-year[14] - Operating profit rose to RMB 35,476 thousand, reflecting a growth of 1.8% from RMB 34,837 thousand in the previous year[14] - Net profit for the period was RMB 32,809 thousand, an increase of 25.5% compared to RMB 26,105 thousand in the same period last year[14] - Basic and diluted earnings per share increased to RMB 0.043, up from RMB 0.035 in the previous year, representing a growth of 22.9%[14] - The company reported a total comprehensive income of RMB 32,588 thousand, compared to RMB 25,519 thousand in the same period last year, marking a growth of 27.5%[15] - The company reported a profit of RMB 32,809 thousand for the six months ended June 30, 2024, compared to a profit of RMB 26,159 thousand for the same period in 2023, representing a year-over-year increase of approximately 25%[19] Assets and Liabilities - Total assets decreased by 6.1% to RMB 1,843,465 thousand from RMB 1,964,073 thousand[7] - Total liabilities reduced to RMB 609,343 thousand, down 20.0% from RMB 762,735 thousand at the end of 2023[17] - Cash and bank balances decreased to RMB 498,144 thousand from RMB 520,736 thousand, a decline of 4.3%[16] - Inventory levels decreased significantly to RMB 92,936 thousand from RMB 136,948 thousand, a reduction of 32.1%[16] - As of June 30, 2024, total equity reached RMB 1,234,122 thousand, an increase from RMB 1,201,338 thousand as of January 1, 2024[19] - The company’s total liabilities decreased from RMB 563 thousand as of January 1, 2024, to zero as of June 30, 2024, indicating a significant reduction in debt[19] Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2024, was RMB 42,404 thousand, compared to a net cash used of RMB 68,351 thousand for the same period in 2023[21] - The company reported a net cash used in investing activities of RMB 80,359 thousand for the six months ended June 30, 2024, compared to RMB 110,785 thousand in the same period in 2023[21] - The company invested RMB 51,090 thousand in property, plant, and equipment during the reporting period, a decrease from RMB 105,314 thousand in the same period last year[21] - The company’s capital expenditure for the six months ended June 30, 2024, was RMB 10,524 thousand, with allocated capital expenditure of RMB 10,517 thousand[41] Operational Insights - The management discussion and analysis section provides insights into operational strategies and market conditions affecting performance[9] - The jelly product segment generated revenue of RMB 338,625 thousand, while the puffed food segment contributed RMB 153,500 thousand[42] - The group faced challenges from increased competition in the jelly product segment, particularly from lower-priced products introduced by competitors[82] - The group plans to implement strategies to increase sales and improve profitability in the jelly product division despite the decline in sales[83] - The company is committed to developing high-quality, healthy, and nutritious products, enhancing innovation capabilities in product development and packaging design[91] Employee and Governance - The company’s management compensation for the six months ended June 30, 2024, was approximately RMB 2,067,000, slightly down from RMB 2,136,000 for the same period in 2023[76] - The group has committed to continuous education and development for employees, providing various internal and external training courses[102] - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended June 30, 2024[118] - The company has adhered to all provisions of the corporate governance code during the six months ended June 30, 2024[113] Market and Risk Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since December 31, 2023[31] - The group closely monitors exchange rate risks related to HKD and USD to maintain them at acceptable levels[103] Shareholder Information - The major shareholder, Sure Wonder Limited, holds 425,806,219 shares, representing 56.39% of the company's equity as of June 30, 2024[108] - Tianli Investment Limited holds 45,645,799 shares, accounting for approximately 6.05% of the company's equity[108]

[Financial Highlights & Performance Overview](index=1&type=section&id=Financial%20Highlights%20%26%20Performance%20Overview) The company's H1 2024 financial performance showed slight revenue decline but significant profit growth from improved margins and cost control [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) For the six months ended June 30, 2024, revenue slightly decreased, but gross profit increased by 3.4% and profit attributable to owners of the Company grew by 25.4% | Metric | Six Months Ended June 30, 2024 (Thousand Yuan) | Six Months Ended June 30, 2023 (Thousand Yuan) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | 563,585 | 568,823 | -0.9% | | **Gross Profit** | 171,722 | 166,088 | +3.4% | | **Gross Margin** | 30.5% | 29.2% | +1.3 percentage points | | **Profit Attributable to Owners** | 32,809 | 26,159 | +25.4% | | **Basic EPS** | RMB 0.043 | RMB 0.035 | +22.9% | | **Net Cash Position** | 226,282 | - | - | [Overall Performance Review](index=34&type=section&id=Overall%20Performance%20Review) Total revenue slightly decreased by 0.9%, but net profit significantly increased due to improved gross margin and reduced tax expenses - Revenue for the reporting period was approximately **RMB 563.6 million**, a **0.9% year-on-year decrease**, primarily due to reduced jelly product sales, partially offset by increased sales of puffed food, confectionery, and other products[71](index=71&type=chunk) - Profit attributable to owners of the Company increased by approximately **RMB 6.6 million** year-on-year, mainly benefiting from improved gross margin, the base effect of investment losses in the prior period, and a significant reduction in current tax expenses[71](index=71&type=chunk)[72](index=72&type=chunk) - A one-time loss on disposal of property, plant, and equipment of approximately **RMB 6.1 million** was recorded due to the closure of the continuously loss-making Ningxia production base[71](index=71&type=chunk) [Segment Performance](index=17&type=section&id=Segment%20Performance) Puffed food and confectionery segments showed strong growth, offsetting jelly product decline, while seasoning products remained stable [Segment Revenue and Profit](index=17&type=section&id=Segment%20Revenue%20and%20Profit) Puffed food and confectionery & other products showed strong revenue growth, offsetting jelly product decline, with seasoning products stable | Business Segment | H1 2024 Revenue (Thousand Yuan) | H1 2023 Revenue (Thousand Yuan) | YoY Change | H1 2024 Gross Profit (Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Jelly Products | 338,625 | 381,904 | -11.3% | 106,286 | | Puffed Food Products | 153,500 | 126,109 | +21.7% | 44,542 | | Seasoning Products | 41,503 | 41,454 | +0.1% | 14,786 | | Confectionery and Other Products | 29,957 | 19,356 | +54.8% | 6,108 | [Jelly Products](index=35&type=section&id=Jelly%20Products) Jelly product sales declined by 11.3% to RMB 339 million, but gross margin improved to 31.4% from cost efficiencies - Sales decreased by **11.3%** to **RMB 338.6 million**, primarily due to the rise of emerging snack brand stores, leading to a decline in traditional channel sales not fully offset by new channel growth[73](index=73&type=chunk) - Gross margin increased from **30.4%** to **31.4%**, mainly due to a slight decrease in some raw material costs and improved production management efficiency[73](index=73&type=chunk) [Puffed Food Products](index=36&type=section&id=Puffed%20Food%20Products) Puffed food sales grew strongly by 21.7% to RMB 154 million, driven by channel expansion, and gross margin improved to 29.0% - Sales increased by **21.7%** year-on-year to **RMB 153.5 million**, primarily due to continuous expansion of sales channels, especially in new markets like South, Southwest, and Northwest China[74](index=74&type=chunk) - Gross margin increased from **26.8%** to **29.0%**, benefiting from economies of scale due to increased sales volume and improved production management efficiency[74](index=74&type=chunk) [Seasoning Products](index=36&type=section&id=Seasoning%20Products) Seasoning product sales remained stable at RMB 41.5 million, with gross margin improving to 35.6% due to lower raw material costs - Sales remained flat compared to the prior period, at approximately **RMB 41.5 million**[75](index=75&type=chunk) - Gross margin increased from **32.5%** to **35.6%**, primarily due to a decrease in major raw material costs compared to the prior period[75](index=75&type=chunk) [Confectionery and Other Products](index=37&type=section&id=Confectionery%20and%20Other%20Products) Confectionery and other product sales surged by 54.6% to RMB 30 million, and gross margin improved to 20.4% - Sales increased by **54.6%** year-on-year to **RMB 30 million**, primarily due to increased sales of new rice wine products[76](index=76&type=chunk) - Gross margin significantly increased from **13.7%** to **20.4%**, benefiting from improved economies of scale due to increased sales volume[76](index=76&type=chunk) [Operational and Financial Condition Analysis](index=37&type=section&id=Operational%20and%20Financial%20Condition%20Analysis) Operational and financial analysis shows increased distribution costs, stable administrative expenses, improved liquidity, and positive operating cash flow [Cost and Expense Analysis](index=37&type=section&id=Cost%20and%20Expense%20Analysis) Distribution and selling expenses increased by 5.0% to RMB 67.4 million, while administrative expenses remained stable at RMB 68.7 million - Distribution and selling expenses increased by **5.0%** year-on-year to **RMB 67.4 million**, primarily due to increased transportation costs from higher puffed food sales[77](index=77&type=chunk) - Administrative expenses slightly increased by **0.3%** year-on-year to **RMB 68.7 million**, with increased depreciation from new production bases offset by approximately **RMB 5 million** reduction in staff costs due to departmental restructuring[78](index=78&type=chunk) [Financial Position](index=5&type=section&id=Financial%20Position) As of June 30, 2024, the Group maintained a robust financial position with increased net current assets and a net cash position | Metric | June 30, 2024 (Thousand Yuan) | December 31, 2023 (Thousand Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,843,465 | 1,964,073 | -6.1% | | Total Liabilities | 609,343 | 762,735 | -20.1% | | Total Equity Attributable to Owners | 1,234,122 | 1,201,338 | +2.7% | | Net Current Assets | 204,646 | 153,485 | +33.3% | | Cash and Bank Balances | 498,144 | 520,736 | -4.3% | | Bank Loans | 271,862 | 292,294 | -7.0% | - The Group was in a net cash position at the end of the reporting period, with cash and bank balances of **RMB 498 million** and bank loans of **RMB 272 million**[87](index=87&type=chunk) [Cash Flow and Capital Resources](index=8&type=section&id=Cash%20Flow%20and%20Capital%20Resources) Operating cash flow significantly improved to a net inflow of RMB 42.4 million, with investing and financing activities resulting in net outflows | Cash Flow Item | H1 2024 (Thousand Yuan) | H1 2023 (Thousand Yuan) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 42,404 | (68,351) | | Net Cash Used in Investing Activities | (80,359) | (110,785) | | Net Cash (Used in)/Generated from Financing Activities | (20,432) | 74,001 | | Net Decrease in Cash and Cash Equivalents | (58,387) | (105,135) | - Capital expenditure for the first half was **RMB 10.5 million**, primarily for new production base construction and purchasing new production equipment in China[88](index=88&type=chunk) [Strategic Investment Projects](index=38&type=section&id=Strategic%20Investment%20Projects) The Group maintained strategic investments without new additions, recognizing a fair value loss of RMB 1.3 million due to underperforming investees - No new strategic investment projects were added during the reporting period[79](index=79&type=chunk) - Due to the investee companies' operating performance falling short of expectations, the Group recognized a fair value loss of approximately **RMB 1.3 million** (prior period: RMB 0.6 million) through other comprehensive income during the reporting period[79](index=79&type=chunk) [Business Strategy and Outlook](index=39&type=section&id=Business%20Strategy%20and%20Outlook) The company's business strategy focuses on product innovation, channel expansion, production upgrades, internal management, and synergistic investments [Product Development and Upgrade](index=39&type=section&id=Product%20Development%20and%20Upgrade) The company will continue to develop high-quality, healthy products, with specific strategies for each category to enhance gross margin and expand channels - The company is committed to developing natural, healthy, nutritious, and delicious high-quality products, increasing investment in product innovation, production facilities, and quality inspection equipment[80](index=80&type=chunk) - Product line strategies include: jelly (gross margin improvement), puffed food (market position consolidation), seasoning (catering channel expansion), and other snacks (healthy new product development)[80](index=80&type=chunk) [Channel Expansion and Marketing](index=40&type=section&id=Channel%20Expansion%20and%20Marketing) The company is expanding into new channels, adjusting e-commerce strategy to high-margin products, and leveraging social media for brand visibility - Actively expanding into new channels such as snack brand stores, convenience stores, and campus stores; sales through new snack chain stores significantly increased during the reporting period, while traditional channel sales decreased accordingly[82](index=82&type=chunk) - E-commerce strategy adjusted to increase the sales proportion of high-margin self-produced products and utilize online platforms and live streaming for promotion[82](index=82&type=chunk) - Will fully utilize social media platforms like WeChat, Weibo, Douyin, and Xiaohongshu for marketing exposure to enhance brand visibility[81](index=81&type=chunk) [Production Facilities and Operations](index=41&type=section&id=Production%20Facilities%20and%20Operations) The Group closed its loss-making Ningxia production base, incurring a RMB 6.1 million disposal loss, while investing in automation and upgrades - Due to continuous losses, the production base in Ningxia, Gansu Province, was closed, resulting in a one-time disposal loss of approximately **RMB 6.1 million** recorded during the reporting period[83](index=83&type=chunk) - Continuously enhancing automation capabilities through introducing advanced production lines and equipment upgrades to reduce labor costs and improve production efficiency[84](index=84&type=chunk) [Future Outlook and Strategy](index=42&type=section&id=Future%20Outlook%20and%20Strategy) The Group's future strategy focuses on product innovation, channel expansion, production upgrades, internal management, and synergistic investments - Will adhere to a multi-category and high cost-performance product strategy in the future, seizing consumer upgrade opportunities through continuous innovation[85](index=85&type=chunk) - Focus on expanding into new market channels such as e-commerce, snack brand stores, and catering to increase market penetration[85](index=85&type=chunk) - Continue to invest in production facility upgrades, talent development, and information management systems to enhance core competitiveness[86](index=86&type=chunk) [Key Notes to Financial Statements](index=9&type=section&id=Key%20Notes%20to%20Financial%20Statements) Key notes cover financial risk management, share capital and dividends, and commitments, contingent liabilities, and asset pledges [Financial Risk Management](index=11&type=section&id=Financial%20Risk%20Management) The Group faces market, credit, and liquidity risks, with no significant changes in policies, maintaining controllable liquidity - The Group's primary financial risks are market risk, credit risk, and liquidity risk, with no significant changes in risk management policies[20](index=20&type=chunk) - The Group has numerous customers, with no significant concentration of credit risk in accounts receivable, and credit terms typically range from **30 to 90 days**[54](index=54&type=chunk) [Share Capital and Dividends](index=22&type=section&id=Share%20Capital%20and%20Dividends) The Board decided not to declare an interim dividend, with 755,096,557 shares in issue and 5,348,000 unexercised share options - The Board decided not to declare an interim dividend for the six months ended June 30, 2024[49](index=49&type=chunk)[93](index=93&type=chunk) - As of June 30, 2024, **5,348,000** share options remained unexercised under the share option scheme, with an exercise price of **HKD 2.19** per share[57](index=57&type=chunk)[58](index=58&type=chunk) [Commitments and Asset Pledges](index=30&type=section&id=Commitments%20and%20Asset%20Pledges) As of June 30, 2024, the Group had RMB 33 million in capital commitments, no significant contingent liabilities, and pledged RMB 573 million in assets - As of June 30, 2024, total contracted but unprovided capital commitments amounted to **RMB 33.03 million**[63](index=63&type=chunk)[89](index=89&type=chunk) - The Group pledged land use rights and buildings with a net book value of **RMB 572.7 million** as collateral for bank borrowings of **RMB 216.2 million**[90](index=90&type=chunk)[51](index=51&type=chunk) - The Group had no significant contingent liabilities[89](index=89&type=chunk) [Corporate Governance and Other Information](index=45&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers corporate governance compliance, financial data review, and human resources details [Corporate Governance and Compliance](index=46&type=section&id=Corporate%20Governance%20and%20Compliance) The company complied with Corporate Governance Code provisions, with interim results reviewed by the Audit Committee and auditor - The company consistently complied with all code provisions of the Corporate Governance Code during the reporting period[94](index=94&type=chunk) - The interim financial information has been reviewed by the company's Audit Committee and auditor, Tianzhi Hong Kong Certified Public Accountants Limited[98](index=98&type=chunk)[3](index=3&type=chunk) [Human Resources](index=45&type=section&id=Human%20Resources) As of June 30, 2024, the Group had approximately 2,400 employees, with total employee benefit expenses decreasing by 7.5% due to cost-saving measures - As of June 30, 2024, the Group had approximately **2,400 employees**, a decrease from **2,500** at the end of 2023[91](index=91&type=chunk) - Total employee benefit expenses were approximately **RMB 97.6 million**, a year-on-year decrease of approximately **7.5%**, mainly due to cost-saving measures, departmental restructuring, and increased automation[91](index=91&type=chunk)[40](index=40&type=chunk)

Financial Performance - The company's total sales revenue for the fiscal year 2023 was approximately RMB 981.6 million, representing a year-on-year increase of 2.5% compared to RMB 957.6 million in fiscal year 2022[11]. - Gross profit for the fiscal year 2023 was approximately RMB 258.9 million, an increase of RMB 11.6 million or 4.7% from RMB 247.3 million in fiscal year 2022, with a gross margin of 26.4%, up 0.6 percentage points from 25.8%[11]. - The company recorded a net loss attributable to shareholders of approximately RMB 2.0 million in fiscal year 2023, compared to a net loss of RMB 1.4 million in fiscal year 2022, representing an increase in net loss of RMB 0.6 million[11]. - The company reported a significant increase in EBITDA of 19.5%, reaching RMB 91.9 million in fiscal year 2023 compared to RMB 76.9 million in fiscal year 2022[20]. - Distribution and selling expenses decreased by approximately 11.7% to RMB 123.3 million in 2023 from RMB 139.6 million in 2022, accounting for 12.6% of total revenue[36]. - Administrative expenses rose by approximately 11.8% to RMB 137.2 million in 2023 from RMB 122.7 million in 2022, representing 14.0% of total revenue[37]. - The fair value loss on investments was approximately RMB 31.4 million in 2023, a slight decrease from RMB 33.6 million in 2022, due to ongoing impacts from the COVID-19 pandemic[38]. - The group has maintained a strong financial position with cash and bank balances of RMB 520.7 million as of December 31, 2023, compared to RMB 502.1 million in 2022, and bank loans of RMB 292.3 million, up from RMB 228.0 million in 2022[60]. - Total equity decreased by approximately 2.7% to RMB 1,201.3 million as of December 31, 2023, from RMB 1,234.7 million in 2022[81]. Operational Efficiency - The company has completed the construction of new production bases in five different regions of China, enhancing production capacity and environmental efficiency to support long-term development[24]. - The total energy consumption increased by 5.0% in 2023, primarily due to higher automation levels and extended operation times of air conditioning systems at the new production base[48]. - Water consumption density increased by 11.4% year-on-year, mainly due to wastage from aging water pipes and increased cleaning frequency at the new production base[48]. - The company plans to improve packaging efficiency and reduce material consumption through various initiatives, including upgrading printing devices and packaging equipment[33]. - The group is focused on optimizing resources, constructing new plants, and upgrading equipment to enhance production capacity and efficiency for long-term development[79]. - The group aims to enhance the automation of production facilities to reduce the impact of rising labor costs, collaborating with foreign equipment companies to introduce advanced production lines for jelly and puffed products[58]. Environmental and Sustainability Initiatives - The company aims to mitigate the impact of climate change on agricultural productivity by investing in environmentally friendly equipment and production processes[13]. - In 2023, the total amount of plastic packaging used increased by 30.3% to 10,667.35 tons compared to 8,187.02 tons in 2022, driven by higher sales of pudding and rice wine products[31]. - The density of plastic used per unit increased by 33.3% year-on-year, attributed to the rise in sales of products packaged in plastic bowls and cups[31]. - The company has implemented monthly and annual assessments of material consumption standards to reduce waste, linking performance directly to employee compensation[30]. Market Strategy and Growth - The company aims to expand its distribution network by entering new sales channels such as snack brand stores, convenience stores, and gas stations, resulting in significant sales increases from these new outlets[43]. - The group continues to collaborate with new retailers such as Alibaba, JD.com, and Pinduoduo to develop new retail channels, aiming for future profitability growth[77]. - The group is focusing on expanding its market presence in first- and second-tier cities through e-commerce and convenience stores, promoting products like "Coffee Circle" and "Chocolate Circle"[56]. - The group plans to continue developing new snack products, including candies, chocolates, and baked goods, focusing on health-conscious options to meet changing consumer preferences[55]. - The group adjusted its e-commerce strategy to reduce sales of low-margin products and increase the proportion of high-margin self-produced products, improving overall gross margin and net profit margin[77]. Corporate Governance - The company emphasizes the importance of high standards of corporate governance to manage business risks and enhance transparency[102]. - The board of directors is responsible for overall management, including business strategy, internal controls, and risk management[107]. - The company has adopted a corporate governance policy in accordance with the Hong Kong Stock Exchange's rules, ensuring compliance with all governance code provisions for the year ending December 31, 2023[124]. - The company has established a risk management framework to ensure that relevant risks are effectively controlled within the group's risk appetite[170]. - The board consists of 11 members, including four independent non-executive directors, contributing to rigorous oversight and monitoring of management procedures[152]. - The company has established a mechanism for directors to seek independent professional advice to ensure strong board independence[132]. - The company has a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[178]. Employee and Workplace Management - The company experienced a 61% employee turnover rate at the end of the reporting period, indicating potential challenges in workforce stability[17]. - The company focuses on employee development, workplace safety, and sustainable practices to attract and retain talent[103]. - The group has approximately 2,500 employees as of December 31, 2023, down from 2,600 in 2022, with total employee benefits expenses around RMB 209.0 million[85]. Dividend and Capital Expenditure - The board does not recommend the declaration of a final dividend for the year ended December 31, 2023, consistent with the previous year[62]. - The total capital expenditure for new production facilities and improvements to existing facilities during the reporting period was approximately RMB 63.2 million[78]. - The group’s capital expenditure for 2023 was RMB 63.2 million, down from RMB 274.7 million in 2022, primarily for new production facilities and equipment in China[82].

Financial Performance - Revenue for the fiscal year ended December 31, 2023, was RMB 981,574,000, representing a 2.5% increase from RMB 957,569,000 in 2022[3] - Gross profit for the same period was RMB 258,859,000, up 4.7% from RMB 247,317,000 in the previous year[3] - The gross margin improved to 26.4%, an increase of 0.6 percentage points from 25.8% in 2022[3] - The company reported a loss attributable to shareholders of RMB 2,002,000, compared to a loss of RMB 1,387,000 in the previous year, reflecting a 44.3% increase in losses[3] - The company reported a net loss of RMB 2,056 thousand for the year ended December 31, 2023[29] - The group recorded a consolidated net loss attributable to shareholders of approximately RMB 2.0 million, compared to a net loss of RMB 1.4 million in the previous year, representing an increase in net loss of RMB 0.6 million[85] Cash and Assets - The net cash position decreased by 16.7% to RMB 228,442,000 from RMB 274,115,000 year-over-year[3] - Total assets as of December 31, 2023, were RMB 1,964,073,000, down 4.5% from RMB 2,056,733,000 in 2022[3] - The company’s net current assets increased by 68.2% to RMB 153,485,000 from RMB 91,240,000 in the previous year[3] - The company reported a net cash position of RMB 520.7 million as of December 31, 2023, an increase from RMB 502.1 million in 2022[118] Liabilities - The total liabilities decreased from RMB 822,035 thousand in 2022 to RMB 762,735 thousand in 2023, representing a reduction of approximately 7.2%[14] - Non-current liabilities increased from RMB 195,175 thousand in 2022 to RMB 228,151 thousand in 2023, an increase of approximately 16.9%[14] - Current liabilities decreased from RMB 626,860 thousand in 2022 to RMB 534,584 thousand in 2023, a decrease of approximately 14.7%[14] - The total borrowings amounted to RMB 292.3 million as of December 31, 2023, an increase from RMB 228.0 million in 2022[80] Expenses and Costs - Total expenses for the year 2023 amounted to RMB 983,197 thousand, compared to RMB 972,498 thousand in 2022, reflecting an increase in costs[38] - The company reported a significant increase in depreciation and amortization expenses, totaling RMB 75,609 thousand in 2023 compared to RMB 63,651 thousand in 2022[38] - Employee benefits expenses totaled approximately RMB 209.0 million for the year, a decrease from RMB 214.0 million in 2022, due to cost control measures implemented by the group[131] Revenue Breakdown - Total revenue for the year ended December 31, 2023, was RMB 981,574 thousand, with jelly products contributing RMB 567,185 thousand, puffed food RMB 274,205 thousand, seasoning products RMB 78,859 thousand, and candy and other products RMB 61,325 thousand[29] - The group's sales revenue for jelly products was approximately RMB 567.2 million, a year-on-year increase of about 0.4%, accounting for 57.8% of total revenue[90] - The sales revenue for puffed products was approximately RMB 274.2 million, a year-on-year increase of about 3.4%, accounting for 27.9% of total revenue[88] - The sales revenue for seasoning products was approximately RMB 78.9 million, a year-on-year increase of about 7.2%, accounting for 8.0% of total revenue[93] - The sales revenue for candy and other products was approximately RMB 61.3 million, a year-on-year increase of about 13.5%, accounting for 6.2% of total revenue[94] Governance and Management - The company plans to maintain high standards of corporate governance to manage business risks and enhance transparency[41] - The board consists of 11 members, including 3 executive directors and 4 independent non-executive directors[139] - The chairman and executive director is Mr. Xu Qingliu[139] - The financial director and company secretary is Mr. Huang Weiliang[139] - The CEO is Mr. Wu Wenxu[139] Future Plans and Strategies - The company plans to continue evaluating the impact of new accounting standards and expects no significant impact on financial performance upon their implementation[27] - The group plans to continue expanding sales channels and developing higher-margin new products to enhance overall product sales and profitability[85] - The company aims to enhance its product diversity and market share by launching new flavor products, targeting both the restaurant and household markets[103] - The company plans to continue developing new snack products, including healthier options, to meet consumer demand for health-conscious eating[103] Miscellaneous - The company did not recommend a final dividend for the year ending December 31, 2023, consistent with no dividend in 2022[56] - The company incurred a loss of RMB 8,616,000 related to the deemed disposal of an associate, reflecting a significant impact on its financial position[66] - The group had no significant contingent liabilities as of December 31, 2023, and no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[125]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 568,823,000, representing an increase of 7% compared to RMB 531,529,000 for the same period in 2022[13] - Gross profit for the same period was RMB 166,088,000, up 15.6% from RMB 143,635,000 in 2022[13] - Operating profit increased significantly to RMB 34,837,000, compared to RMB 13,088,000 in the previous year, marking a growth of 166%[13] - Net profit for the period was RMB 26,105,000, a substantial increase from RMB 4,487,000 in 2022, reflecting a growth of 482%[14] - Basic and diluted earnings per share for the period were RMB 0.035, compared to RMB 0.006 in the same period last year[13] - Profit attributable to shareholders surged to RMB 26,159 thousand, a 4.7 times increase compared to RMB 4,626 thousand in the prior year[35] - The company reported total revenue of RMB 568,823 thousand for the six months ended June 30, 2023, with a total gross profit of RMB 166,088 thousand[101] - Gross profit for the reporting period was approximately RMB 166.1 million, up RMB 22.5 million or 15.7% year-on-year, with a gross margin of 29.2%, an increase of 2.2 percentage points from 27.0% in the same period last year[166] Financial Position - Total liabilities decreased to RMB 685,283,000 as of June 30, 2023, down from RMB 822,035,000 at the end of 2022, indicating a reduction of approximately 16.7%[16] - The company reported a net cash position of RMB 109,877 thousand, down 59.9% from RMB 274,115 thousand at the end of 2022[35] - Total assets decreased by 5.4% to RMB 1,945,350 thousand from RMB 2,056,733 thousand[35] - Net current assets increased by 88.7% to RMB 172,142 thousand, compared to RMB 91,240 thousand in the previous year[35] - The company's total borrowings increased to RMB 302,018 thousand as of June 30, 2023, up from RMB 228,017 thousand at the end of 2022, representing a growth of 32.4%[83] - Total borrowings as of June 30, 2023, amounted to RMB 302,018 thousand, compared to RMB 49,800 thousand as of December 31, 2022[86] Cash Flow and Management - The company incurred a net cash outflow from operating activities of RMB 68,351 thousand, compared to a net inflow of RMB 119,961 thousand in the same period last year[46] - The company’s cash flow management remains strong, with a focus on reducing current liabilities, particularly accounts payable, which decreased to RMB 56,610,000 from RMB 154,020,000[16] - Cash and cash equivalents decreased by RMB 105,135 thousand, ending at RMB 339,342 thousand as of June 30, 2023[46] - As of June 30, 2023, cash and cash equivalents totaled RMB 339,342 thousand, a decrease from RMB 442,641 thousand as of December 31, 2022[88] Expenses and Income - Total expenses for the period, including cost of sales, distribution and selling expenses, and administrative expenses, amounted to RMB 535,490,000, an increase from RMB 517,221,000 in the previous year[128] - The group received government subsidies totaling RMB 5,032,000 during the reporting period, down from RMB 10,434,000 in the previous year[117] - The company recognized share-based payment expenses of RMB 359,000 thousand for the six months ended June 30, 2023, compared to RMB 1,125,000 thousand for the same period in 2022, indicating a decrease of 68.1%[74] Market and Operations - The company is primarily engaged in the manufacturing, distribution, and sale of food and snack products in China[47] - The group generated over 90% of its revenue and operating profit from sales in mainland China, with over 90% of its non-current assets located in mainland China[114] - The company has continued to expand its sales channels, contributing to overall sales growth during the reporting period[148] - The company has focused on developing higher-margin new products to enhance product variety and improve overall sales and profit margins[148] Taxation - The current income tax expense for the six months ended June 30, 2023, was RMB 7.586 million, compared to RMB 3.777 million in 2022[132] - The deferred tax liabilities as of June 30, 2023, were approximately RMB 2.544 million, an increase from RMB 2.343 million as of December 31, 2022[133] - The company recorded a deferred tax asset of RMB 50.872 million as of June 30, 2023, compared to RMB 46.857 million as of December 31, 2022[133] Capital Expenditures - Capital expenditures allocated for jelly products were RMB 72,932 thousand for the six months ended June 30, 2023[101] - Capital expenditures for the group during the period were RMB 131,542,000, with significant investments in property, machinery, and equipment[127] - The company had signed but unrecognized capital commitments of RMB 158,757 thousand as of June 30, 2023, down from RMB 240,907 thousand as of December 31, 2022[105] Shareholder Information - The company’s total equity remained stable with 755,096,557 shares outstanding as of June 30, 2023, maintaining a capital of RMB 6,433 thousand[91] - The average number of ordinary shares for calculating basic earnings per share remained at 755,096,557 for both periods, with basic earnings per share increasing to RMB 0.035 from RMB 0.006[134] - The group did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[121] Financial Instruments - As of June 30, 2023, the fair value of financial assets measured at fair value through profit or loss (Level 3) was RMB 2,000 thousand, a decrease of 94.2% from RMB 34,448 thousand as of December 31, 2022[56] - The fair value of financial assets measured at fair value through other comprehensive income (Level 3) was RMB 48,552 thousand, slightly down from RMB 49,155 thousand as of December 31, 2022[56] - The total fair value of financial assets measured at fair value decreased from RMB 83,603 thousand to RMB 50,552 thousand, reflecting a decline of 39.5%[71] - The liquidity risk management policy has remained unchanged since the end of 2022, indicating stability in financial risk management practices[63] - The company has not experienced any transfers between the levels of fair value measurement for financial instruments during the reporting period[68] Industry Outlook - The company believes that the Chinese leisure food industry will continue to develop with significant growth potential due to overall economic development and rising consumer demand[171]

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group reported a 7.0% revenue increase and a 4.7-fold surge in profit attributable to shareholders for H1 2023, alongside improved gross margin and EBITDA Key Financial Performance and Ratios (For the six months ended June 30) | Financial Metric | H1 2023 (Unaudited) | H1 2022 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 568.8 million | RMB 531.5 million | +7.0% | | Gross Profit | RMB 166.1 million | RMB 143.6 million | +15.6% | | Gross Margin | 29.2% | 27.0% | +2.2pp | | EBITDA | RMB 76.9 million | RMB 58.4 million | +31.7% | | Profit Attributable to Shareholders | RMB 26.2 million | RMB 4.6 million | +4.7-fold | | Basic EPS | RMB 0.035 | RMB 0.006 | - | Key Financial Position (As of period end) | Financial Metric | June 30, 2023 (Unaudited) | Dec 31, 2022 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | RMB 1,945.4 million | RMB 2,056.7 million | -5.4% | | Net Cash Position | RMB 109.9 million | RMB 274.1 million | -59.9% | | Net Current Assets | RMB 172.1 million | RMB 91.2 million | +88.7% | | Total Equity Attributable to Shareholders | RMB 1,260.1 million | RMB 1,234.1 million | +2.1% | [Interim Condensed Consolidated Financial Information](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) This section presents the Group's interim financial statements, including the income statement, balance sheet, cash flow statement, segment information, and dividend policy [Interim Condensed Consolidated Income Statement](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2023, the Group's revenue increased by **7.0%** year-over-year to **RMB 568.8 million**, with profit attributable to shareholders surging **4.7-fold** to **RMB 26.2 million**, yielding a basic EPS of **RMB 0.035** Income Statement Summary (For the six months ended June 30) | Item | 2023 (RMB '000) | 2022 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 568,823 | 531,529 | +7.0% | | Gross Profit | 166,088 | 143,635 | +15.6% | | Operating Profit | 34,837 | 13,088 | +166.2% | | Profit for the period | 26,105 | 4,487 | +481.8% | | Profit attributable to Company's shareholders | 26,159 | 4,626 | +465.5% | | Basic EPS (RMB) | 0.035 | 0.006 | +483.3% | [Interim Condensed Consolidated Balance Sheet](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2023, total assets were **RMB 1,945.4 million**, a **5.4% decrease** from year-end 2022, while total equity increased **2.1%** to **RMB 1,260.1 million**, with net current assets growing **88.7%** to **RMB 172.1 million** and net cash position decreasing **59.9%** to **RMB 109.9 million** Balance Sheet Summary | Item | June 30, 2023 (RMB '000) | Dec 31, 2022 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,377,439 | 1,338,633 | +2.9% | | Total Current Assets | 567,911 | 718,100 | -20.9% | | **Total Assets** | **1,945,350** | **2,056,733** | **-5.4%** | | Total Current Liabilities | 395,769 | 626,860 | -36.9% | | Total Non-current Liabilities | 289,514 | 195,175 | +48.3% | | **Total Liabilities** | **685,283** | **822,035** | **-16.6%** | | **Total Equity** | **1,260,067** | **1,234,698** | **+2.1%** | [Interim Condensed Consolidated Cash Flow Statement](index=8&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2023, net cash used in operating activities was **RMB 68.4 million**, a reversal from **RMB 120.0 million** generated in H1 2022, with net cash used in investing activities decreasing to **RMB 110.8 million** and net cash from financing activities at **RMB 74.0 million** Cash Flow Summary (For the six months ended June 30) | Item | 2023 (RMB '000) | 2022 (RMB '000) | | :--- | :--- | :--- | | Net cash (used in)/generated from operating activities | (68,351) | 119,961 | | Net cash used in investing activities | (110,785) | (152,781) | | Net cash generated from/(used in) financing activities | 74,001 | (47,564) | | Net decrease in cash and cash equivalents | (105,135) | (80,384) | | Cash and cash equivalents at beginning of period | 442,641 | 391,190 | | Cash and cash equivalents at end of period | 339,342 | 311,001 | [Segment Information](index=14&type=section&id=6.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates in four segments: Jelly products, Puffed foods, Seasoning products, and Candy and other products, with Jelly products contributing the most revenue at **RMB 381.9 million** in H1 2023, and all segments achieving revenue growth Segment Revenue and Results (H1 2023) | Segment | Revenue (RMB '000) | Segment Results (Gross Profit) (RMB '000) | | :--- | :--- | :--- | | Jelly products | 381,904 | 116,127 | | Puffed foods | 126,109 | 33,820 | | Seasoning products | 41,454 | 13,490 | | Candy and other products | 19,356 | 2,651 | | **Total** | **568,823** | **166,088** | - Over **90%** of the Group's revenue, operating profit, and non-current assets are derived from or located in Mainland China, hence no geographical segment information is presented[93](index=93&type=chunk) [Dividends](index=20&type=section&id=12.%20%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2023, consistent with the prior year - The Board resolved not to distribute an interim dividend for the six months ended June 30, 2023[71](index=71&type=chunk)[122](index=122&type=chunk) [Management Discussion and Analysis](index=31&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth review of the Group's business performance, segment analysis, expense trends, liquidity, and future strategic direction [Business Review](index=32&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%87) In H1 2023, the Group's sales revenue increased **7.0%** to **RMB 568.8 million**, with gross profit rising **15.7%** to **RMB 166.1 million** and gross margin improving **2.2 percentage points** to **29.2%**, driven by channel expansion, price increases, and lower raw material costs - Revenue growth was driven by continuous expansion of sales channels and price increases compared to the same period last year[201](index=201&type=chunk) - The increase in gross profit and margin was due to higher sales volume, price hikes, and a slight decrease in raw material costs[177](index=177&type=chunk)[202](index=202&type=chunk) - Net profit attributable to shareholders surged by **4.7-fold** to **RMB 26.2 million**, also benefiting from a reduction in losses from fair value changes of financial assets[177](index=177&type=chunk)[234](index=234&type=chunk) [Segment Performance Analysis](index=33&type=section&id=%E5%88%86%E9%83%A8%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) All major product segments achieved revenue growth in H1 2023, with Jelly products growing **7.2%**, Puffed foods **4.1%**, Seasoning products **8.6%**, and Candy and other products **21.3%**, alongside improved gross margins for most segments [Jelly Products](index=33&type=section&id=%E6%9E%9C%E5%87%8D%E7%94%A2%E5%93%81) Jelly products revenue grew by **7.2%** to **RMB 381.9 million**, with gross margin improving to **30.4%**, driven by channel expansion and price increases Jelly Products Performance (H1) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 381.9M | RMB 356.3M | +7.2% | | Gross Profit | RMB 116.1M | RMB 106.2M | +9.3% | | Gross Margin | 30.4% | 29.8% | +0.6pp | - Growth was driven by channel expansion, especially in new snack chain stores, and price increases implemented in H2 2022[204](index=204&type=chunk) [Puffed Foods](index=33&type=section&id=%E8%86%A8%E5%8C%96%E7%94%A2%E5%93%81) Puffed foods revenue increased by **4.1%** to **RMB 126.1 million**, with gross margin improving to **26.8%**, supported by regional expansion and product mix optimization Puffed Foods Performance (H1) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 126.1M | RMB 121.1M | +4.1% | | Gross Profit | RMB 33.8M | RMB 29.8M | +13.4% | | Gross Margin | 26.8% | 24.6% | +2.2pp | - Stable growth was maintained by expanding into weaker sales regions (Southern, Southwestern, and Northwestern China) and optimizing the product mix with new products like "Potato Chips" and "Qinqin Rings"[181](index=181&type=chunk) [Seasoning Products](index=34&type=section&id=%E8%AA%BF%E6%96%99%E7%94%A2%E5%93%81) Seasoning products revenue grew by **8.6%** to **RMB 41.5 million**, with gross margin significantly improving to **32.5%** due to increased sales volume and lower raw material costs Seasoning Products Performance (H1) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 41.5M | RMB 38.2M | +8.6% | | Gross Profit | RMB 13.5M | RMB 9.9M | +36.4% | | Gross Margin | 32.5% | 25.8% | +6.7pp | - The business recovered its growth momentum post-pandemic, with increased sales volume and lower raw material costs contributing to higher sales, gross profit, and margin compared to the prior year[237](index=237&type=chunk) [Candy and Other Products](index=34&type=section&id=%E7%B3%96%E6%9E%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E7%94%A2%E5%93%81) Candy and other products revenue increased by **21.3%** to **RMB 19.4 million**, primarily driven by increased sales of new rice wine products following the establishment of a new production base - Revenue increased by **21.3%** to **RMB 19.4 million**, primarily driven by increased sales of new rice wine products following the establishment of a new production base[207](index=207&type=chunk)[208](index=208&type=chunk) [Expense Analysis](index=35&type=section&id=%E9%96%8B%E6%94%AF%E5%88%86%E6%9E%90) Distribution and selling expenses decreased **8.8%** to **RMB 64.2 million** due to strategic shifts and lower delivery costs, while administrative expenses rose **16.3%** to **RMB 68.5 million**, primarily from increased depreciation and taxes related to new production bases - Distribution and selling expenses decreased by **8.8%** to **RMB 64.2 million**, attributed to a strategic shift away from low-margin products on e-commerce channels and lower delivery costs compared to the pandemic-affected period in the prior year[208](index=208&type=chunk)[239](index=239&type=chunk) - Administrative expenses increased by **16.3%** to **RMB 68.5 million**, mainly caused by an **RMB 8.3 million** increase in depreciation of property, plant, and equipment, as well as property and land use taxes after new production bases became fully operational[240](index=240&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) The Group maintained a sound financial position with **RMB 411.9 million** in cash and bank balances and **RMB 302.0 million** in bank loans as of June 30, 2023, improving its liquidity ratio to **1.4x** from **1.0x** at year-end 2022, with capital expenditure of **RMB 85.7 million** Liquidity and Capital Position | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and bank balances | RMB 411.9M | RMB 502.1M | | Bank loans | RMB 302.0M | RMB 228.0M | | Net current assets | RMB 172.1M | RMB 91.2M | | Liquidity ratio | 1.4x | 1.0x | - Capital expenditure in H1 2023 amounted to **RMB 85.7 million**, mainly used for the construction of new production bases and the purchase of new production equipment in China[227](index=227&type=chunk) - As of June 30, 2023, the Group had capital commitments of approximately **RMB 158.8 million**, a decrease from **RMB 240.9 million** at the end of 2022[65](index=65&type=chunk)[190](index=190&type=chunk) [Future Outlook and Strategy](index=39&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B%E5%8F%8A%E7%AD%96%E7%95%A5) The Group plans to drive future growth through continuous product innovation, expanded sales channels including e-commerce and new retail, enhanced production efficiency via base completion, and strategic investments in synergistic consumer goods companies - **Product Innovation:** Persist with a multi-category strategy, focusing on product quality, optimizing the product mix, and strengthening the market position of key products[277](index=277&type=chunk) - **Channel Expansion:** Consolidate existing distribution networks while developing new market channels such as e-commerce (with higher-margin products), snack brand stores, and food service channels to increase penetration[254](index=254&type=chunk) - **Production Enhancement:** Complete the construction and renovation of production bases and upgrade equipment to improve processes, product quality, and production efficiency[224](index=224&type=chunk) - **Strategic Investment:** Seek opportunities to invest in high-potential consumer goods companies that have synergies with the Group's business[255](index=255&type=chunk)