QINQIN FOODS(01583)

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亲亲食品(01583) - 2023 - 中期财报
2023-08-31 09:59
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]
亲亲食品(01583) - 2023 - 中期业绩
2023-08-15 04:14
[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)
亲亲食品(01583) - 2022 - 年度财报
2023-03-30 09:12
Revenue and Sales Performance - Jelly product sales reached approximately RMB 564.8 million, a year-on-year increase of about 19.4%, accounting for 59.0% of total revenue[1] - Puff product sales amounted to approximately RMB 265.1 million, a year-on-year increase of about 17.6%, representing 27.7% of total revenue[3] - Seasoning product sales were approximately RMB 73.6 million, a year-on-year decrease of about 11.9%, accounting for 7.7% of total revenue[4] - Sales of candy and other products were approximately RMB 54.0 million, a year-on-year decrease of about 31.1%, representing 5.6% of total revenue[7] - The group's overall sales recorded continuous growth over the past three years, with revenue in the fiscal year 2022 increasing by 11.3% year-on-year[22] - Revenue for the fiscal year 2022 reached RMB 957,569 thousand, representing an increase of 11.3% compared to RMB 860,254 thousand in 2021[59] Gross Profit and Margins - The gross profit for jelly products was approximately RMB 157.6 million, up about 21.1%, with a gross margin of 27.9%, an increase of 0.4 percentage points year-on-year[1] - The gross profit for puff products was approximately RMB 66.6 million, up about 23.8%, with a gross margin of 25.1%, an increase of 1.2 percentage points year-on-year[3] - The gross profit for seasoning products was approximately RMB 19.0 million, down about 27.8%, with a gross margin of 25.8%, a decrease of 5.7 percentage points year-on-year[4] - The gross margin for candy and other products improved to 7.6%, an increase of 2.2 percentage points year-on-year[7] - Gross profit for the reporting period was approximately RMB 247.3 million, up by RMB 33.0 million or 15.4% compared to RMB 214.3 million in the previous year, with a gross margin of 25.8%[26] - Gross profit for the fiscal year 2022 was approximately RMB 247.3 million, up 15.4% from RMB 214.3 million in 2021, with a gross margin increase of 0.9 percentage points to 25.8%[59] Expenses and Losses - Distribution and selling expenses were approximately RMB 139.6 million, a year-on-year increase of about 1.1%, accounting for 14.6% of total revenue[8] - Administrative expenses were approximately RMB 122.7 million, a year-on-year decrease of about 9.6%, representing 12.8% of total revenue[9] - The net loss attributable to shareholders for the fiscal year 2022 was approximately RMB 1.4 million, significantly reduced from RMB 80.8 million in the previous year, marking a decrease of RMB 79.4 million[26] - The company reported a net loss attributable to shareholders of approximately RMB 1.4 million for the fiscal year 2022, significantly reduced from a net loss of RMB 80.8 million in 2021, a decrease of RMB 79.4 million[53] - The company reported a net loss of RMB 1,768 thousand for the year, significantly improved from a net loss of RMB 80,897 thousand in 2021[143] Operational Efficiency and Management - The group has successfully optimized and upgraded packaging for key products to improve brand visibility and market share[15] - The group reduced low-margin product sales through e-commerce channels, leading to a decrease in overall losses by approximately RMB 13.7 million[24] - The group aims to enhance internal management processes and invest in talent development and information management systems to improve operational efficiency and core competitiveness[119] - The inventory turnover period improved to 19 days from 23 days in the previous year, indicating better inventory management[60] - The accounts receivable turnover period decreased to 2 days from 3 days, reflecting improved collection efficiency[60] Strategic Initiatives and Future Plans - The group plans to continue expanding its product offerings in the snack category, including candies and chocolates, to meet the growing consumer demand for healthy snacks[13] - The group aims to enhance brand exposure through social media platforms and targeted marketing strategies, particularly focusing on young consumer demographics[19] - The group is committed to increasing the number of retail points and expanding sales in surrounding areas of new production bases to drive revenue growth[15] - The group anticipates that the overall consumer spending in China will gradually recover as the impact of COVID-19 diminishes[41] - The group plans to seek investment opportunities in fast-growing consumer goods companies that can synergize with its business[119] Financial Position and Assets - Total assets as of December 31, 2022, amounted to RMB 2,056,733 thousand, reflecting a growth of 7.3% from RMB 1,916,728 thousand in 2021[60] - The net cash position decreased by 19.9% to RMB 274,115 thousand from RMB 342,307 thousand in the previous year[60] - The company maintained a net current asset position of RMB 91,240 thousand, slightly down by 0.5% from RMB 91,669 thousand in 2021[60] - The group completed the development and construction of a new production base in Xiantao, Hubei Province, which replaced the existing facility, enhancing production capacity and environmental efficiency[53] - The group had approximately 2,600 employees as of December 31, 2022, a decrease from 2,700 in 2021[81] Shareholder and Investment Information - Major shareholders include Sure Wonder Limited with a 54.44% stake and Tianli Investment Limited with a 6.05% stake as of December 31, 2022[85] - The total number of share options granted under the plan as of December 31, 2022, was 32,639,655, with an unexercised option count of 25,469,655[126] - The group has no significant contingent liabilities as of December 31, 2022[99] - The company did not recommend a final dividend for the year ended December 31, 2022, consistent with the previous year[195] Market and Industry Outlook - The company believes that the leisure food industry in China will continue to develop, driven by overall economic growth and rising consumer demand[48] - The company is focused on enhancing product quality and market reputation as part of its strategic initiatives[147] - The company continues to focus on the manufacturing, distribution, and sale of food and snack products in China, which remains its core business[172]
亲亲食品(01583) - 2022 - 年度业绩
2023-03-17 10:06
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 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Qinqin Foodstuffs Group (Cayman) Company Limited 親親食品集團(開曼)股份有限公司 (於開曼群島註冊成立的有限公司) (股份代號:1583) 截至二零二二年十二月三十一日止財政年度之全年業績公告 財務摘要 關鍵財務表現及比率 截至十二月三十一日止年度 二零二二年 二零二一年 變幅 人民幣千元 人民幣千元 收入 957,569 860,254 11.3% 毛利 247,317 214,343 15.4% 毛利率 25.8% 24.9% 0.9百分點 扣除利息、稅項、折舊及 攤銷前盈利(1) 76,861 7,750 891.8% 本公司股東應佔虧損 (1,387) (80,841) -98.3% 每股虧損 — 基本 人民幣(0.002)元 人民幣(0.107)元 ...
亲亲食品(01583) - 2022 - 中期财报
2022-09-01 08:47
Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 531,529 thousand, representing a 5.1% increase from RMB 505,620 thousand in the same period of 2021[18]. - Gross profit increased by 10.7% to RMB 143,635 thousand, with a gross margin of 27.0%, up from 25.7% in the previous year[18]. - Profit attributable to shareholders was RMB 4,626 thousand, a turnaround from a loss of RMB 8,653 thousand in the prior year, marking a 1.5 times improvement[18]. - Operating profit significantly increased to RMB 13,088 thousand from RMB 273 thousand year-on-year[32]. - Net profit for the period was RMB 4,487 thousand, a turnaround from a loss of RMB 8,653 thousand in the previous year[34]. - Basic and diluted earnings per share for the period were RMB 0.006, compared to a loss per share of RMB 0.011 in the prior year[32]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 4,604 thousand, compared to a loss of RMB 8,653 thousand for the same period in 2021, indicating a turnaround in performance[44]. Assets and Liabilities - The company's total assets decreased by 6.9% to RMB 1,784,307 thousand from RMB 1,916,728 thousand as of December 31, 2021[18]. - Total assets as of June 30, 2022, were RMB 1,784,307 thousand, down from RMB 1,916,728 thousand at the end of 2021[36]. - Total liabilities decreased to RMB 510,810 thousand from RMB 648,821 thousand, showing a reduction in financial obligations[39]. - As of June 30, 2022, the total liabilities amounted to RMB 464,821 thousand, with current liabilities of RMB 456,037 thousand[64]. - The company’s retained earnings as of June 30, 2022, were RMB 507,999 thousand, a slight increase from RMB 576,706 thousand as of June 30, 2021, indicating a decrease of approximately 11.9%[44]. Cash Flow and Financial Position - Net cash position declined by 17.8% to RMB 281,455 thousand compared to RMB 342,307 thousand at the end of 2021[18]. - Cash and bank balances decreased to RMB 331,255 thousand from RMB 439,671 thousand, indicating a liquidity contraction[36]. - For the six months ended June 30, 2022, the company reported a net cash generated from operating activities of RMB 119,961 thousand, a significant increase from RMB 7,296 thousand in the same period of 2021, representing a growth of approximately 1,546%[46]. - The company incurred a cash outflow of RMB 194,086 thousand for the purchase of property, plant, and equipment during the first half of 2022, slightly higher than RMB 188,443 thousand in the previous year[46]. - The company’s financing activities resulted in a net cash outflow of RMB 47,564 thousand for the first half of 2022, contrasting with a net cash inflow of RMB 31,926 thousand in the same period of 2021[46]. Inventory and Receivables Management - Inventory turnover period improved to 15 days from 23 days, indicating better inventory management[18]. - Accounts receivable turnover period improved to 2 days from 3 days, reflecting enhanced collection efficiency[18]. - Inventory levels decreased to RMB 105,881 thousand from RMB 157,695 thousand, indicating improved inventory management[36]. - The net value of accounts receivable as of June 30, 2022, was RMB 9,063,000, an increase from RMB 5,153,000 as of December 31, 2021[107]. Market and Product Development - There is no mention of new products, technologies, market expansion, or mergers and acquisitions in the available information[18]. - The group has focused on enhancing distribution channel management and retail terminal management to drive overall sales growth[143]. - New product launches, including higher-margin items, have been introduced to offset rising production costs[144]. - The company plans to expand its distribution channels to include convenience stores, campus stores, and gas stations, while reducing low-margin product sales in e-commerce[159]. - The company aims to leverage social media platforms to engage with younger consumers and enhance brand visibility through targeted marketing strategies[158]. Employee and Corporate Governance - The group had approximately 2,600 employees, a decrease from 2,700 employees as of December 31, 2021[173]. - Total employee benefits expenses amounted to RMB 110.7 million for the review period, compared to RMB 104.3 million in the first half of 2021[173]. - The board of directors confirmed compliance with the corporate governance code during the six months ended June 30, 2022[195]. - The company has maintained high standards of corporate governance to manage business risks and enhance transparency[195]. Risk Management - The company has not made any changes to its risk management policies since the end of 2021[61]. - The company’s financial risk management includes market risk, credit risk, and liquidity risk, with specific focus on cash flow interest rate risk and foreign exchange risk[60]. - The group focuses on maintaining foreign exchange risk at an acceptable level by closely monitoring HKD and USD exchange rates[176].
亲亲食品(01583) - 2021 - 年度财报
2022-03-31 09:20
Financial Performance - The company's revenue for the year ended December 31, 2021, was RMB 860,254 thousand, representing an increase of 8.5% compared to RMB 792,829 thousand in 2020[12]. - Gross profit decreased to RMB 214,343 thousand, down 14.6% from RMB 251,122 thousand in the previous year, resulting in a gross margin of 24.9%[12]. - The net loss attributable to shareholders was RMB 7,750 thousand, a significant decline of 86.5% from a profit of RMB 57,421 thousand in 2020[12]. - The total assets of the company increased by 4.0% to RMB 1,916,728 thousand from RMB 1,842,928 thousand in 2020[12]. - The company reported a significant decrease in net cash position, which fell by 46.6% to RMB 342,307 thousand from RMB 640,819 thousand in the previous year[12]. - The return on equity for the year was -6.4%, a decline of 7.7 percentage points from 1.3% in 2020[12]. - The group recorded a loss attributable to shareholders of approximately RMB 80.8 million in 2021, compared to a net profit of approximately RMB 17.7 million in 2020[31]. - The group recorded a net loss of approximately RMB 70.2 million in 2021, a decrease from a net income of RMB 39.4 million in 2020[35]. - The group maintains a strong financial position with cash and bank balances of RMB 439.7 million as of December 31, 2021, down from RMB 711.0 million in 2020[62]. - The group's net current assets were RMB 91.7 million as of December 31, 2021, a decrease from RMB 492.6 million in 2020, with a current ratio of 1.1 times[62]. - The total equity of the group was RMB 1,267.9 million as of December 31, 2021, a decrease of approximately 5.1% from RMB 1,336.0 million in 2020[62]. Production and Capacity Expansion - The company completed the construction of four new production bases in various regions of mainland China, enhancing production capacity and efficiency[20]. - The company has invested approximately RMB 354.0 million in new production facilities across four regions in China to enhance production capacity and efficiency[56]. - The new production bases, which began operations in late 2020 and early 2021, recorded a loss of approximately RMB 38.8 million in 2021, impacting the group's net profit by about RMB 26.4 million[31]. - The group anticipates that as new production bases achieve economies of scale, overall production capacity, product quality, and efficiency will improve, benefiting long-term performance[23]. Product Development and Innovation - The company continues to focus on product development and innovation to drive growth in the leisure food industry amidst changing consumer patterns[20]. - The company plans to enhance its product development capabilities by investing in innovative product research and development, focusing on high-quality, natural, and nutritious products[48]. - The company aims to promote new jelly products targeting young mothers and children, including "Lactobacillus Jelly" and "Little Q Pudding," to drive growth in the jelly product segment[48]. - The group aims to expand its product portfolio and drive product innovation to meet changing consumer preferences, while strengthening its distribution network in China[23]. - The group aims to enhance product quality and optimize product mix through continuous product innovation to capture new opportunities from consumer upgrades[59]. Sales and Market Performance - The group's total sales revenue increased by 8.5% from RMB 792.8 million in 2020 to RMB 860.3 million in 2021, primarily due to growth in product sales and adjustments in product structure and sales strategy[31]. - In 2021, the group's jelly product sales amounted to approximately RMB 473.0 million, a year-on-year increase of 12.3%, accounting for 55.0% of total revenue[36]. - The group's puffed product sales reached approximately RMB 225.4 million in 2021, a year-on-year increase of 3.5%, representing 26.2% of total revenue[39]. - The group's seasoning product sales were approximately RMB 83.5 million in 2021, an increase of 11.7% year-on-year, accounting for 9.7% of total revenue[40]. - The group's candy and other products sales were approximately RMB 78.4 million in 2021, a year-on-year decrease of 1.0%, representing 9.1% of total revenue[43]. Cost Management and Expenses - The group recorded a foreign exchange loss of RMB 2.5 million due to the depreciation of HKD and USD against RMB, compared to a loss of RMB 12.2 million in the previous year[71]. - The group's distribution and selling expenses were approximately RMB 138.1 million in 2021, a year-on-year decrease of 4.9%[44]. - Administrative expenses increased by 34.3% year-on-year to approximately RMB 135.7 million in 2021, accounting for 15.8% of total revenue[45]. - Employee benefits expenses totaled approximately RMB 203.6 million for the year, an increase from RMB 155.2 million in 2020, due to increased personnel and wage adjustments[70]. Corporate Governance - The company has a strong management team with over 31 years of experience in food production and operations, contributing to its overall development[87]. - The independent non-executive directors bring diverse expertise, including financial management and legal experience, enhancing corporate governance[89][91][92][93]. - The company is committed to corporate governance, as evidenced by the composition of its board and the experience of its directors[89][91]. - The board consists of 12 members, including 3 executive directors and 4 independent non-executive directors, ensuring a balance of expertise and governance[108]. - The audit committee, composed entirely of independent non-executive directors, has been established to oversee financial reporting and compliance[119]. - The company has adopted a board diversity policy, emphasizing the importance of diverse skills, experience, and independence among board members[118]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development and social responsibility, aiming to create a harmonious enterprise[150]. - The company invested approximately RMB 10 million in 2021 to enhance environmental protection equipment at its new production base, aiming to improve environmental efficiency and comply with national standards[168]. - The company has implemented real-time monitoring of wastewater discharge to ensure compliance with national environmental regulations[175]. - The company emphasizes training for environmental management personnel to enhance their professional skills and ensure compliance with environmental standards[172]. - The company has adopted advanced technologies for odor gas treatment, including fluorocarbon fiber membrane collection systems, to minimize environmental impact[171]. - The company’s ESG strategy is integrated with its business strategy to enhance corporate responsibility competitiveness[152]. Future Outlook and Strategic Plans - The company provided guidance for the next fiscal year, projecting revenue growth of A% and an expected EBITDA margin of B%[99]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the H sector[99]. - The company is focused on long-term business development through investments in new products, e-commerce, information management systems, and new production facilities[23]. - The company is seeking investment opportunities in fast-growing consumer goods companies that can synergize with its business[59].
亲亲食品(01583) - 2021 - 中期财报
2021-08-31 08:04
Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 505,620,000, representing a 13.5% increase from RMB 445,498,000 in 2020[15] - The company reported a loss attributable to shareholders of RMB 8,653,000, a decline of 117.2% compared to a profit of RMB 50,255,000 in 2020[15] - Operating profit significantly decreased to RMB 273,000, down 99.4% from RMB 49,377,000 in the previous year[15] - Gross profit decreased to RMB 129,774 thousand, down 15.7% from RMB 154,065 thousand in the previous year[25] - The gross profit margin decreased to 25.7%, down from 34.6% in 2020, reflecting an 8.9 percentage point decline[15] - The company reported a net loss of RMB 8,653 thousand for the six months ended June 30, 2021, compared to a profit of RMB 50,255 thousand for the same period in 2020[36] - The basic loss per share for the six months ended June 30, 2021, was RMB (0.011), down from RMB 0.074 in the previous year, indicating a negative performance shift[91] Cash Flow and Liquidity - Cash and bank balances decreased by 25.1% to RMB 532,366,000 from RMB 711,018,000 at the end of 2020[15] - Cash generated from operating activities for the six months ended June 30, 2021, was RMB 22,379 thousand, a decrease of 73.8% from RMB 85,564 thousand in 2020[39] - The current ratio dropped to 1.9 from 3.6, indicating a decline in liquidity[15] - As of June 30, 2021, cash and cash equivalents decreased to RMB 314,643 thousand from RMB 500,642 thousand at the end of the previous year, reflecting a decline of 37.1%[39] - The company maintained a net cash position with cash and bank balances of RMB 532.4 million, down from RMB 711.0 million as of December 31, 2020[167] Assets and Liabilities - Total assets as of June 30, 2021, were RMB 1,760,512 thousand, down from RMB 1,842,928 thousand at the end of 2020[30] - Total liabilities decreased to RMB 422,153 thousand from RMB 506,970 thousand at the end of 2020[32] - The group reported a total liability of RMB 287,447 thousand as of June 30, 2021, with current liabilities amounting to RMB 278,663 thousand[57] - The company's property, plant, and equipment increased to RMB 468,493,000 as of June 30, 2021, from RMB 327,504,000 a year earlier, showing growth in fixed assets[96] Investments and Expenditures - The company incurred a total of RMB 188,443 thousand in purchases of property, machinery, and equipment during the first half of 2021, significantly higher than RMB 52,919 thousand in the same period of 2020[39] - The group invested approximately RMB 164.8 million in new production facilities and improvements in the first half of 2021 to enhance production capacity and efficiency[161] - The company received government grants amounting to RMB 10,737 thousand during the period, compared to RMB 7,417 thousand in the previous year[82] Revenue Breakdown - For the six months ended June 30, 2021, total revenue reached RMB 505,620 thousand, with jelly products contributing RMB 314,601 thousand, puffed foods RMB 108,542 thousand, seasoning products RMB 43,438 thousand, and candy and other products RMB 39,039 thousand[69] - Sales of jelly products reached approximately RMB 314.6 million, a year-on-year increase of 13.7%, representing 62.2% of the group's total revenue[145] - Sales of puffed products were approximately RMB 108.5 million, a decline of 9.0% year-on-year, accounting for 21.5% of total revenue[148] - Sales of seasoning products increased by 20.7% year-on-year to approximately RMB 43.4 million, representing 8.6% of total revenue[149] - Sales of candy and other products surged to approximately RMB 39.0 million, a 1.9 times increase year-on-year, accounting for 7.7% of total revenue[151] Employee and Management Costs - The total employee benefits expense for the review period was approximately RMB 104.3 million, an increase from RMB 79.8 million in the same period last year, primarily due to an increase in personnel and salary adjustments[174] - The total remuneration for key management personnel was approximately RMB 2,163,000 in the first half of 2021, compared to RMB 1,951,000 in 2020[135] Market and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development to drive future growth[40] - The group aims to increase the proportion of high-margin products in its seasoning product line while expanding its market presence in both the restaurant and household sectors[156] - The group plans to strengthen its e-commerce marketing efforts to achieve sales growth and increase market share, despite facing net losses in the e-commerce segment due to promotional activities[159] - The company aims to adapt to changing consumer demands and habits by continuously innovating and improving product quality[141] Shareholding and Corporate Governance - The board did not declare an interim dividend for the six months ended June 30, 2021, consistent with the previous year[176] - Mr. Xu Qingliu holds 375,559,535 shares, representing 49.74% of the company's equity[180] - The shareholding structure indicates significant control by a few major shareholders, particularly Mr. Xu Qingliu and his associated entities[184] - The company has adhered to all provisions of the corporate governance code during the six months ended June 30, 2021, except for a temporary overlap in the roles of Chairman and CEO prior to the appointment of a new CEO[192]
亲亲食品(01583) - 2020 - 年度财报
2021-03-31 08:30
Overview [Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides core company information including basic registration details, board members, principal office address, listing venue, legal advisors, and auditors - Mr. Xu Qingliu serves as the Chairman, and Mr. Huang Weiliang is the Chief Financial Officer. The company is registered in the Cayman Islands and listed on the Hong Kong Stock Exchange with stock code 1583[5](index=5&type=chunk) [Financial Highlights](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) In FY2020, the company's revenue increased by 14.8% year-on-year, but operating profit and profit attributable to shareholders significantly declined by 68.1% and 78.2% respectively. Key financial ratios indicate a 3.7 percentage point decrease in gross profit margin, a significant reduction in return on equity, and a halved current ratio, reflecting weakened profitability and short-term solvency despite revenue growth Consolidated Income Statement Highlights | Indicator | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | Revenue | 792,829 RMB thousands | 690,852 RMB thousands | 14.8% | | Operating Profit | 24,452 RMB thousands | 76,618 RMB thousands | -68.1% | | Profit Attributable to Company Shareholders | 17,660 RMB thousands | 81,187 RMB thousands | -78.2% | | Basic Earnings Per Share | RMB 0.026 | RMB 0.125 | -79.2% | Consolidated Balance Sheet Highlights | Indicator | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 711,018 RMB thousands | 732,033 RMB thousands | -2.9% | | Bank Borrowings | 70,199 RMB thousands | 0 | 100% | | Net Current Assets | 492,577 RMB thousands | 661,494 RMB thousands | -25.5% | | Net Assets | 1,335,958 RMB thousands | 1,146,760 RMB thousands | 16.5% | Key Financial Ratios | Indicator | 2020 | 2019 | Change (percentage points) | | :--- | :--- | :--- | :--- | | Gross Profit Margin | 31.7% | 35.4% | -3.7 | | Return on Equity | 1.3% | 7.1% | -5.8 | | Current Ratio (times) | 2.0 | 4.1 | -2.1 | [Chairman's Statement](index=5&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) The Chairman's Statement highlights a 14.8% revenue growth in 2020 despite pandemic challenges, primarily driven by a 5.8-fold surge in e-commerce business. However, consolidated net profit significantly declined due to a one-off asset disposal gain in 2019, current year exchange losses, and promotional activities to expand e-commerce market share, while progress in new product launches, production base construction, and strategic investments is affirmed with confidence in future development - 2020 revenue increased by **14.8% year-on-year** to **RMB 792.8 million**, primarily driven by e-commerce business, which grew **5.8 times** and accounted for **7.7% of total revenue**[11](index=11&type=chunk)[13](index=13&type=chunk) - Consolidated net profit decreased from **RMB 81.2 million** to **RMB 17.7 million**, primarily due to: - A one-off gain of approximately **RMB 23.8 million** from land and property disposal in 2019 - An exchange loss of approximately **RMB 12.2 million** in 2020, compared to an exchange gain of **RMB 13.1 million** in 2019 - Aggressive promotional activities in e-commerce channels to boost sales, resulting in losses for this business segment[14](index=14&type=chunk) - The Group achieved success in strategic investments, with the fair value of investments in several consumer goods companies increasing by **RMB 28.7 million**[13](index=13&type=chunk)[15](index=15&type=chunk) - The Group successfully launched the new brand 'Qinqin Wuyu' and a new rice wine business, and completed the construction of a new production base in Xiaogan[13](index=13&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the Group's operating environment, business segment performance, strategic development, and financial position in 2020. Despite pandemic challenges, the leisure food industry shows potential. The company achieved 14.8% revenue growth by adjusting product structure and vigorously developing e-commerce channels. All major product lines recorded sales growth, but gross profit margins were pressured by promotional activities. The company continues to invest in product development, channel expansion, and production facility improvements, maintaining optimism for future growth [Business Review and Segment Performance](index=9&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E5%88%86%E9%83%A8%E8%A1%A8%E7%8F%BE) In 2020, all four of the Group's business segments achieved revenue growth. Jelly products, as the core business, saw a 2.4% revenue increase; puffed food grew by 18.9%; seasoning products increased by 7.2%; and the candy and other products segment's revenue surged 2.0 times year-on-year, driven by the 'Qinqin Wuyu' e-commerce business and new rice wine business. However, gross profit margins for all segments except seasoning products declined due to promotional activities or changes in product mix 2020 Performance by Business Segment | Business Segment | Sales (RMB millions) | Y-o-Y Growth | Share of Total Revenue | Gross Profit Margin | Y-o-Y Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Jelly Products | 421.3 | 2.4% | 53.1% | 33.4% | -0.8 percentage points | | Puffed Food | 217.7 | 18.9% | 27.5% | 37.2% | -2.8 percentage points | | Seasoning Products | 74.7 | 7.2% | 9.4% | 36.9% | +1.1 percentage points | | Candy and Other Products | 79.1 | 200% | 10.0% | Not disclosed, but overall decline mentioned | Not disclosed | - Revenue from the 'Candy and Other Products' segment significantly increased, primarily attributed to the newly established 'Qinqin Wuyu' brand, under which over **200 new snack products** were developed and primarily sold through e-commerce channels[32](index=32&type=chunk)[33](index=33&type=chunk) - The Group's new rice wine and sesame candy business in Xiaogan City completed its first phase factory construction and launched new products in Q4 2020, though its revenue contribution for the year was minimal[34](index=34&type=chunk)[36](index=36&type=chunk) [Strategic Development and Operations](index=12&type=section&id=%E6%88%B0%E7%95%A5%E7%99%BC%E5%B1%95%E8%88%87%E9%81%8B%E7%87%9F) The company pursued multi-faceted strategic initiatives, including a **RMB 21.7 million** net gain in fair value from strategic investments in several consumer goods companies. Product development saw multiple new launches across categories, such as 'Konjac Jelly' and 'Chicken Flavored Cubes'. Marketing efforts involved celebrity endorsements and social media engagement to boost brand awareness. E-commerce revenue grew **5.8 times**, but remained unprofitable due to aggressive promotions. Significant progress was made in constructing new production bases in Xiaogan, Xiantao, Sishui, Meishan, and Xiji - E-commerce business revenue grew **5.8 times**, accounting for **7.7% of total revenue**, but remained in a net loss position in 2020 due to aggressive product promotions and channel expenditures[42](index=42&type=chunk) - The Group is advancing new production base construction across multiple locations nationwide, with the first phase of Xiaogan Rice Wine Industrial Park already operational, the Shandong Sishui base commencing production in January 2021, and new bases in Xiantao, Meishan, and Xiji currently under construction[44](index=44&type=chunk)[45](index=45&type=chunk) - Strategic investments in several fast-growing consumer goods companies recorded a fair value gain (after tax) of **RMB 21.7 million**[37](index=37&type=chunk) [Liquidity and Financial Position](index=15&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) As of year-end 2020, the Group maintained a net cash position with **RMB 711 million** in cash and bank balances. New bank borrowings of **RMB 70.2 million** were incurred during the year. Working capital stood at **RMB 492.6 million**, and the current ratio decreased from **4.1 times** to **2.0 times**. Capital expenditure significantly increased year-on-year to **RMB 318.9 million**, primarily for land acquisition and new production base construction. The Group's overall financial position remains robust, sufficient to support business expansion Key Financial Position as of Year-End 2020 | Indicator | Amount (RMB millions) | 2019 Corresponding Period | | :--- | :--- | :--- | | Cash and Bank Balances | 711.0 | 732.0 | | Bank Borrowings | 70.2 | 0 | | Working Capital | 492.6 | 661.5 | | Capital Expenditure | 318.9 | 168.6 | - The number of employees increased from approximately **2,200** to **2,600** during the year, with total staff welfare expenses growing accordingly to **RMB 155.2 million**[55](index=55&type=chunk) - Due to the depreciation of HKD and USD against RMB, the Group recorded a total exchange loss of **RMB 12.2 million**, compared to an exchange gain of **RMB 13.1 million** in the corresponding period of 2019[57](index=57&type=chunk) - The Board of Directors does not recommend the payment of a final dividend for the year ended December 31, 2020[58](index=58&type=chunk) [Biographies of Directors and Senior Management](index=18&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E5%B1%A5%E6%AD%B7) This section details the personal biographies of the company's executive directors, non-executive directors, independent non-executive directors, and senior management, including their age, position, responsibilities, industry experience, educational background, and appointments in other listed companies - Mr. Xu Qingliu, **41 years old**, serves as the Chairman of the Board and assumes the responsibilities of the Chief Executive Officer during the vacancy of that position[60](index=60&type=chunk) - Mr. Wu Wenxu, **49 years old**, was appointed as an Executive Director on December 8, 2020, responsible for the Group's production activities, supply chain, and production facility management[64](index=64&type=chunk) [Corporate Governance Report](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) The report outlines the company's corporate governance structure and practices, confirming substantial compliance with the HKEX Corporate Governance Code provisions during 2020. The sole deviation is the temporary combined role of Chairman and CEO held by Mr. Xu Qingliu, which the Board deems in the company's best interest while searching for a new CEO. The report details the Board's operations and the composition and responsibilities of the Audit, Remuneration, and Nomination Committees - The company complied with all code provisions of the Corporate Governance Code, with the exception of Code Provision A.2.1, where the roles of Chairman and Chief Executive Officer were not separated and were held concurrently by Chairman Mr. Xu Qingliu[83](index=83&type=chunk)[89](index=89&type=chunk) - The Board of Directors comprises **12 directors**, including **3 executive directors**, **5 non-executive directors**, and **4 independent non-executive directors**, meeting the Listing Rules' requirements for the number and qualifications of independent non-executive directors[87](index=87&type=chunk)[92](index=92&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee have all been established and are fully operational. The Audit Committee and Remuneration Committee are composed entirely of independent non-executive directors[97](index=97&type=chunk)[98](index=98&type=chunk)[103](index=103&type=chunk) Auditor's Remuneration for 2020 | Services Provided | Fees Paid/Payable (RMB thousands) | | :--- | :--- | | Audit of Financial Statements | 1,900 | | Other Non-Audit Services | 94 | | **Total** | **1,994** | [Environmental, Social and Governance Report](index=33&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) This report outlines the Group's policies, measures, and performance in environmental protection, social responsibility, and corporate governance. Environmentally, it discloses emissions data for exhaust gas, wastewater, greenhouse gases, and waste, along with resource utilization and energy-saving initiatives. Socially, it covers employment policies, employee health and safety (including epidemic prevention and control), development and training, supply chain management, product quality and safety, anti-corruption, and community contributions, reflecting the company's commitment to sustainable development 2020 Key Emissions Data | Emission Category | Specific Emission | 2020 Emissions | | :--- | :--- | :--- | | Exhaust Gas | NOx (Nitrogen Oxides) | 0.18 tonnes | | Exhaust Gas | SO2 (Sulfur Dioxide) | 0.0012 tonnes | | Wastewater | Wastewater Volume | 487,623.0 cubic meters | | Greenhouse Gas | Total Emissions | 25,424.26 tonnes CO2 equivalent | - The Group established an epidemic prevention and control task force, formulating detailed measures including personnel testing, material reserves, staggered work shifts, meal arrangements, and public education, to ensure employee health and safety and smooth production[166](index=166&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk) - Regarding product quality, the Group strictly adheres to relevant laws and regulations, with production bases obtaining multiple international certifications such as **ISO9001**, **ISO22000**, and **HACCP**, and establishing a product traceability management system[179](index=179&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) - In terms of community contributions, the Group actively participated in anti-epidemic donations, contributing funds and supplies to hospitals and frontline personnel in Xiaonan, Xiantao, Tianmen, Hubei, and engaging in public welfare activities such as student aid and caring for medical staff[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) [Report of the Directors](index=53&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) This statutory Directors' Report outlines the Group's principal activities, financial performance, dividend policy, reserves, and share capital movements. It details directors' and major shareholders' interests, changes in the share option scheme, continuing connected transactions, and the use of proceeds from two share subscription events. The report confirms that the company maintained sufficient public float and complied with relevant laws and regulations during the year - The Board of Directors does not recommend the payment of a final dividend for the year ended December 31, 2020[199](index=199&type=chunk) - The report disclosed a continuing connected transaction: the purchase of flour from Fujian Shuncheng Flour Development Co., Ltd., with a transaction amount of **RMB 1.794 million** in 2020[218](index=218&type=chunk) - As of year-end 2020, there were **11,660,000 unexercised share options** under the share option scheme[234](index=234&type=chunk) - The report details the use of proceeds and progress from two subscription events in April 2019 and December 2020. As of year-end 2020, **RMB 8.2 million** from the 2019 subscription remained unutilized, and **RMB 148.4 million** from the 2020 subscription proceeds had not yet been utilized[253](index=253&type=chunk)[257](index=257&type=chunk) Financial Section [Independent Auditor's Report](index=68&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) PricewaterhouseCoopers issued an unqualified audit opinion on the company's 2020 consolidated financial statements, affirming that they present a true and fair view of the Group's financial position and operating results. The report highlights two key audit matters: the recognition of sales revenue and the recognition of deferred income tax assets related to future deductible losses - The auditor issued an **unqualified opinion** on the financial statements[265](index=265&type=chunk) - Key audit matters include: 1. **Revenue Recognition**: Due to the Group's high volume of sales transactions and numerous customers, the auditor focused on internal controls and cut-off testing for revenue recognition 2. **Recognition of Deferred Income Tax Assets**: Involving significant judgment and estimation of future taxable profits, the auditor evaluated management's profit forecasts and key assumptions[271](index=271&type=chunk)[274](index=274&type=chunk) [Consolidated Financial Statements](index=74&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section contains the Group's core financial statements for the year ended December 31, 2020. The consolidated income statement shows revenue of **RMB 793 million** and net profit of **RMB 17.66 million**. The consolidated balance sheet presents total assets of **RMB 1.843 billion** and total equity of **RMB 1.336 billion**. The consolidated cash flow statement indicates net cash inflow from operating activities of **RMB 22.53 million**, net outflow from investing activities of **RMB 412 million**, net inflow from financing activities of **RMB 217 million**, and year-end cash and cash equivalents decreased to **RMB 547 million** Consolidated Income Statement Key Data (2020) | Indicator | Amount (RMB thousands) | | :--- | :--- | | Revenue | 792,829 | | Gross Profit | 251,122 | | Operating Profit | 24,452 | | Profit Attributable to Company Shareholders | 17,660 | Consolidated Balance Sheet Key Data (December 31, 2020) | Indicator | Amount (RMB thousands) | | :--- | :--- | | Total Assets | 1,842,928 | | Total Liabilities | 506,970 | | Total Equity | 1,335,958 | Consolidated Cash Flow Statement Key Data (2020) | Indicator | Amount (RMB thousands) | | :--- | :--- | | Net Cash Generated from Operating Activities | 22,529 | | Net Cash Used in Investing Activities | (412,076) | | Net Cash Generated from Financing Activities | 216,979 | | Net Decrease in Cash and Cash Equivalents | (172,568) | [Notes to the Consolidated Financial Statements](index=80&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed explanations and supplementary information to the financial statements, crucial for understanding the company's financial position. Content covers principal accounting policies, financial risk management, key accounting estimates, segment information, details of assets and liabilities, related party transactions, and commitments and contingencies. The notes indicate that the Group's revenue primarily originates from mainland China and detail the revenue composition of each product segment, along with specifics of two share issuances and the share option scheme - The financial risk management section identifies foreign exchange risk, credit risk, and liquidity risk as the Group's primary exposures. In 2020, an exchange rate exposure of **RMB 18.18 million** arose due to the appreciation of the RMB[379](index=379&type=chunk)[380](index=380&type=chunk) - Note 5 details the revenue and cost of sales for the four business segments (Jelly, Puffed Food, Seasoning, and Candy & Other), consistent with data in the Management Discussion and Analysis[413](index=413&type=chunk) - Notes 25 and 26 detail changes in share capital and the share option scheme. In December 2020, approximately **RMB 148.4 million** in net proceeds was raised through the placement of new shares[471](index=471&type=chunk)[474](index=474&type=chunk)[476](index=476&type=chunk) - Note 34 discloses related party transactions, primarily involving office leases and raw material purchases from entities controlled by the company's directors[502](index=502&type=chunk)[504](index=504&type=chunk) [Five-Year Financial Summary](index=143&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section provides a summary of the Group's key financial data for five consecutive years from 2016 to 2020. The data indicates that Group revenue fluctuated after 2018, rebounding in 2020. Profit attributable to shareholders reached a five-year high in 2019 before declining to a lower level in 2020. Total assets and shareholders' equity have continuously grown over the past two years, primarily driven by financing activities Five-Year Performance Summary (RMB thousands) | Indicator | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 792,829 | 690,852 | 761,819 | 727,257 | 980,902 | | Profit/(Loss) Attributable to Shareholders | 17,660 | 81,187 | 32,760 | (6,536) | 31,522 | Five-Year Assets and Liabilities Summary (RMB thousands) | Indicator | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,842,928 | 1,369,574 | 1,050,718 | 792,863 | 894,854 | | Total Liabilities | 506,970 | 222,814 | 182,421 | 121,480 | 218,157 | | Equity Attributable to Shareholders | 1,335,958 | 1,146,760 | 868,297 | 671,383 | 676,697 |
亲亲食品(01583) - 2020 - 中期财报
2020-08-27 08:15
亲亲食品 Better Food, Better Life 食品集團(開曼) 股份有限公司 QINQIN FOODSTUFFS GROUP (CAYMAN) COMPANY LIMITED 於 開曼 群島 註 冊 成 立 的 有 限 公 司 股份代號:1583 h 42 x 可吸果 引进日本ORIHIRO技术|元中 (含量:1306 卡路里 西柚味可吸果冻 添加膳食纤维 0 r kcal · 分含量:180克 , P .7 2020中期報告 公司資料 非執行董事 許連捷 施文博 吳火爐 吳四川 吳銀行 獨立非執行董事 蔡萌 陳耀輝 Ng Swee Leng 保羅希爾 公司秘書 黃偉樑FCCA CPA 授權代表 施文博 黃偉樑 註冊辦事處 P.O. Box 309 Cayman Islands 上市地點及股份代號 香港聯合交易所有限公司 股份代號:1583 執行董事 許清流(主席) 黃偉樑(財務總監) Ugland House Grand Cayman KY1-1104 中國總部 中國 福建省 晉江市 五里工業園區 香港主要營業地點 香港 夏愨道18號 海富中心1座 26樓2601室 公司網站 www.fjqi ...
亲亲食品(01583) - 2019 - 年度财报
2020-04-28 08:27
Financial Performance - Revenue for the fiscal year 2019 decreased to RMB 690.9 million, down 9.3% from RMB 761.8 million in 2018[10] - Operating profit surged to RMB 76.6 million, a significant increase of 2,130.5% compared to RMB 3.4 million in the previous year[10] - Profit attributable to shareholders rose to RMB 81.2 million, representing a 147.8% increase from RMB 32.8 million in 2018[10] - Gross profit increased to RMB 244.5 million, up 5.2% from RMB 232.5 million in the previous year[14] - Cash and cash equivalents reached RMB 732.0 million, a 29.3% increase from RMB 566.1 million in 2018[11] - Net current assets improved to RMB 661.5 million, reflecting a 27.0% increase from RMB 520.9 million in the previous year[11] - The total equity of the group increased by 32.1% to RMB 1,146.8 million as of December 31, 2019, up from RMB 868.3 million in 2018[50] - The group had no loans as of December 31, 2019, maintaining a net cash position[51] Product Performance - Jelly products generated sales of approximately RMB 411.5 million in 2019, a decline of 5.5% year-on-year, accounting for 59.6% of the group's total revenue[27] - The gross margin for jelly products increased to 34.2% in 2019, up 6.4 percentage points from 27.8% in 2018, primarily due to adjustments in product structure and reduced promotional activities for low-margin products[27] - Sales revenue from puffed food products was approximately RMB 183.2 million in 2019, a decrease of 12.9% year-on-year, accounting for 26.5% of total revenue[28] - Sales revenue from seasoning products was approximately RMB 69.7 million in 2019, a decline of 20.1% year-on-year, representing 10.1% of total revenue[32] - The gross margin for seasoning products improved to 35.8% in 2019, up 3.7 percentage points from 32.1% in 2018, mainly due to reduced promotional expenses[32] - Sales revenue from candy and other products was approximately RMB 26.5 million in 2019, a decrease of 8.6% year-on-year, contributing 3.8% to the group's total revenue[33] Strategic Initiatives - The company plans to enhance its product portfolio and drive product innovation to meet changing consumer preferences[16] - The group aims to strengthen its distribution network in China through existing partnerships and online sales platforms[16] - The group is focused on developing new products and enhancing high-margin product offerings to adapt to changing consumer demands and market conditions[25] - The company aims to expand its product line and promote diversification in the food and snack business through new development projects[36] - The company plans to enhance its distribution channels by expanding into snack brand stores, convenience stores, and e-commerce platforms, while increasing collaboration with new retail partners like Alibaba and JD.com[41] Operational Efficiency - The company is optimizing its production facilities and has signed agreements to establish new production bases in Xiantao and Shandong Province to replace existing ones[42] - The company is focused on increasing automation in its production processes to reduce labor costs and improve production efficiency[44] - The group upgraded its ERP system to SAP, aiming to enhance operational efficiency and core competitiveness[46] Corporate Governance - The company has a structured board with audit, remuneration, and nomination committees to ensure effective oversight and governance[75] - The company has adopted corporate governance policies in line with the Hong Kong Stock Exchange's guidelines, ensuring compliance with best practices[87] - The board believes that its composition meets the requirements for maintaining a balance of professional knowledge and experience necessary for effective management[89] - The company has established strong connections with various industry associations and charitable organizations, indicating a commitment to community engagement[68] Environmental, Social, and Governance (ESG) - The company emphasizes its commitment to ESG (Environmental, Social, and Governance) management, integrating ESG strategies into its business operations[135] - The company has formed an ESG working group responsible for advancing ESG projects and managing daily operations related to ESG reporting[138] - The company has committed to continuous improvement in energy conservation and emission reduction while fulfilling its social responsibilities[133] - The group is committed to improving energy efficiency and reducing greenhouse gas emissions by utilizing clean energy and optimizing product management[184] Employee Welfare and Development - The company provides competitive compensation and benefits to enhance employee satisfaction, including performance bonuses and various allowances[165] - The company has a dual-track promotion system for employees, allowing them to choose between management and technical career paths based on their expertise and interests[168] - The company has established a comprehensive employee welfare system, including various benefits and training programs to foster a harmonious work environment[161] Risk Management - The risk management framework ensures that significant risks are identified, assessed, and managed effectively across business units[117] - The board believes that the existing risk management and internal control systems are reasonably effective and sufficient as of the report date[114] Community Engagement - The company focuses on community development and employment promotion as part of its corporate social responsibility initiatives[141] - The company encourages public feedback through its website and investor relations department, ensuring prompt responses to inquiries[130]