Production and Market Performance - The company reported a significant growth in hog production and fresh pork business, capitalizing on the industrial transformation in China[7]. - The stock of breeding sows in China was 42.96 million heads at the end of June, reflecting a 0.5% year-on-year increase and reaching 105% of the control target for normal production capacity[15]. - The company operates four modern slaughtering and processing bases in Jiangsu, Hubei, Jilin, and Inner Mongolia, enhancing its fresh pork distribution capabilities[9]. - The processed meat products segment includes three modern processing bases in Jiangsu, Hubei, and Guangdong, with brands "Maverick" and "Joycome" targeting first-tier cities[13]. - The company plans to further expand its hog production capacity across various provinces, including Jilin, Inner Mongolia, and Tianjin[8]. - "Joycome" chilled pork and "Maverick" low-temperature meat products are gaining popularity in major first-tier cities[7]. - The fresh pork segment focuses on branded business development, covering key markets in Shanghai, Beijing, and the Yangtze River Delta[9]. - In the first half of 2023, China's hog production volume reached 380 million heads, a year-on-year increase of 2.6%, while pork output was 30.32 million tons, reflecting a growth of 3.2%[18]. - The company's hog production volume grew by 7.9% year-on-year to 2.447 million heads in the first half of 2023, indicating an increase in capacity utilization[26]. - The company's segment sales for fresh pork increased by 13.0% during the reporting period, supported by brand promotion efforts[26]. - In the first half of 2023, China's pork imports amounted to 0.94 million tons, a year-on-year increase of 16.5%, accounting for 3.1% of domestic pork production[22]. - Beef imports during the same period reached 1.23 million tons, representing a year-on-year growth of 6.8% and accounting for 39.0% of domestic beef production[22]. Financial Performance - The total net profit before biological assets fair value adjustments for the company was RMB 168 million, an increase of RMB 1.568 billion compared to the same period last year[26]. - In the first half of 2023, the Group's revenue was RMB 5,818 million, an increase of 8.9% compared to RMB 5,345 million in the same period of 2022[36]. - The net profit before biological assets fair value adjustments was RMB 168 million, a significant recovery from a net loss of RMB 1,399 million in the same period of 2022[38]. - The gross profit margin before biological assets fair value adjustments was 6.5%, representing a year-on-year increase of 23.4 percentage points, mainly due to a 7.8% increase in the average selling price of finishing hogs[37]. - The sales volume of fresh pork reached 123 thousand tons, reflecting a year-on-year increase of 13.0%[29]. - The revenue from the hog production business increased by 14.3% year-on-year, driven by higher production volume and selling prices[36]. - The Group's selling and distribution expenses and administrative expenses amounted to RMB409 million, an increase of RMB46.57 million compared to RMB363 million for the same period last year[39]. - The Group's finance costs in the first half of 2023 were RMB71 million, a decrease of RMB6.60 million from RMB78 million in the same period of 2022, due to accelerated cash turnover and reduced borrowing balances[39]. - Other income, gains, and losses totaled RMB270 million in the first half of 2023, representing an increase of RMB238 million compared to the same period in 2022, primarily due to an exchange gain of RMB136 million[39]. - The EBITDA before biological assets fair value adjustments was RMB677 million in the first half of 2023, a significant improvement from RMB-843 million in the same period of 2022[45]. Cash Flow and Capital Management - As of June 30, 2023, the Group's cash and bank balances were approximately RMB511 million, down from approximately RMB1,040 million as of December 31, 2022, due to improved cash turnover efficiency[43]. - The current ratio as of June 30, 2023, was 0.85, compared to 0.80 as of December 31, 2022, indicating improved liquidity[43]. - The Group had unused bank credit facilities amounting to RMB14,232 million as of June 30, 2023[43]. - The Group did not have any significant investments or acquisitions during the first half of 2023, nor detailed future plans for material investments[42]. - The Group implemented intensive management for surplus capital to improve turnover efficiency for inventories and accounts receivables[42]. - In the first half of 2023, cash generated from operating activities was RMB977 million, a decrease from RMB1,145 million in the same period of 2022[48]. - Cash used in investment activities was RMB335 million, down from RMB403 million in the same period of 2022, with RMB418 million spent on property, plant, and equipment[48]. - Cash used in financing activities was RMB1,193 million, compared to cash generated of RMB1,503 million in the same period of 2022[48]. - As of June 30, 2023, the Group had interest-bearing bank loans of approximately RMB4,539 million, reduced from RMB5,998 million as of December 31, 2022[49]. - The net debt-to-equity ratio improved to approximately 46.1% as of June 30, 2023, down from 73.3% as of December 31, 2022[53]. - Capital expenditure for the first half of 2023 was RMB419 million, slightly up from RMB411 million in the same period of 2022[58]. Biological Assets and Fair Value Adjustments - The fair value of biological assets was RMB 2,361 million as of June 30, 2023, down from RMB 3,063 million as of December 31, 2022[61]. - Adjustments in the cost of sales due to changes in fair value of biological assets resulted in a decrease of RMB 227 million in the first half of 2023, compared to a decrease of RMB 317 million in the same period of 2022[61]. - Losses from changes in fair value of biological assets less cost of sales amounted to RMB 521 million in the first half of 2023, compared to gains of RMB 386 million in the same period of 2022[61]. - The total remuneration for employees was approximately RMB 671 million for the six months ended June 30, 2023, compared to RMB 621 million in the same period of 2022[61]. - The Group's biological assets included live hogs at various stages of development, classified as current assets, and breeding stock classified as non-current assets[173]. - The Group's breeding costs added during the period amounted to RMB3,978,920,000[173]. - Losses from changes in fair value less costs to sell of biological assets amounted to RMB880,450,000[173]. Risk Management and Compliance - The company has implemented various biosecurity control measures to mitigate epidemic risks, including a contingency plan for major animal diseases and a standard operating procedure for immunization in hog farms[65]. - Price risks are significant due to fluctuations in commodity prices, including corn, soybean meals, live hogs, and pork, which affect profitability[66]. - The Group's operations are impacted by epidemic risks, including diseases such as African swine fever, which can lead to hog mortalities and decreased production volume[64]. - The company has established various food safety management systems to mitigate risks related to food safety and ensure compliance[69]. - The company has implemented comprehensive safety production management regulations to prevent accidents and manage safety risks effectively[70]. - The company has developed environmental protection measures to address risks associated with excessive emissions and environmental pollution[73]. Corporate Governance and Shareholder Information - The Board and management are committed to high standards of corporate governance, which are essential for maintaining investor trust[87]. - The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023, have been reviewed by the Audit Committee and the auditor, confirming compliance with applicable accounting standards[90]. - The Board resolved not to declare any interim dividend for the six months ended June 30, 2023, consistent with the previous year[90]. - The Group's financial information is prepared in accordance with Hong Kong Accounting Standard 34, ensuring transparency and accuracy[92]. - The total issued shares of the company were 4,581,998,323 as of June 30, 2023[85]. - Mainfield, a wholly-owned subsidiary of China Foods (Holdings), holds 1,078,377,782 shares, representing approximately 23.54% of the total issued shares[84]. - COFCO holds a total of 1,846,681,782 shares, which is approximately 40.30% of the total issued shares[84]. - No directors or chief executives had any interests or short positions in the shares of the company as of June 30, 2023[82]. - The Group did not purchase, sell, or redeem any of its listed securities for the six months ended June 30, 2023[87]. Future Outlook and Strategic Initiatives - The company aims to achieve its production capacity goals for the "14th Five-Year Plan" and accelerate the expansion of core businesses in the second half of 2023[74]. - The company plans to incorporate African swine fever prevention and control into routine practices to improve management efficiency and consolidate competitive advantages[74]. - The company will optimize futures hedging strategies dynamically to integrate futures and spot commodities effectively[74]. - The company is focused on promoting branding and differentiation of fresh products to enhance channel operating efficiency and expand brand influence[77]. - The company will further optimize the risk control system for its import business and deepen the integration of trading and processing[77].

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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （於開曼群島註冊成立的有限公司） （股份代號：01610） 截至二零二三年六月三十日止六個月之中期業績公告 中糧家佳康食品有限公司（「本公司」或「我們」）董事會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜合業績及財務狀況，連同二 零二二年同期的比較數字載列如下： 摘要 | --- | --- | --- | --- | --- | |---------------------------------------|------------------|------------------------|------------------------|--------------------| | | | | | | | 主要運營數據 | | | 截至六月三十日止六個月 | | | | | 二零二三年 | 二零二二年 | 同比 | | 生豬出欄量（ ...

Annual Report 2022 年度報告 COFCO Joycome Foods Limited 中糧家佳康食品有限公司 ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 01610 年度報告 2022 中糧家佳康食品有限公司 COFCO Joycome Foods Limited 目錄 公司資料2 中糧家佳康二零二二年大事記3 財務摘要8 主席致辭9 管理層討論與分析 11 董事及高級管理層履歷 24 企業管治報告 28 董事會報告 42 獨立核數師報告 55 綜合損益及其他全面收益表 58 綜合財務狀況表 60 綜合權益變動表 62 綜合現金流量表 63 綜合財務報表附註 65 財務概要 137 投資者日誌 138 釋義 139 公司資料 | --- | --- | |-------------------------------|-------------------------------------------------------| | | | | 公司法定名稱 | 核數師 | | 中糧家佳康食品有限公司 | 天職香港會計師事務所有限公司 | | 上市地點及股份代號 | 法律顧問 | | ...

Sales Performance - The total sales volume of live pigs increased by 19.4% year-on-year to 4,103 thousand heads in 2022[2] - Fresh pork sales volume rose by 39.1% year-on-year, reaching 231 thousand tons[2] - The average selling price of commodity pigs decreased by 2.2% year-on-year to RMB 17.86 per kilogram[2] - The company actively promoted new production capacity, leading to a significant increase in sales volume of packaged pork by 11.3% year-on-year[3] Financial Performance - Revenue for the year was RMB 12,900.68 million, a decrease of 2.47% compared to RMB 13,227.61 million in 2021[3] - The net loss attributable to the company's owners was RMB 320.04 million, compared to a profit of RMB 356.67 million in the previous year[2] - The basic loss per share was RMB (0.0820), compared to earnings of RMB 0.0914 per share in 2021[2] - The company decided not to declare a final dividend for the year ended December 31, 2022[3] - The company's total operating revenue for 2022 was RMB 12.901 billion, a decline of 2.5% from RMB 13.228 billion in 2021[62] Assets and Liabilities - The company reported a net asset value of RMB 8,262,708,000 as of December 31, 2022, down from RMB 8,608,770,000 in 2021[9] - Current liabilities increased to RMB 9,266,042,000 in 2022 from RMB 8,508,620,000 in 2021, resulting in a net current liability of RMB 1,882,268,000[9] - The company’s non-current assets totaled RMB 11,010,594,000, compared to RMB 10,424,072,000 in the previous year, reflecting a growth of approximately 5.6%[8] - The company reported a decrease in reserves from RMB 6,790,889,000 in 2021 to RMB 6,444,567,000 in 2022[9] - The company's net debt as of December 31, 2022, was RMB 6.06 billion, an increase from RMB 5.17 billion in the previous year, with a net debt-to-equity ratio of 73.3% compared to 60.0% in 2021[77] Revenue Segmentation - The livestock breeding and sales segment generated revenue of RMB 4,525,875,000, while fresh pork sales contributed RMB 4,743,128,000[15] - Total revenue for the year ended December 31, 2021, was RMB 13,227,606,000, with contributions from various segments: RMB 5,165,538,000 from live pig farming, RMB 3,632,697,000 from fresh pork sales, RMB 779,639,000 from meat products, and RMB 3,649,732,000 from imported meat products[17] - The live pig farming segment reported a profit of RMB 2,679,598,000, while the fresh pork segment incurred a loss of RMB (16,275,000), and the meat products segment generated a profit of RMB 19,187,000[25] Cost and Expenses - The gross profit margin before fair value adjustment was 3.7%, a decrease of 22.9 percentage points year-on-year, primarily due to rising feed costs[63] - The financing cost increased to RMB 177 million, up RMB 53.49 million from RMB 123 million in the previous year due to expanded financing scale[64] - The total borrowing costs for the year ended December 31, 2022, amounted to RMB 182,617,000, with RMB 5,762,000 capitalized, resulting in a net borrowing cost of RMB 176,855,000, compared to RMB 123,366,000 in 2021[36] Market Conditions - The company faced a loss in the import business due to market conditions in the second half of the year, resulting in a significant impact on overall profitability[3] - The import volume of pork decreased by 52.6% in 2022, while beef imports increased by 15.3%, indicating a shift in consumer preferences[55] - The average price of live pigs in 22 provinces dropped to RMB 18.41 per kilogram by the end of December 2022, a decline of 35% from the peak of RMB 28.32 per kilogram in October 2022[51] Risk Management - The company faces significant risks from diseases in the livestock industry, particularly African swine fever, which continued to spread widely in 2022[82] - The company has implemented various biosecurity measures and emergency plans to mitigate disease risks, including a comprehensive monitoring and sampling plan[82] - Price risk remains a concern due to fluctuations in procurement and sales prices, particularly for key raw materials like corn and soybean meal[83] - Food safety risks are managed through strict compliance measures and regular inspections to prevent product recalls and customer complaints[85] Corporate Governance - The board of directors consists of one executive director, three non-executive directors, and three independent non-executive directors, ensuring a high level of independence[90] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with the relevant standards for the year ended December 31, 2022[89] - The financial statements for the year ended December 31, 2022, have been audited by Tianji Hong Kong CPA Limited[91] Future Plans - The company plans to expand its pig farming capacity, leveraging modernized breeding bases and feed factories across several provinces[47] - The company plans to promote differentiated and branded operations for fresh products, focusing on the promotion and development of flaxseed pork[87] - The company has entered into a share subscription agreement with COFCO Group (Hong Kong) Limited to issue 680,000,000 shares at a subscription price of HKD 2.30 per share, totaling HKD 1,564,000,000[90]

Production Capacity and Business Segments - The company reported a significant growth in hog production capacity, with modern production bases established in multiple provinces including Jilin, Inner Mongolia, and Henan, aiming for further expansion [6]. - The fresh pork segment includes four modern slaughtering and processing bases, with operations in Jiangsu, Hubei, Jilin, and Inner Mongolia, and a cutting center in Guangdong, enhancing distribution capabilities [7]. - The processed meat products segment operates three processing bases in Jiangsu, Hubei, and Guangdong, focusing on western-style low-temperature processed meat products under the "Maverick" and "Joycome" brands [10]. - The company is actively developing its branded business, with the "Joycome" brand gaining recognition in major cities such as Shanghai and Beijing, contributing to market penetration [7]. - The meat import segment combines imported raw materials with domestic processing capacity, providing high value-added products to well-known food processors and large chain catering enterprises [11]. Financial Performance - In the first half of 2022, the company's hog production volume reached 2.268 million heads, representing a year-on-year increase of 35.7% [19]. - The average selling price of hogs significantly decreased, leading to a loss of RMB1.286 billion in the hog production segment, contributing to a total loss before fair value adjustment of RMB1.399 billion for the company [16]. - The fresh pork segment reported a profit of RMB16.45 million, a turnaround from loss, with sales volume increasing by 67.7% compared to the same period last year [16]. - In the first half of 2022, the company's revenue was RMB5,345 million, a decrease of 28.8% compared to RMB7,503 million in the same period of 2021 [31]. - The Group recorded a loss of RMB1,399 million before biological assets fair value adjustments in the first half of 2022, compared to a profit of RMB1,561 million in the same period of 2021 [36]. Market Conditions and Risks - The company faced significant risks from epidemic diseases, including African swine fever, which could lead to hog mortalities and increased operating costs [59]. - The COVID-19 epidemic posed risks to employee health, work resumption, and demand for meat products, affecting production and sales efficiency [62]. - Price risks from fluctuations in commodity prices, including corn, soybean meals, and live hogs, are expected to impact profitability [63]. - The company established a pandemic prevention leadership team to ensure employee safety and smooth production and sales amidst ongoing COVID-19 risks [64]. Corporate Governance and Management - The company was listed on the main board of the Stock Exchange on November 1, 2016, under stock code 1610, establishing its presence in the meat business sector [5]. - The Board believes that the separation of roles between the chairman and the chief executive officer is essential for effective governance, following the resignation of Mr. Xu Jianong on June 10, 2022 [83]. - The current Board composition includes one executive director, two non-executive directors, and three independent non-executive directors, ensuring a strong element of independence [83]. - The Company has adopted the principles of the Corporate Governance Code and complied with all code provisions throughout the six months ended June 30, 2022 [82]. Financial Position and Cash Flow - As of June 30, 2022, the cash and bank balances amounted to approximately RMB996 million, stable compared to RMB1,041 million on December 31, 2021 [38]. - The current ratio as of June 30, 2022, was 0.79, down from 0.89 on December 31, 2021 [38]. - The Group had interest-bearing bank loans of approximately RMB7,117 million as of June 30, 2022, compared to RMB6,109 million on December 31, 2021 [42]. - Cash generated from financing activities was RMB1,503 million in the first half of 2022, compared to cash used of RMB679 million in the same period of 2021 [41]. Biological Assets and Inventory - The fair value of biological assets was RMB 2,664 million as of June 30, 2022, compared to RMB 1,853 million as of December 31, 2021 [55]. - The carrying value of the Group's biological assets as of June 30, 2022, was RMB 2,663,886,000, a decrease from RMB 2,346,584,000 as of June 30, 2021, representing an increase of 13.4% year-over-year [161]. - The estimated market price and rearing costs significantly impact the fair value of biological assets, indicating sensitivity to market fluctuations [169]. Segment Revenue and Contributions - Total revenue for the six months ended June 30, 2022, was RMB5,344,506,000, with contributions from hog sales (RMB1,907,492,000), fresh pork sales (RMB1,804,592,000), processed meat products (RMB373,579,000), and imported meat products (RMB1,258,843,000) [120]. - The revenue from hog sales accounted for approximately 35.7% of total revenue, while fresh pork sales contributed about 33.7% [120]. - The total sales of processed meat products were RMB373,579,000, representing a significant segment of the Group's revenue [120]. Cost Management and Expenses - The total cost of sales for the six months ended June 30, 2022, was RMB 5,930,895, a decrease of 19.6% compared to RMB 7,377,547 in the same period of 2021 [148]. - Distribution and selling costs rose to RMB 211,107, compared to RMB 180,784 in the previous year, indicating increased operational expenses [96]. - Administrative expenses were RMB 151,457, up from RMB 141,183 in the same period last year, showing a trend of rising administrative costs [96]. Future Strategies and Outlook - The company aims to seize opportunities in the industrial transformation and upgrading, forming a strategic layout across the country to enhance its market position [5]. - The company plans to optimize hedging strategies dynamically to manage market volatility and achieve a combination of futures and in-stock operations [73]. - The company intends to promote differentiation and branding of fresh products, particularly linseed-fed pork, to enhance brand scale and influence [73].

2020 年度報告 中糧家佳康食品有限公司 COFCO Joycome Foods Limited ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 01610 Annual Report 2020 年度報告 COFCO Joycome Foods Limited 中糧家佳康食品有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 中糧家佳康二零二零年大事記 | 3 | | 財務摘要 | 7 | | 主席致辭 | 9 | | 管理層討論與分析 | 11 | | 董事及高級管理層履歷 | 23 | | 企業管治報告 | 28 | | 董事會報告 | 41 | | 環境、社會及管治報告 | 59 | | 獨立核數師報告 | 89 | | 綜合損益及其他全面收益表 | 92 | | 綜合財務狀況表 | 93 | | 綜合權益變動表 | 95 | | 綜合現金流量表 | 96 | | 綜合財務報表附註 | 98 | | 財務概要 | 170 | | 投資者日誌 | 171 | | 釋義 | 172 | 公司資料 公司法定名稱 中糧家佳康食品有限公司 上市地點及股份代號 本公司股份於二零一六年十一 ...