宏辉果蔬股份有限公司 2018 年第一季度报告 公司代码：603336 公司简称：宏辉果蔬 宏辉果蔬股份有限公司 2018 年第一季度报告 1 / 18 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 7 | 宏辉果蔬股份有限公司 2018 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 非经常性损益项目和金额 √适用 □不适用 3 / 18 单位：股 4 / 18 宏辉果蔬股份有限公司 2018 年第一季度报告 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末 增减(%) 总资产 821,871,772.25 800,485,796.48 2.67 归属于上市公司 股东的净资产 793,089,702.12 778,016,154.57 1.94 年初至报告期末 上年初至上年报告期末 比上年同期增减(%) 经营活动产生的 现金流量净额 23,736,036.54 40,802,935.97 -41.83 年初至报告期末 上年初至上年报告期末 比上年同期增减（%） 营 ...

Financial Performance - The company's operating revenue for 2017 was approximately ¥684.29 million, representing a year-on-year increase of 1.18% compared to ¥676.31 million in 2016[24]. - The net profit attributable to shareholders for 2017 was approximately ¥63.33 million, an increase of 4.47% from ¥60.62 million in 2016[24]. - The net cash flow from operating activities significantly increased by 251.51% to approximately ¥45.56 million in 2017, compared to ¥12.96 million in 2016[24]. - The basic earnings per share for 2017 decreased by 20.34% to ¥0.47, down from ¥0.59 in 2016[25]. - The weighted average return on equity for 2017 was 8.36%, a decrease of 4.79 percentage points from 13.15% in 2016[25]. - The total assets at the end of 2017 were approximately ¥800.49 million, reflecting a 2.26% increase from ¥782.83 million at the end of 2016[24]. - The company reported a net profit of approximately ¥18.92 million in Q1 2017, with a decline in subsequent quarters leading to a total net profit of approximately ¥63.33 million for the year[27]. - The gross profit margin for the main business was 16.93%, an increase of 0.69 percentage points compared to the previous year[58]. - The total cost of sales was CNY 568,408,706.63, with a slight increase of 0.34% compared to the previous year[62]. - The company reported a significant increase in financial expenses by 785.45% to CNY 7,473,565.34, mainly due to increased exchange losses[63]. Shareholder Returns - The company plans to distribute cash dividends of 2.00 RMB per 10 shares to all shareholders, based on a total share capital of 13.335 million shares as of December 31, 2017[7]. - The profit distribution plan for 2017 has been approved by the board and will be submitted for shareholder approval[120]. - The company has maintained a profit distribution ratio of 42.12% for the year 2017, reflecting a commitment to shareholder returns[121]. - The cash dividend distribution policy has remained unchanged during the reporting period, ensuring transparency and compliance with regulations[119]. Business Operations and Strategy - The company operates a comprehensive supply chain model, integrating planting management, post-harvest acquisition, cold storage, processing, and distribution of fresh produce[32]. - The company focuses on direct procurement from both domestic and international sources, enhancing efficiency and reducing costs for downstream customers[38]. - The company is committed to maintaining high standards in food safety management, adhering to ISO22000 and HACCP certifications[13]. - The company has established a cooperative production model with farmers, enhancing the stability of raw material supply and production efficiency[81]. - The company is expanding its international market presence, with products exported to the USA, Canada, and Southeast Asia[71]. - The company aims to enhance its competitive edge by deepening integration in the upstream planting industry and stabilizing procurement sources[99]. - The company plans to expand its import fruit categories and quantities, positioning itself as a large-scale importer[99]. - The company is focused on building a closed-loop quality control system to ensure product safety and quality[99]. - The company is committed to improving logistics and distribution capabilities to reduce costs and enhance service quality[100]. Market and Growth Prospects - The market for fresh produce in China is expected to grow significantly, driven by the need for efficient supply chains and reduced waste in the agricultural sector[41]. - The company achieved a total sales volume of 95,946.52 tons, with a sales revenue of 68,428.84 million RMB, reflecting a year-on-year increase of 3.43% in sales volume[86]. - The fruit sales volume was 88,560.84 tons, generating a revenue of 65,788.50 million RMB, with a year-on-year growth of 9.97%[86]. - The company expanded its e-commerce customer base, generating 29.80 million RMB in revenue from new clients, a staggering year-on-year growth of 2,140.81%[51]. - The company is exploring potential mergers and acquisitions to bolster its market position and diversify its product range[174]. Risk Management - The company has outlined potential risks in its business operations in the annual report, which should be reviewed in the discussion and analysis section[9]. - The company faces risks related to price fluctuations of fruit and vegetable products, which can impact gross margins and overall performance[112]. - The company reported that sales to its top five customers accounted for 40.82% of total sales, indicating a concentration risk that could affect operational stability[115]. Corporate Governance - The company has received a standard unqualified audit report from Guangdong Zhengzhong Zhujiang Accounting Firm[6]. - The company has not reported any significant accounting errors or corrections during the reporting period[133]. - The company has established and continuously improved its internal control system in compliance with relevant laws and regulations[193]. - The company’s governance bodies operated independently and in accordance with legal requirements, with no violations reported[193]. - The board of directors held 8 meetings during the year, all conducted in person, with no meetings held via communication methods[197]. Social Responsibility - The company is actively involved in poverty alleviation projects, purchasing large quantities of oranges from farmers in impoverished areas[52]. - The company has established procurement points in over 20 impoverished counties to enhance farmers' income levels through concentrated purchases[147]. - The company has committed to social responsibility by engaging in poverty alleviation projects, including purchasing large quantities of navel oranges from farmers in impoverished areas[147]. Employee and Management - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to RMB 2,227,790.79[184]. - The company employed a total of 485 staff, with 173 in the parent company and 312 in major subsidiaries[189]. - The company has implemented a training program tailored to different positions and levels, aimed at building a high-quality talent pool[191]. - The remuneration policy is designed to be competitive, with production staff paid based on piecework and non-production staff receiving a combination of base salary and performance pay[190].

Financial Performance - Net profit attributable to shareholders increased by 15.21% to CNY 51,760,870.93 for the period from January to September[7] - Revenue for the first nine months rose by 6.36% to CNY 523,201,245.82 compared to the same period last year[7] - Operating income surged to ¥1,892,017.12, marking a 483.44% increase from ¥324,285.12 year-over-year[14] - Net profit for Q3 2017 was ¥16,832,810.47, slightly up from ¥16,716,289.33 in Q3 2016, while year-to-date net profit increased to ¥51,760,870.93 from ¥44,926,250.52, representing a growth of approximately 15.5%[27] - The total profit amounted to ¥8,715,783.55, up by 36.3% from ¥6,409,286.17 in Q3 2016[30] Cash Flow - Operating cash flow increased significantly by 1,717.92% to CNY 100,988,876.27 for the period from January to September[7] - Net cash flow from operating activities increased by 1,717.92%, primarily due to reduced raw material expenditures and increased customer payments[15] - The cash flow from operating activities generated a net amount of ¥100,988,876.27, significantly higher than ¥5,555,185.49 in the previous year[34] - Net cash flow from operating activities improved significantly to $90.99 million, compared to a negative $14.42 million in the same period last year[37] Assets and Liabilities - Total assets increased by 1.50% to CNY 794,589,754.79 compared to the end of the previous year[7] - Total liabilities decreased to ¥28,244,663.41 from ¥41,707,020.11 at the beginning of the year[20] - Current assets totaled ¥625,855,755.64, slightly up from ¥619,363,899.73 at the start of the year[18] - The total assets as of Q3 2017 amounted to ¥736,208,405.03, up from ¥718,160,944.80 at the end of the previous period, showing an increase of about 2.9%[24] Shareholder Information - The number of shareholders reached 16,259 by the end of the reporting period[9] - The company's equity attributable to shareholders increased to ¥766,345,091.38 from ¥741,121,345.86 at the start of the year[20] - The company paid $26.72 million in dividends and interest, significantly higher than $5.06 million in the same period last year, indicating increased returns to shareholders[38] Operating Costs and Expenses - Operating expenses also increased to ¥238,803.61, up 102.40% from ¥117,984.24 in the previous year[14] - Total operating costs for Q3 2017 were ¥175,093,628.22, compared to ¥173,825,471.32 in Q3 2016, with year-to-date costs increasing to ¥476,354,740.42 from ¥447,176,288.29, indicating a year-on-year increase of about 6.1%[26] - The company's operating costs decreased to ¥74,261,571.6 from ¥83,873,329.4 in the same quarter last year, reflecting a reduction of 11.5%[30] Investment Activities - The company reported a total cash inflow from investment activities of ¥432,861,465.29, compared to only ¥1,000.00 in the same period last year[34] - Cash outflow from investing activities totaled $380.76 million, compared to $239.61 million in the previous year, indicating a substantial increase in investment spending[38] - The company recorded investment income of ¥1,570,512.32 in Q3 2017, contributing positively to the overall profit margins[27] Financial Expenses - Financial expenses rose to ¥5,610,568.98, reflecting a 100.79% increase compared to ¥2,794,233.90 from the previous year[14] - The financial expenses for the period were ¥2,133,994.95, which is a significant increase from ¥964,230.97 in Q3 2016[30] Government Subsidies - The company received government subsidies totaling CNY 1,892,017.12, contributing to a 483.44% increase in non-operating income[13]

Financial Performance - The company's operating revenue for the first half of 2017 was CNY 332,658,654.29, representing a 10.38% increase compared to CNY 301,377,425.08 in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2017 was CNY 34,928,060.46, which is a 23.81% increase from CNY 28,209,961.19 in the previous year[22]. - The net cash flow from operating activities increased by 130.88%, reaching CNY 109,665,964.99 compared to CNY 47,498,529.27 in the same period last year[22]. - The basic earnings per share for the first half of 2017 was CNY 0.26, down 7.14% from CNY 0.28 in the same period last year[23]. - The weighted average return on net assets decreased by 2.05 percentage points to 4.63% compared to 6.68% in the previous year[23]. - The company reported a total profit for the first half of 2017 of CNY 35,047,590.15, compared to CNY 28,209,961.19 in the previous year, indicating a year-on-year increase of 24.4%[115]. - The company's total comprehensive income for the first half of 2017 was CNY 34,974,929.69, up from CNY 28,196,607.90, marking a growth of 24.0%[115]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 778,975,463.93, a decrease of 0.49% from CNY 782,828,365.97 at the end of the previous year[22]. - The total equity attributable to shareholders was ¥586,392,768.95, down from ¥598,544,607.01, a decrease of 2.5%[112]. - Total liabilities decreased to ¥132,682,884.35 from ¥119,616,337.79, showing an increase of 10.5%[112]. - The company's cash and cash equivalents increased to ¥115,817,251.80 from ¥78,484,813.89, representing a growth of approximately 47.6%[105]. - Accounts receivable decreased to ¥178,271,181.20 from ¥198,395,771.90, showing a decline of about 10.2%[105]. - Inventory decreased significantly from ¥203,727,172.65 to ¥152,114,017.46, a reduction of approximately 25.4%[105]. Operational Strategy - The company operates a comprehensive fresh produce service model, covering approximately 46 categories of fruits and 43 categories of vegetables, ensuring a stable supply chain through standardized base management and cold chain logistics[28]. - The company has established a direct procurement model, sourcing domestically from bases, farmers, and cooperatives, which enhances efficiency and reduces procurement costs for downstream clients[29]. - The company emphasizes high-end supermarket relationships, focusing on stable demand and collaborative development, which has led to a growing resource pool of quality supermarket clients[44]. - The company’s integrated business model reduces intermediaries, ensures product quality, and lowers distribution costs, contributing to increased farmer income and promoting agricultural scale development[41]. - The company’s cold chain logistics development enhances the efficiency of fruit and vegetable distribution, providing a competitive advantage in the market[38]. - The company’s operations align with national agricultural policies, positioning it favorably within the agricultural service industry, which is expected to grow significantly due to increasing consumer demand for quality and safety[41]. Risks and Challenges - The company has outlined potential risks related to its operations in the report, advising investors to be cautious[8]. - The company faced risks related to price fluctuations of fruit and vegetable products, which could adversely affect gross margins and overall performance[61]. - The company reported a customer concentration risk, with the top five customers accounting for 43.71% of total sales, highlighting potential vulnerabilities in maintaining customer relationships[65]. - The company is exposed to inventory devaluation risks due to the seasonal nature of fruit and vegetable products, which may lead to potential losses during off-peak sales periods[62]. - The company’s operational performance is closely tied to macroeconomic conditions, which may lead to fluctuations in business results[66]. Investments and Projects - The company is actively investing in major construction projects and global mergers and acquisitions, including a 1 million RMB investment in Guangzhou Private Investment Co., Ltd.[52]. - The company has completed over 40% of the construction progress for its Tianjin fruit and vegetable processing and distribution base[51]. - The company invested a total of 300,000 RMB in equity stakes in non-listed companies during the reporting period, with specific investments in Guangzhou Minying Investment Co., Ltd. (100,000 RMB) and Shenhong Honghui (Guangzhou) Agricultural Investment Management Co., Ltd. (200,000 RMB)[56]. Shareholder Information - The company has committed to a 36-month lock-up period for major shareholders, during which they will not transfer or manage their shares[73]. - The largest shareholder, Huang Junhui, holds 72,247,050 shares, representing 54.18% of total shares, with 24,595,500 shares pledged[88]. - The second largest shareholder, Chen Yansheng, holds 15,000,804 shares, representing 11.25% of total shares, with all shares pledged[88]. - The total number of common stock shareholders at the end of the reporting period was 17,615[86]. Compliance and Governance - The company has not reported any major related party transactions during the reporting period[78]. - The integrity status of the company and its major shareholders is good, with no overdue debts or unfulfilled commitments reported[76]. - The company has not changed its accounting firm during the reporting period[76]. - The company has not issued any non-standard audit reports in the previous year[76]. - The company appointed a new board of directors and management team on March 15, 2017, with a term of three years[98]. Accounting Policies - The company adheres to specific accounting policies for bad debt provisions and asset depreciation, reflecting prudent financial management[141]. - The company’s financial statements are prepared based on the going concern principle, ensuring ongoing operational viability[138]. - The company applies the equity method for joint ventures and recognizes its share of assets, liabilities, income, and expenses accordingly[152]. - The company recognizes cash equivalents as investments that are short-term (generally not exceeding 3 months), highly liquid, and easily convertible to known amounts of cash[154]. - The company assesses financial assets and liabilities at fair value, with gains or losses recognized in the current profit and loss unless related to hedging[162].

Financial Performance - Net profit attributable to shareholders increased by 29.99% to CNY 18,924,776.02 year-on-year[7]. - Operating revenue rose by 27.73% to CNY 159,533,219.76 compared to the same period last year[16]. - The company's operating profit was ¥17,811,378.03, which is a 23.7% increase compared to ¥14,467,866.35 in Q1 2016[30]. - Net profit for Q1 2017 was ¥18,924,776.02, representing a 29.5% increase from ¥14,558,124.39 in the previous year[30]. - The weighted average return on equity decreased by 0.99 percentage points to 2.52%[7]. - Earnings per share (EPS) for Q1 2017 was ¥0.14, slightly down from ¥0.15 in the same quarter last year[31]. Cash Flow and Liquidity - Cash flow from operating activities improved significantly, reaching CNY 40,802,935.97, compared to a negative CNY 21,120,178.60 in the previous year[7]. - Operating cash inflow for Q1 2017 was CNY 202,139,543.74, an increase of 11.8% from CNY 180,875,711.85 in the previous period[37]. - Total cash inflow from operating activities was CNY 101,006,935.97, up from CNY 63,501,036.42 in the previous period[40]. - The company reported a net cash outflow from investment activities of CNY 59,207,969.23, compared to CNY 4,090.00 in the previous period[41]. - Cash inflow from financing activities was CNY 10,000,000.00, down from CNY 50,400,000.00 in the previous period, with net cash outflow of CNY 1,445,522.88[38]. Assets and Liabilities - Total assets increased by 1.19% to CNY 792,126,877.65 compared to the end of the previous year[7]. - Total current assets amounted to CNY 629,823,598.80, showing a slight increase from CNY 619,363,899.73 at the beginning of the year[22]. - The total liabilities decreased from CNY 41,707,020.11 to CNY 32,074,992.54[23]. - Total equity attributable to shareholders increased from CNY 741,121,345.86 to CNY 760,051,885.11[23]. - Accounts receivable decreased from CNY 198,395,771.90 to CNY 172,486,549.82[21]. - Inventory slightly decreased from CNY 203,727,172.65 to CNY 202,474,665.34[21]. Investments and Non-Operating Income - Non-operating income surged by 1191.61% to CNY 1,202,427.04, mainly from government subsidies received[16]. - Long-term equity investments were recorded at CNY 1,000,000.00, marking a 100% increase as a new investment[14]. - The company reported an investment income of ¥945,616.50 in Q1 2017, compared to no investment income in the same period last year[30]. Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[30].

Financial Performance - The company's operating revenue for 2016 was CNY 676,309,712.75, representing a year-on-year increase of 7.05% compared to CNY 631,753,077.96 in 2015[20]. - The net profit attributable to shareholders for 2016 was CNY 60,618,410.85, a decrease of 3.09% from CNY 62,552,233.91 in 2015[20]. - The basic earnings per share for 2016 was CNY 0.59, down 6.35% from CNY 0.63 in 2015[21]. - The weighted average return on equity decreased to 13.15% in 2016, down 3.46 percentage points from 16.61% in 2015[21]. - The net cash flow from operating activities for 2016 was CNY 12,962,045.73, a significant decrease of 38.95% compared to CNY 21,233,164.25 in 2015[20]. - The gross profit margin for the main business was 16.24%, down 1.69 percentage points from the previous year[59]. - Operating profit was CNY 59,152,600, a decrease of 2.16% compared to the previous year[52]. - The company achieved a total sales volume of 92,760.32 tons, with a sales revenue of 67,630.97 million RMB, reflecting a year-on-year increase of 30.44% in sales volume and 7.05% in sales revenue[98]. Dividend Distribution - The profit distribution plan for 2016 proposes a cash dividend of 2.00 RMB per 10 shares, totaling 26,670,000.00 RMB to be distributed to shareholders[4]. - In 2016, the company distributed a total of 26,670,000.00 RMB in cash dividends, with a net profit attributable to ordinary shareholders of 60,618,410.85 RMB, resulting in a distribution ratio of 44%[136]. - The company has a cash dividend policy stating that if it achieves profits, it must distribute at least 15% of the distributable profits in cash, provided there are no major investment plans or significant cash expenditures[135]. Audit and Compliance - The company has received a standard unqualified audit report from Guangdong Zhengzhong Zhujiang Accounting Firm[3]. - The company is committed to ensuring the accuracy and completeness of the financial report as stated by its management[4]. - The company has not violated decision-making procedures for external guarantees[6]. - The company has not faced any risks of suspension or termination of listing during the reporting period[141]. - There are no significant changes in accounting policies or estimates during the reporting period[140]. - The company has not engaged in any major related party transactions during the reporting period[143]. - The company has not reported any issues regarding the integrity of its controlling shareholders or actual controllers[142]. Operational Highlights - The company operates in the agricultural service industry, focusing on the management, procurement, and distribution of fresh produce, including approximately 46 types of fruits and 43 types of vegetables[27][28]. - The company employs a standardized base management model to ensure quality and stability of supply, adhering to GLOBALGAP standards[30]. - The company has established strong partnerships with major retailers and e-commerce platforms, ensuring rigorous quality control and traceability in its supply chain[36]. - The company is expanding its cold storage, processing, and cold chain distribution capabilities through ongoing projects, including the construction of processing and distribution bases in Tianjin, Shanghai, and Guangzhou[50]. - The company has established stable customer resources and a strong order book, focusing on high-quality channels such as large domestic and international supermarkets, which has led to continuous sales growth[51]. - The company has obtained multiple international certifications, including GLOBALGAP and ISO22000, ensuring high product quality and safety standards[47]. - The company is strategically positioned in key fruit and vegetable production areas, allowing it to effectively manage supply and meet market demand[43]. Market Expansion and Strategy - The company has expanded its international market presence, exporting products to the USA, Canada, and Southeast Asia[74]. - The company is focusing on expanding its organic product line to meet market demand and enhance competitiveness[116]. - The company plans to enhance its competitive edge by deepening integration in the industry, expanding standardized base management, and stabilizing procurement sources[114]. - The company aims to expand its import fruit categories and quantities, becoming a large-scale operator in imported fruits[114]. - The company has established cooperative fruit and vegetable planting bases covering key production areas, including Shandong, Jiangxi, and Guangdong, to ensure a stable supply of raw materials[121]. - The company is actively enhancing its processing and distribution capabilities to support its growing business needs, particularly in the northern regions of China[88]. Financial Management and Funding - The company has secured loans totaling ¥5,000 million with interest rates ranging from 4.35% to 5.22% for various procurement purposes[152]. - A total of ¥1,500 million was borrowed from Ping An Bank with a loan term of 5 years, aimed at procurement[153]. - The company has a maximum mortgage guarantee of ¥2,800 million with a term from August 1, 2015, to December 31, 2020[157]. - The company has a maximum guarantee contract with a total amount of ¥12,000 million, effective from December 8, 2016, to December 8, 2017[169]. - The company has secured additional loans of ¥1,000 million and ¥500 million from Industrial and Commercial Bank of China for material procurement[155]. Shareholder Information - The total number of ordinary shares increased from 100 million to 133.35 million following the issuance of new shares[180]. - The top shareholder, Huang Junhui, holds 72,247,050 shares, representing 54.18% of total shares[186]. - The second-largest shareholder, Chen Yansheng, owns 15,000,804 shares, accounting for 11.25%[186]. - The company has no strategic investors or general legal entities among the top 10 shareholders[189]. - The actual controller of the company is Huang Junhui, who serves as the Chairman and General Manager, with no other listed public companies controlled in the past 10 years[191]. Risk Management - The company emphasizes the importance of risk factors that may affect future development, detailed in the operational discussion section[6]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[5]. - The company has not conducted capital reserve transfers to increase share capital in the current year[4]. - The company has not engaged in any mergers or acquisitions during the reporting period[193].