仲景食品(300908) - 2024 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisors, and senior management guarantee the semi-annual report's truthfulness and completeness, with no profit distribution planned for the period - The company's management ensures the truthfulness, accuracy, and completeness of the 2024 semi-annual report and assumes corresponding legal responsibilities[2] - The company plans not to distribute cash dividends, bonus shares, or capitalize capital reserves for the 2024 semi-annual period[2] Definitions This section defines key terms such as company entities, core businesses, and marketing models, providing essential context for the report - The reporting period is defined as January 1, 2024, to June 30, 2024[5] - DTC (Direct To Customer) is defined as a direct-to-consumer marketing model, representing one of the company's important sales approaches[5] Part II Company Profile and Key Financial Indicators Company Profile Zhongjing Food Co., Ltd. (stock code: 300908) is listed on the Shenzhen Stock Exchange, with registered capital changing due to capitalization - The company's stock abbreviation is 'Zhongjing Food', stock code 300908, listed on the Shenzhen Stock Exchange[6] Key Accounting Data and Financial Indicators In H1 2024, the company achieved revenue and net profit growth, but basic EPS declined due to share capital expansion Key Financial Indicators for H1 2024 | Indicator | Current Period (Yuan) | Prior Year Same Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 537,869,537.08 | 459,810,697.71 | 16.98% | | Net Profit Attributable to Shareholders of the Listed Company | 100,240,382.31 | 89,553,847.12 | 11.93% | | Net Profit Attributable to Shareholders after Deducting Non-recurring Gains and Losses | 97,512,235.84 | 83,794,974.35 | 16.37% | | Net Cash Flow from Operating Activities | 110,869,404.01 | 93,551,484.40 | 18.51% | | Basic Earnings Per Share (Yuan/share) | 0.69 | 0.90 | -23.33% | | Weighted Average Return on Net Assets | 5.86% | 5.43% | Increased by 0.43 percentage points | - During the reporting period, the company's total share capital increased from 100 million shares to 146 million shares, primarily due to the implementation of a capital reserve capitalization plan (4.6 shares for every 10 shares), which is the main reason for the 23.33% year-on-year decrease in basic earnings per share[12] Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 2.7281 million Yuan for the period, primarily from government grants and entrusted investment income Non-recurring Gains and Losses for H1 2024 | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -197,773.30 | | Government grants recognized in profit or loss for the current period | 2,014,209.47 | | Gains and losses from entrusted investments or asset management | 1,017,476.11 | | Other non-operating income and expenses | 324,455.55 | | Less: Income tax impact | 430,221.36 | | Total | 2,728,146.47 | Part III Management Discussion and Analysis I. Main Business Activities During the Reporting Period The company specializes in healthy seasonings, leveraging an omni-channel strategy and strong DTC growth for business expansion - The company's main business is divided into two segments: seasoning foods (e.g., Zhongjing Mushroom Sauce, Shanghai Scallion Oil) and seasoning ingredients (e.g., Sichuan pepper, chili series extracts)[17][18][19] - Sales models combine distribution and direct sales, with a strong focus on developing e-commerce DTC models to directly reach consumers via platforms like Taotian, JD, Douyin, and Kuaishou[29][30] Performance Drivers for H1 2024 | Business Segment | Sales (100 million Yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Seasoning Foods | 3.17 | 17.89% | | - Of which e-commerce channel | 1.19 | 87.61% | | Seasoning Ingredients | 2.15 | 13.60% | II. Analysis of Core Competencies Core competencies include leading technology, product innovation, direct sales, quality control, and supply chain management - The company holds 55 patents (including 15 invention patents), demonstrating leading advantages in shiitake mushroom fermentation, supercritical CO2 extraction, and flavor digitization technologies[56] - The company has pioneered several new categories, including Zhongjing Mushroom Sauce, Zhongjing Shanghai Scallion Oil, and supercritical extracted spices, establishing a differentiated competitive advantage[57] - Located in Xixia County, Henan Province, the 'Hometown of Chinese Shiitake Mushrooms,' the company benefits from significant shiitake mushroom resources and supply chain management advantages, supporting the development of its core product, Zhongjing Mushroom Sauce[60] III. Analysis of Main Business The main business achieved comprehensive growth across product categories and sales models, driven by direct sales Main Business by Product Category | Product Category | Operating Revenue (Yuan) | Year-on-Year Growth | Gross Margin | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Seasoning Foods | 316,937,435.48 | 17.89% | 43.20% | +2.48 percentage points | | Seasoning Ingredients | 214,981,152.74 | 13.60% | 44.00% | +4.03 percentage points | Main Business by Sales Model | Sales Model | Operating Revenue (Yuan) | Year-on-Year Growth | Revenue Share | | :--- | :--- | :--- | :--- | | Distribution | 224,364,632.81 | -4.29% | 42.18% | | Direct Sales | 307,553,955.41 | 37.51% | 57.82% | - Selling expenses increased by 39.93% year-on-year, primarily due to increased investment in e-commerce promotion, with marketing and promotion expenses growing by 131.57% to 35.1468 million Yuan[61][63] V. Analysis of Assets and Liabilities Total assets decreased, with cash declining due to wealth management and dividends, while construction in progress increased - Cash and cash equivalents balance at period-end was 434 million Yuan, a significant decrease from 732 million Yuan at the beginning of the period, mainly used for purchasing bank wealth management products and paying cash dividends[66] - Construction in progress balance at period-end was 247 million Yuan, a significant increase from 189 million Yuan at the beginning of the period, primarily due to increased investment in the 'Zhongjing Food Industrial Park Phase I Project'[66] VI. Analysis of Investment Status Investment activities focused on the Zhongjing Food Industrial Park Phase I Project and cash management - The 'Zhongjing Food Industrial Park Phase I Project' is the primary non-equity investment, with a cumulative investment of 335 million Yuan as of period-end, reaching 94.61% completion, and is expected to be ready for use by March 31, 2025[71][77] - The company engaged in entrusted wealth management using both own funds and raised funds, with 330 million Yuan transacted during the reporting period and 250 million Yuan remaining outstanding[79] X. Risks Faced by the Company and Countermeasures The company faces market, raw material, and food safety risks, addressed by innovation, procurement, and quality control measures - Fluctuations in key raw material prices represent a core risk; during the period, the average purchase price of black pepper increased by 43.67%, while small scallion prices decreased by 30.29%, directly impacting product costs[53][84] - The company's risk response strategies include: consolidating its leadership in core categories, optimizing procurement timing, committing to technological and product innovation, strictly controlling food safety, and improving internal management to accommodate scale expansion[83][84][85][86][87] Part IV Corporate Governance Corporate Governance Status The company held two shareholder meetings, maintained stable board and management, and planned no semi-annual profit distribution or equity incentives - The 2023 Annual General Meeting and the First Extraordinary General Meeting of 2024 were held during the reporting period[89] - There were no changes in the company's directors, supervisors, and senior management during the reporting period[89] - The company plans not to distribute cash dividends, bonus shares, or capitalize capital reserves for the 2024 semi-annual period[90] Part V Environmental and Social Responsibility Environmental and Social Responsibility Status The company, a 'National Green Factory', actively reduces carbon emissions and fulfills social responsibilities through rural and farmer support - The company has been awarded the 'National Green Factory' title, with photovoltaic power generation accounting for 8.12% of total electricity consumption during the reporting period[91] - The company actively fulfills its social responsibilities by promoting income growth for farmers in key production areas like Xixia shiitake mushrooms and Gansu Sichuan pepper through industrial assistance, and by establishing funds to support rural revitalization[92][93] Part VI Significant Matters Overview of Significant Matters The company completed its 2023 annual equity distribution, including a 10 Yuan cash dividend and 4.6 share capitalization for every 10 shares - On May 14, 2024, the company completed its 2023 annual equity distribution, with a plan of 10 Yuan cash dividend (tax inclusive) and 4.6 shares capitalized from capital reserves for every 10 shares[110] - During the reporting period, the company had no significant negative matters such as major lawsuits, penalties, related party fund occupation, or illegal guarantees[94][95][96] Part VII Changes in Shares and Shareholder Information Changes in Shares Total share capital increased from 100 million to 146 million shares due to capital reserve capitalization, maintaining existing share structure proportions - The company's total share capital increased from 100,000,000 shares to 146,000,000 shares due to capital reserve capitalization[111] Shareholder Information The company had 11,490 ordinary shareholders, with Henan Wanxi Holdings as the controlling shareholder, and stable top ten shareholder holdings Top Two Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Henan Wanxi Holdings Co., Ltd. | Domestic Non-State-Owned Legal Person | 39.43% | 57,567,800 | | Zhu Xincheng | Domestic Natural Person | 13.50% | 19,710,000 | - The company's controlling shareholder and actual controllers remained unchanged during the reporting period[120] Part X Financial Report Financial Statements This section presents the company's unaudited H1 2024 financial statements, including core consolidated and parent company reports - The company's 2024 semi-annual financial report is unaudited[123] - The report includes four core financial statements: Consolidated Balance Sheet, Consolidated Income Statement, Consolidated Cash Flow Statement, and Consolidated Statement of Changes in Owners' Equity, along with corresponding parent company statements and detailed notes[124][130][135][140]