Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 2,938.6 million, an increase of 26.3% year-on-year[2]. - Gross profit for the same period was RMB 1,462.3 million, reflecting a year-on-year increase of 32.2%[2]. - The gross profit margin improved to 49.8%, up by 2.3 percentage points compared to the previous year[2]. - Profit for the period reached RMB 621.2 million, representing a year-on-year increase of 38.9%[2]. - Basic earnings per share were RMB 0.27, an increase of 42.1% year-on-year[2]. - The company declared an interim dividend of RMB 0.16 per ordinary share[2]. - For the six months ended June 30, 2024, total revenue reached RMB 2,938,649 thousand, a significant increase from RMB 2,327,279 thousand for the same period in 2023, representing a growth of approximately 26.2%[12][14][16]. - The gross profit for the six months ended June 30, 2024, was RMB 1,462,285 thousand, compared to RMB 1,106,202 thousand in the prior year, indicating a gross profit margin improvement[12][13]. - The company reported a total income tax expense of RMB 212,673,000 for the six months ended June 30, 2024, compared to RMB 157,290,000 in the same period of 2023[20]. - Net profit increased by 38.9% to RMB 621.2 million, with a net profit margin of 21.1%, up 1.9 percentage points from the previous year[34]. Assets and Liabilities - Non-current assets totaled RMB 4,998.3 million as of June 30, 2024, compared to RMB 4,178.9 million at the end of 2023[6]. - Current assets amounted to RMB 2,326.6 million, down from RMB 2,874.7 million at the end of 2023[6]. - Total liabilities increased to RMB 1,440.6 million from RMB 908.0 million at the end of 2023[7]. - Net assets attributable to the company’s owners were RMB 5,884.3 million, up from RMB 5,705.9 million at the end of 2023[7]. Revenue Breakdown - The revenue from the main product segments includes RMB 1,353,826 thousand from seasoning noodles, RMB 1,461,256 thousand from vegetable products, and RMB 123,567 thousand from bean products for the six months ended June 30, 2024[12]. - The revenue from seasoning noodle products increased by 5.0% year-on-year to RMB 1,353.8 million, accounting for 46.1% of total revenue, down from 55.4% in the previous year[38]. - The revenue from vegetable products surged by 56.6% year-on-year to RMB 1,461.3 million, representing 49.7% of total revenue, up from 40.1% in the previous year[39]. - The revenue from soybean products and other products rose by 17.5% year-on-year to RMB 123.6 million, accounting for 4.2% of total revenue, slightly down from 4.5% in the previous year[39]. Cost and Expenses - The cost of sales for the six months ended June 30, 2024, totaled RMB 1,476,364 thousand, up from RMB 1,221,077 thousand in the same period of 2023, reflecting an increase in production costs[12][13]. - Employee benefits expenses for the six months ended June 30, 2024, were RMB 540,127 thousand, a notable increase compared to RMB 51,943 thousand in the previous year[18]. - The total cost of sales, distribution, and administrative expenses amounted to RMB 2,194,122 thousand for the six months ended June 30, 2024, compared to RMB 1,807,457 thousand in the previous year[18]. - Distribution and selling expenses rose to RMB 475.5 million, a 29.5% increase from RMB 367.2 million, accounting for 16.2% of total revenue[55]. - Management expenses increased by 10.5% to RMB 242.3 million, representing 8.2% of total revenue, down from 9.4% in the previous year[56]. Market and Consumer Trends - The Chinese economy showed a GDP growth of 5.0% year-on-year in the first half of 2024, indicating a stable economic performance amidst global uncertainties[31]. - Consumer optimism regarding the macroeconomic situation increased, with 76% of respondents expressing confidence, up from 73% a year ago[31]. - The market size of the Chinese leisure food industry is projected to reach RMB 1,009.3 billion in 2024, driven by rising disposable income and innovative product launches[31]. - The company noted a shift in consumer preferences towards high-quality and diverse leisure food products, creating structural opportunities in the market[32]. - Emerging sales channels such as O2O and content e-commerce are increasingly capturing market share from traditional channels, driving innovation and market expansion in the leisure food sector[32]. Research and Development - The company continues to enhance its R&D capabilities, focusing on a "multi-category, large single product" strategy to meet diverse consumer needs[33]. - New product innovations include "Little Witch" spicy barbecue konjac strips and "Crispy Fire" green lime spicy chips, aimed at attracting younger consumers[35][36]. - The group established two application research centers in Henan and Shanghai, enhancing its R&D capabilities in food engineering and safety[1]. - The company is focusing on enhancing its research and development capabilities, with a budget allocation of HKD 90.3 million for product development activities[77]. Corporate Governance and Social Responsibility - The company emphasizes the importance of sustainable development and corporate social responsibility, integrating these concepts into daily operations and strategic planning[86]. - The company aims to enhance its governance structure and risk management, focusing on ethical standards and food safety as a core principle[86]. - The company has adhered to the corporate governance code and all applicable provisions since January 1, 2024[90]. - The company has adopted the standard code for securities transactions by directors, confirming compliance by all directors during the reporting period[91]. Future Outlook - The company aims to enhance its market presence and explore new opportunities[92]. - Future outlook and performance guidance will be a key component of the mid-term report[92].
卫龙(09985) - 2024 - 中期业绩