Anjoy food(603345)2024-08-19 10:07Dividend and Share Repurchase - The company plans to distribute a cash dividend of 1.38 yuan per share (tax included), with a total cash dividend of 403,174,772.16 yuan (tax included) based on the total shares of 293,294,232 minus 1,138,600 shares in the repurchase account[3] - The total cash dividend and share repurchase amount to 461,555,541.16 yuan (tax included), accounting for 57.50% of the company's net profit attributable to shareholders in the first half of 2024[3] - The company repurchased shares worth 58,380,769.00 yuan in the first half of 2024 through centralized bidding[3] - The company's total shares as of July 31, 2024, are 293,294,232, with 1,138,600 shares in the repurchase account[3] - The company's cash dividend and repurchase plan was approved by the board on August 16, 2024[3] Financial Performance - Revenue for the reporting period reached RMB 7,543,812,558.89, a year-on-year increase of 9.42%[16] - Net profit attributable to shareholders of the listed company was RMB 802,646,608.22, up 9.17% year-on-year[16] - Net cash flow from operating activities surged by 91.53% to RMB 509,122,492.66[16] - Basic earnings per share increased by 9.56% to RMB 2.75[17] - The company's weighted average return on equity (ROE) increased by 0.10 percentage points to 6.21%[17] - The company's non-recurring gains and losses amounted to RMB 30,625,652.84, primarily due to government subsidies and financial asset gains[19] - Revenue increased by 9.42% to RMB 7,543,812,558.89 compared to the same period last year[32] - Operating costs rose by 6.88% to RMB 5,740,116,959.14, driven by changes in raw material procurement prices[33] - Sales expenses grew by 11.01% to RMB 463,468,981.57, mainly due to increased employee compensation and e-commerce promotion fees[33] - Management expenses surged by 41.84% to RMB 241,276,259.42, primarily due to increased share-based payment expenses[33] - R&D expenses increased by 13.53% to RMB 45,261,703.53, reflecting higher investment in research and development[33] - Net cash flow from operating activities jumped by 91.53% to RMB 509,122,492.66, mainly due to reduced cash payments for goods and services[33] - Net cash flow from investing activities dropped by 97.40% to RMB 36,265,760.46, primarily due to decreased cash received from maturing cash management products[33] - Total revenue for the first half of 2024 reached RMB 7,543,812,558.89, a 9.4% increase compared to RMB 6,894,420,605.07 in the same period of 2023[114] - Net profit attributable to the parent company's shareholders in H1 2024 was RMB 802,646,608.22, up 9.2% from RMB 735,204,472.02 in H1 2023[115] - Basic earnings per share (EPS) for H1 2024 stood at RMB 2.75, compared to RMB 2.51 in H1 2023[115] - Total liabilities decreased by 11.6% to RMB 1,048,729,964.30 in H1 2024 from RMB 1,187,027,479.95 in the previous period[112] - Contract liabilities decreased by 9.7% to RMB 769,241,741.98 in H1 2024 from RMB 852,161,338.14 in the previous period[112] - R&D expenses increased by 13.5% to RMB 45,261,703.53 in H1 2024 compared to RMB 39,868,074.15 in H1 2023[114] - Total equity attributable to shareholders increased by 2.1% to RMB 9,300,675,712.91 in H1 2024 from RMB 9,106,864,605.20 in the previous period[112] - Operating profit grew by 14.1% to RMB 1,052,615,707.50 in H1 2024 from RMB 922,663,443.07 in H1 2023[114] - Total assets slightly increased by 0.5% to RMB 10,349,405,677.21 in H1 2024 from RMB 10,293,892,085.15 in the previous period[112] - Sales expenses rose by 11.0% to RMB 463,468,981.57 in H1 2024 compared to RMB 417,498,118.95 in H1 2023[114] - Revenue for the first half of 2024 reached 521,570,375.42 RMB, a slight increase from 516,710,267.77 RMB in the same period of 2023[116] - Net profit surged to 714,858,146.09 RMB in H1 2024, up significantly from 81,329,270.34 RMB in H1 2023[116] - Operating cash flow increased to 509,122,492.66 RMB in H1 2024, compared to 265,818,454.61 RMB in H1 2023[118] - Investment cash inflow totaled 2,403,755,762.04 RMB in H1 2024, down from 3,975,834,121.28 RMB in H1 2023[118] - Cash and cash equivalents at the end of H1 2024 stood at 4,613,163,512.08 RMB, up from 4,449,482,582.45 RMB at the end of H1 2023[118] - R&D expenses increased to 11,314,599.64 RMB in H1 2024, up from 10,040,866.46 RMB in H1 2023[116] - Sales revenue from goods and services reached 7,746,623,036.42 RMB in H1 2024, slightly down from 7,904,840,037.66 RMB in H1 2023[118] - Total cash outflow for investments was 2,367,490,001.58 RMB in H1 2024, a decrease from 2,579,698,197.35 RMB in H1 2023[118] - Interest income rose to 6,698,785.22 RMB in H1 2024, compared to 6,986,371.78 RMB in H1 2023[116] - Tax refunds received decreased to 3,936,950.76 RMB in H1 2024, down from 72,194,437.81 RMB in H1 2023[118] - Operating cash flow increased significantly to 2,529,276,423.33 yuan in the first half of 2024, compared to 295,058,068.04 yuan in the same period of 2023[120] - Cash received from sales of goods and services decreased to 495,976,614.17 yuan in the first half of 2024 from 1,220,779,045.69 yuan in the same period of 2023[120] - Cash received from other operating activities surged to 2,710,171,321.29 yuan in the first half of 2024, up from 224,043,223.75 yuan in the same period of 2023[120] - Net cash flow from investment activities was -1,222,955,764.73 yuan in the first half of 2024, compared to 219,264,777.89 yuan in the same period of 2023[120] - Cash paid for investments increased to 2,495,205,200.00 yuan in the first half of 2024 from 490,000,000.00 yuan in the same period of 2023[120] - Net cash flow from financing activities was -577,862,518.82 yuan in the first half of 2024, compared to -331,242,590.10 yuan in the same period of 2023[120] - Total owner's equity increased to 13,211,607,228.50 yuan at the end of the first half of 2024, up from 12,900,583,314.66 yuan at the beginning of the period[121] - Comprehensive income for the first half of 2024 was 816,070,952.22 yuan[121] - Profit distribution to owners (or shareholders) amounted to 518,647,425.45 yuan in the first half of 2024[121] - Total owner's equity increased to RMB 12,382,427,688.45, up by RMB 483,419,186.64 compared to the previous period[122] - Net profit attributable to the parent company increased by RMB 404,661,871.41, reaching RMB 3,667,498,321.21[122] - Capital reserve increased by RMB 150,132.24, totaling RMB 8,024,122,694.83[122] - Retained earnings grew by RMB 404,661,871.41, reaching RMB 3,667,498,321.21[122] - Minority interest increased by RMB 29,007,964.91, totaling RMB 248,732,930.07[122] - Comprehensive income for the period was RMB 2,545,928.08[122] - Total owner's equity of the parent company increased to RMB 9,300,675,712.91, up by RMB 193,811,107.71[124] - Net profit attributable to the parent company increased by RMB 196,210,720.64, reaching RMB 856,192,190.31[124] - Capital reserve of the parent company increased by RMB 55,986,145.09, totaling RMB 8,108,641,722.91[124] - Retained earnings of the parent company grew by RMB 196,210,720.64, reaching RMB 856,192,190.31[124] - The company's total owner's equity at the end of the period was 9,006,345,811.18 RMB, a decrease of 202,009,908.03 RMB compared to the beginning of the period[125] - The company's undistributed profit decreased by 249,213,330.27 RMB during the period, primarily due to profit distribution to shareholders[125] - The company's capital reserve increased by 150,132.24 RMB during the period, mainly from share-based payments[125] - The company's total share capital remained unchanged at 293,294,232.00 RMB during the period[125] - The company's total owner's equity at the beginning of the period was 9,208,355,719.21 RMB[125] - The company's total owner's equity decreased by 2.19% during the period[125] - The company's undistributed profit at the end of the period was 532,666,055.29 RMB[125] - The company's capital reserve at the end of the period was 8,033,738,407.89 RMB[125] - The company's total owner's equity decreased by 2.19% during the period[125] - The company's undistributed profit at the end of the period was 532,666,055.29 RMB[125] Frozen Food Business - The company's frozen prepared dishes revenue in 2023 was RMB 3.927 billion, accounting for 27.96% of total revenue[20] - The company was recognized as the "Most Powerful Chinese Pre-made Food Production Enterprise" in the 2024 Hurun China Pre-made Food Production Enterprises Top 100 list[20] - The company's frozen food business continues to grow, with a focus on product quality and market expansion[21] - The company operates nearly 400 varieties of frozen food products under the "Anjoy" brand, including fish tofu, meatballs, fish balls, and other frozen prepared foods, as well as frozen rice and flour products like shaomai and hand-grabbed pancakes[22] - The company focuses on cultivating 3-5 "strategic big items" annually, with the high-end hot pot ingredient series "Lock Fresh" launched in 2019, which has significantly improved profitability and brand influence[22] - The company's market share in the frozen food sector continues to expand, driven by the "three-pronged" business strategy and "BC兼顾、全渠发力" channel strategy[30] - The company is actively promoting localized transformation, upgrading its "销地产" strategy to "产地研+产地销" to capture regional market share[30] - The company is accelerating its international expansion, focusing on overseas markets with similar dietary habits and significant growth potential[31] Supplier and Procurement Management - The company has established a strict supplier evaluation process, including qualification review, on-site evaluation, sample confirmation, and trial use, with suppliers scoring below 60 points excluded from the qualified supplier list[23] - The company has implemented a category director system for bulk material procurement since 2022, with each base general manager serving as a category director to enhance collaboration and business guidance[23] Production and Quality Management - The company has fully implemented the EDI electronic exchange system to improve production management efficiency and ensure product quality[24] Sales and Marketing - The company has strengthened its online O2O sales expansion in supermarkets and signed contracts with third-party sales platforms like Meituan Supermarket Convenience[26] - The company has established long-term partnerships with major catering chains such as Zhangliang Malatang, Bantianyao Grilled Fish, and Haidilao[27] - The company has optimized its flagship store image and customer service team, leveraging digital tools to interact with online consumers and improve supply chain efficiency[27] - The company has actively expanded cooperation with new retail platforms like Hema Fresh, Dingdong Maicai, and JD Supermarket, utilizing big data to enhance online services and offline experiences[28] Environmental and Sustainability Initiatives - Wuxi Minsheng's wastewater treatment system has a capacity of 2000 tons/day, and its chemical oxygen demand (COD) emission concentration is 27.68 mg/L, with a total emission of 2.998 tons[53][57] - Taizhou Anjoy's wastewater treatment system has a capacity of 2500 tons/day, and its COD emission concentration is 43.7 mg/L, with a total emission of 7.9678 tons[54][57] - Liaoning Anjoy's wastewater treatment system has a capacity of 2500 tons/day, and its COD emission concentration is 23.09 mg/L, with a total emission of 6.34 tons[55][57] - Sichuan Anjoy's wastewater treatment system has a capacity of 2000 tons/day, and its COD emission concentration is 23.81 mg/L, with a total emission of 4.2 tons[56][57] - Xin Liu Wu's wastewater treatment system has a capacity of 3000 tons/day, and its COD emission concentration is 33.31 mg/L, with a total emission of 0.017 tons[56][57] - Wuxi Minsheng has installed a 192kW rooftop distributed photovoltaic project, generating 102,954 kWh of electricity during the reporting period[61] - All wastewater treatment facilities at Wuxi Minsheng, Taizhou Anjoy, Liaoning Anjoy, Sichuan Anjoy, and Xin Liu Wu are operating normally, with pollutant discharge indicators meeting the requirements[57] - Wuxi Minsheng, Taizhou Anjoy, Liaoning Anjoy, Sichuan Anjoy, and Xin Liu Wu have completed and filed their environmental emergency response plans with local environmental authorities[59] - Environmental self-monitoring at Wuxi Minsheng, Taizhou Anjoy, Liaoning Anjoy, Sichuan Anjoy, and Xin Liu Wu combines manual and automatic monitoring, with real-time data connection to local environmental bureaus[60] - Wuxi Minsheng, Taizhou Anjoy, Liaoning Anjoy, Sichuan Anjoy, and Xin Liu Wu have obtained排污许可证 (pollutant discharge permits) from local environmental authorities[58] - The company has implemented carbon reduction measures, reducing carbon dioxide equivalent emissions by 406.8 tons[63] - The company's 1830KW distributed photovoltaic power generation project in Guangdong generated 721,944 kWh of electricity, reducing carbon emissions by approximately 340.4 tons[63] - The company's photovoltaic power generation project in Jiangsu reduced carbon emissions by approximately 66.4 tons[63] Shareholder and Management Commitments - The company's actual controllers and major shareholders have made commitments regarding share lock-up, non-competition, and related party transactions, which are being strictly fulfilled[66][68][69] - Shareholder Liu Mingming, Zhang Qingmiao, Huang Jianlian, and Huang Qingsong commit to not selling shares below the IPO price within two years after the lock-up period ends, and limit annual share transfers to 25% of their holdings during their tenure[70] - Controlling shareholder Guoli Minsheng pledges to avoid any business activities that directly or indirectly compete with Anji Food's main business, with any related profits to be transferred to Anji Food[70] - Guoli Minsheng and Liu Mingming express long-term confidence in the company and its industry, intending to hold shares for an extended period[70] - Liu Mingming and Zhang Qingmiao commit to selling no more than 25% of their shares annually within two years after the lock-up period ends[71] - The company and its controlling shareholder pledge to repurchase shares or compensate investors if the prospectus contains false or misleading information[72] - Directors and senior executives commit to aligning compensation and equity incentives with measures to mitigate dilution of immediate returns[74] - The company and its stakeholders promise to disclose and apologize for any unfulfilled commitments, proposing alternative measures to protect investor interests[74] - The company's daily related-party transactions for 2024 are expected to not exceed 420 million yuan, with actual transactions reaching 134.3874 million yuan by the end of the reporting period[81] - The controlling shareholder voluntarily committed to not reducing their shareholding for 60 months starting from January 25, 2024, to January 24, 2029[79] - The company's controlling shareholder and actual controller committed to minimizing and avoiding related-party transactions, ensuring fair pricing when unavoidable[78] - The company's directors and senior management pledged to link their compensation