均瑶健康(605388) - 2024 Q2 - 季度财报

Company Profile and Key Financial Indicators This section outlines the company's profile, key financial performance, and non-recurring gains and losses Company Information Hubei Juneyao Health Drinks Co., Ltd. (Juneyao Health) is a company listed on the Shanghai Stock Exchange (stock code 605388), with Wang Junhao as its legal representative, primarily engaged in the R&D, production, and sales of health beverages - Overview of the company's basic information, including name, abbreviation, stock code, and legal representative[6][10] Key Accounting Data and Financial Indicators In H1 2024, the company's operating revenue was RMB 756 million, a 14.00% year-on-year decrease, with net profit attributable to shareholders at RMB 34.76 million, down 27.09%, reflecting a general decline in key financial indicators, including a 25.00% decrease in basic earnings per share Key Accounting Data for H1 2024 | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 755,877,077.04 RMB | 878,890,562.69 RMB | -14.00% | | Net Profit Attributable to Shareholders of Listed Company | 34,762,738.32 RMB | 47,677,223.37 RMB | -27.09% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 29,884,975.33 RMB | 36,040,856.08 RMB | -17.08% | | Net Cash Flow from Operating Activities | -100,270,624.02 RMB | -60,381,002.07 RMB | N/A | | Total Assets (Period-end) | 2,267,317,341.30 RMB | 2,502,684,164.15 RMB (Prior Year-end) | -9.40% | Key Financial Indicators for H1 2024 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.06 | 0.08 | -25.00% | | Diluted Earnings Per Share (RMB/share) | 0.06 | 0.08 | -25.00% | | Weighted Average Return on Net Assets (%) | 1.80% | 2.46% | Decrease of 0.66 percentage points | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 4.8778 million, primarily comprising gains/losses from disposal of non-current assets of RMB 5.3955 million, fair value changes from financial assets of RMB 3.8090 million, and government grants of RMB 1.4328 million Key Non-recurring Gains and Losses Items for H1 2024 | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 5,395,536.44 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities | 3,808,974.03 | | Government Grants Included in Current Period Profit/Loss | 1,432,788.64 | | Other Non-operating Income and Expenses | -2,330,925.19 | | Total | 4,877,762.99 | Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, core business, competitive advantages, and detailed operational performance during the reporting period Description of Industry and Main Business Operations During the Reporting Period The company operates in the "Alcohol, Beverage, and Refined Tea Manufacturing" industry, primarily focusing on R&D, production, and sales of probiotic health foods and ambient temperature lactic acid bacteria beverages, aiming to become a "global probiotic leader" by integrating Juneyao Runying to establish a full probiotic industry chain from R&D to sales, utilizing a production model based on sales orders, combining self-owned and contract factories, and a diversified sales approach predominantly through distribution, supplemented by direct sales, ODM/CDMO, and supply chain sales for specific product lines - The company's vision is to become a "global probiotic leader," with its main business focusing on probiotic health foods and ambient temperature lactic acid bacteria beverages[17] - The company has initially established an integrated "raw material-product-channel" ecosystem model, covering the upstream and downstream of the probiotic industry chain[19] - Sales primarily rely on distribution, while also expanding into direct sales and ODM/CDMO models for probiotic raw materials, and diversifying channel sales through the Fanyuan supply chain[18] Analysis of Core Competencies During the Reporting Period The company's core competencies include its significant first-mover advantage as a pioneer in the ambient temperature lactic acid bacteria beverage market, a forward-looking probiotic market strategy achieved through the integration of Juneyao Runying for industry chain integration, strong R&D capabilities with an intellectual property resource library of over 4,000 strains, and a dual sales system covering domestic and international markets, with products sold in 72 countries and regions - The company is one of the earliest brands in China to produce and sell ambient temperature lactic acid bacteria beverages, possessing a first-mover advantage in the industry[19] - Through the integration of Juneyao Runying, the company has become one of the few domestic enterprises capable of covering the entire probiotic "raw material-product-channel" industry chain, possessing an intellectual property resource library of over 4,000 proprietary strains[19] - Juneyao Runying products are sold in over 72 countries and regions worldwide, establishing an international sales system[19][20] Discussion and Analysis of Operations In H1 2024, the company achieved RMB 756 million in revenue and RMB 34.76 million in net profit, with the probiotic business showing strong performance as a second growth curve, as subsidiary Juneyao Runying's revenue increased by 89% and net profit by 166% year-on-year, successfully exporting starter cultures to leading overseas enterprises and breaking foreign monopolies, while traditional ambient temperature lactic acid bacteria business maintained stability through product iteration and channel expansion, and the company continued to increase R&D investment, collaborating with multiple universities, and actively promoting capacity building and industry chain integration - The probiotic business has become a significant growth engine for the company, with subsidiary Juneyao Runying's revenue increasing by 89% and net profit by 166% year-on-year in the first half[22] - The company achieved a breakthrough in starter cultures, exporting products to leading overseas enterprises and breaking foreign technological monopolies[22] - Traditional ambient temperature lactic acid bacteria business maintains vitality through product iteration, such as launching AD Calcium Milk and large-sized hawthorn flavor, and channel expansion, including co-branding with Juneyao Air[22] - The company continuously strengthens technological innovation, collaborates with multiple universities including Jiangnan University, and applies patented strains to new products to foster new productive forces[23] Analysis of Key Operating Performance During the Reporting Period During the reporting period, the company's main business financial indicators fluctuated, with operating revenue decreasing by 14.00% year-on-year primarily due to reduced supply chain income, and operating costs declining by 19.73% with lower sales volume, while administrative and R&D expenses increased by 21.15% and 63.22% respectively, mainly due to increased depreciation, amortization, and R&D investment; regarding assets, monetary funds significantly decreased by 70.69% for project construction, wealth management product purchases, and dividend payments, while transactional financial assets substantially increased by 143.00%, as the company continued to advance industrial base construction and actively address risks such as market competition and raw material price fluctuations Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 755,877,077.04 | 878,890,562.69 | -14.00 | Mainly due to decrease in supply chain revenue | | Operating Cost | 529,970,670.44 | 660,265,081.28 | -19.73 | Mainly due to decrease in sales volume | | Administrative Expenses | 66,945,954.95 | 55,257,722.78 | 21.15 | Mainly due to increase in depreciation and amortization expenses | | R&D Expenses | 15,707,308.16 | 9,623,271.83 | 63.22 | Mainly due to increased investment in R&D personnel salaries | Analysis of Major Balance Sheet Item Changes | Item Name | Current Period-end Amount (RMB) | Prior Year-end Amount (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 146,286,587.28 | 499,059,528.33 | -70.69 | Mainly due to payments for projects, purchase of wealth management products, and dividend payments | | Transactional Financial Assets | 204,191,817.99 | 84,029,944.24 | 143.00 | Mainly due to purchases of wealth management products exceeding redemptions | | Construction in Progress | 92,730,461.96 | 172,655,605.06 | -46.29 | Mainly due to partial capitalization of Yichang Industrial Base project | | Contract Liabilities | 67,727,263.87 | 219,116,778.76 | -69.09 | Mainly due to advance payments from distributors recognized as sales revenue | - The company faces key risks including intensified market competition, raw material price fluctuations, changes in consumer preferences, food safety, competition in the probiotic business, and uncertainties in supply chain operations[39][40] Corporate Governance This section details changes in the company's directors, supervisors, and senior management, along with the profit distribution plan for the reporting period Changes in Directors, Supervisors, and Senior Management During the reporting period, changes occurred in the company's senior management, with former General Manager Mr. Zhu Hangming resigning due to work adjustments and Mr. Yu Wei taking over the General Manager position, while former Deputy General Manager Ms. Ge Xin resigned for personal reasons - The company's General Manager changed, with Zhu Hangming resigning and Yu Wei appointed as the new General Manager[43] Profit Distribution or Capital Reserve Conversion Plan The company has no profit distribution or capital reserve conversion to share capital plan for H1 2024 - No profit distribution or share capital conversion for the half-year period[44] Environmental and Social Responsibility This section details the company's environmental performance and its efforts in fulfilling social responsibilities during the reporting period Environmental Information Neither the company nor its subsidiaries are classified as key pollutant-discharging entities, with no environmental violations reported during the period, and subsidiary Juneyao Runying actively implements environmental protection measures such as solar power generation, new odor treatment facilities, promoting cleaner production, and water conservation to achieve green manufacturing - The company is not classified as a key pollutant-discharging entity and strictly adheres to environmental regulations[47] - Subsidiary Juneyao Runying implemented multiple energy-saving and emission-reduction measures, such as solar power generation with an annual output of over 500,000 kWh, and was recognized as a water-saving enterprise in Qingpu District[47][50] Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts The company actively fulfills its social responsibilities through its subsidiary Enci Natural Mineral Water, exploring long-term poverty alleviation mechanisms, with key measures including industrial poverty alleviation where local village collectives receive dividends from land shares, employment poverty alleviation by hiring local villagers, and charitable poverty alleviation through eight consecutive years of relief activities - The company actively participates in poverty alleviation and rural revitalization efforts through industrial, employment, and charitable approaches[51] Significant Matters This section addresses the fulfillment of commitments, significant related party transactions, and the progress of raised funds utilization during the reporting period Fulfillment of Commitments During the reporting period, the company's actual controllers, shareholders, and the company itself strictly fulfilled all commitments made during the initial public offering and equity incentive activities, including share lock-ups, truthfulness of information disclosure, and measures to mitigate dilution of immediate returns, with no breaches of commitments observed - The company and related parties strictly fulfilled all public commitments during the reporting period[52] Significant Related Party Transactions During the reporting period, the company's total ordinary related party transactions amounted to RMB 15.4749 million, all within the annual estimated limits, primarily involving purchases of goods and services from related parties like Juneyao Air, and sales of goods to related parties, in addition to deposit services with Shanghai Huarui Bank and purchases of wealth management products from Shanghai Aijian Trust Actual Ordinary Related Party Transactions for H1 2024 | Related Party Transaction Type | Related Party | Actual Amount for H1 2024 (RMB million) | | :--- | :--- | :--- | | Purchase of Goods, Acceptance of Services from Related Parties | Shanghai Juneyao Airlines Co., Ltd. and its subsidiaries | 0.2466 | | Sales of Goods to Related Parties | Shanghai Juneyao Airlines Co., Ltd. and its subsidiaries | 7.9362 | | Total | - | 15.4749 | - The company has deposit accounts with related party Shanghai Huarui Bank, with a period-end deposit balance of RMB 38.1773 million[70] - The company purchased wealth management products from related party Shanghai Aijian Trust, with a period-end balance of RMB 130 million[71] Explanation of Progress in Use of Raised Funds The company's net proceeds from its initial public offering amounted to RMB 884 million, with an adjusted committed investment total of RMB 907 million, and as of the reporting period-end, a cumulative investment of RMB 802 million has been made, representing an investment progress of 88.34%, primarily for the construction of two industrial bases in Yichang, Hubei, and Quzhou, Zhejiang, with the Yichang project delayed until December 2024 due to extensive engineering work, and a portion of funds originally allocated for brand upgrading re-purposed for the "Runying Bioengineering (Shanghai) Co., Ltd. Bankruptcy Reorganization Project" - As of the reporting period-end, the cumulative investment progress of raised funds reached 88.34%[74] - The Hubei Yichang Industrial Base project is delayed until December 2024, while the Zhejiang Quzhou Industrial Base project has been completed[75][76] - The company changed the use of some raised funds, reallocating unspent funds from the original "Brand Upgrading Project" to the "Runying Bioengineering (Shanghai) Co., Ltd. Bankruptcy Reorganization Project" to support probiotic business development[76][77] Share Changes and Shareholder Information This section outlines changes in the company's share capital and provides details on its shareholder structure Share Capital Changes During the reporting period, the company's total share capital changed due to the implementation of the 2023 profit distribution and capital reserve to share capital plan (4 shares for every 10 shares), increasing the total share capital from 430 million shares to 600.484 million shares, with the equity distribution completed in June 2024 - The company implemented a "4 shares for every 10 shares" plan, increasing its total share capital from 430,000,000 shares to 600,484,000 shares[80][81] Shareholder Information As of the reporting period-end, the company had 22,146 common shareholders, with the top three being Shanghai Juneyao (Group) Co., Ltd. (holding 32.75%), Wang Junjin (holding 24.25%), and Wang Junhao (holding 10.26%), who are acting in concert, and all three major shareholders have partially pledged their shares Top Three Shareholders' Shareholding | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Pledged Shares (shares) | | :--- | :--- | :--- | :--- | | Shanghai Juneyao (Group) Co., Ltd. | 196,632,002 | 32.75 | 131,600,000 | | Wang Junjin | 145,593,000 | 24.25 | 69,816,272 | | Wang Junhao | 61,628,402 | 10.26 | 61,628,401 | Financial Report This section presents the company's financial statements and detailed notes, providing a comprehensive overview of its financial position and performance Financial Statements This report provides unaudited H1 2024 consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, showing total assets of RMB 2.267 billion, a 9.40% decrease from the beginning of the year, H1 operating revenue of RMB 756 million, a 14.00% year-on-year decrease, net profit attributable to parent company shareholders of RMB 34.76 million, a 27.09% year-on-year decrease, and net cash outflow from operating activities of RMB 100 million Key Consolidated Balance Sheet Items (June 30, 2024) | Item | Period-end Balance (RMB) | Change from Beginning of Period | | :--- | :--- | :--- | | Monetary Funds | 146,286,587.28 | -70.69% | | Transactional Financial Assets | 204,191,817.99 | +143.00% | | Total Assets | 2,267,317,341.30 | -9.40% | | Contract Liabilities | 67,727,263.87 | -69.09% | | Total Liabilities | 383,392,891.87 | -32.72% | | Equity Attributable to Parent Company Owners | 1,887,232,196.13 | -2.55% | Key Consolidated Income Statement Items (Jan-Jun 2024) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 755,877,077.04 | 878,890,562.69 | | Total Operating Cost | 710,427,420.74 | 823,556,377.20 | | Total Profit | 46,701,018.65 | 68,243,010.50 | | Net Profit | 35,266,367.40 | 51,002,828.52 | | Net Profit Attributable to Parent Company Shareholders | 34,762,738.32 | 47,677,223.37 | Key Consolidated Cash Flow Statement Items (Jan-Jun 2024) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -100,270,624.02 | -60,381,002.07 | | Net Cash Flow from Investing Activities | -167,010,818.33 | -242,781,452.36 | | Net Cash Flow from Financing Activities | -76,225,273.67 | -47,378,614.28 | | Net Increase in Cash and Cash Equivalents | -343,144,618.47 | -350,419,502.66 | Notes to Financial Statements The notes to the financial statements elaborate on the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, and provide detailed explanations for major items in the consolidated financial statements, highlighting that the company prepares statements on a going concern basis, recognizes revenue primarily when customers obtain control of goods, conducts annual goodwill impairment tests, expenses research phase expenditures, capitalizes development phase expenditures when conditions are met, and also discloses important information such as taxes, changes in consolidation scope, related party transactions, and financial instrument risks - The company applies significant accounting estimates for credit impairment of receivables, goodwill impairment, and inventory impairment based on its production and operation characteristics[120] - Revenue recognition policy: The company recognizes revenue when customers obtain control of relevant goods or services, at the transaction price allocated to that performance obligation, and for distributor sales, revenue is recognized upon goods dispatch and distributor acceptance[170][171] - R&D expenditure policy: Research phase expenditures are expensed, while development phase expenditures are capitalized when five conditions are met, including technical feasibility and intent to use or sell[157] - During the reporting period, the establishment of the wholly-owned subsidiary "Juneyao Tunan Biotechnology (Hong Kong) Co., Ltd." led to a change in the scope of consolidation[304] Notes to Consolidated Financial Statement Items The notes provide detailed explanations of the composition and changes in each consolidated statement item, showing period-end monetary funds of RMB 146 million, including RMB 29.91 million in restricted funds, transactional financial assets of RMB 204 million primarily comprising wealth management products and structured deposits, accounts receivable book balance of RMB 155 million with a bad debt provision of RMB 17.15 million, and goodwill original book value of RMB 179 million with no impairment provision, while operating revenue is categorized by product type, with probiotic beverages generating RMB 337 million and commodity supply chain RMB 305 million Operating Revenue Breakdown (Jan-Jun 2024) | Product Type | Operating Revenue (RMB) | Operating Cost (RMB) | | :--- | :--- | :--- | | Probiotic Beverages | 337,017,330.69 | 203,072,466.00 | | Probiotic Foods | 86,233,572.60 | 40,496,427.20 | | Commodity Supply Chain | 304,996,947.31 | 266,638,702.63 | | Total Main Business | 752,989,368.68 | 527,509,567.65 | - Period-end goodwill original book value was RMB 178,929,725.27, primarily arising from the acquisitions of Hubei Juneyao Enci Natural Mineral Water Co., Ltd., Fanyuan (Shanghai) Supply Chain Co., Ltd., and Juneyao Runying Biotechnology (Shanghai) Co., Ltd[233] - Period-end accounts receivable book balance was RMB 155 million, with a bad debt provision of RMB 17.15 million, representing an accrual ratio of approximately 11%[192]