Juewei Food (SH:603517)2024-08-30 09:03Dividend Distribution - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares, totaling RMB 181,800,580.80, subject to shareholder approval [5]. - The total number of shares for the dividend distribution is based on 619,925,248 shares, excluding 13,923,312 shares held in the repurchase account [5]. - The company plans to distribute a cash dividend of CNY 3.00 per 10 shares, pending shareholder approval [56]. Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,339,800,346.91, a decrease of 9.73% compared to the same period last year [19]. - Net profit attributable to shareholders for the same period was CNY 295,849,380.49, representing an increase of 22.20% year-on-year [19]. - The net cash flow from operating activities reached CNY 718,981,689.37, a significant increase of 208.43% compared to the previous year [19]. - The total assets at the end of the reporting period were CNY 8,751,413,464.92, down 6.03% from the end of the previous year [19]. - The basic earnings per share for the first half of 2024 was CNY 0.47, an increase of 17.50% compared to CNY 0.40 in the same period last year [20]. - The weighted average return on equity increased to 4.27%, up by 0.83 percentage points year-on-year [20]. - The net profit after deducting non-recurring gains and losses was CNY 281,193,238.83, which is a 24.15% increase from the previous year [19]. - The company reported a decrease in net assets attributable to shareholders, which stood at CNY 6,656,984,239.00, down 3.34% from the previous year [19]. Risk Management - The company has detailed potential risks in the management discussion and analysis section of the report [6]. - The report includes a risk statement regarding future developments and potential challenges [6]. Corporate Governance - The board of directors and management confirm the accuracy and completeness of the financial report, with no significant omissions or misleading statements [3]. - All board members attended the board meeting where the report was approved [4]. - The company has not violated any decision-making procedures regarding external guarantees [6]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties [6]. Environmental Compliance - The company strictly adheres to environmental protection laws and has not experienced any pollution incidents or penalties during the reporting period [59]. - The wastewater treatment capacity of Jiangxi Anan is 500 m³/d, and the treated wastewater meets the GB13457-92 standard before being discharged [61]. - The average COD emissions for Jiangxi Anan from January to June were 120 mg/L, significantly below the standard limit of 500 mg/L, with a total actual discharge of 4.92 tons [59]. - The average nitrogen oxide emissions for Tianjin Azheng were 35 mg/L, well within the standard limit of 50 mg/L, with a total actual discharge of 0.41 tons [60]. - The company has obtained various environmental permits for its facilities, with validity periods extending to 2029 for some projects [63]. - The average ammonia nitrogen emissions for Shandong Aqi were 4.5 mg/L, below the standard limit of 45 mg/L, with a total actual discharge of 0.08 tons [60]. - The company operates multiple wastewater treatment systems across its subsidiaries, ensuring compliance with local discharge standards [61]. - The average sulfur dioxide emissions for Shandong Aqi were 5.5 mg/L, below the standard limit of 50 mg/L, with a total actual discharge of 0.0022 tons [60]. - The company has implemented pollution control measures, including low-nitrogen combustion devices, to meet regulatory standards [61]. - The company’s subsidiaries are classified as key water pollution units for 2024, indicating a focus on environmental compliance and monitoring [59]. - The company invested approximately CNY 12.968 million in environmental governance and protection from January to June 2024, focusing on daily operation and maintenance of environmental facilities, upgrades, and waste disposal [67]. - The company has implemented an environmental self-monitoring plan, with real-time monitoring of wastewater discharge indicators such as COD, ammonia nitrogen, and pH, ensuring compliance with discharge standards [67]. - The company has achieved ISO 14001 environmental management system certification, demonstrating its commitment to environmental management [67]. Investment and Projects - The company has adjusted its investment portfolio to focus on its core business, with no significant impact on the consolidation scope [48]. - The company has committed to using raised funds strictly for its main business and will not engage in financial investments or high-risk financial products [71]. - The total amount of raised funds is CNY 298,486.40 million, with a net amount of CNY 288,363.29 million after deducting issuance costs [75]. - As of the end of the reporting period, the cumulative investment of raised funds reached CNY 204,997.35 million, representing a progress rate of 92.76% [75]. - The project for Hunan Arai Food Co., Ltd. has a cumulative investment of CNY 13,109.27 million, achieving an investment progress of 99.96% [77]. - The project for Jiangxi Anan Food Co., Ltd. has been completed with a cumulative investment of CNY 8,322.40 million, achieving 100% investment progress [77]. - The project for Heilongjiang Abin Food Co., Ltd. has a cumulative investment of CNY 7,091.00 million, achieving 100% investment progress [77]. - The project for Shanghai Akang Food Co., Ltd. has a cumulative investment of CNY 7,193.00 million, achieving 100% investment progress [77]. - The project for Guizhou Ale Food Co., Ltd. has a cumulative investment of CNY 3,666.63 million, achieving an investment progress of 99.77% [78]. - The project for Sichuan Anning Food Co., Ltd. has a cumulative investment of CNY 12,731.00 million, achieving 100% investment progress [78]. - The marketing network construction and training center project has a cumulative investment of CNY 6,344.87 million, achieving an investment progress of 71.57% [78]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 46,808 [97]. - The top ten shareholders hold a total of 307,542,008 shares, representing 49.36% of the total shares [97]. - Shanghai Jucheng Enterprise Development Partnership holds 33.54% of the shares, making it the largest shareholder [97]. - The second largest shareholder, Shanghai Huigong Enterprise Development Partnership, holds 7.94% of the shares [97]. - The third largest shareholder, Shanghai Chengguang Enterprise Development Partnership, holds 2.72% of the shares [97]. - There are no changes in the shareholding of the top ten shareholders compared to the previous period [98]. - There are no strategic investors or general legal entities that have become top ten shareholders due to new share placements [99]. - There are no changes in the controlling shareholder or actual controller during the reporting period [99]. Accounting and Financial Reporting - The company’s financial statements comply with the latest accounting standards issued by the Ministry of Finance [127]. - The company’s accounting year runs from January 1 to December 31 [128]. - The company’s accounting currency is RMB [130]. - The company reported a significant commitment matter with a single impact amount exceeding 0.5% of total assets [133]. - The company has adopted accounting methods for mergers under common control and non-common control, ensuring proper measurement of net assets and goodwill [134]. - The company confirmed that any transactions leading to loss of control over subsidiaries will be treated as a package transaction if they meet specific criteria [135]. - The company will adjust the initial investment cost of long-term equity investments based on fair value at the purchase date for non-common control mergers [136]. - The company will include the operating results and cash flows of newly acquired subsidiaries in the consolidated financial statements from the acquisition date [137]. - The company will recognize any differences between the consideration received from equity disposals and the fair value of remaining equity as investment income upon loss of control [138]. - The company will ensure that all significant intercompany balances and transactions are eliminated in the preparation of consolidated financial statements [139]. Revenue Recognition - The company's revenue primarily comes from wholesale and retail of duck by-products, franchise management, and sales of goods [186]. - Revenue is recognized when the customer obtains control of the related goods, indicating the transfer of significant risks and rewards [186]. - The company confirms revenue based on the progress of performance obligations, using either output or input methods to determine appropriate progress [186]. - Franchise wholesale and retail revenue is recognized when the goods are delivered and accepted by the franchisee, with no disputes raised within a specified timeframe [187]. - Management fees are recognized when the company engages in significant activities that positively impact the franchisee, within the contractually agreed period [187]. Taxation - The company applies a tax rate of 25% for corporate income tax, with certain subsidiaries benefiting from reduced rates of 15% and 20% [197]. - The value-added tax (VAT) rate for wholesale and retail sales of goods is 13%, while certain agricultural products are taxed at 9% [198]. - The company has adopted a simplified accounting treatment for short-term leases and low-value asset leases, not recognizing right-of-use assets and lease liabilities [192]. - Deferred tax assets are recognized based on the likelihood of obtaining sufficient taxable income to offset deductible temporary differences [191]. - The company will implement the new accounting standards effective January 1, 2024, with no impact on the current financial statements [194]. Research and Development - The company is investing 200 million RMB in R&D for new technologies aimed at improving product quality and supply chain efficiency [144]. - Research and development expenses rose to CNY 22,569,303.43, an increase of 7.87% from CNY 20,916,646.69 in the previous year [106]. - The company categorizes R&D expenses, including salaries, materials, depreciation, and consulting fees, as R&D expenditures [172]. - R&D expenses are classified into research and development phases, with research expenses recognized in the current period and development expenses capitalized as intangible assets if certain criteria are met [173].