Financial Position - As of June 30, 2024, total assets reached RMB 52.81 billion, an increase from RMB 49.26 billion as of December 31, 2023, representing a growth of approximately 5.2%[2] - Current assets totaled RMB 31.80 billion, up from RMB 29.61 billion, indicating a growth of about 7.4%[2] - Total liabilities amounted to RMB 23.59 billion, compared to RMB 21.00 billion, marking an increase of around 12.3%[4] - The equity attributable to shareholders of the parent company rose to RMB 28.39 billion from RMB 27.45 billion, showing an increase of about 3.4%[4] - As of June 30, 2024, total shareholders' equity amounted to RMB 16,348,128,723, a decrease from RMB 16,702,249,600 at the beginning of the year[14] Revenue and Profitability - Total operating revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.06% compared to RMB 21,591,789,633 in the same period of 2023[5] - Net profit attributable to shareholders of the parent company increased to RMB 3,641,652,772, up 6.31% from RMB 3,425,652,286 in the first half of 2023[5] - The company reported a total profit of RMB 4,909,634,563, which is an increase of 6.63% from RMB 4,604,120,036 in the same period last year[5] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, an increase from RMB 3,487,105,492 in the same period last year[6] Cash Flow - Total cash inflow from operating activities for the first half of 2024 was RMB 21,463,081,709, a slight decrease of 1.06% compared to RMB 21,693,753,265 in the same period of 2023[7] - Net cash flow from operating activities increased to RMB 5,713,872,510, up 24.2% from RMB 4,600,493,439 year-on-year[7] - Cash outflow from investing activities totaled RMB 12,020,320,545, an increase of 24.0% compared to RMB 9,673,707,119 in the first half of 2023[9] - The ending cash and cash equivalents balance as of June 30, 2024, was RMB 7,959,172,830, down from RMB 13,366,555,181 at the end of June 2023[9] Expenses - Research and development expenses rose to RMB 29,405,848, an increase of 32.83% compared to RMB 22,160,455 in the first half of 2023[5] - Financial expenses increased to RMB (290,996,043), compared to RMB (223,129,607) in the first half of 2023, indicating a rise in interest expenses[5] - The company’s sales expenses decreased to RMB 2,169,269,528, down 9.15% from RMB 2,387,993,047 in the first half of 2023[5] Inventory and Receivables - Inventory decreased to RMB 2.21 billion from RMB 3.54 billion, a reduction of approximately 37.5%[2] - Accounts receivable totaled RMB 317,493,819 as of June 30, 2024, representing a 14.3% increase from RMB 277,721,354 on December 31, 2023[115] - The company has recognized a bad debt provision of RMB 177,789,186, which is 55.8% of the total accounts receivable as of June 30, 2024[116] Investments and Assets - The total amount of non-current financial assets increased to RMB 2,492,382,750 as of June 30, 2024, compared to RMB 1,425,485,550 at the end of 2023[138] - Long-term equity investments in Hebei Jiahe Brewery amounted to RMB 220,762,244 as of June 30, 2024, with an investment loss recognized under the equity method of RMB 3,696,494[136] - The total value of right-of-use assets is RMB 266,109,014, an increase from RMB 129,355,155 as of December 31, 2023[161] Taxation - The corporate income tax rate applicable to most subsidiaries in mainland China is 25%, while the Hong Kong subsidiary is subject to a rate of 16.5%[106] - The company reported a total tax payable of RMB 1,030,681,162 as of June 30, 2024, significantly up from RMB 343,503,981 on December 31, 2023[181] - The total amount of unrecognized deductible losses due to uncertainty in future taxable income was RMB 318,951,000 as of June 30, 2024, compared to RMB 296,357,000 as of December 31, 2023, reflecting an increase of about 7.5%[171] Employee Benefits - The present value of the defined benefit plan obligations as of June 30, 2024, is RMB 663,939,329, showing a slight increase from RMB 663,935,553 at the beginning of the period[192] - The total service cost for the current period is RMB 3,830,499, while the net interest amount is RMB 8,969,000[192] - The defined benefit plan net liability as of June 30, 2024, is RMB 663,939,329, compared to RMB 667,048,477 as of June 30, 2023, indicating a decrease in net liability[194] Compliance and Governance - The financial statements were prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[17] - The company has maintained its continuous operation capability without significant doubts regarding its ability to continue as a going concern[18] - The company’s accounting period aligns with the calendar year, running from January 1 to December 31[24]
青岛啤酒股份(00168) - 2024 - 中期财报