Revenue and Profit Growth - Revenue for the first half of 2023 increased by 1.7% year-on-year to RMB 796.0 million[10] - Revenue increased by 1.7% to approximately RMB 796.0 million compared to RMB 782.6 million in the same period last year[43] - Revenue for the six months ended June 30, 2023, was RMB 796,002 thousand, a slight increase from RMB 782,649 thousand in the same period last year[91] - Revenue for the first half of 2023 increased by 1.7% year-on-year to approximately RMB 796.0 million[128] - Total revenue for the first half of 2023 was RMB 796.002 million, with a segment profit of RMB 242.132 million[157] - Total revenue for the six months ended June 30, 2023, was RMB 796,002 thousand, compared to RMB 782,649 thousand in the same period last year[182] - Gross profit rose by 32.2% to RMB 242.1 million compared to the same period last year[19] - Gross profit increased to RMB 242.1 million, with gross margin rising by 7.0 percentage points due to lower raw material costs and improved production efficiency[48] - Gross profit increased to RMB 242,132 thousand from RMB 183,225 thousand year-over-year, reflecting improved profitability[91] - Gross profit rose by 32.2% year-on-year to approximately RMB 242.1 million, driven by lower raw material costs[128] - Gross margin improved to 30.4%, an increase of 7.0 percentage points compared to the same period last year[128] - Net profit attributable to shareholders skyrocketed by 2,039.6% to RMB 28.8 million[19] - Net profit attributable to the company's owners was RMB 28,799 thousand, a significant rise from RMB 1,346 thousand in the previous year[91] - Profit after tax surged by 11,141.7% year-on-year to approximately RMB 24.3 million[128] - Basic earnings per share increased to RMB 6.94 cents from RMB 0.32 cents in the same period last year[91] - Basic earnings per share attributable to the company's owners were RMB 28,799 thousand, compared to RMB 1,346 thousand in the same period last year[189] Business Expansion and Acquisitions - Revenue from the newly acquired pasta business reached RMB 59.0 million, a 46.0% increase year-on-year[20] - The company expects full-year revenue from the pasta business to range between RMB 120 million and RMB 135 million[20] - The company completed the acquisition of 100% equity in Guangdong Kangli Food Co., Ltd. for a total cash consideration of RMB 135.0 million[17] - The company completed the acquisition of Guangdong Kangli Food Co., Ltd., expanding its product range to include healthier options[31] - The company acquired Kangli and began operating a new business segment related to pasta products[176] - The company completed the acquisition of the remaining 49% equity of Fengjia for a total cash consideration of RMB 9.8 million on August 28, 2023[144] Product Performance - Sweet single-slice biscuit revenue decreased slightly by 1.3% to RMB 263.6 million due to changing consumer habits[12] - Pasta products revenue grew by 46.0% to RMB 59.0 million compared to RMB 40.4 million in the previous year[38][52] - Wafer biscuit revenue rose by 4.9% to RMB 86.4 million, driven by successful marketing and pricing strategies[51] - Other biscuit products revenue increased by 25.0% to RMB 79.4 million, reflecting the company's strategy to expand product variety[47] - Revenue from biscuit products decreased to RMB 699,485 thousand from RMB 727,945 thousand year-over-year, with sweet single-slice biscuits contributing RMB 263,637 thousand[182] - Revenue from noodle products increased to RMB 59,050 thousand from RMB 40,370 thousand year-over-year[182] Financial Position and Liquidity - Total assets grew by 5.3% to RMB 2,232.7 million as of June 30, 2023[19] - Inventory decreased by RMB 8.6 million to RMB 106.0 million, with inventory turnover days at 36 days[39] - Trade receivables, bills, and other receivables increased by 14.8% to RMB 181.9 million, with turnover days at 39 days[49] - Net current assets stood at RMB 6.8 million, with a current ratio of 1.01, indicating a strong liquidity position[50] - Bank balances and cash stood at approximately RMB 339.4 million as of June 30, 2023, compared to RMB 320.3 million as of December 31, 2022[58] - Total bank borrowings increased by 30.7% to approximately RMB 788.4 million as of June 30, 2023, compared to December 31, 2022, to fund expansion and investments[58] - Total capital-to-debt ratio increased to 81.5% as of June 30, 2023, from 60.1% as of December 31, 2022[58] - Net capital-to-debt ratio increased to 46.4% as of June 30, 2023, from 28.2% as of December 31, 2022[58] - Total assets increased to RMB 1,243.2 million as of June 30, 2023, up from RMB 1,145.5 million at the end of 2022[117] - Bank borrowings under current liabilities increased to RMB 608.9 million, up from RMB 510.5 million at the end of 2022[107] - The company's total assets minus current liabilities stood at RMB 1,199.627 million as of June 30, 2023[147] - The company's net current assets were RMB 54.11 million as of June 30, 2023[147] - The company's total equity was RMB 1,003.591 million as of June 30, 2023[147] - Cash and cash equivalents at the end of the period were RMB 339,394 thousand, up from RMB 266,220 thousand at the end of the previous period[106] - Net cash used in operating activities was RMB 709 thousand, a significant improvement from RMB 79,328 thousand used in the same period last year[106] - Net cash used in investing activities was RMB 148,267 thousand, compared to RMB 26,211 thousand in the previous year, reflecting increased investment in property, plant, and equipment[106] - Net cash from financing activities was RMB 167,998 thousand, a turnaround from RMB 24,051 thousand used in the same period last year, driven by new bank loans[106] Expenses and Costs - Sales and distribution expenses decreased by RMB 13.2 million or 11.6% to approximately RMB 100.1 million, primarily due to effective control of logistics and distribution network systems and efficient implementation of advertising and promotion plans[54] - Administrative expenses increased by RMB 2.8 million or 6.5% to approximately RMB 45.9 million, in line with the company's sales targets[55] - R&D expenses decreased to RMB 24.978 million in the first half of 2023, compared to RMB 30.349 million in the same period last year[175] - Exchange losses amounted to RMB 843,000 in the first half of 2023, compared to an exchange gain of RMB 119,000 in the same period last year[161] - Interest expenses from bank loans decreased to RMB 15.679 million in the first half of 2023, down from RMB 17.063 million in the same period last year[161] - The company's total other income and losses amounted to RMB 2.398 million in the first half of 2023, compared to a loss of RMB 787,000 in the same period last year[161] - The company's total non-operating expenses, including donations, packaging material costs, and building rental expenses, amounted to RMB 29.809 million in the first half of 2023[175] - Other income for the period was RMB 22,876 thousand, while sales and distribution expenses were RMB 100,098 thousand[178] Strategic Initiatives and Market Outlook - The company plans to acquire a property in Kaiping City to establish a comprehensive center focused on medical, longevity diet, agriculture, research, leisure, and tourism[3] - The company expects the biscuit and snack market to continue growing and will focus on maintaining market share and product competitiveness[59] - The company plans to optimize product mix, strengthen cost management, and expand new sales channels to enhance competitiveness[129] - The retail consumer market in China recovered rapidly in the first half of 2023, with total retail sales of consumer goods growing by 8.2% year-on-year[114] Employee and Management - Total employee benefits expenses, including directors' and executives' remuneration, amounted to approximately RMB 128.2 million for the six months ended June 30, 2023, compared to RMB 131.7 million for the same period in 2022[75] - The company had 2,184 full-time employees as of June 30, 2023, compared to 2,427 as of December 31, 2022[75] - The company's short-term employee benefits for key management personnel decreased to RMB 2.084 million in the first half of 2023 from RMB 2.702 million in the same period of 2022[139] Dividends and Financial Reserves - The company decided not to declare an interim dividend, focusing on managing cash flow for the second half of the fiscal year[60] - The company's interim dividend for 2023 was RMB 18,210 thousand[83] - The company's statutory surplus reserve increased to RMB 144,596 thousand from RMB 136,643 thousand year-over-year, indicating stronger financial reserves[104] - The company did not recommend an interim dividend for the six months ended June 30, 2023, and June 30, 2022[188] Equity and Reserves - The total equity of the company as of June 30, 2023, was RMB 967,663 thousand, with non-controlling interests amounting to RMB 34,505 thousand[83] - The company's accumulated profits as of June 30, 2023, were RMB 699,172 thousand[83] - The company's share capital remained unchanged at RMB 3,285 thousand from January 1, 2022, to June 30, 2023[83] - The company's share premium decreased from RMB 197,448 thousand on January 1, 2022, to RMB 161,420 thousand on June 30, 2023[83] - The company's special reserve remained at RMB (107,000) thousand from January 1, 2022, to June 30, 2023[83] - The company's statutory reserve increased from RMB 203,586 thousand on January 1, 2022, to RMB 216,650 thousand on June 30, 2023[83] - The company's other reserves decreased from RMB 76,298 thousand on January 1, 2022, to RMB (58,702) thousand on June 30, 2023[83] - The company's total equity before non-controlling interests was RMB 933,158 thousand as of June 30, 2023[83] - The company's profit for the period and total comprehensive income for the six months ended June 30, 2023, was RMB 28,799 thousand[83] Investments and Capital Commitments - Capital commitments for property, plant, and equipment acquisition amounted to RMB 75.0 million as of June 30, 2023[123] - The company invested RMB 39,176 thousand in property, plant, and equipment to enhance operational capabilities, compared to RMB 11,442 thousand in the same period last year[190] - The company recognized a gain of RMB 90,000 from the sale of certain plant and equipment, compared to a loss of RMB 13,000 in the same period last year[190] - The company entered into new lease agreements for land use rights, recognizing right-of-use assets of RMB 28,103 thousand and lease liabilities of RMB 1,035 thousand[191] Market and Distribution - The company's products are distributed in 31 provinces and 310 prefecture-level cities in China, with over 660 stock-keeping units[114] - Revenue from the Chinese market (domestic) reached RMB 794.384 million, accounting for the majority of the total revenue of RMB 796.002 million[154] Taxation and Financial Assets - The company's subsidiary, Guangdong Jiusili Food Group, is recognized as a high-tech enterprise and enjoys a reduced corporate income tax rate of 15% from 2021 to 2023[164] - The company did not generate taxable profits in Hong Kong, resulting in no provision for Hong Kong profits tax for the first half of 2023[163] - The fair value of financial assets measured at fair value through profit or loss was RMB 110.282 million as of June 30, 2023, an increase from RMB 107.131 million at the end of 2022[137][143] - The company's financial assets measured at fair value through profit or loss in China's non-listed equity investment funds were valued using the asset-based approach[137] Other Financial Metrics - EBITDA surged by 79.4% to RMB 94.7 million[19] - The company recorded a pre-tax loss of RMB 4,191 thousand for the six months ended June 30, 2023[179] - The company's interest income from related parties was RMB 8.449 million in the first half of 2023[135] - The company obtained new bank loans of RMB 494.49 million and repaid bank loans of RMB 309.322 million in the first half of 2023[131] - The company's issued and fully paid ordinary shares with a par value of HKD 0.01 per share remained at 415,000,000 shares as of June 30, 2023[132]
嘉士利集团(01285) - 2023 - 中期财报