Sales Performance - In the first half of 2023, the company's raw milk sales volume reached 340,086 tons, representing a year-on-year growth of 9.2%[18] - Organic raw milk sales volume was 261,217 tons, reflecting a year-on-year growth of 17.3%, accounting for 76.8% of total raw milk sales[18] - The total sales volume increased to 340,086 tons, up 9.2% from 311,565 tons in 2022[25] - Revenue for the six months ended June 30, 2023, was RMB 1,643,416,000, representing a 2.7% increase from RMB 1,600,623,000 in the same period last year[65] - The group's raw milk sales revenue for the six months ended June 30, 2023, was RMB 1,565.0 million, a 1.1% increase from RMB 1,548.6 million in 2022[153] Financial Performance - The sales revenue for the reporting period was RMB 1,565.0 million, an increase of RMB 16.4 million year-on-year[18] - Sales revenue for 2023 reached RMB 1,565,011,000, a slight increase from RMB 1,548,581,000 in 2022, representing a growth of 1.1%[24] - The net profit attributable to the parent company was RMB 23.3 million, a significant decrease of 89.8% compared to RMB 228.8 million in 2022[32] - Cash EBITDA for the period was RMB 368.6 million, down 20.9% from RMB 466.1 million in 2022[32] - The gross profit decreased by 18.4% to RMB 418,289,000 from RMB 512,764,000 year-on-year[65] - The net profit attributable to shareholders dropped by 89.8% to RMB 23,327,000 compared to RMB 228,843,000 in the previous year[65] - The average selling price per ton decreased to RMB 4,602 from RMB 4,970, reflecting a decline of approximately 7.4%[24] Operational Efficiency - The average annual milk yield per dairy cow increased to 10.94 tons, up approximately 0.41 tons year-on-year, marking the highest level since the company's establishment[18] - The annualized milk yield per mature cow increased by about 0.41 tons, reaching 10.94 tons, with daily milk production surpassing 2,000 tons for the first time[25] - The herd size grew by 2.6% compared to the end of last year, with raw milk sales volume recorded at 340,000 tons, of which organic raw milk sales reached 261,000 tons, a year-on-year increase of 17.3%, accounting for 76.8% of total raw milk sales[63] - The number of lactating cows as of June 30, 2023, was 63,158, down from 64,355 as of December 31, 2022[146] - The group strategically eliminated inefficient cows to optimize herd quality[149] Cost Management - Administrative expenses rose to RMB 72.7 million, a 9.2% increase from RMB 66.6 million in 2022, accounting for 4.6% of sales revenue[50] - The total employee cost for the reporting period was RMB 175.5 million, compared to RMB 162.4 million in 2022[152] - The cost of goods sold for the six months ended June 30, 2023, was RMB 1,146,722, an increase of 10.7% compared to RMB 1,035,817 for the same period in 2022[103] Investments and Assets - As of June 30, 2023, the total non-current assets amounted to RMB 5,494,910,000, slightly increasing from RMB 5,412,707,000 as of December 31, 2022[95] - The total current assets as of June 30, 2023, were RMB 2,276,252,000, compared to RMB 2,474,925,000 as of December 31, 2022, reflecting a decrease of approximately 8.0%[95] - The company’s investment in associates as of June 30, 2023, was RMB 22,797,000, down from RMB 34,352,000 as of December 31, 2022, representing a decrease of approximately 33.8%[95] - The group has initiated the construction of a smart farm, leading to an increase in capital commitments to RMB 86.9 million[38] Recognition and Awards - The company was recognized as a national key leading enterprise in agriculture, reflecting its commitment to modernizing agriculture and improving product quality[21] - The company received the "2022 China Enterprise Financial Shared Construction Excellence Achievement Award" at the 17th China CFO Summit Forum for its financial shared service project[63] - The company was recognized as a national key leading enterprise by the Ministry of Agriculture and Rural Affairs of China for its significant achievements in promoting agricultural modernization and improving product quality and safety standards[63] Future Plans - The group aims to double the sales volume of organic raw milk by 2025 compared to 2020 levels, leveraging unique resources in the Ulan Buh Desert[173] - The group plans to enhance internal management capabilities through cost control, herd optimization, and digital transformation initiatives[174]
中国圣牧(01432) - 2023 - 中期业绩