Financial Performance - For the six months ended June 30, 2021, the total revenue was RMB 18.29 billion, representing an increase of 10.3% compared to RMB 15.68 billion for the same period in 2020[6]. - The net profit for the same period was RMB 2.49 billion, up 28.3% from RMB 1.94 billion in the previous year[6]. - The operating profit increased to RMB 3.28 billion, compared to RMB 2.58 billion in the first half of 2020, reflecting a growth of 27.4%[6]. - The company reported a basic earnings per share of RMB 1.78, an increase from RMB 1.37 in the previous year[6]. - The total comprehensive income attributable to shareholders of the parent company was RMB 2.42 billion, compared to RMB 1.85 billion in the same period of 2020[6]. - The company's main business revenue for the six months ended June 30, 2021, was RMB 18,031,065,721, an increase from RMB 15,569,515,965 for the same period in 2020, representing a growth of approximately 15.8%[182]. - The company's total revenue for the six months ended June 30, 2021, was RMB 18,291,160,751, compared to RMB 15,678,991,336 for the same period in 2020, reflecting a growth of approximately 16.5%[182]. - The company reported a net profit attributable to the parent company's shareholders for the six months ended June 30, 2021, of RMB 2,415,521,329, compared to RMB 2,201,323,556 for the same period in 2020, indicating a growth of approximately 9.7%[180]. Assets and Liabilities - As of June 30, 2021, total assets amounted to RMB 45.24 billion, an increase from RMB 41.51 billion as of December 31, 2020, representing a growth of approximately 6.6%[4]. - Total liabilities increased to RMB 22.28 billion from RMB 20.15 billion, reflecting a rise of approximately 10.6%[5]. - The company's total equity rose to RMB 22.96 billion, up from RMB 21.37 billion, indicating an increase of about 7.4%[5]. - The company's cash and cash equivalents decreased to RMB 9.32 billion from RMB 18.47 billion, a decline of about 49.5% year-over-year[4]. - The total cash and cash equivalents at the end of June 30, 2021, amounted to RMB 6,846,715,666, a decrease from RMB 18,065,659,709 at the end of June 30, 2020[8]. - The company’s total liabilities as of June 30, 2021, were significantly impacted by an increase in accounts payable for materials and packaging, which reached 3,106,775,701[148]. Cash Flow - Cash flow from operating activities was RMB 5.02 billion, slightly up from RMB 4.96 billion in the same period last year[7]. - The company’s cash inflow from operating activities totaled RMB 19.55 billion, compared to RMB 17.17 billion in the previous year[7]. - The company’s cash outflow for investing activities was RMB 17.51 billion, significantly higher than RMB 1.87 billion in the same period of 2020[7]. - The company’s investment activities generated a net cash flow of RMB -15.48 billion, compared to RMB -775 million in the previous year[7]. - The net increase in cash and cash equivalents for the first half of 2021 was RMB 10,796,407,758, compared to an increase of RMB 3,508,266,354 for the same period in 2020[8]. Inventory and Receivables - Inventory levels decreased to RMB 2.21 billion from RMB 3.28 billion, a reduction of approximately 32.4%[4]. - The company reported a significant increase in other receivables, which rose to RMB 128.67 million from RMB 73.89 million, an increase of approximately 74.5%[4]. - Accounts receivable as of June 30, 2021, stood at approximately 378.59 million, up from 302.94 million on December 31, 2020, with a bad debt provision of 181.33 million[89]. - The total amount of the top five receivables as of June 30, 2021, is 111,249,731, accounting for 56% of total receivables[95]. - The inventory balance as of June 30, 2021, is 2,217,118,050, with a provision for inventory write-down of 3,477,079[103]. Employee Compensation and Benefits - Employee compensation includes various forms of remuneration, such as short-term salaries, post-employment benefits, and termination benefits[58]. - Short-term compensation includes wages, bonuses, and various employee benefits, recognized as liabilities during the accounting period[59]. - The company provides post-employment benefits classified into defined contribution plans and defined benefit plans, with specific obligations recognized as liabilities[60]. - The total employee compensation liabilities decreased slightly from 1,906,199,446 as of December 31, 2020, to 1,873,598,111 as of June 30, 2021[151]. - The company recognized service costs of CNY 158,203,598 in the current period for supplementary post-employment benefits[166]. Research and Development - Research and development efforts are focused on new product innovations to meet changing consumer preferences and enhance competitive advantage[3]. - The company incurred research and development expenses totaling approximately 6.69 million for the six months ended June 30, 2021, which were fully expensed in the period[135]. - The company is focusing on research and development of new technologies to enhance product offerings and maintain competitive advantage in the market[197]. Strategic Initiatives - The company plans to enhance its market presence through strategic acquisitions and partnerships in the upcoming quarters[3]. - Strategic initiatives include potential mergers and acquisitions to bolster market presence and diversify product lines[197]. - Future outlook remains positive with expectations of continued revenue growth driven by market expansion and new product launches[197]. Taxation and Deferred Income - The corporate income tax rates applicable to the company range from 3% to 25%, depending on the taxable income[81]. - The company reported a significant increase in corporate income tax payable to 579,867,385 as of June 30, 2021, compared to 246,490,851 on December 31, 2020, representing a growth of approximately 134%[155]. - Deferred revenue increased to CNY 2,958,428,519 as of June 30, 2021, up from CNY 2,899,626,024 at the end of 2020, reflecting a growth of approximately 2.0%[162]. Impairment and Provisions - The impairment loss on fixed assets recognized by the company for the six months ended June 30, 2021, was 5,826 yuan, compared to 1,538,581 yuan for the same period in 2020[77]. - The company conducts annual impairment tests on goodwill, with recoverable amounts determined based on the present value of expected future cash flows[76]. - The company’s goodwill impairment provision remained unchanged at 1,504,514,721 as of December 31, 2020[136]. Shareholder Information - The company declared a cash dividend of RMB 0.75 per share for 2020, totaling RMB 1,023,357,596, based on 1,364,476,795 shares issued[180]. - The company’s payable for dividends surged to 1,024,247,817 as of June 30, 2021, compared to just 11,700,168 at the end of 2020, marking an increase of over 8,600%[156].
青岛啤酒股份(00168) - 2021 - 中期财报