Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 223,336,000, representing a slight increase of 0.2% compared to RMB 222,986,000 in 2020[14]. - Adjusted EBITDA decreased by 17.0% to RMB 57,583,000 from RMB 69,369,000 in the previous year[14]. - Profit attributable to the owners of the Company fell by 17.0% to RMB 44,603,000, down from RMB 50,397,000 in 2020[14]. - Basic earnings per share decreased by 11.4% to 1.78 RMB cents, while diluted earnings per share decreased by 15.9% to 1.69 RMB cents[14]. - The profit for the period was RMB 45 million, a decrease of RMB 5 million compared to RMB 50 million in the first half of 2020[44]. - Total comprehensive income for the period was RMB 54,894,000, an increase of 22.5% compared to RMB 44,872,000 in 2020[90]. - The company reported a profit for the period of RMB 44,603,000 for the six months ended June 30, 2021, compared to RMB 50,397,000 in the same period of 2020, showing a decrease of 11%[99]. - Profit for the period was RMB 50,397,000 in 2021, compared to RMB 50,397,000 in 2020, showing no change year-over-year[162]. Revenue Breakdown - Revenue from the water business segment was RMB 54 million, a decrease of 35.3% compared to the first half of 2020, primarily due to the impact of the COVID-19 pandemic on key sales channels[24]. - The beer business segment generated revenue of RMB 169.4 million, reflecting a year-over-year increase of 22.3% from RMB 138.5 million in the first half of 2020[29]. - Total segment revenue for the six months ended June 30, 2021, was RMB 223,336,000, with the water business segment contributing RMB 53,912,000 and the beer business segment contributing RMB 169,424,000[145]. - Sales of water products decreased to RMB 50,531,000 in 2021 from RMB 79,037,000 in 2020, representing a decline of approximately 36.1%[162]. - Sales of beer products increased to RMB 164,554,000 in 2021 from RMB 138,482,000 in 2020, reflecting a growth of about 19%[162]. Cost and Expenses - The overall gross profit margin of the Group was 39.7%, a decrease of 5.9 percentage points compared to the first half of 2020[31]. - The gross profit margin for the water business segment was 37.0%, down 16.1 percentage points from the same period last year, mainly due to increased fixed costs and changes in customer structure[31]. - Selling and distribution costs decreased by 26.5% to RMB 29 million from RMB 39 million in the first half of 2020, attributed to reduced water sales and corresponding cost reductions[32]. - Administrative expenses decreased by 6.9% from RMB 33 million in the first half of 2020 to RMB 31 million in the first half of 2021, mainly due to lower staff expenses[32]. - The company reported a gross profit of RMB 101,716,000 for the six months ended June 30, 2021, compared to RMB 121,270,000 in 2020, indicating a decrease of approximately 16.1%[153]. - Raw materials and consumables used increased to RMB 99,812, up 38.5% from RMB 72,107 in 2020[179]. - Employee benefit expenses decreased to RMB 28,797, down 6.5% from RMB 30,806 in 2020[179]. - Advertising and marketing expenditure significantly decreased to RMB 3,248, down 75.3% from RMB 13,132 in 2020[179]. Assets and Liabilities - Total assets as of June 30, 2021, were RMB 5,735,052,000, with the water business segment holding RMB 3,983,797,000 and the beer business segment holding RMB 1,751,255,000[149]. - Total liabilities as of the same date were RMB 2,009,234,000, with the water business segment having RMB 1,525,576,000 and the beer business segment having RMB 483,658,000[149]. - As of June 30, 2021, investments accounted for using the equity method amounted to RMB 1,289 million, up from RMB 651 million at the end of 2020, primarily due to the acquisition of 31% equity interests in Tibet Shannan Yalaxiangbu Industrial Ltd.[44]. - As of June 30, 2021, net trade receivables amounted to RMB 208 million, down from RMB 283 million as of December 31, 2020, primarily due to a decrease in receivables from institutional clients and an increase in allowance for ECL of RMB 27 million[48]. - Total current liabilities decreased to RMB 883,170,000 from RMB 1,279,890,000, a reduction of 30.9%[94]. - Total non-current liabilities increased significantly to RMB 475,388,000 as of June 30, 2021, compared to RMB 149,513,000 as of December 31, 2020, representing a growth of 217%[97]. Cash Flow - Net cash flows generated from operating activities for the six months ended June 30, 2021, were RMB 92,734,000, a substantial increase from RMB 31,878,000 in the same period of 2020, reflecting a growth of 191%[103]. - Cash generated from operations reached RMB 91,117,000 in the first half of 2021, compared to RMB 45,370,000 in 2020, indicating an increase of 101%[103]. - The company reported a net cash flow used in investing activities of RMB 22,461,000 for the first half of 2021, a significant improvement from RMB 355,482,000 in the same period of 2020[103]. Strategic Initiatives - The Group aims to maintain stringent quality control to provide premium beverage products globally[11]. - The Group aims to strengthen its strategic position in Tibet's water industry by leveraging existing resources, marketing channels, and logistics networks[79]. - The Group will continue to invest in significant resources and strengthen strategic cooperation with Sinopec and PetroChina to utilize water resources effectively[79]. - The Group plans to enhance the brand image of "5100 Glacial Mineral Water" and combine it with existing key target channels including cinemas, hotels, and e-commerce[79]. - The Group will intensify cooperation with key platforms like JD.com to boost product development in e-commerce sales channels[79]. - The Group's strategic initiatives include expanding its service networks to cover more consumers and retail ends, diversifying sales models[79]. Financial Instruments and Reporting - The Group's financial statements are presented in Renminbi (RMB) and have been prepared in accordance with International Accounting Standard 34 (IAS 34) for interim financial reporting[109]. - The Group's financial assets are measured and recognized at fair value, with a fair value hierarchy established for reliable input classification[120]. - The financial statements for the six months ended June 30, 2021, are consistent with the accounting policies used in the annual financial statements for the year ended December 31, 2020[115]. - The Group has adopted amendments to IFRS standards effective from January 1, 2021, which have had no material impact on its financial positions and performance[115].
西藏水资源(01115) - 2021 - 中期财报