Financial Performance - Yihai International Holding Ltd. reported a revenue of HK$1.2 billion for the first half of 2021, representing a year-on-year increase of 25%[3]. - The company achieved a net profit of HK$300 million, up 30% compared to the same period last year[3]. - The Group's revenue for the first half of 2021 was RMB 2,630.8 million, representing a year-on-year increase of 18.6%[20]. - Operating profit for the same period amounted to RMB 515.8 million, reflecting a year-on-year decrease of 10.2%[20]. - Gross profit was RMB 860.973 million, showing a slight decline of 2.1% compared to the previous year[17]. - The Group's basic earnings per share attributable to equity holders decreased by 12.6% to 35.56 RMB cents[17]. - Total comprehensive income for the period was RMB 387,701, a decrease of 11.6% compared to RMB 438,586 in the previous year[112]. - Profit for the period attributable to owners of the Company was RMB 348,836, down 12.6% from RMB 398,919 in the same period of 2020[112]. Revenue Breakdown - Revenue from hot pot condiments reached RMB 1,509.4 million, accounting for 57.4% of total revenue, with a 24.2% increase compared to RMB 1,215.5 million in the same period of 2020[41]. - Revenue from Chinese-style compound condiments rose by 7.5% to RMB 322.0 million, representing 12.2% of total revenue for the six months ended June 30, 2021[43]. - Total revenue from convenient ready-to-eat food products was RMB 748.5 million, making up 28.5% of total revenue, with a significant increase from RMB 668.2 million in the previous year[41]. - Revenue from sales to related parties reached RMB 893.3 million, a year-on-year increase of 79.0% compared to the same period in 2020[32]. - E-commerce sales revenue amounted to RMB 177.5 million, representing a year-on-year increase of 11.4%[30]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by the end of 2022[3]. - Yihai International is investing HK$500 million in new product development, focusing on plant-based food options[3]. - The Group's focus on innovation and product lifecycle management aims to reinforce the market position of core products[34]. - The Group emphasized data-based assessment and follow-up supervision for channel development, enhancing the satisfaction of distributors[28]. Production and Capacity - The Yihai factory in Kaifeng, Henan commenced operations in June 2021, enhancing supply capacity[24]. - The construction of a new production base in Luohe is expected to commence operations in August 2021[24]. - The Luohe production base has a total designed production capacity of 300,000 tonnes, with Phase I expected to commence production in the second half of 2021[82]. - The Thailand factory's Phase I has a planned capacity of 20,000 tonnes, with production expected to commence in 2022[83]. Financial Position and Assets - Total assets as of June 30, 2021, were RMB 4,243.4 million, a decrease of 1.0% from the end of 2020[18]. - Total equity increased by 4.1% to RMB 3,657.8 million compared to the end of 2020[18]. - The asset-liability ratio decreased to 13.8% as at June 30, 2021 from 18.0% as of December 31, 2020[67]. - As of June 30, 2021, the Group's cash and cash equivalents amounted to approximately RMB 1,218.3 million, down from RMB 1,986.9 million as of 31 December 2020[66]. Expenses and Costs - The cost of sales increased by 32.2% from RMB 1,338.4 million in the first half of 2020 to RMB 1,769.8 million in the first half of 2021, primarily due to rising raw material prices[52]. - Distribution expenses increased by 54.7% from RMB 210.9 million for the six months ended 30 June 2020 to RMB 326.3 million for the corresponding period of 2021, representing an increase in percentage of revenue from 9.5% to 12.4%[58]. - Administrative expenses decreased by 12.4% from RMB 153.7 million for the six months ended 30 June 2020 to RMB 134.7 million for the corresponding period of 2021, with a percentage of revenue decline from 6.9% to 5.1%[59]. Shareholder Information - As of June 30, 2021, UBS Trustees (B.V.I.) Limited holds 372,547,021 shares, representing 35.59% of the total issued share capital[95]. - ZYSP YIHAI Ltd owns 283,925,275 shares, accounting for 27.12% of the total issued share capital[95]. - The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2021[104]. Governance and Compliance - The Audit Committee reviewed the unaudited condensed consolidated interim financial results for the six months ended June 30, 2021, confirming compliance with relevant accounting standards[103]. - All Directors confirmed compliance with the Model Code for securities transactions during the six months ended June 30, 2021[102]. - The Company has adopted the Corporate Governance Code and complied with its mandatory provisions during the six months ended June 30, 2021[102].
颐海国际(01579) - 2021 - 中期财报