Financial Performance - For the first half of 2021, the company reported revenue of RMB 753.9 million, an increase of 23.5% compared to the same period last year[11]. - The profit attributable to shareholders was RMB 38.0 million, a significant recovery from a loss of RMB 52.3 million in the same period of 2020[11]. - Total revenue for the six months ended June 30, 2021, was RMB 753.9 million, an increase of 23.4% from RMB 610.3 million for the same period in 2020[28]. - Gross profit rose to approximately RMB 534.9 million, with a gross margin of 71%, up from 67.7% in the same period last year[31]. - The group achieved a profit before tax of approximately RMB 480 million, a significant improvement from a loss of RMB 832 million in the same period last year[39]. - The group reported a profit of approximately RMB 380 million, compared to a loss of RMB 523 million in the previous period[43]. - The company reported a pre-tax profit of RMB 48.0 million, a turnaround from a pre-tax loss of RMB 83.2 million in the previous year[107]. - Total comprehensive income for the six months ended June 30, 2021, was RMB 36,158,000, compared to a loss of RMB 48,691,000 in the same period of 2020[109]. - Basic earnings per share for the period was RMB 0.02, an improvement from a loss of RMB 0.02 per share in the previous year[109]. Revenue Breakdown - Online channel revenue reached RMB 275.2 million, marking a growth of 38.2% year-on-year[12]. - Offline channel revenue amounted to RMB 478.7 million, reflecting a 16.4% increase compared to the previous year[15]. - Revenue from offline channels accounted for 63.5% of total revenue, down from 67.4% in the previous year, while online channel revenue increased to 36.5% from 32.6%[28]. - Revenue from customer contracts for the six months ended June 30, 2021, was RMB 753,899,000, an increase of 23.5% from RMB 610,330,000 for the same period in 2020[143]. Cost Management - Sales and distribution expenses decreased slightly to approximately RMB 455.1 million from RMB 457.4 million, primarily due to reduced labor costs and promotional activities[33]. - The company reported a decrease in selling and distribution expenses to RMB 455.1 million from RMB 457.4 million, indicating improved cost management[107]. - The group reported a decrease in financing costs, with interest on lease liabilities at RMB 401,000 for the six months ended June 30, 2021, down from RMB 443,000 in 2020[148]. Operational Efficiency - The company operated 2,706 directly-operated counters nationwide as of June 30, 2021, despite closing 535 counters to control costs and improve operational efficiency[15][17]. - As of June 30, 2021, the total number of direct-operated counters was 2,706, down from 3,171 as of December 31, 2020, reflecting a net decrease of 465 counters[18]. - The company reduced its inventory by RMB 32,862,000, compared to a reduction of RMB 35,881,000 in the previous year, indicating effective inventory management[125]. Investments and Future Plans - The company plans to enhance its integrated distribution platform and optimize channel mix, with a total investment of RMB 636.8 million allocated for various initiatives[92]. - A new production base is being established in Nansha, Guangzhou, with an investment of RMB 382.1 million for machinery and equipment procurement[92]. - The company aims to expand its online business through further development of its technology platform, with an investment of RMB 22.3 million[92]. - The company is actively exploring new sales channels and opportunities, including emerging social e-commerce platforms[14]. - The company aims to strengthen its core product category of grain nutrition powder while actively exploring new channels and product opportunities as part of its mid-to-long-term development strategy[24]. Shareholder Information - The interim dividend declared on August 26, 2021, is RMB 0.016 per ordinary share, totaling approximately RMB 35,016,224, which represents about 92.07% of the net profit for the six months ended June 30, 2021[87]. - As of June 30, 2021, the company had significant shareholdings, with Zhang Zejun and Gui Changqing each holding 930,000,000 shares, representing 42.41% of the total shares[68]. - PepsiCo, Inc. held 566,506,000 shares, accounting for 25.83% of the company's total shares[68]. - The company has a total of 2,000,000 share options held by various directors, indicating active participation in equity incentives[68]. Governance and Compliance - The board of directors confirmed compliance with the corporate governance code during the six months ending June 30, 2021[75]. - The company has implemented the corporate governance code principles to enhance shareholder rights and corporate value[74]. - The board consists of members who have adhered to the standard code for securities trading since the company's listing on December 12, 2018[76]. Cash Flow and Financial Position - Cash and cash equivalents increased by approximately 16.8% to RMB 659 million from RMB 564.2 million as of December 31, 2020[51]. - The current asset net value rose to RMB 704.1 million from RMB 665.5 million as of December 31, 2020[51]. - The company's net asset value increased to RMB 1,113,660,000 as of June 30, 2021, up from RMB 1,075,488,000 at the end of 2020[115]. - Operating cash flow for the six months ended June 30, 2021, was RMB 101,313,000, a significant increase from RMB 34,902,000 in the same period of 2020, representing a growth of 189.5%[125]. - Net cash flow from operating activities for the six months ended June 30, 2021, was RMB 96,884,000, compared to RMB 28,972,000 in the previous year, indicating a substantial improvement[127]. Market Environment - The overall economic environment in China showed a GDP growth of 12.7% year-on-year in the first half of 2021, contributing to the recovery of the consumer market[11]. - The company continues to focus on product upgrades and channel enhancements to meet the growing health consciousness among consumers[11]. Miscellaneous - The company did not make any significant investments, acquisitions, or disposals of subsidiaries or associates during the six months ending June 30, 2021[72]. - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the six months ending June 30, 2021[73].
五谷磨房(01837) - 2021 - 中期财报