豪悦护理(605009) - 2024 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This section defines common terms used in the report, including company names, controlling shareholders, and the reporting period, to ensure accurate interpretation - "Haoyue Shares", "Company", "Joint Stock Company", "the Company" all refer to Hangzhou Haoyue Nursing Products Co., Ltd[8] - Controlling shareholders and actual controllers are Li Zhibiao, Zhu Weili, Li Shiyuan[8] - Reporting period is from January 1, 2024, to June 30, 2024[8] Section II Company Profile and Key Financial Indicators Company Basic Information This section outlines the company's basic registration information, contact details, information disclosure channels, and stock overview, clarifying its legal name and securities information - Company's Chinese name is Hangzhou Haoyue Nursing Products Co., Ltd., abbreviated as Haoyue Nursing[9] - Company's legal representative is Li Zhibiao[9] - Company's shares are listed on the Shanghai Stock Exchange, stock code 605009[13] - Company's designated information disclosure newspapers are "Shanghai Securities News" and "Securities Times", and the website is http://www.sse.com.cn[12](index=12&type=chunk) Company's Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue and net profit attributable to shareholders slightly decreased year-on-year, while net profit excluding non-recurring gains and losses increased, with significant changes in cash flow and asset structure Key Accounting Data (Jan-Jun 2024 vs. Prior Year) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,313,081,079.32 yuan | 1,357,068,724.04 yuan | -3.24 | | Net Profit Attributable to Listed Company Shareholders | 194,022,001.88 yuan | 199,731,105.89 yuan | -2.86 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 191,598,579.81 yuan | 188,714,602.23 yuan | 1.53 | | Net Cash Flow from Operating Activities | 115,002,587.69 yuan | 314,629,579.86 yuan | -63.45 | | Period-end Indicators | Current Period-end | Prior Year-end | Change (%) | | Net Assets Attributable to Listed Company Shareholders | 3,281,852,138.60 yuan | 3,217,398,470.92 yuan | 2.00 | | Total Assets | 4,503,507,010.88 yuan | 4,646,744,348.48 yuan | -3.08 | Key Financial Indicators (Jan-Jun 2024 vs. Prior Year) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 1.24 | 1.28 | -3.13 | | Diluted Earnings Per Share (yuan/share) | 1.24 | 1.28 | -3.13 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 1.23 | 1.21 | 1.65 | | Weighted Average Return on Equity (%) | 5.88 | 6.45 | -0.57 | | Weighted Average Return on Equity After Deducting Non-recurring Gains and Losses (%) | 5.81 | 6.09 | -0.28 | Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the current period amounted to 2.42 million yuan, primarily from government subsidies and investment income, impacting the company's net profit Non-recurring Gains and Losses Items and Amounts (Unit: Yuan) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Disposal gains/losses of non-current assets | -176,232.39 | | Government subsidies recognized in current profit/loss | 2,571,440.18 | | Gains/losses from entrusted investments or asset management | 1,891,862.50 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 220,000.00 | | Other non-operating income and expenses | -1,657,616.85 | | Less: Income tax impact | -426,031.37 | | Total | 2,423,422.07 | Section III Management Discussion and Analysis Explanation of the Company's Industry and Main Business Operations During the Reporting Period This section details the market size, consumption trends, channel changes, and competitive landscape of the absorbent hygiene products industry, along with the company's main business product composition and revenue contribution - Market size of absorbent hygiene products in China reached 116.04 billion yuan in 2023, a 4.1% year-on-year increase[22] - Female hygiene products market size 70.34 billion yuan, up 8.2%; infant hygiene products market size 32.26 billion yuan, down 6.2%; adult incontinence products market size 13.46 billion yuan, up 11.3%[22] - Company's main business covers R&D, manufacturing, and sales of feminine, infant, and adult hygiene care products, including baby diapers, adult diapers, period pants, sanitary napkins, and wet wipes[30] Main Business Revenue Composition (2024 Reporting Period) | Product Category | Revenue (Million Yuan) | Proportion of Operating Revenue (%) | | :--- | :--- | :--- | | Infant hygiene products | 898 | 68.40 | | Adult hygiene products | 263 | - | | Other products | 152 | - | | Total | 1,313 | 100 | Industry Overview During the Reporting Period The absorbent hygiene products industry is undergoing continuous market structure adjustments driven by evolving consumer demands, emerging channels, the rise of domestic brands, and demographic shifts, with pant-style sanitary napkins and adult incontinence products emerging as key growth areas - Changes in consumer demand drive market growth, with scientific and refined parenting concepts leading to higher quality requirements for infant products[23] - Emerging channels like maternal and child stores, e-commerce platforms, live streaming, short videos, and O2O platforms make consumption more convenient, with a clear trend of online-offline integration[24] - "Made in China" quality is reshaping the brand landscape, with domestic diaper manufacturers rapidly gaining market share through R&D and high-quality products[25] - Pant-style sanitary napkins have become a significant new growth area in the female hygiene products market due to excellent leak protection and absorption, with a substantial increase in consumption[26] - Infant diaper market size decreased by 6.2%, but penetration rate rose to 84.5%, with pant-style products accounting for 45.9%, and demand for larger size diapers continuously growing[27] - Aging population trend drives growth in the adult incontinence products market, with market size increasing by 11.1% and consumption by 14.1% in 2023[28] Explanation of the Company's Main Business Operations During the Reporting Period The company's main business involves the R&D, manufacturing, and sales of feminine, infant, and adult hygiene care products, with infant hygiene products accounting for 68.40% of revenue, showcasing various independent brands and their product series - Company's main products include infant hygiene products, adult hygiene products, and other hygiene products[30] - Infant hygiene products revenue 898 million yuan, accounting for 68.40% of the company's operating revenue[30] - Independent brand Hope baby launched China-made ultra-thin series, luxurious red camellia series, and seaweed luxurious moisturizing series of tape-style/pant-style diapers[32] - FOREST SAYS brand launched Forest Story Oxygen Bubble feminine period pants, day/night sanitary napkins, panty liners, plant extract intimate wet wipes, and cream moisturizing tissues[34] - Dafi brand focuses on pure water flushable wet wipes, kitchen wet wipes, cloud-soft facial towels, pure water wet wipes, down jacket cleaning wet wipes, and shoe cleaning wet wipes[35][36] - mamamia brand launched Cloud Mulberry Robe Growth Series baby diapers, emphasizing age-specific customization and intelligent parenting solutions[37] - Overseas subsidiary HAOYUE(THAILAND)CO.,LTD launched Sunny Baby LUXURY, FREELY, FLEXI, PREMIUM MAX series baby diapers/pull-ups and baby cleaning wet wipes[38] - Adult hygiene product Comfrey brand launched classic series and traditional Chinese medicine skin-friendly series of adult tape-style/pant-style diapers, diaper pads, and nursing pads[40] - Pet product Sunny Doggy brand launched regular, thickened, printed, and deodorizing versions of pet training pads[41] Analysis of Core Competencies During the Reporting Period The company's core competitiveness is built upon continuous product innovation, a high-standard quality management system, scaled production, diversified premium customer resources, and lean production management, collectively supporting its market position and sustainable development - Company continuously invests in R&D, launching innovative products like easy-to-wear period pants and baby pull-ups through market research and new material application, and obtaining invention patents[42] - Established a strict quality management system, implementing I Quality refined management covering product design, raw material procurement, manufacturing, sales, and after-sales service[43] - Company has production bases in Hangzhou, Jiangsu, Thailand, Hubei, and will add a Hefei factory, possessing scaled production advantages with capacity ranking among the top in China[44] - Accumulated high-quality customer resources including globally renowned multinational companies like Unicharm and Kao, and well-known domestic maternal and child brands like BabyCare and Kidswant[46] - Promotes lean production site management, combining "Amoeba" and digitalization to achieve "single order accounting", enhancing production-sales coordination and operational efficiency[47] Discussion and Analysis of Operations During the reporting period, the company focused on online channel promotion, product optimization, major client collaboration, and overseas market expansion, enhancing operational efficiency and competitiveness through factory acquisition, digital management, and lean production - Company continuously increased investment in online channel promotion, fostered the development of independent brands, optimized product structure, and iterated new products[48] - Accumulated 186 patents during the reporting period, including 15 invention patents, 147 utility model patents, and 24 design patents[49] - Independent brand Forest Story feminine hygiene product stores launched on major platforms, introducing day-use easy-change period pants, and collaborating with celebrity influencers for promotion[49] - Thailand market developed steadily, with own brand Sunny Baby adjusting products based on local market research and expanding online and offline sales channels[50] - Hubei Haoyue factory successfully passed major client product verification, preparing for large-scale order production[50] - Acquired Hefei Kao factory assets and completed the handover, undertaking technical transformation to expand production scale and form new profit growth points[50] - Implemented MES system, integrating SAP, WMS, AGV scheduling, OA, digital twin, and other systems to achieve full-process production management and data analysis, enhancing intelligence[50] - Fully implemented lean production management, configuring online inspection equipment such as vision systems and metal detection systems, to improve product quality and production efficiency[50] - Enhanced team management capabilities by integrating resources, optimizing business processes, and strengthening training for key personnel[51] Key Operating Conditions During the Reporting Period During the reporting period, the company experienced decreased revenue and costs, significantly increased sales expenses, and reduced net operating cash flow, with shifts in asset-liability structure primarily due to large-denomination certificate of deposit purchases and fixed asset investments Analysis of Changes in Financial Statement Items (Jan-Jun 2024 vs. Prior Year) | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,313,081,079.32 | 1,357,068,724.04 | -3.24 | Raw material prices decreased, leading to lower selling prices | | Operating Cost | 931,766,547.02 | 1,007,742,256.82 | -7.54 | Company's production costs decreased | | Sales Expenses | 94,341,731.50 | 59,471,985.85 | 58.63 | Company increased promotion of its own brands | | Net Cash Flow from Operating Activities | 115,002,587.69 | 314,629,579.86 | -63.45 | Decrease in short-term borrowings, accounts payable, and notes payable | | Net Cash Flow from Investing Activities | -737,281,599.26 | -102,140,363.05 | -621.83 | Increase in fixed asset investments and purchase of large-denomination certificates of deposit | | Net Cash Flow from Financing Activities | -157,905,271.81 | 95,017,429.54 | -266.19 | Repayment of borrowings in the current period | Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,513,023,542.66 | -34.10 | Primarily due to purchase of regular large-denomination certificates of deposit | | Accounts Receivable | 149,497,546.77 | 114.73 | Primarily due to decrease in customer prepayments | | Construction in Progress | 324,654,176.59 | 62.32 | Primarily due to new equipment purchased by the company not yet reaching intended usable state | | Other Non-current Assets | 379,500,000.00 | 279.50 | Primarily due to increase in large-denomination certificates of deposit in the current period | | Other Payables | 25,422,068.24 | -30.87 | Primarily due to dividend payments in the current period | - Overseas assets amounted to 183,535,929.18 yuan, accounting for 4.08% of total assets[53] - Restricted assets at period-end included monetary funds of 161,141.26 yuan, restricted as acceptance bill deposits[53] Analysis of Major Holding and Invested Companies (2024 Reporting Period) | Company Name | Business Nature | Shareholding (%) | Total Assets (Yuan) | Net Assets (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Haoyue Industrial Co., Ltd. | Manufacturing | 100% | 425,795,650.98 | 356,980,413.72 | 26,921,635.65 | Potential Risks The company faces multiple risks including macroeconomic volatility, intensified market competition, raw material price fluctuations, and declining birth rates, which it addresses through continuous product innovation, R&D, cost control, market expansion, and seizing opportunities in adult and period pant markets - Macroeconomic risk: The market size of disposable hygiene products is affected by macroeconomic factors such as national economic development, residents' disposable income, birth rates, and the degree of population aging; continuous decline in birth rates may impact the company's performance[56] - Market competition risk: Industry competition is intensifying, shifting from price competition to brand and quality competition, with domestic and international brands competing on product quality and price; the company needs to effectively formulate and implement R&D, production, brand, and marketing development plans[57][58] - Raw material price fluctuation risk: Major raw materials are petroleum derivatives, subject to significant price fluctuations due to international situations, which may adversely affect the company's net profit and profit margins. The company has mastered core material production technology to strengthen cost control[59] - Risk of declining birth rates: China's newborn population decreased by 540,000 in 2023 year-on-year, which may affect the growth of the domestic infant hygiene products market. The company will consolidate its advantages, strengthen independent brand building, and expand into the adult diaper and period pant markets[60] Section IV Corporate Governance Brief Introduction to General Meetings of Shareholders During the reporting period, the company held its 2024 first extraordinary general meeting and 2023 annual general meeting, approving key proposals including business scope changes, articles of association amendments, and profit distribution - On January 15, 2024, the company held its 2024 first extraordinary general meeting, reviewing and approving the "Proposal on Changing the Company's Business Scope, Company Domicile, Amending the Articles of Association, and Handling Industrial and Commercial Change Registration"[61][62] - On May 6, 2024, the company held its 2023 annual general meeting, reviewing and approving 11 proposals including the "2023 Board of Directors Work Report" and "2023 Profit Distribution Plan"[61][62] Profit Distribution or Capital Reserve Conversion Plan The board approved the 2024 semi-annual profit distribution plan to pay a cash dividend of 8.5 yuan per 10 shares (tax inclusive) to all shareholders, totaling 131.52 million yuan, a plan also approved by the supervisory board - The company's 2024 semi-annual profit distribution plan is: a cash dividend of 8.5 yuan (including tax) for every 10 shares to all shareholders[3][63] - Total distributed profit is 131,515,890.45 yuan, with a total share capital of 154,724,577 shares participating in the distribution[3] - The supervisory board believes the plan complies with the company's articles of association and cash dividend policy, the decision-making process is legal and compliant, and it is conducive to the company's healthy development[63] Section V Environmental and Social Responsibility Environmental and Social Responsibility This section did not disclose environmental information for the company as a key pollutant-discharging entity, nor did it mention subsequent environmental disclosure progress, carbon reduction measures, or specific details on poverty alleviation and rural revitalization efforts Section VI Significant Matters Fulfillment of Commitments The company's controlling shareholders, actual controllers, directors, supervisors, senior management, and other shareholders strictly fulfilled all IPO-related commitments during the reporting period, including share lock-up, resolving horizontal competition, and ensuring prospectus truthfulness - Company's controlling shareholders, actual controllers Li Zhibiao, Zhu Weili, and Li Shiyuan, as well as all company directors, supervisors, and senior management, timely and strictly fulfilled all commitments[67][68] - Commitments include share reduction price not lower than the issue price, automatic extension of lock-up period, restrictions on share transfers during director/senior management tenure, standardization of related-party transactions, non-occupation of company funds, responsibility for social insurance and housing provident fund supplementary payment, assumption of leasing risks, etc[70][71][72][73][74][75][76][77][78] - Company shareholders Xiwang Zhongchuang and Wenzhou Outai also fulfilled commitments such as share lock-up and resolution of horizontal competition[68][70][77][78] Major Contracts and Their Fulfillment This section primarily discloses the company's leasing activities as a lessee, listing multiple contracts with related and non-related parties, with lease terms spanning from 2019 to 2026 - Company, as lessee, signed leasing contracts with multiple companies, with lease terms extending from 2019 to 2026[82] - Leasing contracts involve Hangzhou Shenying Hardware Manufacturing Co., Ltd., Hangzhou Dawang Plastic Co., Ltd., Hangzhou Jiamei International Packaging Co., Ltd., Hangzhou Kejia Commercial Management Co., Ltd., Hangzhou Dingsheng Light Alloy Material Co., Ltd., Hangzhou Jiali Refrigeration Machine Co., Ltd., and overseas subsidiary Haoyue (Thailand) Co., Ltd. with Bangna Service[82] Section VII Share Changes and Shareholder Information Share Capital Changes During the reporting period, the company's total share capital and share structure remained unchanged - During the reporting period, there were no changes in the company's total share capital or share structure[84] Shareholder Information As of the end of the reporting period, the company had 15,858 common shareholders, with Li Zhibiao, Zhu Weili, and Li Shiyuan, the actual controllers, collectively holding 66.44% of the shares directly and indirectly among the top ten - As of the end of the reporting period, the total number of common shareholders was 15,858[84] Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Number of Shares Held | Shareholding (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Li Zhibiao | 53,593,085 | 34.53 | Domestic Natural Person | | Zhu Weili | 33,920,744 | 21.85 | Domestic Natural Person | | Li Shiyuan | 9,370,312 | 6.04 | Domestic Natural Person | | Hangzhou Xiwang Zhongchuang Industrial Investment Partnership (Limited Partnership) | 6,247,272 | 4.02 | Domestic Non-state-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 5,551,768 | 3.58 | Domestic Non-state-owned Legal Person | | Wenzhou Outai Investment Enterprise (Limited Partnership) | 1,726,127 | 1.11 | Domestic Non-state-owned Legal Person | | Taikang Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 019L - CT001 Shanghai | 1,343,849 | 0.87 | Domestic Non-state-owned Legal Person | | Taikang Life Insurance Co., Ltd. - Participating - Individual Participating - 019L - FH002 Shanghai | 1,244,866 | 0.80 | Domestic Non-state-owned Legal Person | | Taikang Life Insurance Co., Ltd. - Participating - Group Participating - 019L - FH001 Shanghai | 692,100 | 0.45 | Domestic Non-state-owned Legal Person | | Hong Kong Monetary Authority - Own Funds | 659,815 | 0.43 | Domestic Non-state-owned Legal Person | - Li Zhibiao and Zhu Weili are spouses, and Li Shiyuan is their daughter; the three jointly are the actual controllers of the company, directly and indirectly controlling 66.44% of Haoyue Shares[86] Section VIII Preferred Shares Related Information Preferred Shares Related Information During the reporting period, the company had no preferred shares related information Section IX Bonds Related Information Bonds Related Information During the reporting period, the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds Section X Financial Report Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[2] Financial Statements This section presents the company's 2024 semi-annual consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, providing a comprehensive overview of its financial position, operating results, and cash flow - Consolidated balance sheet shows that as of June 30, 2024, the company's total assets were 4,503,507,010.88 yuan, and total equity attributable to parent company owners was 3,281,852,138.60 yuan[91] - Consolidated income statement shows that from January to June 2024, operating revenue was 1,313,081,079.32 yuan, and net profit attributable to parent company owners was 194,022,001.88 yuan[97] - Consolidated cash flow statement shows that from January to June 2024, net cash flow from operating activities was 115,002,587.69 yuan, net cash flow from investing activities was -737,281,599.26 yuan, and net cash flow from financing activities was -157,905,271.81 yuan[103] Company Basic Information The company, formerly Hangzhou Haoyue Industrial Co., Ltd., was restructured into a joint-stock company in 2017 and listed on the Shanghai Stock Exchange in 2020. It primarily operates in the personal hygiene products industry, with products covering infant and adult hygiene items - The company, formerly Hangzhou Haoyue Industrial Co., Ltd., was restructured into a joint-stock company in 2017 and listed on the Shanghai Stock Exchange on September 10, 2020[120] - Company's registered capital is 155.2269 million yuan, with a total share capital of 155.2269 million shares[120] - Company's main business is the R&D, production, and sales of hygiene products (feminine hygiene products; diapers and other excretion hygiene products), and composite cores, primarily including infant hygiene products, adult hygiene products, and other products[120] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that raise significant doubts about its ability to continue as a going concern for 12 months from the end of the reporting period - Company's financial statements are prepared on a going concern basis[121] - The company has no matters or circumstances that raise significant doubts about its ability to continue as a going concern for 12 months from the end of the reporting period[122] Significant Accounting Policies and Accounting Estimates This section details the company's specific accounting policies and estimates across various areas, including enterprise accounting standards, financial instruments, revenue recognition, government grants, and leases - Company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[123] - Company's accounting year runs from January 1 to December 31 of the Gregorian calendar; its operating cycle for business operations is short, using 12 months as the liquidity classification standard for assets and liabilities[124][125] - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use the currency of their primary economic environment as their functional currency[126] - Financial assets are classified at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[135] - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, and to measure revenue based on the transaction price allocated to each distinct performance obligation[170] - Government grants are recognized when conditions are met; asset-related government grants reduce the carrying amount of related assets or are recognized as deferred income, while income-related government grants are recognized in other income or reduce related costs and expenses[172][173] - Company applies simplified treatment for short-term leases and leases of low-value assets, recognizing lease payments on a straight-line basis over the lease term into the cost of related assets or current profit or loss[175] Taxation This section details the company's and its subsidiaries' main tax types, rates, and preferential tax policies, including VAT and corporate income tax incentives for high-tech and small low-profit enterprises, and additional VAT deductions for advanced manufacturing Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13% (export tax refund 13%, 5%) | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | - The company and its subsidiary Jiangsu Haoyue Industrial Co., Ltd. are recognized as high-tech enterprises, and their corporate income tax for 2024 is levied at a reduced rate of 15%[183] - Subsidiaries Jiangsu Jiahua Import and Export Co., Ltd., Hangzhou Chengxuan Technology Co., Ltd., Jiangsu Daoqi Pet Products Co., Ltd., and Hangzhou Haoyue New Material Co., Ltd. enjoy corporate income tax preferential policies for small low-profit enterprises, with an actual tax rate of 5%[183] - The company and its subsidiary Jiangsu Haoyue Industrial Co., Ltd., as general VAT taxpayers in advanced manufacturing high-tech enterprises, enjoy a 5% additional VAT deduction policy[184] Notes to Consolidated Financial Statement Items This section details the period-end and beginning-of-period balances and current changes for all consolidated financial statement items, including assets, liabilities, equity, and profit/loss accounts, with explanations for significant variations Monetary Funds (Unit: Yuan) | Item | Period-end Balance | Beginning-of-period Balance | | :--- | :--- | :--- | | Cash on hand | 16,930.55 | 44,419.15 | | Bank deposits | 307,187,248.60 | 2,286,762,186.93 | | Other monetary funds | 1,205,819,363.51 | 9,142,579.89 | | Total | 1,513,023,542.66 | 2,295,949,185.97 | | Including: Total funds deposited overseas | 12,733,336.06 | 19,402,789.78 | Accounts Receivable (Unit: Yuan) | Aging | Period-end Carrying Amount | Beginning-of-period Carrying Amount | | :--- | :--- | :--- | | Within 1 year | 157,086,673.48 | 72,928,852.47 | | 1 to 2 years | 627,347.42 | 938,976.18 | | Over 3 years | 11,761.29 | 11,688.51 | | Total | 157,725,782.19 | 73,879,517.16 | Inventory Classification (Unit: Yuan) | Item | Period-end Carrying Amount | Beginning-of-period Carrying Amount | | :--- | :--- | :--- | | Raw materials | 166,110,367.95 | 154,288,133.13 | | Work in progress | 7,355,465.64 | 6,546,382.09 | | Finished goods | 117,527,595.05 | 116,498,500.46 | | Total | 290,993,428.64 | 277,333,015.68 | Carrying Amount of Fixed Assets (Unit: Yuan) | Item | Period-end Carrying Amount | Beginning-of-period Carrying Amount | | :--- | :--- | :--- | | Buildings and structures | 685,112,383.21 | 526,541,971.49 | | Machinery and equipment | 830,537,902.56 | 863,950,198.84 | | Transportation equipment | 11,452,646.92 | 8,681,798.71 | | Other equipment | 16,366,157.16 | 18,010,978.14 | | Total | 1,543,469,089.85 | 1,417,184,947.18 | Operating Revenue and Operating Cost (Unit: Yuan) | Item | Current Period Revenue | Current Period Cost | Prior Period Revenue | Prior Period Cost | | :--- | :--- | :--- | :--- | :--- | | Main business | 1,282,379,121.80 | 923,013,714.54 | 1,328,175,621.09 | 1,001,473,657.95 | | Other business | 30,701,957.52 | 8,752,832.48 | 28,893,102.95 | 6,268,598.87 | | Total | 1,313,081,079.32 | 931,766,547.02 | 1,357,068,724.04 | 1,007,742,256.82 | Sales Expenses (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee compensation | 10,318,828.50 | 10,214,967.80 | | Online store promotion fees | 56,725,392.21 | 16,519,505.56 | | Advertising and publicity fees | 6,523,493.19 | 20,399,923.21 | | Consignment service fees | 10,184,129.35 | 2,818,025.21 | | Lease expenses | 4,756,043.28 | 5,402,699.90 | | Other | 5,833,844.97 | 4,116,864.17 | | Total | 94,341,731.50 | 59,471,985.85 | R&D Expenses (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Direct materials and molds | 28,500,373.29 | 29,193,982.23 | | Employee compensation | 13,333,954.45 | 12,945,409.87 | | Depreciation and amortization | 3,332,963.48 | 3,411,747.61 | | Other | 3,150,524.07 | 3,076,405.86 | | Total | 48,317,815.29 | 48,627,545.57 | Financial Expenses (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Interest expense | 7,386,207.55 | 4,832,026.29 | | Interest income | -27,901,131.51 | -32,928,034.64 | | Handling fees and other | 747,531.40 | 643,831.94 | | Exchange gains/losses | -2,194,482.23 | -1,408,961.35 | | Total | -21,961,874.79 | -28,861,137.76 | Investment Income (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Large-denomination certificate of deposit income | 1,891,862.50 | - | | Total | 1,891,862.50 | - | Income Tax Expense (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Current income tax expense | 30,485,780.89 | 37,059,243.53 | | Deferred income tax expense | -2,256,619.70 | -535,461.15 | | Total | 28,229,161.19 | 36,523,782.38 | R&D Expenses During the reporting period, the company's total R&D expenses amounted to 48.32 million yuan, primarily comprising direct materials, employee compensation, and depreciation, all expensed R&D Expenses by Nature of Expense (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Direct materials and molds | 28,500,373.29 | 29,193,982.23 | | Employee compensation | 13,333,954.45 | 12,945,409.87 | | Depreciation and amortization | 3,332,963.48 | 3,411,747.61 | | Other | 3,150,524.07 | 3,076,405.86 | | Total | 48,317,815.29 | 48,627,545.57 | | Including: Expensed R&D expenses | 48,317,815.29 | 48,627,545.57 | | Capitalized R&D expenses | - | - | Changes in Consolidation Scope During the reporting period, the company experienced no significant changes in its consolidation scope, such as business combinations or disposal of subsidiaries leading to loss of control Interests in Other Entities The company owns multiple wholly-owned subsidiaries engaged in manufacturing and commerce across various locations, all acquired through establishment or business combinations under common control Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Haoyue Industrial Co., Ltd. | Suqian | 220 million yuan | Manufacturing | 100% | Business combination under common control | | Jiangsu Jiahua Import and Export Co., Ltd. | Suqian | 5.18 million yuan | Commercial | 100% | Business combination under common control | | Hangzhou Yibeijia Nursing Products Co., Ltd. | Hangzhou | 10 million yuan | Manufacturing | 100% | Establishment | | Hangzhou Chengxuan Technology Co., Ltd. | Hangzhou | 2 million yuan | Commercial | 100% | Establishment | | HAOYUE(THAILAND)CO.,LTD | Rayong, Thailand | 45 million USD | Manufacturing | 100% | Establishment | | Jiangsu Daoqi Pet Products Co., Ltd. | Suqian | 10 million yuan | Manufacturing | 100% | Establishment | | Haoyue Nursing (Hubei) Co., Ltd. | Xiaogan | 300 million yuan | Manufacturing | 100% | Establishment | | Hangzhou Haoyue New Material Co., Ltd. | Hangzhou | 30 million yuan | Manufacturing | 100% | Establishment | | Haoyue Nursing Products (Hefei) Co., Ltd. | Hefei | 300 million yuan | Manufacturing | 100% | Establishment | Government Grants During the reporting period, the company recognized 8.81 million yuan in asset- and income-related government grants in current profit or loss, with deferred income totaling 141.62 million yuan at period-end Liability Items Involving Government Grants (Unit: Yuan) | Financial Statement Item | Beginning-of-period Balance | New Grants in Current Period | Transferred to Other Income in Current Period | Period-end Balance | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred income | 139,236,020.97 | 8,622,500.00 | 6,234,237.62 | 141,624,283.35 | Asset-related | Government Grants Recognized in Current Profit or Loss (Unit: Yuan) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-related | 6,234,237.62 | 6,027,273.13 | | Income-related | 2,571,440.18 | 7,893,465.00 | | Total | 8,805,677.80 | 13,920,738.13 | Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (including interest rate and foreign exchange risks) through credit assessment, diversified financing, and foreign currency trading to balance risk and return - Company's risk management objective is to balance risk and return, minimize negative impact of risks on operating performance, and maximize shareholder interests[294] - Credit risk primarily arises from monetary funds and receivables; the company controls risk by depositing funds in financial institutions with high credit ratings and regularly assessing customer credit[294][295] - Liquidity risk is managed by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and adopting an appropriate combination of long-term and short-term financing[295] - Market risk primarily includes interest rate risk and foreign exchange risk; the company manages these by determining the proportion of fixed-rate and floating-rate financial instruments and buying/selling foreign currencies when necessary[297][298] Financial Liabilities Classified by Remaining Maturity (Period-end, Unit: Yuan) | Item | Carrying Amount | Within 1 Year | 1-3 Years | Over 3 Years | | :--- | :--- | :--- | :--- | :--- | | Short-term borrowings | 335,182,901.12 | 320,182,901.12 | - | - | | Notes payable | 268,786,020.39 | 268,786,020.39 | - | - | | Accounts payable | 333,623,755.33 | 333,623,755.33 | - | - | | Other payables | 25,422,068.24 | 25,422,068.24 | - | - | | Non-current liabilities due within one year | 9,174,485.88 | 9,174,485.88 | - | - | | Lease liabilities | 2,969,895.40 | - | 2,969,895.40 | - | | Subtotal | 975,159,126.36 | 957,189,230.96 | 2,969,895.40 | - | Disclosure of Fair Value This section discloses the period-end fair value of assets and liabilities measured at fair value, with accounts receivable financing totaling 41.94 million yuan, and notes that the company did not engage in hedging or disclose Level 3 fair value measurement details Fair Value of Assets and Liabilities Measured at Fair Value at Period-end (Unit: Yuan) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | Accounts receivable financing | - | 41,942,871.61 | - | 41,942,871.61 | | Total assets continuously measured at fair value | - | 41,942,871.61 | - | 41,942,871.61 | - Company did not engage in hedging activities for risk management[299] Financial Assets Derecognized Due to Transfer (Unit: Yuan) | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets | Gains or Losses Related to Derecognition | | :--- | :--- | :--- | :--- | | Accounts receivable factoring | Buyout transfer | 356,950,876.65 | 2,805,112.79 | | Bank acceptance bills | Endorsement | 230,828.84 | - | | Total | / | 357,181,705.49 | 2,805,112.79 | Related Parties and Related Party Transactions The company's actual controllers, Li Zhibiao, Zhu Weili, and their daughter Li Shiyuan, collectively control 66.44% of the company's shares directly and indirectly; no significant related-party transactions occurred during the reporting period, except for key management personnel compensation - Company's actual controllers Li Zhibiao, Zhu Weili, and Li Shiyuan directly and indirectly collectively control 66.44% of Haoyue Shares[304] Key Management Personnel Compensation (Unit: 10,000 Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Key management personnel compensation | 311.67 | 307.96 | Share-based Payment During the reporting period, the company implemented an equity-settled share-based payment plan, recognizing 1.59 million yuan in expenses recorded in capital reserves, estimated based on unlockable employee numbers and company performance - As of June 30, 2024, the cumulative amount of equity-settled share-based payments recognized in capital reserves was 14,280,282.11 yuan[307] - Total expenses recognized for equity-settled share-based payments in the current period were 1,586,698.02 yuan, granted to management personnel[307][308] Commitments and Contingencies During the reporting period, the company had no significant commitments or contingencies requiring disclosure Events After the Balance Sheet Date After the balance sheet date, the company plans to distribute profits or dividends of 131.52 million yuan, which has been reviewed and approved for declaration and distribution Profit Distribution (Unit: Yuan) | Item | Amount | | :--- | :--- | | Proposed profit or dividend distribution | 131,515,890.45 | | Profit or dividend declared and approved for distribution | 131,515,890.45 | Other Significant Matters During the reporting period, the company had no prior period accounting error corrections, significant debt restructuring, asset swaps, or annuity plans, and as its main business of absorbent hygiene products is managed as a whole, no segment information disclosure is required - Company's main business is the production and sale of absorbent hygiene products, which are managed and evaluated as a whole, thus no segment information disclosure is required[310] Section XIX Notes to Parent Company Financial Statement Items Accounts Receivable The parent company's accounts receivable balance at period-end was 118.06 million yuan, predominantly within one year, with an impairment provision of 5.91 million yuan primarily based on aging groups Parent Company Accounts Receivable by Aging (Unit: Yuan) | Aging | Period-end Carrying Amount | Beginning-of-period Carrying Amount | | :--- | :--- | :--- | | Within 1 year | 118,052,177.02 | 55,152,732.78 | | 1 to 2 years | 3,387.13 | 2,026,961.17 | | Over 3 years | 6,671.97 | 6,630.68 | | Total | 118,062,236.12 | 57,186,324.63 | Parent Company Accounts Receivable Impairment Provision (Unit: Yuan) | Category | Period-end Impairment Provision Amount | Provision Rate (%) | | :--- | :--- | :--- | | Impairment provision based on portfolio | 5,909,958.25 | 5.01 | | Total | 5,909,958.25 | 5.01 | Parent Company Top Five Accounts Receivable and Contract Assets by Debtor at Period-end (Unit: Yuan) | Unit Name | Period-end Accounts Receivable | Proportion of Total Period-end Accounts Receivable and Contract Assets (%) | Period-end Impairment Provision | | :--- | :--- | :--- | :--- | | Customer 1 | 69,789,200.96 | 59.11 | 3,489,460.05 | | Customer 2 | 12,723,648.72 | 10.78 | 636,182.44 | | Customer 3 | 6,508,354.58 | 5.51 | 325,417.73 | | Customer 4 | 5,238,084.61 | 4.44 | 261,904.24 | | Customer 5 | 3,341,703.14 | 2.83 | 167,085.16 | | Total | 97,600,992.01 | 82.67 | 4,880,049.62 | Other Receivables The parent company's other receivables balance at period-end was 13.11 million yuan, mainly comprising deposits and temporary advances, with an impairment provision of 1.96 million yuan based on credit risk stages Parent Company Other Receivables by Aging (Unit: Yuan) | Aging | Period-end Carrying Amount | Beginning-of-period Carrying Amount | | :--- | :--- | :--- | | Within 1 year | 13,002,847.30 | 4,022,459.54 | | 1 to 2 years | 62,027.37 | 868,702.93 | | 2 to 3 years | 1,400,296.32 | 1,021,000.22 | | Over 3 years | 603,664.00 | 603,664.00 | | Total | 15,068,834.99 | 6,515,826.69 | Parent Company Other Receivables by Nature of Payment (Unit: Yuan) | Nature of Payment | Period-end Carrying Amount | Beginning-of-period Carrying Amount | | :--- | :--- | :--- | | Deposits and guarantees | 14,399,460.94 | 4,019,973.15 | | Export tax refund receivable | 120,800.00 | - | | Temporary advances receivable | - | 2,474,053.54 | | Petty cash | - | 21,800.00 | | Total | 15,068,834.99 | 6,515,826.69 | Parent Company Other Receivables Impairment Provision (Unit: Yuan) | Category | Beginning-of-period Balance | Increase in Current Period | Period-end Balance | | :--- | :--- | :--- | :--- | | Impairment provision based on portfolio | 1,365,325.00 | 597,501.57 | 1,962,826.57 | | Total | 1,365,325.00 | 597,501.57 | 1,962,826.57 | Parent Company Top Five Other Receivables by Debtor at Period-end (Unit: Yuan) | Unit Name | Period-end Balance | Proportion of Total Period-end Other Receivables (%) | Nature of Payment | Aging | Period-end Impairment Provision | | :--- | :--- | :--- | :--- | :--- | :--- | | Unit 1 | 10,340,000.00 | 68.62 | Deposits and guarantees | Within 1 year | 517,000.00 | | Unit 2 | 1,096,000.00 | 7.27 | Deposits and guarantees | Within 1 year | 54,800.00 | | Unit 3 | 639,721.00 | 4.25 | Deposits and guarantees | Within 1 year, Over 3 years | 584,566.85 | | Unit 4 | 300,000.00 | 1.99 | Temporary advances receivable | Within 1 year | 15,000.00 | | Unit 5 | 200,000.00 | 1.33 | Deposits and guarantees | Within 1 year | 10,000.00 | | Total | 12,575,721.00 | 83.46 | / | / | 1,181,366.85 | Long-term Equity Investments The parent company's long-term equity investments totaled 992.23 million yuan at period-end, primarily in subsidiaries, with increased investments in Haoyue Nursing (Hubei) and Haoyue Nursing Products (Hefei) during the period Parent Company Long-term Equity Investments (Unit: Yuan) | Item | Period-end Carrying Amount | Beginning-of-period Carrying Amount | | :--- | :--- | :--- | | Investments in subsidiaries | 992,234,209.82 | 681,234,209.82 | | Total | 992,234,209.82 | 681,234,209.82 | Parent Company Changes in Investments in Subsidiaries (Unit: Yuan) | Investee Company | Beginning-of-period Balance | Increase in Current Period | Period-end Balance | | :--- | :--- | :--- | :--- | | Jiangsu Haoyue Industrial Co., Ltd. | 216,903,657.21 | - | 216,903,657.21 | | Haoyue Nursing (Hubei) Co., Ltd. | 200,000,000.00 | 40,000,000.00 | 240,000,000.00 | | Haoyue Nursing Products (Hefei) Co., Ltd. | - | 265,000,000.00 | 265,000,000.00 | | Total | 681,234,209.82 | 311,000,000.00 | 992,234,209.82 | Operating Revenue and Operating Cost The parent company's operating revenue for the reporting period was 1.10 billion yuan and operating cost was 843.07 million yuan, with main business revenue, particularly infant hygiene products, being the largest contributor Parent Company Operating Revenue and Operating Cost (Unit: Yuan) | Item | Current Period Revenue | Current Period Cost | Prior Period Revenue | Prior Period Cost | | :--- | :--- | :--- | :--- | :--- | | Main business | 1,074,060,217.55 | 830,741,801.86 | 1,227,764,241.56 | 947,395,439.60 | | Other business | 29,506,422.19 | 12,329,273.98 | 28,337,542.45 | 20,218,864.20 | | Total | 1,103,566,639.74 | 843,071,075.84 | 1,256,101,784.01 | 967,614,303.80 | Parent Company Operating Revenue and Operating Cost Breakdown (by Product Type, Unit: Yuan) | Product Type | Operating Revenue | Operating Cost | | :--- | :--- | :--- | | Infant hygiene products | 841,493,178.77 | 663,112,432.75 | | Adult hygiene products | 215,497,292.70 | 163,781,087.21 | | Other products | 46,576,168.27 | 16,177,555.88 | | Total | 1,103,566,639.74 | 843,071,075.84 | Investment Income The parent company's investment income for the current period primarily derived from large-denomination certificate of deposit income, amounting to 1.89 million yuan Parent Company Investment Income (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Large-denomination certificate of deposit income | 1,891,862.50 | - | | Total | 1,891,862.50 | - | Section XX Supplementary Information Schedule of Non-recurring Gains and Losses for the Current Period Total non-recurring gains and losses for the current period amounted to 2.42 million yuan, primarily from government subsidies and investment income, showing a difference in net non-recurring gains and losses compared to the first half of 2023 Details of Non-recurring Gains and Losses for the Current Period (Unit: Yuan) | Item | Amount | | :--- | :--- | | Disposal gains/losses of non-current assets | -176,232.39 | | Government subsidies recognized in current profit/loss | 2,571,440.18 | | Gains/losses from entrusted investments or asset management | 1,891,862.50 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 220,000.00 | | Other non-operating income and expenses | -1,657,616.85 | | Less: Income tax impact | 426,031.37 | | Total | 2,423,422.07 | Net Non-recurring Gains and Losses Difference (Unit: Yuan) | Item | Amount Involved | | :--- | :--- | | Net non-recurring gains and losses attributable to parent company owners for H1 2023 | 16,415,840.26 | | Net non-recurring gains and losses attributable to parent company owners for H1 2023 calculated under new regulations | 11,016,503.66 | | Difference | 5,399,336.60 | Return on Net Assets and Earnings Per Share During the reporting period, the weighted average return on net assets attributable to common shareholders was 5.88%, with both basic and diluted earnings per share at 1.24 yuan/share Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Equity (%) | Basic Earnings Per Share (Yuan) | Diluted Earnings Per Share (Yuan) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 5.88 | 1.24 | 1.24 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 5.81 | 1.23 | 1.23 |