骑士乳业(832786) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report - The company's directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or major omissions[3] - This semi-annual report has not been audited by an accounting firm[3] - The report includes an analysis of the company's significant risk factors, advising investors to review relevant sections in "Section III Financial Data and Operating Performance"[5] Company Profile This section provides an overview of Inner Mongolia Qishi Dairy Group Co., Ltd., including its basic information and business scope Basic Information Inner Mongolia Qishi Dairy Group Co., Ltd. (stock code: 832786) is a company listed on the Beijing Stock Exchange, with Dang Yongtao as its legal representative | Item | Information | | :--- | :--- | | Stock Abbreviation | Qishi Dairy | | Stock Code | 832786 | | Company Full Name | Inner Mongolia Qishi Dairy Group Co., Ltd. | | Legal Representative | Dang Yongtao | Corporate Information The company, listed on the Beijing Stock Exchange on October 13, 2023, primarily operates across the entire dairy and sugar industry value chains, with Dang Yongtao as both the controlling shareholder and actual controller - The company's business focuses on the dairy and sugar industries, forming a synergistic circular economy model integrating agriculture, animal husbandry, dairy, and sugar sectors[10] Company Listing and Ownership | Item | Information | | :--- | :--- | | Listing Exchange | Beijing Stock Exchange | | Listing Date | 2023-10-13 | | Total Share Capital | 209,053,000 shares | | Controlling Shareholder | Dang Yongtao | | Actual Controller | Dang Yongtao | Financial Data and Operating Performance This section details the company's financial performance and operational highlights for the reporting period Key Financial Data and Indicators During the reporting period, the company's operating revenue decreased by 4.41% to 473 million RMB, and net profit attributable to shareholders declined by 14.81% to 35.71 million RMB, despite a gross profit margin increase from 21.47% to 25.56% and a 7.40% rise in non-recurring net profit Profitability | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 472,977,739.78 | 494,816,631.95 | -4.41% | | Gross Profit Margin (%) | 25.56% | 21.47% | - | | Net Profit Attributable to Shareholders | 35,714,267.45 | 41,925,256.66 | -14.81% | | Non-recurring Net Profit Attributable to Shareholders | 43,778,417.23 | 40,763,411.53 | 7.40% | | Basic Earnings Per Share (RMB) | 0.17 | 0.27 | -37.04% | Solvency and Operating Capability | Indicator | Current Period End / Current Period (RMB) | Prior Year End / Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,262,039,494.53 | 2,215,425,510.70 | 2.10% | | Total Liabilities | 1,347,386,238.86 | 1,298,246,589.02 | 3.79% | | Asset-Liability Ratio (Consolidated) (%) | 59.57% | 58.60% | - | | Net Cash Flow from Operating Activities | 21,371,264.94 | 50,603,471.76 | -57.77% | Business Overview The company operates as a full-产业链 dairy product supplier, integrating agriculture, animal husbandry, dairy, and sugar sectors into a synergistic circular economy model, with no significant changes to its business model during the reporting period - The company's core business model is a synergistic circular economy across the agriculture, animal husbandry, dairy, and sugar full industry chain, a model that has been operating for 7 years and is maturing; for example, manure from animal husbandry is used for soil improvement in agriculture, which in turn provides forage for animal husbandry; animal husbandry supplies high-quality raw milk to the dairy industry; and sugar industry by-products (beet pulp, molasses) are premium feed for animal husbandry, enhancing dairy cow yields[18][20][21] Company Capacity Overview | Sector | Capacity/Scale | | :--- | :--- | | Animal Husbandry | 5 large-scale dairy farming bases (1 under construction), raising over 20,000 dairy cows, producing over 300 tons of fresh milk daily | | Dairy Industry | Daily raw milk processing capacity of 1,500 tons | | Sugar Industry | Daily sugar beet processing capacity of 5,000 tons, annual white sugar production of 100,000 tons | - The company's major clients include industry giants such as Mengniu Dairy and Yili, and it is a strategic supplier of organic raw milk to Mengniu Dairy, having established stable strategic cooperative relationships with them[18][20] Operating Performance Review In the first half of 2024, despite a decline in raw milk prices impacting the animal husbandry segment, the company's circular economy model enabled lower raw material costs for dairy processing, leading to increased gross profit and net profit in the dairy segment, while fundraising projects are actively under construction - The company's circular economy model demonstrated its advantages: in the first half of 2024, low raw milk market prices reduced profits in the animal husbandry segment, but simultaneously lowered raw material costs for dairy processing, increasing product gross profit and boosting profits in the dairy segment, forming a beneficial complementarity[22] - At the industry level, domestic raw milk supply experienced a temporary surplus, yet per capita consumption remains significantly lower than in developed and some developing countries, indicating substantial market potential, especially in rural areas[23][24] - Fundraising projects, such as the 25,000 dairy cow farming project, are under construction, leading to a 91.34% increase in construction in progress balance compared to the beginning of the period[22][25][26] Balance Sheet Structure Analysis At the end of the reporting period, the company's total assets reached 2.262 billion RMB, growing by 2.10%, with significant increases in accounts receivable, construction in progress, long-term equity investments, and other non-current assets, while contract liabilities surged by 193.57% due to increased advance payments for sugar sales Major Balance Sheet Item Changes | Item | Current Period End (RMB) | Prior Year End (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 69,757,281.27 | 48,891,612.82 | 42.68% | | Construction in Progress | 42,526,362.00 | 22,225,019.21 | 91.34% | | Long-term Equity Investments | 5,911,001.77 | 200,000.00 | 2,855.50% | | Other Non-current Assets | 59,312,839.06 | 22,177,291.50 | 167.45% | | Contract Liabilities | 114,867,261.84 | 39,127,448.59 | 193.57% | | Accounts Payable | 175,941,067.47 | 315,478,347.41 | -44.23% | - Key reasons for asset side changes: - Accounts Receivable Growth: Increase in outsourced milk powder processing business volume, which involves credit terms - Construction in Progress Growth: Investment in fundraising project construction - Other Non-current Assets Growth: Advance payments for milking robots and other equipment[26][27] - Key reasons for liability side changes: - Contract Liabilities Growth: Increase in advance payments for sugar sales - Accounts Payable Decrease: Reduction in payables for equipment and engineering costs[27] Operating Performance Analysis During the reporting period, operating revenue decreased by 4.41%, but a faster decline in operating costs (-9.39%) led to an increase in gross profit margin from 21.47% to 25.56%, with significant margin improvements across most product categories, though cattle sales saw a substantial margin decline Profit Composition Changes | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 472,977,739.78 | 494,816,631.95 | -4.41% | | Operating Cost | 352,075,036.77 | 388,569,271.69 | -9.39% | | Gross Profit Margin | 25.56% | 21.47% | Increased by 4.09 percentage points | | Administrative Expenses | 34,917,972.77 | 27,984,052.47 | 24.78% | | R&D Expenses | 2,763,279.88 | 4,111,843.54 | -32.80% | | Asset Disposal Income | -10,780,775.08 | -987,934.13 | -991.26% | Major Product Revenue and Gross Profit Margin Changes | Product Category | Operating Revenue (RMB) | Revenue YoY | Gross Profit Margin | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Raw Milk | 202,857,833.19 | -9.77% | 24.96% | Increased by 5.99 percentage points | | Cattle Sales | 7,112,107.59 | -56.21% | -137.97% | Decreased by 102.20 percentage points | | UHT Milk | 23,346,124.71 | 85.69% | 9.38% | Decreased by 5.97 percentage points | | White Sugar | 54,447,622.17 | -9.92% | 25.06% | Increased by 18.99 percentage points | | Outsourced Milk Powder Processing | 47,680,964.86 | -4.91% | 61.58% | Increased by 10.60 percentage points | - Key reasons for changes: - Significant decline in cattle sales gross profit margin: Due to lower cattle unit prices influenced by overall market conditions[29] - Growth in UHT milk revenue: Attributed to new production lines, increased capacity, and enhanced market promotion[33] - Significant decrease in asset disposal income: Increased losses from disposing of young bulls due to declining market prices[29][33] Cash Flow Status During the reporting period, net cash flow from operating activities significantly decreased by 57.77% to 21.37 million RMB, primarily due to lower product sales prices and increased tax payments and employee compensation Net Cash Flow | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 21,371,264.94 | 50,603,471.76 | -57.77% | | Net Cash Flow from Investing Activities | -77,854,070.76 | -84,421,895.15 | - | | Net Cash Flow from Financing Activities | -9,742,885.76 | -5,477,240.96 | - | Analysis of Major Holding and Participating Companies The company's key subsidiaries span the entire dairy production, sugar, planting, and animal husbandry value chains, with Baotou Qishi Dairy and Inner Mongolia Chulechuan Sugar being the primary profit contributors, while some farming and animal husbandry subsidiaries incurred losses Major Holding Subsidiary Operating Performance (H1 2024) | Company Name | Main Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Baotou Qishi Dairy Co., Ltd. | Dairy product production, sales | 186,202,252.81 | 32,964,466.94 | | Inner Mongolia Chulechuan Sugar Co., Ltd. | White sugar production, sales | 74,968,770.46 | 18,556,880.26 | | Ordos Qishi Ranch Co., Ltd. | Planting, animal husbandry | 164,421,675.89 | 2,291,204.88 | | Ordos Kangtailun Agriculture and Animal Husbandry Co., Ltd. | Planting, animal husbandry | 68,919,279.37 | -7,935,761.05 | - During the reporting period, the company established a wholly-owned subsidiary, "Ulanqab Huitian Agriculture and Animal Husbandry Co., Ltd.," to further ensure sufficient raw material supply and enhance overall strength and core competitiveness[37] Risks Faced by the Company and Countermeasures The company faces key risks including food quality and safety, dairy cow epidemics, product price volatility (especially for white sugar), and the potential for fundraising projects to underperform, which are mitigated through enhanced quality control, epidemic prevention, and price hedging strategies - Food Quality Risk: The long production chain and numerous management links pose risks of food safety issues due to management oversight or force majeure; the company addresses this by improving its quality control system and strengthening internal management, such as ISO9001 certification[40] - Dairy Cow Epidemic Risk: An outbreak could lead to reduced raw milk production and impact consumer confidence; the company mitigates this by strengthening epidemic prevention and control management and continuous monitoring[40] - Product Price Risk: White sugar, as a commodity, experiences significant price fluctuations influenced by international markets, domestic supply-demand, and macroeconomic controls; the company reduces this risk by locking in prices in advance and establishing strict warehousing and logistics management systems[41][42] - Fundraising Project Implementation Risk: The benefits of fundraising projects require time to materialize and are subject to market and policy factors, posing a risk of underperformance; the company addresses this through scientific phased implementation and full-process management[42] Significant Events This section outlines major events during the reporting period, including litigation, external guarantees, related party transactions, and asset restrictions Litigation and Arbitration Matters During the reporting period, the company was involved as a defendant in an unresolved significant lawsuit concerning trademark and design patent infringement, with a claim amount of 150 million RMB, representing 16.39% of net assets, though the company anticipates no major impact on operations or financials Unresolved Significant Litigation | Plaintiff/Applicant | Defendant/Respondent | Cause of Action | Amount Involved (RMB) | % of Net Assets at Period End | | :--- | :--- | :--- | :--- | :--- | | Baotou Xiaolihua Food Co., Ltd. et al. | Inner Mongolia Qishi Dairy Group Co., Ltd. et al. | Trademark Infringement, Design Patent Infringement Dispute | 150,000,000 | 16.39% | External Guarantees Provided by the Company As of the end of the reporting period, the company's total external guarantees amounted to 1.626 billion RMB, with an outstanding balance of 732.89 million RMB, all provided to its holding subsidiaries, including 168 million RMB for entities with an asset-liability ratio exceeding 70% External Guarantee Summary | Item Summary | Guaranteed Amount (RMB) | Guarantee Balance (RMB) | | :--- | :--- | :--- | | Total External Guarantees Provided by the Company | 1,625,533,903.21 | 732,888,426.78 | | Guarantees for Entities with Asset-Liability Ratio > 70% | 167,559,703.00 | 71,525,970.00 | | Portion of Total Guarantees Exceeding 50% of Net Assets | 1,198,413,903.21 | 623,239,854.07 | Significant Related Party Transactions During the Reporting Period During the reporting period, the company's estimated routine related party transactions included 10 million RMB for raw material purchases (actual: 1.24 million RMB) and 400 million RMB for product sales (actual: 7.69 million RMB), with the actual controller and other related parties providing guarantees for bank loans and financing leases Routine Related Party Transactions: Estimated vs. Actual | Specific Transaction Type | Estimated Amount (RMB) | Actual Amount (RMB) | | :--- | :--- | :--- | | Purchase of Raw Materials, Fuel, Power, and Acceptance of Services | 10,000,000.00 | 1,242,399.05 | | Sale of Products, Goods, and Provision of Services | 400,000,000.00 | 7,689,203.09 | - The company's actual controller, Dang Yongtao, along with directors Li Jun and Qiao Shirong, and other related parties, provided joint liability guarantees for the company's bank loans and financing leases[54][55][56] Share Repurchase Status The company's previously approved share repurchase plan, aiming to repurchase 1%-2% of shares at a price not exceeding 5.00 RMB/share, was not implemented as the stock price consistently remained above the upper limit during the repurchase period - The company initiated a share repurchase plan in November 2023, with a proposed repurchase price cap of 5.00 RMB/share; by the expiration of the repurchase period on February 26, 2024, no repurchases were made as the stock price consistently remained above the upper limit[59] Assets Seized, Detained, Frozen, Mortgaged, or Pledged As of the end of the reporting period, 684.90 million RMB of the company's assets, representing 30.26% of total assets, were restricted, primarily through mortgages or pledges of fixed assets, biological assets (dairy cows), intangible assets (land use rights), and accounts receivable to secure liquidity for operations Restricted Asset Details | Asset Category | Book Value (RMB) | % of Total Assets | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 38,924,078.00 | 1.72% | Margin | | Accounts Receivable | 48,479,354.51 | 2.14% | Loan Pledge | | Fixed Assets | 282,490,413.50 | 12.48% | Loan Mortgage, Sale-Leaseback | | Productive Biological Assets | 235,896,610.10 | 10.42% | Loan Mortgage | | Intangible Assets | 38,537,099.50 | 1.70% | Loan Mortgage | | Right-of-Use Assets | 40,576,117.65 | 1.79% | Finance Lease, Loan Mortgage | | Total | 684,903,673.26 | 30.26% | - | Share Changes and Financing This section details the company's common share capital structure and the utilization of its raised funds Common Share Capital At the end of the reporting period, the company's total share capital was 209.05 million shares across 6,774 shareholders, with the proportion of unrestricted shares increasing from 38.21% to 45.71%, and the top three shareholders, Dang Yongtao, Tian Shengli, and Qiao Shirong, holding 26.02%, 6.32%, and 5.26% respectively, all as restricted shares Share Capital Structure Changes | Share Nature | Beginning of Period (shares) | End of Period (shares) | End of Period (%) | | :--- | :--- | :--- | :--- | | Unrestricted Shares | 79,873,720 | 95,553,720 | 45.71% | | Restricted Shares | 129,179,280 | 113,499,280 | 54.29% | | Total Share Capital | 209,053,000 | 209,053,000 | 100% | Top Three Shareholder Holdings | Shareholder Name | Shares Held at Period End (shares) | Holding % at Period End | Share Nature | | :--- | :--- | :--- | :--- | | Dang Yongtao | 54,405,060 | 26.02% | Restricted | | Tian Shengli | 13,207,250 | 6.32% | Restricted | | Qiao Shirong | 11,000,000 | 5.26% | Restricted | Issuance of Common Shares and Use of Raised Funds During the Reporting Period The company's public offering raised a net 223 million RMB, with 125 million RMB invested in fundraising projects as of the reporting period end, including 78.89 million RMB used to replace pre-invested self-raised funds and issuance expenses, and 96 million RMB temporarily used to supplement working capital - The net amount of raised funds was 223 million RMB, with a cumulative investment of 125 million RMB in fundraising projects as of the end of the reporting period[66] - The company used raised funds to replace pre-invested self-raised funds and issuance expenses totaling 78,894,818.53 RMB[66] - The company temporarily used up to 96 million RMB of idle raised funds to supplement working capital, with a usage period not exceeding 12 months[66] Changes in Directors, Supervisors, Senior Management, and Core Employees This section details the stability of the company's core management team and changes in its overall employee structure Information on Directors, Supervisors, and Senior Management During the reporting period, the company's core management team, including directors, supervisors, and senior management, remained stable, with Chairman and General Manager Dang Yongtao directly holding 26.02% of the company's shares, and the total shareholding of directors, supervisors, and senior management reaching 42.64% - During the reporting period, there were no changes in the company's key senior management personnel, including the Chairman, General Manager, Board Secretary, and Chief Financial Officer[69] Core Management Shareholding | Name | Position | Shares Held at Period End (shares) | Holding % | | :--- | :--- | :--- | :--- | | Dang Yongtao | Chairman, General Manager | 54,405,060 | 26.02% | | Qiao Shirong | Director | 11,000,000 | 5.26% | | Xue Hu | Deputy General Manager | 8,000,000 | 3.83% | | Total | - | 89,142,060 | 42.64% | Employee Information As of the end of the reporting period, the company and its subsidiaries employed 1,068 staff, a decrease of 18 primarily in production personnel, with the majority holding college degrees or below, and the core employee count remaining stable at 8 Employee Structure | Category | Number of Employees at Period End | | :--- | :--- | | Production Personnel | 774 | | Administrative Personnel | 225 | | Sales Personnel | 30 | | Technical Personnel | 14 | | Financial Personnel | 25 | | Total Employees | 1,068 | - The company has 8 core employees, with no changes during this reporting period[71] Financial Accounting Report This section presents the company's unaudited financial statements and detailed notes for the reporting period Financial Statements This chapter provides the unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in shareholders' equity, reflecting the company's financial position as of June 30, 2024, and its operating results and cash flows for the first half of 2024 Consolidated Balance Sheet As of June 30, 2024, the company's total assets were 2.262 billion RMB, total liabilities were 1.347 billion RMB, and owners' equity attributable to the parent company was 807 million RMB, resulting in an asset-liability ratio of 59.57% Consolidated Balance Sheet Key Data (2024-06-30) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 2,262,039,494.53 | | Total Liabilities | 1,347,386,238.86 | | Owners' Equity Attributable to Parent Company | 806,891,453.94 | Consolidated Income Statement In the first half of 2024, the company generated 473 million RMB in operating revenue and 352 million RMB in operating costs, resulting in an operating profit of 53.94 million RMB and a net profit of 39.28 million RMB, with 35.71 million RMB attributable to parent company owners Consolidated Income Statement Key Data (Jan-Jun 2024) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 472,977,739.78 | | Total Operating Cost | 421,142,414.66 | | Operating Profit | 53,937,832.56 | | Net Profit | 39,284,933.99 | | Net Profit Attributable to Parent Company Owners | 35,714,267.45 | Consolidated Cash Flow Statement In the first half of 2024, the company's net cash flow from operating activities was 21.37 million RMB, while investing activities resulted in a net outflow of 77.85 million RMB, and financing activities a net outflow of 9.74 million RMB, leading to a net decrease of 66.23 million RMB in cash and cash equivalents Consolidated Cash Flow Statement Key Data (Jan-Jun 2024) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 21,371,264.94 | | Net Cash Flow from Investing Activities | -77,854,070.76 | | Net Cash Flow from Financing Activities | -9,742,885.76 | | Net Increase in Cash and Cash Equivalents | -66,225,691.58 | Notes to Financial Statements The notes to the financial statements detail the company's background, financial statement preparation basis, significant accounting policies and estimates, taxation, and the composition and changes of major consolidated financial statement items, including the seasonal nature of the sugar industry and changes in consolidation scope due to new subsidiaries - The company's operations exhibit seasonal characteristics, particularly in the sugar industry, where the crushing season typically runs from September to March of the following year[95][96] - During the reporting period, the company established a new wholly-owned subsidiary, "Ulanqab Huitian Agriculture and Animal Husbandry Co., Ltd.," leading to an expansion of the consolidated financial statement scope[95][96] - The company implemented a profit distribution in June 2024, distributing a cash dividend of 2 RMB per 10 shares, totaling 41,810,600.00 RMB in cash dividends[96] Reference Documents Catalog This section lists the documents available for reference, including signed and sealed financial statements and all publicly disclosed documents and announcements from the reporting period - Reference documents include financial statements signed and sealed by the company's responsible person, the head of accounting work, and the head of the accounting department, as well as originals of all publicly disclosed documents and announcements during the reporting period[268]