Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 563,585 thousand, a decrease of 0.9% compared to RMB 568,823 thousand in the same period of 2023[6] - Gross profit increased by 3.4% to RMB 171,722 thousand, with a gross margin of 30.5%, up from 29.2%[6] - Profit attributable to shareholders rose by 25.4% to RMB 32,809 thousand, with earnings per share increasing to RMB 0.043 from RMB 0.035[6] - Revenue for the six months ended June 30, 2024, was RMB 563,585 thousand, a decrease of 0.4% compared to RMB 568,823 thousand in the same period of 2023[14] - Gross profit increased to RMB 171,722 thousand, up 3.9% from RMB 166,088 thousand year-on-year[14] - Operating profit rose to RMB 35,476 thousand, reflecting a growth of 1.8% from RMB 34,837 thousand in the previous year[14] - Net profit for the period was RMB 32,809 thousand, an increase of 25.5% compared to RMB 26,105 thousand in the same period last year[14] - Basic and diluted earnings per share increased to RMB 0.043, up from RMB 0.035 in the previous year, representing a growth of 22.9%[14] - The company reported a total comprehensive income of RMB 32,588 thousand, compared to RMB 25,519 thousand in the same period last year, marking a growth of 27.5%[15] - The company reported a profit of RMB 32,809 thousand for the six months ended June 30, 2024, compared to a profit of RMB 26,159 thousand for the same period in 2023, representing a year-over-year increase of approximately 25%[19] Assets and Liabilities - Total assets decreased by 6.1% to RMB 1,843,465 thousand from RMB 1,964,073 thousand[7] - Total liabilities reduced to RMB 609,343 thousand, down 20.0% from RMB 762,735 thousand at the end of 2023[17] - Cash and bank balances decreased to RMB 498,144 thousand from RMB 520,736 thousand, a decline of 4.3%[16] - Inventory levels decreased significantly to RMB 92,936 thousand from RMB 136,948 thousand, a reduction of 32.1%[16] - As of June 30, 2024, total equity reached RMB 1,234,122 thousand, an increase from RMB 1,201,338 thousand as of January 1, 2024[19] - The company’s total liabilities decreased from RMB 563 thousand as of January 1, 2024, to zero as of June 30, 2024, indicating a significant reduction in debt[19] Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2024, was RMB 42,404 thousand, compared to a net cash used of RMB 68,351 thousand for the same period in 2023[21] - The company reported a net cash used in investing activities of RMB 80,359 thousand for the six months ended June 30, 2024, compared to RMB 110,785 thousand in the same period in 2023[21] - The company invested RMB 51,090 thousand in property, plant, and equipment during the reporting period, a decrease from RMB 105,314 thousand in the same period last year[21] - The company’s capital expenditure for the six months ended June 30, 2024, was RMB 10,524 thousand, with allocated capital expenditure of RMB 10,517 thousand[41] Operational Insights - The management discussion and analysis section provides insights into operational strategies and market conditions affecting performance[9] - The jelly product segment generated revenue of RMB 338,625 thousand, while the puffed food segment contributed RMB 153,500 thousand[42] - The group faced challenges from increased competition in the jelly product segment, particularly from lower-priced products introduced by competitors[82] - The group plans to implement strategies to increase sales and improve profitability in the jelly product division despite the decline in sales[83] - The company is committed to developing high-quality, healthy, and nutritious products, enhancing innovation capabilities in product development and packaging design[91] Employee and Governance - The company’s management compensation for the six months ended June 30, 2024, was approximately RMB 2,067,000, slightly down from RMB 2,136,000 for the same period in 2023[76] - The group has committed to continuous education and development for employees, providing various internal and external training courses[102] - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended June 30, 2024[118] - The company has adhered to all provisions of the corporate governance code during the six months ended June 30, 2024[113] Market and Risk Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since December 31, 2023[31] - The group closely monitors exchange rate risks related to HKD and USD to maintain them at acceptable levels[103] Shareholder Information - The major shareholder, Sure Wonder Limited, holds 425,806,219 shares, representing 56.39% of the company's equity as of June 30, 2024[108] - Tianli Investment Limited holds 45,645,799 shares, accounting for approximately 6.05% of the company's equity[108]
亲亲食品(01583) - 2024 - 中期财报