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正味集团(02147) - 2024 - 中期财报
ZHENGWEI GROUPZHENGWEI GROUP(HK:02147)2024-09-27 08:53

Revenue and Profitability - For the six months ended June 30, 2024, the group recorded total revenue of approximately RMB 298.1 million, an increase of about 55.5% compared to RMB 191.7 million for the same period in 2023[10]. - The increase in revenue is mainly attributed to higher sales of dried mountain delicacies, seasonings, and other products[10]. - The gross profit for the first six months of the fiscal year 2024 was approximately RMB 1.1 million, a decrease of about 98.3% compared to RMB 64.6 million in the same period of fiscal year 2023, with a gross margin of 0.36%, down from 33.7%[12]. - The net loss for the first six months of fiscal year 2024 was approximately RMB 40.6 million, compared to a net profit of approximately RMB 29.7 million in the same period of fiscal year 2023[18]. - Basic and diluted loss per share was RMB (0.05), compared to earnings of RMB 0.04 per share in the previous year[49]. - The company reported a cash flow from operating activities of RMB (11,922) thousand, compared to RMB 37,250 thousand in the previous period[53]. - The company experienced a net loss of RMB 40,570 thousand during the period[52]. Costs and Expenses - The group's cost of sales for the six months ended June 30, 2024, was approximately RMB 297.0 million, representing an increase of about 133.5% from RMB 127.2 million in the same period of 2023, primarily due to rising direct material costs[11]. - Administrative expenses rose from approximately RMB 14.8 million in the first six months of fiscal year 2023 to approximately RMB 18.8 million in the same period of fiscal year 2024[16]. - Distribution and selling expenses decreased from approximately RMB 14.5 million in the first six months of fiscal year 2023 to approximately RMB 6.8 million in the same period of fiscal year 2024[15]. - The income tax expense increased from approximately RMB 5.9 million in the first six months of fiscal year 2023 to approximately RMB 19.7 million in the same period of fiscal year 2024, due to increased taxable income from a subsidiary[17]. Business Strategy and Operations - The group plans to introduce new snack products, including vegetable snacks like mushrooms and meat snacks such as boneless chicken feet and beef jerky, to align with evolving consumer preferences[9]. - The group aims to expand its supermarket sales network and promotional counters in Southwest China, particularly in Sichuan Province, to enhance brand visibility and maximize shareholder returns[9]. - The group has established a solid customer base, including retailers and corporate clients, leveraging over 20 years of experience in the dried food production sector[7]. - The group operates two production facilities in Jiangxi Province, specifically in Nanchang and Guangchang, focusing on processing and packaging dried food products and snacks[8]. - The group emphasizes maintaining high product quality and food safety standards to retain its customer base[7]. - The group intends to strengthen marketing efforts through traditional media and social media platforms to promote its snack products[9]. - The group has established long-term relationships with retail customers, facilitating the easy sale and marketing of new snack products[9]. Financial Position and Shareholder Information - The company's cash and cash equivalents decreased by approximately 5.1% from RMB 199.2 million on December 31, 2023, to approximately RMB 189.1 million on June 30, 2024[21]. - The debt-to-equity ratio as of June 30, 2024, was approximately 0.2%, down from 4.0% on December 31, 2023, mainly due to a reduction in borrowings of approximately RMB 177 million[24]. - The company completed a placement of up to 160 million new shares at HKD 0.138 per share, raising net proceeds of approximately HKD 20.8 million, which has been allocated for general working capital[30]. - As of June 30, 2024, major shareholders include Shengyao Investment with 19.81% and Prosperous Season with 9.70% of the shares[35]. - The total number of shares held by major shareholders includes 190,207,478 shares by Shengyao Investment and 93,080,255 shares by Prosperous Season[36]. - The company has fully utilized the remaining net proceeds during the reporting period as per the prospectus[34]. Employee and Management Information - As of June 30, 2024, the group had 831 employees, an increase from 716 employees as of June 30, 2023, due to increased sales and the need for more production staff[33]. - The total remuneration for directors and key management personnel for the period was RMB 827,000 in 2024, a decrease from RMB 1,069,000 in 2023, reflecting a reduction of approximately 22.7%[81]. - Salaries and other benefits for key management personnel amounted to RMB 817,000 in 2024, down from RMB 1,051,000 in 2023, indicating a decrease of about 22.2%[81]. - Contributions to retirement benefit plans for key management personnel were RMB 10,000 in 2024, compared to RMB 18,000 in 2023, representing a decline of approximately 44.4%[81]. Asset and Liability Management - Non-current assets decreased from RMB 125,126 thousand to RMB 119,300 thousand, a decline of approximately 4.5%[50]. - Current assets decreased from RMB 397,650 thousand to RMB 355,075 thousand, a decline of approximately 10.7%[50]. - Total assets decreased from RMB 522,776 thousand to RMB 474,375 thousand, a decline of approximately 9.2%[50]. - Current liabilities decreased from RMB 85,841 thousand to RMB 58,197 thousand, a decline of approximately 32.3%[50]. - Inventory decreased from RMB 98,272 thousand to RMB 79,080 thousand, a decline of approximately 19.5%[50]. - Trade receivables decreased from RMB 92,300 thousand to RMB 59,083 thousand, a decline of approximately 36%[50]. - The company had bank loans secured amounting to RMB 541 thousand as of June 30, 2024, a significant decrease from RMB 18,199 thousand as of December 31, 2023[75]. Future Outlook and Plans - The company continues to evaluate its business objectives and may adjust plans based on changing market conditions[34]. - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[66]. - There were no significant events after the reporting period that could impact the group's operational and financial performance[41].