大湖股份(600257) - 2025 Q2 - 季度财报

Definitions Definitions of Common Terms This section defines key terms such as the Company, controlling shareholder, and major business entities to ensure precise communication throughout the report - The report clarifies that 'the Company' refers to Dahu Aquaculture Co., Ltd., 'Controlling Shareholder' refers to Tibet Hongshan Technology Development Co., Ltd., and specifies key business entities like 'Two Lakes and Two Reservoirs', Dongfang Huakang, and Deshan Wine Industry[16] Company Profile and Key Financial Indicators Company Information This section provides the Company's fundamental corporate details, including contact information, addresses, disclosure channels, and stock overview Company Basic Information | Item | Information | | :--- | :--- | | Company Name | Dahu Aquaculture Co., Ltd. (Dahu Shares) | | Stock Code | 600257 (Shanghai Stock Exchange) | | Legal Representative | Luo Dingkun | | Information Disclosure Newspapers | China Securities Journal, Shanghai Securities News, Securities Times | | Information Disclosure Website | www.sse.com.cn | Key Accounting Data and Financial Indicators In H1 2025, the Company's operating revenue decreased by 14.40%, while total profit surged by 136.28%, and net loss attributable to shareholders narrowed by 81.34%, driven by improved operating cash flow from increased sales collections and reduced procurement 2025 Half-Year Key Accounting Data (Unit: RMB) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 425,544,826.66 | 497,127,058.26 | -14.40 | | Total Profit | 22,861,467.67 | 9,675,784.88 | 136.28 | | Net Profit Attributable to Shareholders of Listed Company | -2,571,624.48 | -13,782,393.98 | 81.34 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -4,539,093.45 | -16,760,401.07 | 72.92 | | Net Cash Flow from Operating Activities | 84,213,927.49 | -104,152,373.58 | N/A | | Total Assets (Period-End) | 1,858,831,277.71 | 1,860,201,296.68 | -0.07 | - Net cash flow from operating activities significantly improved year-on-year, primarily due to shortened accounts receivable credit terms, leading to a 27.25 million RMB increase in sales collections, and a 129.82 million RMB reduction in cash paid for goods and services[23] Non-Recurring Gains and Losses Items and Amounts During the reporting period, the Company's total non-recurring gains and losses amounted to 1.97 million RMB, primarily from government subsidies, fair value changes in financial assets, and interest income from funds occupied by non-financial enterprises 2025 Half-Year Non-Recurring Gains and Losses Items (Unit: RMB) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Government Subsidies | 2,320,486.19 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 369,520.39 | | Interest Income from Funds Occupied by Non-Financial Enterprises | 402,222.23 | | Net Other Non-Operating Income and Expenses | 189,244.10 | | Debt Restructuring Gains/Losses | -226,412.75 | | Total | 1,967,468.97 | Management Discussion and Analysis Industry and Principal Business Overview The Company strategically focuses on the big health industry, operating two main segments: health product production and sales (aquaculture, liquor, health supplements) and health medical services (rehabilitation, nursing), with aquaculture benefiting from policy support, liquor facing consumption upgrades, and rehabilitation medical services driven by an aging population - The Company has established 'Health Products + Health Medical Services' as its two core business segments, aligning with China's 'Healthy China' strategy and market demand[27] - Aquaculture Industry: National policies continuously promote ecological fisheries and the pre-prepared food industry, creating opportunities for the Company's aquaculture and processing businesses, with China's pre-prepared food market size projected to exceed 1.07 trillion RMB by 2026[38][41][48] - Liquor Industry: The industry is becoming more standardized, with consumption trends shifting towards branding and quality, posing competitive pressure on regional brands from national renowned liquors[49][51] - Rehabilitation and Nursing Medical Industry: Benefiting from an aging population and national policy support, rehabilitation demand continues to grow, with significant market potential, as China's rehabilitation medical market size is expected to exceed 220 billion RMB by 2025[51][55] Principal Business Operations The Company's principal businesses are categorized into four types: live aquatic products using large-surface green farming, chilled and frozen aquatic products via order-based production, liquor with traditional brewing techniques, and rehabilitation nursing medical services primarily in the Yangtze River Delta region - Live Aquatic Products: The Company possesses approximately 168,000 mu of freshwater aquaculture area, utilizing a 'catch-as-you-sell' model, with sales concentrated in Central-South, Southwest, East, and North China regions[28][29] - Chilled and Frozen Aquatic Products: Employing an 'order-based production' model, the Company collaborates closely with core channels like Walmart Sam's Club and Tianhong, with a marketing network covering multiple regions nationwide[30][31] - Liquor: The Company owns the 'Deshan' Chinese time-honored brand, with products covering sauce, strong, and mixed aroma types, primarily adopting a dealer-based sales model[32][34] - Rehabilitation and Nursing Medical Services: Through its subsidiary Dongfang Huakang, the Company operates multiple rehabilitation and nursing institutions in Shanghai, Changzhou, Wuxi, and Hangzhou, ranking among the larger privately-run health and elderly care medical institutions in the Yangtze River Delta region[35] Discussion and Analysis of Operations In H1 2025, the Company achieved 426 million RMB in operating revenue and a net loss attributable to shareholders of -2.57 million RMB, narrowing the loss by 11.28 million RMB year-on-year, primarily driven by strong growth in frozen aquatic products, while liquor and medical businesses experienced revenue declines - Frozen aquatic products business performed strongly, with H1 revenue growing by 14.99% year-on-year, new products like Thai Curry Shrimp and Huadiao Drunken Crab contributing 30.79 million RMB in revenue, and crayfish series products generating 142 million RMB, up 19.90% year-on-year[56] - Liquor product sales declined due to consumption downgrades and intensified regional market competition, resulting in a 17.00% year-on-year decrease in operating revenue[56] - Overall medical business revenue decreased by 8.36% year-on-year, with hospitals in Changzhou and Wuxi experiencing revenue declines, while Shanghai Jincheng Nursing Home maintained a bed utilization rate of approximately 98%, with revenue growing by 11.52% year-on-year[57] Core Competitiveness Analysis The Company's core competitiveness stems from three key advantages: long-term usage rights for 'Two Lakes and Two Reservoirs', strong brand recognition with 'Dahu' and 'Deshan' trademarks, and advanced ecological aquaculture, water treatment, and traditional liquor brewing technologies - Resource Advantage: The Company holds long-term usage rights for the operated 'Two Lakes and Two Reservoirs', providing an excellent foundation for business development with superior water quality[60] - Brand and Product Advantage: 'Dahu' and 'Deshan' are both China Well-known Trademarks; 'Dahu' brand aquatic products are organically certified and have won multiple brand awards, while 'Deshan' liquor's ancient brewing technique is listed as a provincial intangible cultural heritage[61][64] - Technology and Environmental Advantage: The Company collaborates with research institutions to innovate ecological aquaculture models and possesses core water environment governance technologies; Deshan Wine Industry is located in an excellent ecological brewing environment with a long history of winemaking[62][63] Analysis of Key Operating Performance This section analyzes the Company's operating status through financial statement item changes, noting decreased revenue and costs, reduced selling, general, and administrative expenses, leading to narrowed losses, increased cash, decreased prepayments, and partial repayment of long-term borrowings Analysis of Major Income Statement Items Changes (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 425,544,826.66 | 497,127,058.26 | -14.40 | | Operating Cost | 319,159,915.19 | 378,040,605.09 | -15.58 | | Selling Expenses | 9,087,882.15 | 13,705,794.46 | -33.69 | | Administrative Expenses | 54,182,081.10 | 63,426,006.11 | -14.57 | | Financial Expenses | 16,039,098.41 | 18,711,715.95 | -14.28 | Analysis of Major Balance Sheet Items Changes | Item Name | Change (%) | Explanation | | :--- | :--- | :--- | | Cash and Cash Equivalents | 24.53 | Primarily due to increased cash flow from operating activities | | Financial Assets Held for Trading | 45.90 | Primarily due to the use of idle funds to purchase structured deposits | | Prepayments | -51.04 | Primarily due to the completion of delivery and sale of goods corresponding to crayfish procurement prepayments made earlier | | Long-term Borrowings | -32.12 | Primarily due to repayment of long-term bank loans | - The Company and Dongfang Huakang jointly invested to establish Shanghai Kuaizhi Medical Technology Co., Ltd. on March 4, 2025, with a registered capital of 5 million RMB, and the Company holding an 80% stake[70] Potential Risks The Company details key operating risks in this report, including product market competition, food safety, operating cost fluctuations, management risks from business expansion, and operational risks within the medical industry - Market Competition Risk: Dahu live fish face quantity advantage competition from pond-farmed fish; liquor products, as regional brands, face market pressure from national renowned liquors[73] - Food Safety Risk: Any hygiene inspection or food safety issues could adversely impact the Company's reputation, sales, and performance[74] - Cost Fluctuation Risk: Rising costs for labor, fish fry procurement, and factors like natural disasters or fish diseases could lead to significant fluctuations in operating costs[75][76] - Management and Medical Operation Risk: Expanding business scale and cross-industry mergers and acquisitions (medical services) introduce risks related to management integration, medical safety, and quality[76][77] Corporate Governance, Environment, and Society Corporate Governance Status During the reporting period, there were no changes in the Company's directors, supervisors, or senior management, and the half-year profit distribution plan proposed no distribution or capital reserve capitalization, with no equity incentive or employee stock ownership plans - There were no changes in the Company's directors, supervisors, or senior management during the reporting period[80] - The proposed half-year profit distribution plan is to not distribute profits or convert capital reserves into share capital[80] Environmental Information The Company adheres to an ecological aquaculture philosophy of 'natural rearing and growth,' improving and restoring aquatic ecosystems through filter-feeding fish farming and bioremediation technologies to promote green and sustainable development - The Company adopts a natural stocking ecological aquaculture model, where fish like bighead carp and silver carp are not fed, consuming plankton to help purify water quality, achieving low energy consumption, low pollution, and low emissions[81] - The Company utilizes technologies such as biological metabolic restoration and lake ecosystem food web regulation, optimizing aquatic organism stocking structures and restoring aquatic plant communities to biologically manage water bodies and improve the ecological environment[82] Significant Matters Fulfillment of Commitments The performance commitment related to the acquisition of Dongfang Huakang remains within its fulfillment period, with the original commitment party pledging Dongfang Huakang to achieve cumulative net profits of 245 million RMB over five years from 2020 to 2025 (excluding 2022) - Dongfang Huakang's performance commitment party pledged cumulative net profits of 20 million RMB for 2020, 60 million RMB for 2021, 105 million RMB for 2023, 165 million RMB for 2024, and 245 million RMB for 2025[86][87] Significant Related Party Transactions The Company anticipates total annual related party transactions for 2025 not exceeding 5.71 million RMB, with 1.46 million RMB incurred as of June 30, 2025, primarily involving product procurement, sales, property and security services, and asset leasing - The total estimated amount for routine related party transactions in 2025 will not exceed 5.71 million RMB[91] - As of the end of the reporting period, related party transactions amounted to 1.46 million RMB, primarily including procurement of products and services from related parties, as well as asset leasing[92][93] Significant Contracts and Their Fulfillment As of the end of the reporting period, the Company's total guarantee balance for subsidiaries was 364 million RMB, representing 45.63% of its net assets, including 44 million RMB for entities with a debt-to-asset ratio exceeding 70% Company Guarantee Total Amount (Unit: RMB) | Item | Amount (RMB) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 363,597,144.10 | | Ratio of Total Guarantees to Company's Net Assets (%) | 45.63 | | Debt Guarantee Amount Provided for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% (D) | 44,000,000.00 | Share Changes and Shareholder Information Share Capital Changes During the reporting period, there were no changes in the Company's total share capital or shareholding structure - During the reporting period, there were no changes in the Company's total share capital or shareholding structure[103] Shareholder Information As of the end of the reporting period, the Company had 46,166 common shareholders, with controlling shareholder Tibet Hongshan Technology Development Co., Ltd. holding 25.9951% and increasing its stake by 20,467,001 shares during the period - As of the end of the reporting period, the Company had a total of 46,166 common shareholders[104] Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | | :--- | :--- | :--- | | Tibet Hongshan Technology Development Co., Ltd. | 125,098,212 | 25.9951 | | Fan Yuanlong | 13,953,762 | 2.90 | | Yu Yiping | 6,384,700 | 1.33 | | Lin Weiping | 3,479,700 | 0.72 | | Liang Baihong | 2,713,400 | 0.56 | Bond-Related Information Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the Company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The Company had no corporate bonds or non-financial enterprise debt financing instruments during this reporting period[110] Financial Report Financial Statements This section includes the Company's unaudited 2025 half-year consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in equity - This half-year report is unaudited[5] - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity are provided[112][115][118][121][124][127][131][138] Significant Accounting Policies and Estimates This section details the Company's fundamental accounting principles, including accounting standards, period, and functional currency, along with specific accounting policies and estimates for financial instruments, inventories, long-term equity investments, revenue recognition, and government grants - Financial statements are prepared on a going concern basis, with the accounting year from January 1 to December 31 of the Gregorian calendar, and the functional currency being RMB[146][150][152] - Revenue recognition policy: Revenue is recognized when the customer obtains control of the related goods; sales of aquatic products and liquor are recognized at the point of delivery; medical services are recognized over the period of performance as the customer simultaneously obtains and consumes the economic benefits[238][241] - Impairment of financial assets: Impairment provisions are recognized based on expected credit losses; for receivables without significant financing components, the simplified approach is used to measure expected credit losses over the entire lifetime; other financial assets are measured using the 'three-stage' model[180][187] Notes to Consolidated Financial Statement Items This section provides detailed notes and explanations for major items in the consolidated financial statements, including the composition, changes, and related accounting treatments for cash and cash equivalents, accounts receivable, inventories, fixed assets, intangible assets, goodwill, short-term borrowings, accounts payable, and deferred tax assets/liabilities - Period-end cash and cash equivalents totaled 233 million RMB, including 44,700 RMB in restricted funds[268][424] - Period-end accounts receivable had a book balance of 149 million RMB, with bad debt provisions of 27.26 million RMB, resulting in a carrying value of 121 million RMB; the top five debtors accounted for 74.37% of the total[276][284] - Period-end inventory had a carrying value of 446 million RMB, primarily comprising consumable biological assets (284 million RMB) and work-in-progress (104 million RMB)[301] - Period-end goodwill had a carrying value of 136 million RMB, primarily arising from the acquisition of Dongfang Huakang Medical Management Co., Ltd[334][337]