亲亲食品(01583) - 2025 - 中期业绩

Financial Summary Key Financial Performance and Ratios The company experienced significant financial decline for the six months ended June 30, 2025, with revenue down 6.0% to RMB 529.7 million and profit attributable to equity holders dropping 34.3% to RMB 21.55 million Key Financial Data for H1 2025 | Metric | For the six months ended June 30, 2025 (RMB Thousand) | For the six months ended June 30, 2024 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 529,747 | 563,585 | -6.0% | | Gross Profit | 154,203 | 171,722 | -10.2% | | Gross Profit Margin | 29.1% | 30.5% | -1.4 percentage points | | Profit Attributable to Equity Holders | 21,551 | 32,809 | -34.3% | | Adjusted EBITDA | 70,209 | 78,790 | -10.9% | | Basic Earnings Per Share | RMB 0.029 | RMB 0.043 | -32.6% | | Net Cash Position | 277,100 | (As of 2024/12/31: 415,079) | -33.2% | Interim Condensed Consolidated Financial Information Interim Condensed Consolidated Statement of Profit or Loss Revenue for the period decreased 6.0% to RMB 529.7 million, resulting in a 17.0% drop in operating profit to RMB 29.45 million and a 34.3% decline in profit for the period to RMB 21.55 million Summary of Interim Condensed Consolidated Statement of Profit or Loss | Item | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 529,747 | 563,585 | -6.0% | | Gross Profit | 154,203 | 171,722 | -10.2% | | Operating Profit | 29,452 | 35,476 | -17.0% | | Profit for the Period | 21,551 | 32,809 | -34.3% | | Basic Earnings Per Share | RMB 0.029 | RMB 0.043 | -32.6% | Interim Condensed Consolidated Statement of Comprehensive Income Total comprehensive income for the period was RMB 26.78 million, a 17.8% year-on-year decrease, primarily due to lower profit for the period, partially offset by RMB 5.23 million in property revaluation gains - Total comprehensive income for the period was RMB 26.78 million, a 17.8% year-on-year decrease, primarily due to lower profit for the period, but partially offset by RMB 5.23 million in property revaluation gains[7] Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets decreased 13.4% to RMB 1.683 billion, total liabilities dropped 37.6% to RMB 452 million, and total equity slightly increased 1.0% to RMB 1.232 billion Key Balance Sheet Item Changes | Item | As of June 30, 2025 (RMB Thousand) | As of Dec 31, 2024 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,683,404 | 1,943,865 | -13.4% | | Total Liabilities | 451,865 | 724,004 | -37.6% | | Total Equity | 1,231,539 | 1,219,861 | +1.0% | | Cash and Bank Balances | 427,201 | 587,546 | -27.3% | | Inventories | 91,809 | 129,174 | -28.9% | | Accounts and Bills Payable | 155,925 | 316,148 | -50.7% | Interim Condensed Consolidated Statement of Cash Flows The company experienced a significant deterioration in cash flow, with net cash outflow from operating activities of RMB 107 million and a net decrease in cash and cash equivalents of RMB 70.02 million Summary of Cash Flow Statement | Item | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net Cash from Operating Activities | (107,002) | 42,404 | | Net Cash from Investing Activities | 74,447 | (80,359) | | Net Cash Used in Financing Activities | (37,468) | (20,432) | | Net Decrease in Cash and Cash Equivalents | (70,023) | (58,387) | Management Discussion and Analysis Industry Environment and Business Review The company's H1 2025 performance was impacted by intense market competition and channel shifts, resulting in a 6.0% revenue decrease to RMB 529.7 million and a 34.3% net profit decline to RMB 21.6 million - The industry faces rapid development of emerging casual snack chain channels, impacting traditional channels, alongside increased consumer price sensitivity and intensified market competition[79] - The 6.0% revenue decrease was primarily due to reduced sales from traditional channels, partially offset by increased sales to casual food chains, OEM manufacturing, and export businesses[81] - The decline in net profit was influenced by three factors: (i) decreased gross profit due to lower revenue; (ii) a one-time gain of RMB 5.5 million from the disposal of the Hubei Xiantao production base; and (iii) a one-time impairment loss of RMB 5.4 million from the termination of the Hubei Xiaogan construction project[82] Segment Performance Segment performance was mixed, with jelly products revenue down 6.6% and gross margin declining, while seasoning products saw a 17.6% revenue decrease but improved gross margin, and candy and other products grew 0.7% Sales and Gross Profit Performance by Business Segment (H1 2025) | Business Segment | Sales (RMB Million) | Year-on-Year Change | Gross Profit (RMB Million) | Gross Profit Margin | Gross Profit Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Jelly Products | 316.4 | -6.6% | 92.2 | 29.1% | -2.3 ppt | | Puffed Products | 149.0 | -2.9% | 43.3 | 29.1% | +0.1 ppt | | Seasoning Products | 34.2 | -17.6% | 12.5 | 36.5% | +0.9 ppt | | Candy and Others | 30.2 | +0.7% | 6.2 | 20.6% | +0.2 ppt | Cost and Expense Analysis The company effectively controlled costs, with distribution and selling expenses decreasing 4.6% to RMB 64.3 million and administrative expenses falling 3.2% to RMB 66.5 million - Distribution and selling expenses decreased by 4.6%, primarily due to reduced employee bonuses and transportation costs in line with lower sales[89] - Administrative expenses decreased by 3.2%, mainly due to a combined RMB 2.5 million reduction in depreciation of property, plant, and equipment and property taxes[90] Strategic Development and Product Development The company focuses on product innovation and upgrades to align with healthy consumption trends, launching new products in jelly and puffed snack categories and offering customized seasoning solutions - Product development focuses on meeting healthy, nutritious, and delicious consumption trends, such as launching non-fried, trans-fat-free "Seaweed Crispy Fruit" puffed snacks[95][96] - The seasoning product business will continue to provide customized products and services to catering chains and supply chain clients, seeking growth opportunities in the industrialization of catering[96] Promotion, Marketing and Channel Expansion The company is actively transforming its sales channels by leveraging social media, expanding into emerging retail formats, and growing export and OEM businesses to offset traditional channel declines - The company is shifting from traditional to emerging channels, focusing on expanding into casual snack brand stores, convenience stores, and campus stores, achieving significant sales growth through these new channels[100] - E-commerce strategy has been adjusted to reduce sales of low-margin products and increase the proportion of high-margin self-produced products to enhance overall profitability[100] - The company is actively expanding export trade and OEM manufacturing businesses, successfully acquiring new international clients and achieving continuous growth in OEM sales during the reporting period[101] Future Outlook and Strategies The company's future strategy centers on product innovation, expanding sales channels, optimizing production, enhancing internal management through digitalization, and seeking synergistic investment opportunities for long-term growth - Core future strategies include: * Product Innovation: Adhering to a multi-category and high cost-performance strategy, optimizing the product portfolio * Channel Expansion: Consolidating existing networks and actively developing new channels such as casual snack brand stores and catering * Production Optimization: Improving production processes, enhancing efficiency, and moving towards green production * Management Enhancement: Strengthening digital transformation to improve operational efficiency * Strategic Investment: Seeking investment opportunities with synergistic effects to the core business[105][108] Other Financial and Corporate Information Liquidity and Capital Resources The company maintains a robust net cash position of RMB 277 million as of June 30, 2025, with an improved current ratio of 1.7 times, despite a decrease in net cash due to repayment of bills payable Liquidity Indicators | Metric | As of June 30, 2025 | As of Dec 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | RMB 427 million | RMB 588 million | | Bank Loans | RMB 150 million | RMB 172 million | | Net Cash Position | RMB 277 million | RMB 415 million | | Net Current Assets | RMB 235 million | RMB 182 million | | Current Ratio | 1.7 times | 1.3 times | Human Resources and Foreign Exchange Risk The group maintained approximately 2,400 employees with a slight increase in benefit expenses, and faced minimal foreign exchange risk due to predominantly RMB-denominated domestic operations - Employee count remained stable at approximately 2,400, with total employee benefit expenses of RMB 99.1 million, a slight year-on-year increase[113] - Foreign exchange risk is minimal, with primary operations in China and functional currency as RMB, recording a foreign exchange loss of RMB 0.8 million during the period[114] Dividend Policy The Board of Directors decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year's policy - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025[115] Corporate Governance and Compliance The company confirmed compliance with corporate governance codes and the Model Code for Securities Transactions by Directors, with interim results reviewed by the Audit Committee and external auditor - The company confirmed compliance with all provisions of the Corporate Governance Code during the reporting period[116] - The interim results have been reviewed by the Audit Committee and the company's auditor[121]