通天酒业(00389) - 2025 - 中期业绩

FINANCIAL HIGHLIGHTS This section provides a concise overview of the company's key financial performance indicators for the first half of 2025 Key Financial Indicators for the Six Months Ended June 30, 2025 | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. RMB 59,695,000 | Approx. RMB 56,141,000 | Up approx. 6% | | Gross Profit | Approx. RMB 7,454,000 | Approx. RMB 6,737,000 | Up approx. 6% | | Profit (Loss) for the Period | Approx. RMB 460,000 | Approx. RMB (260,872,000) | Turned loss into profit | | Basic and Diluted Earnings (Loss) Per Share | RMB 0.02 cents | RMB (86.51) cents | Turned loss into profit | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME The company turned loss into profit in the first half of 2025, recording a profit of RMB 0.46 million, compared to a loss of RMB 261 million in the same period last year, primarily due to significant impairment losses on biological assets, inventories, property, plant and equipment, and trade receivables in the prior period, which did not recur in the current period, alongside an approximate 6% year-on-year increase in revenue Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 59,695 | 56,141 | | Cost of Sales | (52,241) | (49,404) | | Gross Profit | 7,454 | 6,737 | | Other income, gains and losses | 113 | (91,362) | | Selling and distribution expenses | (2,059) | (2,686) | | Administrative and other operating expenses | (4,448) | (8,810) | | Impairment losses | 92 (net reversal) | (160,585) | | Profit (Loss) before tax | 642 | (260,928) | | Income tax expense | (182) | (16) | | Total Profit (Loss) for the period | 460 | (260,944) | | Profit (Loss) attributable to owners of the Company | 62 | (260,872) | | Basic Earnings (Loss) Per Share | 0.02 RMB cents | (86.51) RMB cents | CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of June 30, 2025, the company's financial position remained stable, with total assets of RMB 218 million and net assets of RMB 158 million, both showing a slight increase from the end of 2024, notably, bank and cash balances significantly increased from RMB 0.755 million to RMB 38.06 million, indicating a substantial improvement in liquidity Summary of Condensed Consolidated Statement of Financial Position | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current assets | 28,241 | 28,668 | | Current assets | 190,107 | 188,766 | | Of which: Inventories | 60,205 | 48,700 | | Of which: Trade receivables | 71,016 | 76,680 | | Of which: Bank and cash balances | 38,060 | 755 | | Current liabilities | 60,456 | 60,109 | | Non-current liabilities | 107 | – | | Net assets | 157,785 | 157,325 | | Total equity | 157,785 | 157,325 | Notes to the Financial Statements Revenue and Segment Information The Group's core business is the manufacturing and sale of wine products in China, representing its sole operating segment, with sweet wine sales revenue doubling year-on-year, while dry wine sales, the primary revenue driver, slightly decreased, and brandy and other product revenues remained relatively stable - The Group is primarily engaged in the manufacturing and sale of wine products in China, which constitutes its sole reportable operating segment, with all revenue, assets, and liabilities primarily attributable to the China region[18][19] Revenue Analysis by Major Product Category (For the six months ended June 30) | Product Category | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sweet Wine | 5,160 | 2,549 | Up 102.4% | | Dry Wine | 43,398 | 44,850 | Down 3.2% | | Brandy | 4,818 | 5,078 | Down 5.1% | | Others | 6,319 | 3,664 | Up 72.5% | | Total | 59,695 | 56,141 | Up 6.3% | Dividends The Board did not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the policy for the same period last year - No dividends were paid or proposed by the company for the six months ended June 30, 2025 and 2024[31][33] Earnings (Loss) Per Share In the first half of 2025, the company's basic and diluted earnings per share were both RMB 0.02 cents, marking a significant performance turnaround compared to a loss per share of RMB 86.51 cents in the same period of 2024 Earnings (Loss) Per Share Calculation | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Profit (Loss) used for calculation (RMB thousands) | 62 | (260,872) | | Weighted average number of ordinary shares (thousands of shares) | 301,562 | 301,562 | | Basic and Diluted Earnings (Loss) Per Share (RMB cents) | 0.02 | (86.51) | Trade Receivables and Payables As of June 30, 2025, trade receivables amounted to RMB 71.02 million, a slight decrease from the beginning of the period, with 93% of accounts aged within 90 days, indicating a healthy status, while trade payables increased slightly to RMB 16.27 million Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 65,959 | 68,837 | | 91 to 180 days | 751 | 4,237 | | 181 to 365 days | 821 | 117 | | Over 365 days | 3,485 | 3,489 | | Total | 71,016 | 76,680 | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 7,562 | 7,973 | | 91 to 180 days | 1,337 | 4,385 | | 181 to 365 days | 2,359 | 2,627 | | Over 365 days | 5,010 | 312 | | Total | 16,268 | 15,297 | MANAGEMENT DISCUSSION AND ANALYSIS Loss of Control of Certain Subsidiaries The company continues to face a loss of control over its key subsidiaries in Tonghua, held by former executive directors, consequently, the financial positions of these subsidiaries were not consolidated into the Group's financial statements for the reporting period, and the Board is developing measures to mitigate losses - The company's key subsidiaries in Tonghua, China, remain in a state of lost control, and therefore their financial positions have not been consolidated into the financial statements for this interim period[44][47] Industry Overview In the first half of 2025, China's overall consumer market experienced a moderate recovery, yet the wine industry faced severe challenges with domestic production significantly declining by 26.7% year-on-year, while the imported wine market showed a trend of "decreasing volume but increasing value," indicating a shift towards higher quality and premium products - China's economy continued to recover, with total retail sales of consumer goods increasing by 5.0% year-on-year in the first half of 2025, and tobacco and alcohol sales growing by 5.5%[45][48] - The domestic wine industry faced difficulties, with wine production by enterprises above designated size significantly decreasing by 26.7% year-on-year, and market recovery yet to materialize[45][48] - The imported wine market showed a "decreasing volume, increasing value" phenomenon: import volume decreased by 12.67% year-on-year, but total import value increased by 1.45%, indicating a premiumization trend in consumption[46][49] Financial Review Against the backdrop of an industry downturn, the Group recorded total revenue of RMB 59.7 million in the first half of 2025, an increase of approximately 6% year-on-year, successfully turning a loss into a profit of RMB 0.46 million, primarily due to a substantial impairment charge of RMB 251 million on assets of the Tonghua subsidiaries, which were no longer under control, in the prior period, with no such impact in the current period - In the first half of 2025, the Group's total revenue was RMB 59,695,000, representing an approximate 6% year-on-year increase, with sweet wine and dry wine sales accounting for 81% of total revenue[52][55] - The Group recorded a total profit and comprehensive income of RMB 460,000, compared to a total loss of RMB 260,944,000 in the same period last year, with the performance turnaround primarily attributed to an impairment charge of RMB 250,956,000 on the assets of the Tonghua subsidiaries in the prior period due to the inability to obtain their financial information[54][55] Operation Review Facing challenges, the Group accelerated the development of its mid-to-high-end product lines and expanded health-oriented products, with production at the Shandong base increasing by 37.35% year-on-year, while the East China market contributed 78% of revenue as the core market, and online sales showed strong performance, accounting for 60% and becoming the primary sales channel - The Group's production base in Baiyanghe, Shandong, produced 3,475 metric tons of various products, an increase of approximately 37.35% compared to 2,530 metric tons in the same period last year[61][64] Revenue by Region and Channel Distribution | Dimension | Item | Revenue Contribution | | :--- | :--- | :--- | | Regional Distribution | East China | 78% | | | North China | 12% | | | Central-South China | 7% | | | Southwest China | 2% | | Channel Distribution | Online Sales | 60% | | | Offline Sales | 40% | - The company's strategy includes accelerating R&D for mid-to-high-end product lines, diversifying mass-market offerings (e.g., low-alcohol, organic products), optimizing its O2O sales network, and integrating big data and AI technologies to enhance supply chain efficiency[57][58] Business Prospects Despite the market being at a historical low, the Group believes new structural opportunities are emerging, and in the future, the company plans to align with trends of "light and easy-to-drink" beverages and category diversification by introducing Japanese alcoholic beverages like sake, aiming to create a "wine + Japanese light beverage" second growth curve targeting young and female consumers, while continuously strengthening the refined operation of e-commerce and social e-commerce channels - The company believes online channels remain a growth engine, expecting e-commerce and social e-commerce to continue capturing structural demand following industry consolidation[66][68] - To adapt to market changes, the company plans to introduce Japanese alcoholic beverages such as sake, leveraging their 'low-alcohol, easy-to-drink, and food-pairing friendly' attributes to create a "wine + Japanese light beverage" second growth curve, targeting young and female consumers[67][69] Other Corporate Information LIQUIDITY AND FINANCIAL RESOURCES The Group maintains a healthy liquidity position, primarily funding its operations through internal operating cash flow, with cash and cash equivalents (excluding Tonghua subsidiaries for which financial information is unavailable) amounting to approximately RMB 38.06 million as of June 30, 2025 - The Group maintains a sound and positive working capital position, funding its operations through internal cash flows generated from operations[75][78] - As of June 30, 2025, the Group's cash and cash equivalents amounted to approximately RMB 38,060,000 (excluding Tonghua subsidiaries)[75][78] Employment and remuneration policy As of June 30, 2025, the Group (excluding Tonghua subsidiaries) employed 82 staff members, consistent with the end of 2024, and total salaries and related costs for the reporting period were approximately RMB 1.46 million, a significant decrease from RMB 9.15 million in the same period last year Staff and Remuneration Costs | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of employees (excluding Tonghua) | 82 | 82 | | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | Total salaries and related costs (RMB) | Approx. 1,460,000 | Approx. 9,149,000 | Share Option Scheme As of June 30, 2025, a total of 29,405,480 unexercised share options were outstanding under the share option scheme, representing 10% of the company's issued shares, with no new options granted, exercised, or lapsed during the reporting period - As of June 30, 2025, the total number of granted but unexercised share options was 29,405,480, with an exercise price of HKD 0.92 and a weighted average remaining contractual life of 0.46 years[83][90][91] - During the six months ended June 30, 2025, no share options were exercised, granted, lapsed, or forfeited[90][91][93] CORPORATE GOVERNANCE The company complied with the principles of the Corporate Governance Code during the reporting period, with one deviation: the roles of Chairman and Chief Executive Officer were not separated, both held by Mr. Sun Jialiang, an arrangement the Board believes facilitates the Group's management and decision-making efficiency - The company deviated from the Corporate Governance Code's requirement for separation of the roles of Chairman and Chief Executive Officer, with Mr. Sun Jialiang holding both positions, an arrangement the Board believes contributes to efficient decision-making[99][103]