一鸣食品(605179) - 2025 Q2 - 季度财报

Section I Definitions Company Basic Information This section provides basic registration information, contact details, registered address, historical changes, information disclosure channels, and stock overview for Zhejiang Yiming Food Co., Ltd - The company's legal representative is Zhu Like, and the Board Secretary is Lin Yilei[14][15] - The company's registered and office address are both Yiming Industrial Park, Pingyang County, Wenzhou City, Zhejiang Province[17] Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Yiming Food | 605179 | Definitions of Common Terms This section defines common terms used in the report, including company name, main subsidiaries, actual controllers, and reporting period, to ensure accurate understanding of the report content - "The Company, Company, Yiming Food" refers to Zhejiang Yiming Food Co., Ltd[16] - "Actual Controllers" refers to Zhu Mingchun, Li Meixiang, Zhu Like, Zhu Liqun, Li Hongyan[16] - "Reporting Period" refers to January 1, 2025 to June 30, 2025[16] Section II Company Profile and Key Financial Indicators Company's Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 2.12% to 1.401 billion yuan, net profit attributable to shareholders increased by 21.73% to 32.2172 million yuan, and basic earnings per share increased by 21.67% to 0.0803 yuan/share Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,401,473,186.86 yuan | 1,372,316,573.18 yuan | 2.12 | | Total Profit | 42,917,950.19 yuan | 32,521,942.99 yuan | 31.97 | | Net Profit Attributable to Shareholders | 32,217,211.20 yuan | 26,466,011.38 yuan | 21.73 | | Net Cash Flow from Operating Activities | 190,483,071.58 yuan | 163,967,398.04 yuan | 16.17 | | Net Assets Attributable to Shareholders (Period-end) | 1,122,307,129.01 yuan | 1,095,931,245.62 yuan | 2.41 | | Total Assets (Period-end) | 2,841,183,318.60 yuan | 2,754,515,418.51 yuan | 3.15 | Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan／share) | 0.0803 | 0.0660 | 21.67 | | Diluted EPS (yuan／share) | 0.0803 | 0.0660 | 21.67 | | Basic EPS after Non-recurring Gains/Losses (yuan／share) | 0.0804 | 0.0664 | 21.08 | | Weighted Average ROE (%) | 2.83 | 2.38 | Increase of 0.45 percentage points | | Weighted Average ROE after Non-recurring Gains/Losses (%) | 2.83 | 2.39 | Increase of 0.44 percentage points | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to -17,677.43 yuan, primarily including gains and losses from disposal of non-current assets, government grants, and other non-operating income and expenses Non-recurring Gains and Losses Items for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -5,628,161.15 | | Government grants recognized in current profit or loss | 7,296,932.83 | | Other non-operating income and expenses apart from the above | -1,392,173.41 | | Less: Income tax impact | 294,275.70 | | Total | -17,677.43 | Section III Management Discussion and Analysis Description of the Company's Industry and Main Business During the Reporting Period The company primarily engages in the R&D, production, sales, and chain operation of fresh dairy products and baked goods, belonging to the food manufacturing and retail industries, achieving steady growth in revenue and net profit with 1,864 stores - The company primarily engages in the R&D, production, sales, and chain operation of fresh dairy products and baked goods, belonging to the "C14 Food Manufacturing" and "F52 Retail" industries[26] - As of the end of June 2025, the company operated a total of 1,864 stores, including 1,398 franchised stores and 466 directly operated stores[27] - The company continuously focuses on consumer demand, building a brand image around "nutritious breakfast at your doorstep, healthy relay meal for young professionals, and social hub for children", offering safe, delicious, and fashionable products and services[27] Discussion and Analysis of Operations In the first half of 2025, the company made progress across marketing, R&D, milk bar operations, sales, e-commerce, information technology, human resources, and supply chain, driving steady growth and efficiency improvements Marketing Initiatives The company expanded its private domain user pool, upgraded black gold member benefits, and extended consumption scenarios to include lunch and afternoon tea, introducing coffee business to align with new consumption trends - Continuously expanded the private domain user pool through online social platform联动 and offline store activities[27] - Upgraded the black gold member benefits system, designing tiered benefits to extend member lifecycle and increase the proportion of core members[27] - Expanded into lunch scenarios (thick pizza) and afternoon tea/office scenarios (coffee business), forming a product portfolio covering all time slots[27] R&D Initiatives The R&D sector continued to innovate in dairy products, bio-fermentation, rice products, and baked goods, launching new functional products, securing patents, and developing healthier alternatives - Dairy product sector launched "Yiming A2 Planet Cup Milk", and deepened functional dairy products (such as the "Jianqing" series) and classic category upgrades[28] - Bio-fermentation field completed natural yeast sourdough iteration, obtaining 2 authorized patents and 5 pending patents[28] - Baked goods R&D center advanced healthy innovations such as rice-based alternatives, low GI, low sugar, and optimized e-commerce products and campus formulas[29] Milk Bar Operations The Milk Bar Center focused on user satisfaction, enhancing service consistency, driving customer flow through member engagement and popular products, and strategically expanding its market presence - Overall daily average performance of milk bars gradually increased year-on-year starting from February[30] - Increased customer traffic and consumption frequency through member acquisition, community operations, and popular single products (such as the Home Enjoy Breakfast series)[30] - Market expansion implemented a tiered strategy, with mature markets focusing on old store renovation, and growth markets expanding into regions like northern Jiangsu, Hefei, and Nanchang, also deploying stores in transportation hubs and commercial complexes[31] Sales Center Initiatives The Sales Center advanced its key account strategy, optimized development processes, and expanded breakfast, school, group buying, and wholesale/retail channels through targeted strategies - Continuously advanced the "key account strategy" and the goal of "developing one key account daily", targeting core customer groups such as hospitals and top 100 enterprises[32] - Breakfast channels deepened the "one city, one policy" strategy, promoting a "one-stop breakfast" service model[32] - School channels participated in the formulation and promotion of Zhejiang Province's nutritional mid-morning snack group standard, focusing on "nutritious relay meals" and "lunch catering" businesses[32][33] E-commerce Initiatives The E-commerce Center prioritized customer satisfaction, driving business growth through popular product creation, lean operations, category expansion, and a dual-driven approach of self-operation and distribution - The E-commerce Center prioritized customer satisfaction as its core driver, advancing both popular product creation and lean operations[34] - Business layout shifted from platform sales to category expansion, deepening core category innovation and channel development[34] - Operationally, it maintained a dual-driven approach of self-operation and distribution, strengthening private domain live streaming, community fission, and local life services[34] Information Center Initiatives The Information Center focused on digital and intelligent upgrades, successfully launching predictive replenishment and user profiling systems, and developing logistics apps to enhance operational efficiency - The store predictive replenishment system was re-architected and successfully launched, improving inventory turnover efficiency and replenishment accuracy[35] - The user profiling system was officially launched, enabling precise audience targeting, directional marketing, and automatic coupon distribution[35] - Four self-developed professional apps cover the entire logistics process, including warehousing and sorting, dispatch management, and driver transportation, enhancing logistics operational efficiency[35] Human Resources Initiatives The Human Resources Center, guided by "performance doubling, talent flourishing first," promoted AI recruitment and continuously improved the talent development system with standardized courses and practical acceptance systems - AI recruitment achieved breakthroughs, with 377 undergraduate students hired out of 877 interviewed in campus recruitment[37] - Perfected 152 standardized courses and 24 practical acceptance systems for various positions, continuously improving talent development[37] Supply Chain Initiatives The supply chain system invested in MF membrane filtration for long-shelf-life pasteurized milk, enhanced product quality and production capacity, reduced equipment failure rates, and strengthened quality assurance and delivery capabilities - The dairy factory invested over 10 million yuan to purchase an MF membrane filtration system, entering the long-shelf-life pasteurized milk sector, enhancing product quality and production capacity[38] - Production deepened lean management, significantly reducing equipment failure rates and in-process defect rates, optimizing labor and energy costs[38] - The supply chain strengthened quality assurance and delivery capabilities, having entered the systems of several large retail and emerging channel customers[38] Key Work Plan for the Second Half of the Year The company plans to focus on diversified business upgrades, brand growth, and operational excellence in the second half of the year, with strategic initiatives across marketing, R&D, milk bar operations, sales, e-commerce, information technology, human resources, and supply chain - Second half marketing plan includes building distinctive store models for universities and commercial communities, and strengthening a youthful brand image around core scenarios like nutritious breakfast and healthy lunch for post-85 families[39] - R&D plans to optimize TMR (Total Mixed Ration) formulas, achieve mass production of high-protein dairy products and low-lactose dairy bases, and develop new products such as sugar-free fruit juice protein drinks[40][41] - The Milk Bar Center will prioritize "user satisfaction", enhancing operations for both directly operated and franchised stores through a "one store, one policy" model, deepening member acquisition and community operations, and expanding into markets like Xuzhou and Jiujiang[43] - The Information Center will focus on deep integration of industrial digitalization and AI, prioritizing the development of employee assistant and intelligent knowledge base systems, and completing all cashier functions for the new store POS system[47] - The supply chain plans to build world-class ODM manufacturing, based on 5S and standardization, achieving extreme cost efficiency through lean value stream improvement, targeting a 10% cost reduction[50] Analysis of Core Competencies During the Reporting Period The company's core competencies lie in its agile supply chain capabilities, user growth model, and quality management system, ensuring fresh products, loyal customers, and high standards Agile Supply Chain Capability for Delivering "Fresh and Healthy Products" The company's intelligent central factories and comprehensive cold chain logistics enable "same-day fresh" delivery and a national cloud warehouse network, significantly improving product freshness, delivery timeliness, and customer satisfaction - The company has established three major production bases in Pingyang, Pinghu, and Changzhou, equipped with internationally advanced production processes and automated equipment, with the Changzhou factory's automation level leading the industry[51] - Through the "fresh distribution model" innovation, products are produced and delivered to stores on the same day, significantly enhancing product freshness[53] - Established a national cloud warehouse layout, with five major distribution centers in Central and East China, significantly improving e-commerce order pickup rates and delivery timeliness, and reducing transportation costs[53] User Growth Model The company manages the full user lifecycle by expanding touchpoints, implementing refined operations, upgrading member benefits, utilizing RFM for precise marketing, and enhancing mini-program user experience to boost loyalty - Focused on expanding user touchpoints and optimizing user experience, with mini-programs serving as a traffic pool for user retention[54] - Expanded the traffic pool through ecosystem collaborations with Alipay, WeChat, Douyin, and implemented a "one city, one policy" refined operation strategy[54] - Upgraded member benefits and achieved precise marketing through the RFM model, increasing consumption frequency and loyalty of existing members[55] Quality Management System The company maintains a comprehensive quality management system with full-process traceability, strict raw milk safety controls, and a three-tier quality management structure, ensuring product quality and food processing safety - Established a product traceability system, including raw milk supply, achieving full-process information recording and traceability from products to raw materials, production processing, and store sales[57] - Raw milk safety is strictly controlled through pasture inspection systems, safe use of veterinary drugs, new pasture access evaluations, and batch-by-batch raw milk testing (over 168 items)[58] - Established a three-tier quality management department: Food Safety Center, Quality Technology Department, and Lean Quality Control Section, ensuring food processing safety through 6 detection procedures and 3 core base laboratories (annual testing sample volume of nearly 125,000), and obtained CNAS accreditation[60][61] Key Operating Performance During the Reporting Period During the reporting period, the company experienced growth in revenue and costs, a decrease in sales expenses, an increase in R&D and administrative expenses, and a significant reduction in financial expenses, while maintaining a stable asset-liability structure Analysis Table of Changes in Financial Statement Items The company's operating revenue and costs increased, sales expenses decreased by 9.14%, while administrative and R&D expenses rose by 8.84% and 32.29% respectively, with financial expenses down 30.48% Changes in Key Accounting Items | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,401,473,186.86 | 1,372,316,573.18 | 2.12 | | Operating Cost | 997,215,265.85 | 960,420,473.54 | 3.83 | | Selling Expenses | 264,654,669.15 | 291,276,789.69 | -9.14 | | Administrative Expenses | 54,904,443.98 | 50,445,103.78 | 8.84 | | Financial Expenses | 5,016,233.70 | 7,215,236.40 | -30.48 | | R&D Expenses | 26,581,666.84 | 20,093,503.25 | 32.29 | | Net Cash Flow from Operating Activities | 190,483,071.58 | 163,967,398.04 | 16.17 | - Financial expenses decreased by 30.48%, primarily due to reduced bank short-term loans and increased notes payable, leading to lower financing costs[62] - R&D expenses increased by 32.29%, mainly due to increased investment in dairy cattle breeding R&D[63] Analysis of Assets and Liabilities At period-end, monetary funds increased by 30.82% to 488 million yuan, while long-term borrowings and non-current liabilities due within one year decreased, and notes payable increased by 62.76% Changes in Assets and Liabilities | Item Name | Period-end Amount (yuan) | Period-end % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Period-end Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 488,258,564.54 | 17.19 | 373,235,302.92 | 13.55 | 30.82 | | Long-term Borrowings | 12,167,349.38 | 0.43 | 27,448,120.59 | 1.00 | -55.67 | | Other Non-current Assets | 3,569,187.16 | 0.13 | 6,515,954.28 | 0.24 | -45.22 | | Notes Payable | 200,363,249.81 | 7.05 | 123,102,817.12 | 4.47 | 62.76 | | Advances from Customers | 262,038.95 | 0.01 | 487,483.94 | 0.02 | -46.25 | | Non-current Liabilities Due Within One Year | 53,602,697.81 | 1.89 | 86,704,395.81 | 3.15 | -38.18 | - Monetary funds increased by 30.82%, primarily due to collection of previous payments and reduced cash outflow from investing activities[66] - Long-term borrowings decreased by 55.67%, mainly due to repayment of maturing borrowings[67] Major Asset Restrictions as of the End of the Reporting Period As of the end of the reporting period, the company's total restricted assets amounted to 968 million yuan, primarily comprising monetary funds, fixed assets, and intangible assets, mainly due to various deposits and mortgage guarantees Major Restricted Assets | Item | Period-end Book Balance (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 187,120,516.31 | Various deposits | | Fixed Assets | 676,584,600.24 | Mortgage guarantee | | Intangible Assets | 104,398,366.09 | Mortgage guarantee | | Total | 968,103,482.64 | | Analysis of Major Subsidiaries and Associates The company's major subsidiaries and associates span dairy cattle farming, food production, sales, and logistics, with most achieving profitability during the reporting period, while a few incurred net losses Financial Overview of Major Subsidiaries and Associates (Unit: 10,000 yuan) | Subsidiary Name | Main Business Scope | Paid-in Capital | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Taishun Yiming Co. | Dairy cattle farming, organic fertilizer production, sales, etc. | 5,000.00 | 12,694.09 | 10,648.35 | 1,992.04 | 84.23 | | Changzhou Mingyuan Co. | Dairy cattle farming, forage planting, organic fertilizer sales, etc. | 17,000.00 | 18,555.33 | 16,760.85 | 3,227.86 | -76.63 | | Jiaxing Yiming Co. | Food production, food sales, food packaging material sales | 20,000.00 | 26,592.30 | 19,933.08 | 14,220.04 | 393.05 | | Ningbo Mingyou Co. | Wholesale and retail of pre-packaged food and bulk food dairy products, etc. | 300.00 | 13,760.45 | 4,883.11 | 18,582.08 | 613.96 | | Wenzhou Yiming Co. | Sales of pre-packaged food, bulk food, etc. | 600.00 | 37,358.79 | -7,699.65 | 95,796.09 | -354.58 | | Zhejiang Shuhuo Co. | Food business, catering services, catering management, etc. | 11,000.00 | 65,237.74 | 9,201.61 | 19,457.33 | 372.99 | | Jiangsu Yiming Co. | Food production, food business, sales of other daily necessities, etc. | 55,000.00 | 70,977.61 | 54,358.37 | 35,736.10 | 368.63 | | Jiangsu Shuhuo Co. | Food business, internet food sales, catering services, etc. | 15,000.00 | 14,095.29 | 12,523.56 | 7,810.33 | 344.17 | | Pingyang Junong Co. | Investment management, investment consulting, etc. | 22,220.00 | 22,183.94 | 22,123.93 | 75.76 | 11.90 | | Nanjing Shuhuo Co. | Food business, catering services, catering management, etc. | 15,000.00 | 7,370.20 | -2,483.37 | 6,390.95 | -828.21 | Section IV Corporate Governance, Environment, and Society Profit Distribution or Capital Reserve Conversion Plan The company's board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.25 yuan (including tax) per 10 shares, totaling 10.025 million yuan, subject to shareholder approval - The company proposes to distribute a cash dividend of 0.25 yuan (including tax) per 10 shares to all shareholders, based on the total share capital on the equity registration date at the time of dividend distribution[6] - An estimated total profit of 10,025,000 yuan (including tax) will be distributed, accounting for 31.12% of the company's net profit attributable to shareholders for the first half of 2025[6] - This proposal, after being reviewed by the board of directors, still needs to be submitted to the general meeting of shareholders for approval[6] Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization The company actively fulfills its social responsibilities by supporting rural education through the "Yiming Rural Beauty School Program," popularizing nutritional knowledge with "Enlightened Food Education," and providing aid to the elderly and rural development - The "Yiming Rural Beauty School Program" supports rural education through a dual assistance system of "improving reading environment + popularizing nutritional knowledge"[77] - The "Enlightened Food Education" project has covered areas including Hangzhou, Wenzhou, and Ningbo, conducting 350 food education popularization sessions, benefiting tens of thousands of students, and donating 3 million yuan for nutritious meals[77] - Conducted the "Yiming Warm Winter Action" to comfort the elderly and donated 540,000 yuan to the Liufeng rural collective in Taishun to support rural development[78] Section V Significant Matters Fulfillment of Commitments The company's controlling shareholder, actual controllers, shareholders, and directors, supervisors, and senior management have strictly fulfilled all initial public offering commitments, including shareholding, anti-dilution measures, prospectus truthfulness, and related-party transaction regulations - Controlling shareholders and actual controllers committed that the reduction price would not be lower than the issue price within 2 years after the lock-up period expires, and not lower than the net asset value per share of the previous year after 2 years[80] - All directors and senior management committed not to overstep their authority in intervening in the company's operations, not to infringe upon company interests, and to actively link their compensation system with measures to mitigate dilution of immediate returns[85] - Controlling shareholders and actual controllers committed to avoiding horizontal competition and to standardizing and reducing related-party transactions, ensuring the company's independent operation[95][97] - During the reporting period, all commitments were timely and strictly fulfilled, with no specific reasons for non-fulfillment[80] Irregular Guarantees During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties, nor did it provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties[8] - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[8] Semi-Annual Report Audit Status This semi-annual report has not been audited, and the company has not appointed or dismissed an accounting firm, nor has it received a "non-standard audit opinion report" - This semi-annual report has not been audited[5] - The company has not appointed or dismissed an accounting firm, nor has it received a "non-standard audit opinion report"[101] Significant Litigation and Arbitration Matters During the reporting period, the company had no significant litigation or arbitration matters - During this reporting period, the company had no significant litigation or arbitration matters[101] Significant Related-Party Transactions During the reporting period, the company engaged in minor related-party transactions for goods, services, and leases, including food sales to Yunlan Agriculture and Zhejiang Pingyang Pudong Development Rural Bank, and property leases from Mingchun Group, all conducted under normal commercial terms Sales of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Yunlan Agriculture Co. | Food | 106,950.54 | 90,280.53 | | Zhejiang Pingyang Pudong Development Rural Bank Co., Ltd. | Food | 24,302.40 | 29,388.80 | Related-Party Leases as Lessee | Lessor Name | Type of Leased Asset | Current Period Amount (yuan) | | :--- | :--- | :--- | | Mingchun Group Co. | Houses and Buildings | 543,404.50 | Significant Contracts and Their Fulfillment During the reporting period, the company provided guarantees totaling 317.6 million yuan to its subsidiaries, with a period-end balance of 169.9 million yuan, representing 15.14% of the company's net assets Company Guarantee Total | Indicator | Amount (yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 317,600,000.00 | | Total guarantee balance for subsidiaries at period-end (B) | 169,948,894.06 | | Total guarantees (A+B) | 169,948,894.06 | | Total guarantees as a percentage of company net assets (%) | 15.14% | Section VI Share Changes and Shareholder Information Changes in Share Capital During the reporting period, the company's total share capital and share structure remained unchanged, with a total of 401,000,000 shares - During the reporting period, there were no changes in the company's total share capital or share structure[109] - The company's total share capital is 401,000,000 shares[340] Shareholder Information As of the end of the reporting period, the company had 32,739 common shareholders, with the top five shareholders being the actual controllers and their concerted parties, holding significant stakes - As of the end of the reporting period, the total number of common shareholders was 32,739[110] Top Ten Shareholders' Shareholding | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhejiang Mingchun Group Co., Ltd. | 161,908,000 | 40.38 | Domestic Non-state-owned Legal Person | | Li Meixiang | 76,194,000 | 19.00 | Domestic Natural Person | | Zhu Liqun | 31,756,000 | 7.92 | Domestic Natural Person | | Zhu Like | 31,756,000 | 7.92 | Domestic Natural Person | | Li Hongyan | 15,878,000 | 3.96 | Domestic Natural Person | | Pingyang Xinyue Investment Management Partnership (Limited Partnership) | 14,938,800 | 3.73 | Other | | Pingyang Mingniu Investment Management Partnership (Limited Partnership) | 2,944,000 | 0.73 | Other | | Pingyang Chengyue Investment Management Partnership (Limited Partnership) | 1,384,200 | 0.35 | Other | | CITIC Securities Co., Ltd. - Tianhong CSI Food & Beverage ETF | 416,600 | 0.10 | Other | | Zhang Siguang | 336,500 | 0.08 | Domestic Natural Person | - Zhu Mingchun, Li Meixiang, Zhu Like, Zhu Liqun, and Li Hongyan are concerted parties and the company's actual controllers[114] Section VII Bond-Related Information Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no outstanding or overdue corporate bonds or non-financial enterprise debt financing instruments - During the reporting period, the company had no information related to corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments[118] Convertible Corporate Bonds During the reporting period, the company had no issued convertible corporate bonds that had not yet been converted into shares - During the reporting period, the company had no information related to convertible corporate bonds[118] Section VIII Financial Report Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[120] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 2.841 billion yuan, total liabilities were 1.719 billion yuan, and total owners' equity attributable to the parent company was 1.122 billion yuan, showing increases of 3.15%, 3.63%, and 2.41% respectively from the previous year-end Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Monetary Funds | 488,258,564.54 | 373,235,302.92 | | Accounts Receivable | 201,890,773.62 | 177,302,817.69 | | Inventories | 132,570,061.21 | 124,477,735.82 | | Fixed Assets | 1,289,368,756.98 | 1,332,211,187.15 | | Total Assets | 2,841,183,318.60 | 2,754,515,418.51 | | Short-term Borrowings | 368,291,474.82 | 374,484,072.19 | | Notes Payable | 200,363,249.81 | 123,102,817.12 | | Contract Liabilities | 346,969,555.02 | 338,675,276.36 | | Total Liabilities | 1,718,876,189.59 | 1,658,584,172.89 | | Total Owners' Equity Attributable to Parent Company | 1,122,307,129.01 | 1,095,931,245.62 | Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue was 1.401 billion yuan, a year-on-year increase of 2.12%; operating profit was 44.6045 million yuan, up 23.76%; and net profit was 32.2172 million yuan, up 21.73% Key Data from Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,401,473,186.86 | 1,372,316,573.18 | | Total Operating Costs | 1,359,758,939.23 | 1,340,210,882.72 | | Operating Profit | 44,604,459.89 | 36,040,252.64 | | Total Profit | 42,917,950.19 | 32,521,942.99 | | Net Profit | 32,217,211.20 | 26,466,011.38 | | Basic EPS (yuan/share) | 0.08 | 0.07 | Consolidated Cash Flow Statement In the first half of 2025, the company's net cash flow from operating activities increased by 16.17% to 190 million yuan, while net cash outflows from investing and financing activities both decreased, resulting in a period-end cash and cash equivalents balance of 301 million yuan Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 190,483,071.58 | 163,967,398.04 | | Net Cash Flow from Investing Activities | -33,200,798.74 | -113,298,150.97 | | Net Cash Flow from Financing Activities | -30,302,467.10 | -60,077,712.30 | | Net Increase in Cash and Cash Equivalents | 126,980,105.72 | -9,408,526.72 | | Period-end Balance of Cash and Cash Equivalents | 301,138,048.23 | 157,210,066.82 | Company Overview Zhejiang Yiming Food Co., Ltd., established on September 13, 2005, is headquartered in Wenzhou, Zhejiang, specializing in the R&D, production, sales, and chain operation of fresh dairy products and baked goods, with its shares listed on the Shanghai Stock Exchange since December 28, 2020 - The company was established on September 13, 2005, headquartered in Wenzhou, Zhejiang Province[149] - Primarily engaged in the R&D, production, sales, and chain operation of fresh dairy products and baked goods[149] - The company's shares were listed on the Shanghai Stock Exchange on December 28, 2020, with a registered capital of 401 million yuan[149] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, complying with enterprise accounting standards, and truly and completely reflect its financial position and operating results, with no significant doubts about its continued operations - The company's financial statements are prepared on a going concern basis, complying with the requirements of enterprise accounting standards[150][153] - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[151] Significant Accounting Policies and Estimates The company has formulated specific accounting policies and estimates for financial instrument impairment, asset depreciation and amortization, and revenue recognition, adhering to enterprise accounting standards with RMB as the functional currency and a 12-month liquidity classification standard - The company has formulated specific accounting policies and estimates for financial instrument impairment, depreciation of fixed assets, depreciation of right-of-use assets, amortization of intangible assets, depreciation of biological assets, and revenue recognition, based on its actual production and operation characteristics[152] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, using 12 months as the liquidity classification standard for assets and liabilities[154][155] - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, and to measure revenue based on the transaction price allocated to each distinct performance obligation[215][216] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and enterprise income tax, benefiting from exemptions for self-produced agricultural products and preferential rates for high-tech and small/micro-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-added Tax | Revenue from sales of goods and taxable services | 13%, 9%, 6%, 3%, 1%, Exempt | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5%, 1% | | Enterprise Income Tax | Taxable income | 25%, 20%, 15%, Exempt | | Property Tax | Original value of property or rental income | 12%, 1.2% | - The company is recognized as a high-tech enterprise, subject to an enterprise income tax rate of 15%[233] - Taishun Yiming Co., Mingyuan Pasture Co., and other entities engaged in selling self-produced agricultural products like milk are exempt from value-added tax and enterprise income tax[233] - Fuzhou Shuhuo Co. and 25 other companies qualify as small and micro-profit enterprises, enjoying a 20% preferential enterprise income tax policy[234] Notes to Consolidated Financial Statement Items This section details the consolidated financial statement items, including period-end balances for assets and liabilities, and current period amounts for income and expenses, providing a comprehensive financial overview Period-end Balances of Major Asset and Liability Items | Item | Period-end Balance (yuan) | | :--- | :--- | | Monetary Funds | 488,258,564.54 | | Accounts Receivable | 201,890,773.62 | | Inventories | 132,570,061.21 | | Fixed Assets | 1,289,368,756.98 | | Construction in Progress | 60,518,285.64 | | Productive Biological Assets | 147,872,135.24 | | Short-term Borrowings | 368,291,474.82 | | Notes Payable | 200,363,249.81 | | Contract Liabilities | 346,969,555.02 | | Long-term Borrowings | 12,167,349.38 | Current Period Amounts of Major Profit and Loss Items | Item | Current Period Amount (yuan) | | :--- | :--- | | Operating Revenue | 1,401,473,186.86 | | Operating Cost | 997,215,265.85 | | Selling Expenses | 264,654,669.15 | | Administrative Expenses | 54,904,443.98 | | R&D Expenses | 26,581,666.84 | | Financial Expenses | 5,016,233.70 | | Net Profit | 32,217,211.20 | - Period-end restricted monetary funds for deposits amounted to 187,120,516.31 yuan[237] - Decrease in gains from asset disposal was primarily due to the normal culling of dairy cattle during the reporting period[361] R&D Expenses During the reporting period, the company's total R&D expenses were 26.5817 million yuan, all expensed, primarily comprising employee compensation, direct input, depreciation and amortization, and other related costs R&D Expense Composition | Item | Current Period Amount (yuan) | | :--- | :--- | | Employee Compensation | 14,388,992.95 | | Direct Input | 8,027,641.54 | | Depreciation and Amortization | 2,024,702.55 | | Other Expenses | 2,140,329.80 | | Total | 26,581,666.84 | | Of which: Expensed R&D | 26,581,666.84 | Changes in Consolidation Scope During the reporting period, the company expanded its consolidation scope by adding a new subsidiary, Shanghai Kaxiao Niu, through the acquisition of 100% equity via establishment - During the reporting period, the company added a new subsidiary, Shanghai Kaxiao Niu, acquiring 100% equity through establishment, and it was established on January 20, 2025[387] Interests in Other Entities The company holds interests in numerous wholly-owned subsidiaries across various business sectors, but the Wenzhou Yiming Public Welfare Charity Foundation is not consolidated due to the absence of variable returns from its operations - The company owns over 30 wholly-owned or controlled subsidiaries, including Wenzhou Yiming Co., Ningbo Mingyou Co., Zhejiang Shuhuo Co., Jiangsu Yiming Co., and Jiaxing Yiming Co[389][391] - The company initiated the establishment of Wenzhou Yiming Public Welfare Charity Foundation on December 29, 2017, which is not included in the consolidation scope as the company cannot derive variable returns from its operations[393] - As of June 30, 2025, the charity foundation's total assets amounted to 768,009.53 yuan[393] Government Grants During the reporting period, the company received 12.6449 million yuan in new government grants, with 6.2049 million yuan transferred to other income, and a period-end deferred income balance of 59.5866 million yuan, primarily asset-related Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (yuan) | New Grants This Period (yuan) | Transferred to Other Income (yuan) | Ending Balance (yuan) | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 53,146,628.10 | 12,644,900.00 | 6,204,896.99 | 59,586,631.11 | Asset-related government grants | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 3,459,754.49 | 4,197,098.60 | | Asset-related | 6,204,896.99 | 3,547,766.15 | | Total | 9,664,651.48 | 7,744,864.75 | Risks Related to Financial Instruments The company manages credit, liquidity, and market risks by balancing risk and return, employing strategies such as credit risk assessment, diversified financing, and interest rate management, with foreign exchange risk being non-significant - The company primarily faces credit risk, liquidity risk, and market risk, which are managed by establishing risk tolerance thresholds and supervision mechanisms[398] - Credit risk is managed by assessing financial instrument credit risk, measuring expected credit losses, and diversifying accounts receivable risk; the top five customers for accounts receivable account for 33.28%, indicating no significant concentration of credit risk[399][400][401] - Liquidity risk is balanced by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and adopting an appropriate combination of long-term and short-term financing[401] - Market risk primarily includes interest rate risk and foreign exchange risk; the company's foreign exchange fluctuation market risk is not significant[402][404] Disclosure of Fair Value At period-end, the company's total assets measured at fair value amounted to 5 million yuan, all classified as Level 3 fair value measurements, primarily other equity instrument investments, estimated at cost due to market inactivity Period-end Fair Value Measurement Items | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 5,000,000.00 | 5,000,000.00 | | Total Assets Continuously Measured at Fair Value | 5,000,000.00 | 5,000,000.00 | - For equity instrument investments without an active trading market, the company measures them at cost, as this represents the best estimate of their fair value[409] Related Parties and Related-Party Transactions The company's parent is Mingchun Group, with actual controllers Zhu Mingchun, Li Meixiang, Zhu Like, Zhu Liqun, and Li Hongyan; related-party transactions include sales, leases, and key management compensation, totaling 2.4592 million yuan for key management - The company's parent company is Zhejiang Mingchun Group Co., Ltd., holding 40.38% of shares, and the actual controllers are Zhu Mingchun, Li Meixiang, Zhu Like, Zhu Liqun, and Li Hongyan[411] Key Management Personnel Compensation | Item | Current Period Amount (10,000 yuan) | | :--- | :--- | | Key Management Personnel Compensation | 245.92 | Receivables from Related Parties | Item Name | Related Party | Period-end Book Balance (yuan) | | :--- | :--- | :--- | | Accounts Receivable | Zhejiang Pingyang Pudong Development Rural Bank Co., Ltd. | 4,020.80 | | Accounts Receivable | Yunlan Agriculture Co. | 50,831.41 | Commitments and Contingencies As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure - As of the balance sheet date, the company had no significant commitments requiring disclosure[421] - The company had no significant contingencies requiring disclosure[421] Events After the Balance Sheet Date The company's board of directors has approved the 2025 semi-annual profit distribution plan, proposing to distribute 10.025 million yuan in profit, with no other significant non-adjusting events or sales returns - The company's board of directors has approved the 2025 semi-annual profit distribution plan, proposing to distribute 10,025,000.00 yuan in profit[423] Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses, which totaled -17,677.43 yuan for the reporting period, along with a weighted average return on net assets of 2.83% and basic earnings per share of 0.08 yuan Current Period Non-recurring Gains and Losses Detailed Statement | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -5,628,161.15 | | Government grants recognized in current profit or loss | 7,296,932.83 | | Other non-operating income and expenses apart from the above | -1,392,173.41 | | Less: Income tax impact | 294,275.70 | | Total | -17,677.43 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.83 | 0.08 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.83 | 0.08 |