Financial Performance - For the first half of 2025, the company's revenue reached RMB 3,063,455,000, a year-on-year increase of 16.9% compared to RMB 2,620,565,000 in 2024[20] - Gross profit for the same period was RMB 666,871,000, up 50.2% from RMB 444,284,000 in the previous year[20] - Adjusted net profit was RMB 294,318,000, significantly higher than RMB 148,870,000 in the first half of 2024, reflecting a growth of 97.5%[20] - Total revenue for the six months ended June 30, 2025, was RMB3,063.5 million, up from RMB2,620.6 million in the same period last year[59] - Gross profit amounted to RMB666.9 million, up RMB222.6 million from RMB444.3 million in the first half of last year, with a gross profit margin increase from 17.0% to 21.8%[86] - Adjusted net profit (non-IFRS measure) increased by 97.7% from RMB148.9 million in the first half of last year to RMB294.3 million during the Reporting Period[117] - Adjusted net profit margin (non-IFRS measure) rose from 5.7% to 9.6%, attributed to product portfolio adjustments and increased contributions from mid-to-high-end products[117] Assets and Liabilities - As of June 30, 2025, total assets amounted to RMB 4,237,555,000, down from RMB 4,613,818,000 at the end of 2024, indicating a decrease of 8.1%[23] - Current liabilities decreased to RMB 680,249,000 from RMB 980,303,000, a reduction of 30.6%[23] - The net current assets increased to RMB 1,765,860,000, compared to RMB 1,702,555,000 at the end of 2024, showing an increase of 3.7%[23] - Inventories decreased by 21.3% from RMB1,360.2 million as of December 31, 2024, to RMB1,070.7 million as of June 30, 2025[118] - Trade receivables decreased by 4.0% from RMB377.4 million as of December 31, 2024, to RMB362.2 million as of June 30, 2025[120] - Cash on hand and at bank increased by 10.3% from RMB713.0 million as of December 31, 2024, to RMB786.7 million as of June 30, 2025[130] - Trade payables increased by 4.6% from RMB152.7 million as of December 31, 2024, to RMB159.8 million as of June 30, 2025[127] - Other payables surged by 173.0% from RMB100.5 million as of December 31, 2024, to RMB274.5 million as of June 30, 2025, mainly due to increased dividends payable[128] - Contract liabilities decreased by 62.1% from RMB40.6 million as of December 31, 2024, to RMB15.4 million as of June 30, 2025[129] - Bank loans decreased by 69.0% from RMB 645.5 million as of December 31, 2024, to RMB 200.1 million as of June 30, 2025, mainly due to the repayment of borrowings[136] - The gearing ratio improved to 17.5% as of June 30, 2025, down from 23.0% as of December 31, 2024, reflecting a decrease in total liabilities[137] Revenue by Product Category - Revenue from rice products increased by 21.0% from RMB1,707.2 million to RMB2,066.5 million, contributing an additional RMB359.3 million[61] - Revenue from corn products decreased by 15.8% from RMB514.2 million to RMB433.1 million, primarily due to adjustments in marketing strategies[61] - Revenue from whole grain, bean, and other products increased by 29.3% from RMB212.1 million to RMB274.3 million, driven by new product development[61] - Revenue from dried food and other products surged by 54.8% from RMB187.1 million to RMB289.6 million, attributed to increased sales volume and prices of by-products[61] Market Trends and Strategies - The company is focusing on health-oriented consumption trends, particularly in the food industry, which is shifting towards nutritionally balanced and convenient products[27] - The focus on pre-packaged products is driven by consumer demand for convenience and quality, leading to higher growth rates in the pre-packaged product market[33] - The trend towards health-conscious consumption is driving growth in whole grain and corn products, with consumers increasingly preferring low-fat and nutritious options[31] - Future strategies include expanding into new channels and businesses while maintaining a focus on high-quality origins for procurement and production[37] - The Group aims to enhance its omni-channel ecosystem and strengthen channel management capabilities to meet diversified consumer needs[35] Digitalization and Operational Efficiency - The Group plans to promote digitalization and system development to improve operational efficiency and resource allocation[35] - The company has implemented a supply chain management system to optimize resource integration and enhance operational efficiency[84] - Over twenty automated production lines have been put into operation to enhance production efficiency as of June 30, 2025[78] Shareholding and Corporate Governance - As of June 30, 2025, Mr. Wang Bing holds 143,698,000 H Shares, representing approximately 34.07% of the H Shares and 13.45% of the total issued share capital[168] - The total number of issued shares as of June 30, 2025, is 1,068,153,150 shares, including 421,819,430 H Shares and 646,333,720 Unlisted Shares[170] - The company has established an Audit Committee in compliance with the Listing Rules and Corporate Governance Code[190] - The company has complied with relevant laws and regulations during the reporting period, with no material non-compliance issues reported[182] Use of Proceeds from Global Offering - The net proceeds from the global offering of H Shares listed on 12 October 2023 amounted to approximately HK$716.4 million after deducting underwriting commissions and related expenses[186] - 35% of the net proceeds, approximately HK$250.74 million, is allocated to enhancing cooperation with suppliers and strengthening procurement capability, with HK$90.14 million unutilized as of 30 June 2025[187] - 30% of the net proceeds, approximately HK$214.92 million, is designated for expanding production capacity and upgrading existing production lines, with HK$81.37 million unutilized as of 30 June 2025[187] - 10% of the net proceeds, approximately HK$71.64 million, is intended for expanding channel coverage and establishing a sales ecosystem, with HK$25.79 million unutilized as of 30 June 2025[187] - The total unutilized net proceeds as of 30 June 2025 is approximately HK$281.17 million[187] Human Resources Management - The company is committed to enhancing its human resources management system to maximize the potential and effectiveness of its talents[200] - The company is focused on the effective management of human resources as a core competitiveness strategy[200]
十月稻田(09676) - 2025 - 中期财报