Financial Performance - For the six months ended June 30, 2022, the total operating revenue was RMB 19.27 billion, an increase of 5.4% compared to RMB 18.29 billion for the same period in 2021[6]. - The net profit attributable to shareholders for the same period was RMB 2.85 billion, representing an 18.0% increase from RMB 2.42 billion in the previous year[6]. - The company reported a gross profit margin of approximately 38.5% for the first half of 2022, compared to 37.9% in the same period of 2021[6]. - Operating profit for the six months was RMB 3.85 billion, up 17.1% from RMB 3.28 billion in the prior year[6]. - Total comprehensive income for the period was RMB 2.90 billion, compared to RMB 2.49 billion in the previous year, reflecting a growth of 16.5%[6]. - The company reported a basic earnings per share of RMB 2.10, up from RMB 1.78 in the previous year[6]. - The company reported a total of RMB 2,126,216,140 in selling expenses for the six months ended June 30, 2022, slightly down from RMB 2,155,442,052 in the same period of 2021, a decrease of about 1.4%[198]. - The company’s advertising and promotional expenses for the six months ended June 30, 2022, were RMB 695,240,950, a decrease from RMB 723,449,008 in the same period of 2021, reflecting a reduction of about 3.9%[198]. Assets and Liabilities - As of June 30, 2022, Tsingtao Brewery's total assets reached RMB 50.08 billion, an increase from RMB 46.56 billion as of December 31, 2021, representing an increase of approximately 5.4%[4]. - Total liabilities increased to RMB 24.77 billion from RMB 22.77 billion, which is an increase of approximately 8.8%[5]. - Shareholders' equity rose to RMB 25.30 billion, up from RMB 23.79 billion, representing an increase of about 6.4%[5]. - The company's current assets totaled RMB 31.90 billion, up from RMB 28.96 billion in the previous year, marking a growth of about 10.1%[4]. - The company's inventory decreased to RMB 2.35 billion from RMB 3.49 billion, indicating a reduction of about 32.7%[4]. - The total cash and cash equivalents at the end of June 30, 2022, amounted to RMB 12,618,027,496, up from RMB 6,846,715,666 at the end of June 30, 2021, reflecting a year-over-year increase of approximately 84.5%[8]. - The total liabilities decreased from RMB 8,600,000,000 at the end of 2021 to RMB 8,000,000,000 as of June 30, 2022, reflecting a reduction of about 7%[10]. Cash Flow - Cash flow from operating activities was RMB 4.72 billion, a decrease of 6.1% from RMB 5.02 billion in the first half of 2021[7]. - The company generated cash inflows from investment activities amounting to RMB 9.48 billion, significantly higher than RMB 2.03 billion in the same period last year[7]. - The cash flow from operating activities for the first half of 2022 was RMB 1,200,000,000, compared to RMB 1,000,000,000 in the same period of 2021, indicating a growth of 20%[10]. - The cash inflow from financing activities for the first half of 2022 was RMB 229,096,397, down from RMB 257,600,920 in the first half of 2021[8]. Investments and Development - Tsingtao Brewery's long-term investments in fixed assets reached RMB 10.84 billion, compared to RMB 10.15 billion in the previous year, reflecting an increase of about 6.8%[4]. - Research and development expenses for the first half of 2022 were RMB 17 million, compared to RMB 8 million in the same period of 2021, indicating a focus on innovation[6]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[5]. - The company has ongoing construction projects with a total book value of 507,649,435 as of June 30, 2022, down from 762,289,882 on December 31, 2021, reflecting a decrease of approximately 33.4%[139]. Employee Compensation and Benefits - Employee compensation for the six months ended June 30, 2022, was $359,831,414, an increase from $337,067,752 in the same period of 2021, reflecting a growth of approximately 7.3%[200]. - The total employee compensation payable as of June 30, 2022, was RMB 2,263,513,045, compared to RMB 2,172,664,930 on December 31, 2021[165]. - The company incurred other termination benefits of CNY 6,427,679 during the six months ended June 30, 2022, compared to CNY 6,374,982 for the same period in 2021, showing a slight increase[169]. - The group provides supplementary post-employment benefits to eligible employees, with the present value of defined benefit obligations calculated annually by independent actuaries[61]. Taxation and Deferred Income - The corporate income tax rate applicable to the group is 20%, with rates ranging from 3% to 25% for different subsidiaries[82]. - The total deferred revenue as of June 30, 2022, included various relocation projects and technical transformation projects, with significant contributions from multiple projects across different regions[173]. - The deferred tax assets as of June 30, 2022, amount to CNY 10,578,908,300, with a significant portion related to payable expenses totaling CNY 7,600,210,268[152]. - The total deferred tax liabilities as of June 30, 2022, are CNY 2,200,910,968, primarily due to fixed asset depreciation[153]. Financial Instruments and Risk Management - Financial assets are classified into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[25]. - The group recognizes expected credit losses based on past events, current conditions, and forecasts of future economic conditions, calculating the present value of the difference between cash flows expected to be received and contractual cash flows[29]. - The group measures expected credit losses for trade receivables and notes receivable based on the entire lifetime expected credit losses, regardless of significant financing components[29]. - The fair value of financial instruments is determined using observable inputs from active markets when available; otherwise, valuation techniques are employed[33].
青岛啤酒股份(00168) - 2022 - 中期财报