Revenue and Profitability - Revenue increased by 4.9% to approximately RMB 742.8 million compared to RMB 707.8 million in the same period last year[8]. - The company reported a loss attributable to owners of RMB 0.82 million, a decrease of 100.8% compared to a profit of RMB 104.2 million in the same period last year[6][8]. - The overall net profit after tax decreased by 101.9%, resulting in a net loss of approximately RMB 1.9 million, primarily due to rising raw material costs[17]. - The company reported a net loss attributable to owners of the company of RMB 1,946,000, compared to a profit of RMB 101,856,000 in the previous year[68]. - Basic and diluted loss per share was RMB 0.20, a significant decline from earnings of RMB 25.12 per share in the same period last year[68]. Gross Profit and Margins - Gross profit decreased by 19.6% to RMB 176.4 million from RMB 219.5 million year-on-year[6]. - The gross profit decreased from approximately RMB 219.5 million to approximately RMB 176.4 million, resulting in a gross margin decline of 7.3 percentage points due to double-digit increases in raw material costs, particularly palm oil which rose over 55% year-on-year[32]. - The gross profit margin for the six months ended June 30, 2022, was approximately 23.7%[108]. Expenses and Cost Management - Selling and distribution expenses rose by approximately RMB 16.0 million or 16.9% to about RMB 110.6 million, driven by higher delivery, transportation, and advertising costs, consistent with revenue growth[34]. - Administrative expenses increased by approximately RMB 1.2 million or 3.0% to about RMB 41.3 million, mainly due to increased compensation and allowances for employees during the COVID-19 pandemic[35]. - Employee benefits expenses totaled approximately RMB 126.8 million for the six months ended June 30, 2022, compared to RMB 106.3 million for the same period last year, reflecting increased compensation due to the pandemic[43]. Assets and Liabilities - Total assets decreased by 1.7% to RMB 2,058.2 million from RMB 2,093.4 million[6]. - Total liabilities decreased by 1.4% to RMB 1,096.1 million from RMB 1,111.6 million[6]. - The company's total equity as of June 30, 2022, was RMB 962,137,000, a decrease from RMB 981,828,000 as of December 31, 2021, representing a decline of approximately 2.0%[76]. - The company’s total liabilities increased to RMB 1,142,530,000 as of June 30, 2022, from RMB 1,211,467,000 as of December 31, 2021, reflecting a rise of approximately 1.9%[76]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2022, was RMB (85,536,000), compared to RMB 21,882,000 for the same period in 2021, indicating a significant decrease in cash flow[84]. - The company reported a net cash outflow from investing activities of RMB (118,445,000) for the first half of 2022, compared to RMB (341,818,000) in the same period of 2021, showing an improvement in cash management[84]. - New bank loans raised during the first half of 2022 totaled RMB 490,500,000, slightly down from RMB 509,000,000 in the same period of 2021[88]. - The company’s financing activities generated a net cash inflow of RMB 69,101,000 for the first half of 2022, a decrease from RMB 260,506,000 in the same period of 2021[88]. Market and Product Development - The company launched a new product, stable sugar rice, targeting consumers needing to control blood sugar levels or manage weight[10]. - The company is focused on expanding its brand presence through innovation and acquisitions in a competitive market[10]. - The revenue from sandwich cookies increased significantly by 22.7% year-on-year to approximately RMB 251.3 million, driven by effective marketing strategies targeting younger consumers[25]. - The revenue from whole grain cookies decreased by 19.0% year-on-year to approximately RMB 38.8 million, with ongoing market repositioning efforts[27]. Shareholder and Corporate Governance - The board decided not to declare an interim dividend, focusing on cash flow management for the second half of the fiscal year[50]. - The audit committee reviewed the interim results for the six months ending June 30, 2022, with no disagreements on the accounting treatment adopted by the company[47]. - Major shareholders, including Mr. Huang and family members, collectively hold 310,472,000 shares, accounting for approximately 74.81% of the issued share capital[55]. Related Party Transactions - Related party transactions for the six months ended June 30, 2022, include purchases from joint ventures totaling RMB 61,507 thousand, compared to RMB 28,335 thousand in the previous year[196]. - The company reported sales of goods to Guangdong Swiss乐 amounting to RMB 859 thousand for the six months ended June 30, 2022, slightly down from RMB 869 thousand in the previous year[194]. - Purchases from joint ventures included RMB 46,416 thousand from Fengjia, a significant increase from RMB 12,429 thousand in the previous year[196].
嘉士利集团(01285) - 2022 - 中期财报