Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 568,823,000, representing an increase of 7% compared to RMB 531,529,000 for the same period in 2022[13] - Gross profit for the same period was RMB 166,088,000, up 15.6% from RMB 143,635,000 in 2022[13] - Operating profit increased significantly to RMB 34,837,000, compared to RMB 13,088,000 in the previous year, marking a growth of 166%[13] - Net profit for the period was RMB 26,105,000, a substantial increase from RMB 4,487,000 in 2022, reflecting a growth of 482%[14] - Basic and diluted earnings per share for the period were RMB 0.035, compared to RMB 0.006 in the same period last year[13] - Profit attributable to shareholders surged to RMB 26,159 thousand, a 4.7 times increase compared to RMB 4,626 thousand in the prior year[35] - The company reported total revenue of RMB 568,823 thousand for the six months ended June 30, 2023, with a total gross profit of RMB 166,088 thousand[101] - Gross profit for the reporting period was approximately RMB 166.1 million, up RMB 22.5 million or 15.7% year-on-year, with a gross margin of 29.2%, an increase of 2.2 percentage points from 27.0% in the same period last year[166] Financial Position - Total liabilities decreased to RMB 685,283,000 as of June 30, 2023, down from RMB 822,035,000 at the end of 2022, indicating a reduction of approximately 16.7%[16] - The company reported a net cash position of RMB 109,877 thousand, down 59.9% from RMB 274,115 thousand at the end of 2022[35] - Total assets decreased by 5.4% to RMB 1,945,350 thousand from RMB 2,056,733 thousand[35] - Net current assets increased by 88.7% to RMB 172,142 thousand, compared to RMB 91,240 thousand in the previous year[35] - The company's total borrowings increased to RMB 302,018 thousand as of June 30, 2023, up from RMB 228,017 thousand at the end of 2022, representing a growth of 32.4%[83] - Total borrowings as of June 30, 2023, amounted to RMB 302,018 thousand, compared to RMB 49,800 thousand as of December 31, 2022[86] Cash Flow and Management - The company incurred a net cash outflow from operating activities of RMB 68,351 thousand, compared to a net inflow of RMB 119,961 thousand in the same period last year[46] - The company’s cash flow management remains strong, with a focus on reducing current liabilities, particularly accounts payable, which decreased to RMB 56,610,000 from RMB 154,020,000[16] - Cash and cash equivalents decreased by RMB 105,135 thousand, ending at RMB 339,342 thousand as of June 30, 2023[46] - As of June 30, 2023, cash and cash equivalents totaled RMB 339,342 thousand, a decrease from RMB 442,641 thousand as of December 31, 2022[88] Expenses and Income - Total expenses for the period, including cost of sales, distribution and selling expenses, and administrative expenses, amounted to RMB 535,490,000, an increase from RMB 517,221,000 in the previous year[128] - The group received government subsidies totaling RMB 5,032,000 during the reporting period, down from RMB 10,434,000 in the previous year[117] - The company recognized share-based payment expenses of RMB 359,000 thousand for the six months ended June 30, 2023, compared to RMB 1,125,000 thousand for the same period in 2022, indicating a decrease of 68.1%[74] Market and Operations - The company is primarily engaged in the manufacturing, distribution, and sale of food and snack products in China[47] - The group generated over 90% of its revenue and operating profit from sales in mainland China, with over 90% of its non-current assets located in mainland China[114] - The company has continued to expand its sales channels, contributing to overall sales growth during the reporting period[148] - The company has focused on developing higher-margin new products to enhance product variety and improve overall sales and profit margins[148] Taxation - The current income tax expense for the six months ended June 30, 2023, was RMB 7.586 million, compared to RMB 3.777 million in 2022[132] - The deferred tax liabilities as of June 30, 2023, were approximately RMB 2.544 million, an increase from RMB 2.343 million as of December 31, 2022[133] - The company recorded a deferred tax asset of RMB 50.872 million as of June 30, 2023, compared to RMB 46.857 million as of December 31, 2022[133] Capital Expenditures - Capital expenditures allocated for jelly products were RMB 72,932 thousand for the six months ended June 30, 2023[101] - Capital expenditures for the group during the period were RMB 131,542,000, with significant investments in property, machinery, and equipment[127] - The company had signed but unrecognized capital commitments of RMB 158,757 thousand as of June 30, 2023, down from RMB 240,907 thousand as of December 31, 2022[105] Shareholder Information - The company’s total equity remained stable with 755,096,557 shares outstanding as of June 30, 2023, maintaining a capital of RMB 6,433 thousand[91] - The average number of ordinary shares for calculating basic earnings per share remained at 755,096,557 for both periods, with basic earnings per share increasing to RMB 0.035 from RMB 0.006[134] - The group did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[121] Financial Instruments - As of June 30, 2023, the fair value of financial assets measured at fair value through profit or loss (Level 3) was RMB 2,000 thousand, a decrease of 94.2% from RMB 34,448 thousand as of December 31, 2022[56] - The fair value of financial assets measured at fair value through other comprehensive income (Level 3) was RMB 48,552 thousand, slightly down from RMB 49,155 thousand as of December 31, 2022[56] - The total fair value of financial assets measured at fair value decreased from RMB 83,603 thousand to RMB 50,552 thousand, reflecting a decline of 39.5%[71] - The liquidity risk management policy has remained unchanged since the end of 2022, indicating stability in financial risk management practices[63] - The company has not experienced any transfers between the levels of fair value measurement for financial instruments during the reporting period[68] Industry Outlook - The company believes that the Chinese leisure food industry will continue to develop with significant growth potential due to overall economic development and rising consumer demand[171]
亲亲食品(01583) - 2023 - 中期财报