Financial Performance - The company reported a net profit attributable to owners of approximately RMB 3.7 million, a decrease of about 58.4% compared to RMB 8.9 million in the same period last year[8]. - Revenue for the period was approximately RMB 946.7 million, down about 10.9% from RMB 1,062.5 million in the same period last year[16]. - The gross profit for the period was approximately RMB 158.1 million, a slight decrease of about 1.7% compared to approximately RMB 160.9 million in the same period last year, with a gross margin of approximately 16.7%[58]. - The net profit for the period was RMB 3,725,000, a significant decline of 58.0% from RMB 8,881,000 in the previous year[108]. - The total comprehensive income for the period was RMB 1,696,000, compared to RMB 4,014,000 in the previous year, indicating a decrease of 57.8%[108]. - The company reported a basic earnings per share of RMB 0.01, down from RMB 0.03 in the same period last year[108]. - The group's profit decreased by approximately 58.4% from about RMB 89 million in the same period last year to about RMB 37 million this period, with a net profit margin dropping from 0.8% to 0.4%[85]. Dividends - The board has decided not to declare any interim dividend for the period, but announced a special dividend of HKD 0.08 per share to be paid on or around December 15, 2023[38]. - The board has declared a special dividend of HKD 0.08 per share, expected to be paid on or around December 15, 2023[92]. - The company did not declare any interim dividends for the period[92]. - The final dividend for the fiscal year 2022 was approved at HKD 0.08 per share, totaling RMB 21,063,000, compared to RMB 19,555,000 for the fiscal year 2021[198]. - As of June 30, 2023, the unpaid final dividend amounted to RMB 22,175,000, which was recognized as payable dividends in the consolidated financial position statement[198]. Cash Flow and Assets - The cash and cash equivalents as of June 30, 2023, were approximately RMB 140.9 million, primarily from operating activities and bank deposits[50]. - Net cash generated from operating activities was approximately RMB 115.2 million, a decrease of about RMB 45.8 million compared to RMB 161 million in the same period last year[87]. - The company's net asset value as of June 30, 2023, was RMB 39.5 million, down from RMB 42.3 million as of December 31, 2022[20]. - The total equity as of June 30, 2023, was RMB 583,179 thousand, a decrease from RMB 602,546 thousand as of December 31, 2022, reflecting a decline of approximately 3.2%[134]. - The cash and cash equivalents at the end of the period were RMB 140,916 thousand, an increase from RMB 118,377 thousand at the end of June 30, 2022, showing a growth of about 18.9%[138]. - The group's cash and cash equivalents at the beginning of the period were RMB 98.8 million, compared to RMB 58.8 million in the same period last year[87]. Revenue Breakdown - Sales revenue from corrugated paper packaging products was approximately RMB 860.3 million, down about 10.3% from approximately RMB 959.0 million in the same period last year, accounting for about 90.9% of total revenue[43]. - Sales revenue from corrugated paperboard was approximately RMB 86.5 million, a decrease of about 16.4% from approximately RMB 103.5 million in the same period last year, accounting for about 9.1% of total revenue[44]. - The company's revenue for the six months ended June 30, 2023, was RMB 946,719,000, a decrease of 10.9% compared to RMB 1,062,501,000 for the same period in 2022[108]. - Revenue from food and beverage segment was RMB 275,595 million, slightly up from RMB 270,379 million in the previous year, while revenue from paper and packaging decreased to RMB 123,404 million from RMB 154,948 million[171]. Cost and Expenses - Financing costs increased by approximately 12.2% to about RMB 15.6 million, primarily due to the increase in the right-of-use assets from the Chuzhou factory[48]. - Selling and distribution expenses increased by approximately 5.2% to about RMB 59.2 million, mainly due to increased expenses from the new factory[62]. - Administrative expenses decreased by approximately 4.0% to about RMB 77.1 million, attributed to enhanced cost control measures[63]. - Employee benefits expenses, including salaries and wages, amounted to RMB 109,242,000, an increase of 4.0% compared to RMB 104,393,000 in the previous year[178]. - The income tax expense for the six months ended June 30, 2023, was RMB 5,534,000, slightly up from RMB 5,292,000 in the same period of 2022[180]. Market and Industry Trends - The paper packaging industry showed improved performance in Q2 2023, driven by the end of pandemic control measures and a gradual release of accumulated consumer demand[39]. - Major raw material prices, such as linerboard and corrugated paper, showed a downward trend during the period, although order demand remained weak[39]. - There was a significant increase in consumption in contact and gathering services, such as dining and tourism, contributing to the recovery in demand[39]. - The textile, clothing, and footwear industries also recorded a substantial rebound in domestic demand during the period[39]. - The company anticipates that procurement prices for paper packaging orders will face pressure due to weak order demand[39]. Corporate Governance - The company aims to maintain high standards of corporate governance to protect shareholder interests and enhance corporate value[100]. - The company continues to review and enhance its corporate governance practices to ensure compliance with the corporate governance code[101]. - The company has adopted the standard code for securities transactions by directors as its code of conduct for securities transactions[124]. - The audit committee has reviewed the accounting principles and practices adopted by the group and confirmed the unaudited financial performance for the period[125]. Liabilities and Financial Position - The company's non-current liabilities related to lease liabilities decreased to RMB 268,792 thousand as of June 30, 2023, from RMB 285,196 thousand as of December 31, 2022, a reduction of approximately 5.7%[134]. - The company's current liabilities totaled RMB 747,935 thousand as of June 30, 2023, down from RMB 794,957 thousand as of December 31, 2022, reflecting a decrease of approximately 5.9%[133]. - The group reported a net interest expense of RMB 1,058,000 related to lease liabilities for the six months ended June 30, 2023, compared to RMB 911,000 in the previous year[193]. - The group recognized a loss on impairment of receivables amounting to RMB 2,776,000 for the six months ended June 30, 2023, compared to RMB 534,000 in the same period of 2022[178]. - The company has a total of RMB 346,832 million in bank loans as of June 30, 2023, slightly down from RMB 348,340 million at the end of 2022[163].
济丰包装(01820) - 2023 - 中期财报