Financial Performance - In the first half of 2022, the company's revenue increased by approximately 11.5% to RMB 840.4 million, while net profit rose by about 37.7% to RMB 52.4 million[13]. - Total revenue increased from RMB 753.9 million in the six months ended June 30, 2021, to RMB 840.4 million in the same period of 2022, representing an increase of approximately 11.5%[31]. - The group's pre-tax profit for the period was approximately RMB 68 million, an increase from RMB 48 million for the six months ended June 30, 2021, representing a growth of about 41.67%[42]. - The group's profit for the period was approximately RMB 52.4 million, compared to RMB 38 million for the six months ended June 30, 2021, indicating a growth of approximately 38.42%[44]. - Revenue for the six months ended June 30, 2022, was RMB 840,411,000, an increase of 11.5% compared to RMB 753,899,000 for the same period in 2021[140]. - Gross profit for the same period was RMB 542,809,000, slightly up from RMB 534,881,000, resulting in a gross margin of approximately 64.5%[140]. - Net profit for the six months ended June 30, 2022, was RMB 52,355,000, representing a 37.7% increase from RMB 38,032,000 in the prior year[142]. - Total comprehensive income for the period was RMB 57,653,000, compared to RMB 36,158,000 in the same period last year, reflecting a significant growth[142]. Revenue Sources - E-commerce channels generated revenue of RMB 326.6 million, representing a year-on-year growth of approximately 36.6%[15]. - Offline channel revenue decreased from 68.3% of total revenue in 2021 to 61.1% in 2022, while online channel revenue increased from 31.7% to 38.9%[32]. - The core product "Walnut Sesame Black Bean Powder" recorded a GMV growth of approximately 36% in e-commerce channels, maintaining its position as the top natural powder product[22]. - The company has successfully expanded its social media e-commerce presence, with sales from platforms like Douyin and Kuaishou accounting for about 37% of total e-commerce revenue[15]. Cost and Expenses - Sales cost rose approximately 35.9% from RMB 219 million in 2021 to RMB 297.6 million in 2022, primarily due to increased raw material costs and transportation expenses[33]. - Gross profit increased from approximately RMB 534.9 million in 2021 to RMB 542.8 million in 2022, but gross margin decreased from about 71% to 64.6%[33]. - Selling and distribution expenses decreased from approximately RMB 455.1 million in 2021 to RMB 440.9 million in 2022, influenced by increased advertising costs and reduced transportation expenses[36]. - Administrative expenses increased from approximately RMB 38.4 million in 2021 to RMB 41.2 million in 2022, primarily due to salary increases and new office rental costs[37]. - The company incurred a loss of RMB 7,000,000 from the sale of property, plant, and equipment during the six months ended June 30, 2022, compared to a loss of RMB 3,056,000 in the same period of 2021[170]. Assets and Liabilities - As of June 30, 2022, the group's cash and cash equivalents were RMB 660.9 million, a 2.3% increase from RMB 646 million as of December 31, 2021[51]. - The net current assets of the group as of June 30, 2022, were RMB 778.2 million, up from RMB 709.9 million as of December 31, 2021[51]. - Trade receivables increased to RMB 211.4 million from RMB 176.6 million, attributed to increased revenue[47]. - The inventory turnover days decreased from 67 days to 46 days, reflecting improved inventory control measures[50]. - The capital debt ratio as of June 30, 2022, was approximately 1.0%, down from 1.2% as of December 31, 2021[56]. Shareholder Information - As of June 30, 2022, the major shareholders include 恒泰信託（香港）有限公司 with 930,000,000 shares, representing 42.49% of the issued share capital[74]. - PepsiCo, Inc. holds 566,506,000 shares, accounting for 25.88% of the total shares[74]. - The company purchased a total of 18,126,000 shares at a total cost of approximately HKD 7,975,000 (approximately RMB 6,862,000) under the share incentive plan[80]. Corporate Governance - The company has complied with all provisions of the corporate governance code during the six months ending June 30, 2022[82]. - The board of directors has adopted the standard code for securities transactions since the company's listing on December 12, 2018, and confirmed compliance during the reporting period[83]. - The audit committee consists of independent non-executive directors, ensuring proper governance and oversight[130]. Stock Options and Incentives - The company aims to align the interests of eligible participants with its own through the share option plan, incentivizing contributions to the group[86]. - The company granted 74,018,823 stock options on June 12, 2019, with an exercise price of HKD 1.468 per share, valid until December 11, 2028[99]. - The total number of stock options granted is subject to shareholder approval, but the options already granted do not require such approval[99]. - The company has a structured vesting schedule for stock options, with percentages allocated over specific periods[105]. Taxation and Compliance - The corporate income tax rate for the group's subsidiaries operating in China remains at 25% for both the six months ended June 30, 2022, and 2021[199]. - No income tax was incurred in the British Virgin Islands and the Cayman Islands for the period, consistent with the previous year[199]. Miscellaneous - There were no significant acquisitions, disposals, or investments during the period[58]. - The company has not identified any contingent assets or liabilities arising from business combinations that occurred after January 1, 2022[184]. - The company operates entirely within China, generating 100% of its revenue and holding all non-current assets in the region[188].
五谷磨房(01837) - 2022 - 中期财报