Revenue and Profit Growth - Revenue increased by 32.0% from RMB 5,417.3 million in the six months ended June 30, 2021, to RMB 7,152.2 million in the six months ended June 30, 2022[7]. - Adjusted profit rose by 42.1% from RMB 604.4 million to RMB 858.8 million during the same period[7]. - Net profit for the six months ended June 30, 2022, was RMB 858.8 million, compared to RMB 5.6 million for the same period in 2021[25]. - Gross profit increased by 59.4% from RMB 849.1 million to RMB 1,353.4 million, with gross margin rising from 15.7% to 18.9%[18]. - Operating profit increased to RMB 1,063,949 thousand, a 47.9% rise compared to RMB 718,971 thousand in the previous year[63]. - Basic and diluted earnings per share were both RMB 1.89, compared to RMB 0.01 in the same period last year[63]. Sales Performance - Core fruit product sales amounted to RMB 3,517.4 million, accounting for 49.2% of total revenue, down from 63.4% in the previous year[12]. - Other fruit products saw a significant increase in sales, rising to RMB 3,634.8 million, which represents 50.8% of total revenue[12]. - Brand fruit product sales increased by 33.9% from RMB 3,955.1 million in the six months ended June 30, 2021, to RMB 5,297.7 million in the six months ended June 30, 2022, accounting for 73.0% and 74.1% of total revenue respectively[16]. - Durian sales increased by 4.9% despite a decline in overall import volume due to weather conditions affecting harvest seasons[14]. Expenses and Costs - Sales cost rose by 26.9% from RMB 4,568.2 million to RMB 5,798.9 million, with the increase being lower than revenue growth due to improved gross margin[17]. - Selling and distribution expenses grew by 20.6% from RMB 82.1 million to RMB 99.0 million, primarily due to increased employee costs and rental expenses[19]. - Administrative expenses surged by 80.8% from RMB 52.5 million to RMB 94.9 million, mainly due to rising employee costs and increased listing expenses[20]. - Income tax increased by 73.3% from RMB 102.5 million to RMB 177.7 million, in line with business growth[24]. Financial Position - Total assets as of June 30, 2022, were RMB 7,883,825 thousand, an increase from RMB 5,607,858 thousand at the end of 2021[67]. - The total equity attributable to equity shareholders was RMB 5,265,533 thousand, an increase from RMB 4,406,553 thousand at the end of 2021[69]. - Cash and cash equivalents increased from RMB 239.5 million to RMB 389.0 million, while current ratio decreased from 4.28 to 2.87[29]. - Trade and other receivables increased by RMB 2,143.8 million to RMB 7,277.5 million, with trade receivables turnover days rising from 103 days to 129 days due to COVID-19 impacts[28]. Shareholding Structure - The total issued share capital at the time of listing was RMB 467,086,402, consisting of 467,086,402 ordinary shares[38]. - Mr. Deng holds 101,740,360 domestic shares, representing 64.99% of the domestic share category and 21.78% of the total share capital[49]. - Alibaba (China) Network Technology Co., Ltd. holds 36,245,913 H shares, accounting for 11.67% of the H share category and 7.76% of the total share capital[52]. - The company has a significant shareholding structure with various stakeholders, including Alibaba Group Holding Limited and its subsidiaries[52]. Future Outlook and Strategic Initiatives - The company plans to enhance its supply chain, expand its sales and distribution network, and improve logistics and warehousing management[9]. - Investment will be increased in brand building and product promotion, alongside digital system upgrades and the development of a global fruit industry internet platform[9]. - Future outlook includes a projected revenue growth of 10% for the second half of 2022, driven by new product launches and market expansion[122]. - The company is investing RMB 50 million in R&D for new product development, focusing on organic fruit products[122]. - A new marketing strategy will be implemented, targeting younger demographics to boost brand awareness and sales[122]. Regulatory and Compliance - The company has adopted corporate governance practices since the listing date and has complied with the relevant codes[39]. - The independent review report covers the financial statements for the six months ending June 30, 2022, in compliance with international accounting standards[60]. - The company is under the regulatory framework of the Hong Kong Stock Exchange and adheres to the relevant provisions of the International Accounting Standards[60].
洪九果品(06689) - 2022 - 中期财报