中国旺旺(00151) - 2024 - 中期财报

Financial Performance - Revenue for the six months ended September 30, 2023, increased by 4.1% to RMB 11,274,818,000 compared to RMB 10,832,945,000 in the same period of 2022[6] - Gross profit rose by 10.0% to RMB 5,100,690,000, resulting in a gross profit margin of 45.2%, up from 42.8%[6] - Operating profit increased by 19.5% to RMB 2,475,563,000, with an operating profit margin of 22.0%, compared to 19.1% in the previous year[6] - Profit attributable to equity holders of the Company was RMB 1,732,245,000, reflecting an 8.5% increase from RMB 1,596,054,000[6] - Basic and diluted earnings per share rose by 8.7% to 14.58 RMB cents, up from 13.41 RMB cents[6] - Total revenue for the first half of 2023FY grew by 4.1% year-on-year to RMB 11,274.8 million, with the dairy products and beverages segment accounting for 54% of total revenue[22] - Profit attributable to equity holders increased by 8.5% year-on-year to RMB 1,732.2 million, with a profit margin of 15.4%[9] - Total comprehensive income for the period was RMB 1,554,838, compared to RMB 1,183,496 in 2022, showing an increase of about 31.4%[57] Operational Efficiency - Inventory turnover days improved to 86 days from 90 days year-on-year[7] - Trade receivables turnover days decreased to 14 days from 15 days[7] - Trade payables turnover days increased slightly to 30 days from 29 days[7] - Distribution costs for the first half of FY2023 were RMB 1,474.8 million, a 0.7% increase year-on-year, while the distribution costs as a percentage of revenue decreased to 13.1%[33] - The Group's cash and bank deposits totaled RMB 15.7435 billion, an increase of RMB 2.0839 billion from RMB 13.6596 billion as of March 31, 2023, primarily due to operating cash inflow of RMB 1.9463 billion[40] Market Expansion and Product Development - The Company is focused on expanding its market presence and enhancing product offerings through new strategies and technologies[5] - Future outlook remains positive with continued investment in product development and market expansion initiatives[5] - Revenue from modern channels grew year-on-year in the first half of FY2023, with significant growth in new products and convenience store channels[10] - New products launched over the past five years contributed nearly double-digit percentage of the Group's revenue in the first half of FY2023[9] - The Group's marketing strategies have improved resource allocation efficiency, enhancing the profitability of e-commerce channels[13] Segment Performance - Revenue from the dairy products and beverages segment increased by 7.1% year-on-year, while the rice crackers segment grew by 4.5% year-on-year[22] - The snack foods segment experienced a decline of 1.5% year-on-year, primarily due to weaker performance in popsicles[22] - Revenue from dairy products and beverages segment grew by 7.1% year-on-year to RMB6,096.7 million, driven by a 20% increase in "Canned Milk" sales[27] - The rice crackers segment's revenue reached RMB 2,060.0 million, with overseas business accounting for around 20% of this segment's revenue and achieving double-digit growth[23] Sustainability and Corporate Responsibility - The Quanzhou plant received the highest level certification of "Zero Waste to Landfill Management System" from TÜV Rheinland, highlighting the Group's commitment to sustainability[16] - The Group's sustainable water management practices were recognized as a "Typical Case of Green, Low Carbon and Sustainability of China Dairy Industry 2023"[17] Financial Position and Liabilities - As of September 30, 2023, the Group's net cash amounted to RMB8,113.3 million, a decrease of RMB204.0 million from March 31, 2023[36] - Total borrowings increased to RMB7,630.2 million, up RMB2,287.9 million from March 31, 2023, with RMB denominated borrowings accounting for nearly 85%[37] - Total liabilities as of September 30, 2023, were RMB 12,902,369, up from RMB 11,270,007, indicating an increase of around 14.5%[53] - The Group's net gearing ratio was -0.56 times as of September 30, 2023, compared to -0.57 times as of March 31, 2023, indicating sufficient cash and banking facilities for working capital and potential investments[40] Employee and Management Information - For the six months ended 30 September 2023, the average number of employees was approximately 38,887, a decrease of 2,342 compared to the year ended 31 March 2023[48] - Total remuneration expenses for the first half of 2023FY amounted to RMB 2,217.4 million[48] - The company invests significantly in continuing education and training programs for its employees to improve their professional knowledge and skills[48] Shareholder Information - The Board has resolved not to declare an interim dividend for the first half of 2023FY[48] - The company may consider conducting share repurchases to maximize shareholders' interests in a prudent manner[48] - The company repurchased a total of 2,677,000 shares for an aggregate amount of HK$13,383,000 during the six months ended 30 September 2023[153] - The directors believe that the share repurchases will enhance the earnings per share of the company[153]