VVFB(SH:600300)2022-08-26 16:00Financial Performance - The company's operating revenue for the first half of 2022 was approximately CNY 2.09 billion, representing a 2.66% increase compared to the same period last year[21]. - The net profit attributable to shareholders decreased by 45.28% year-on-year, amounting to approximately CNY 49.69 million[21]. - The basic earnings per share dropped by 50% to CNY 0.03 compared to CNY 0.06 in the same period last year[20]. - The net profit after deducting non-recurring gains and losses fell by 54.63% to approximately CNY 36.61 million[21]. - The company's weighted average return on equity decreased by 1.45 percentage points to 1.64%[20]. - The company reported a total profit for the first half of 2022 of CNY 77,013,280.06, a decrease of 37.1% from CNY 122,623,251.77 in the same period of 2021[118]. - The company reported a total comprehensive income of CNY 43,980,468.55, down from CNY 88,819,981.47 in the first half of 2021[119]. - The company reported a profit distribution of CNY -48,514,265.40 for the first half of 2022, which is a significant reduction compared to the previous year's distribution of CNY -161,714,218.00[136]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 368.50%, resulting in a negative cash flow of approximately CNY 255.24 million[21]. - The company's cash and cash equivalents decreased from ¥680,301,024.25 to ¥278,408,162.56, a decline of approximately 59%[109]. - Cash flow from investing activities showed a net outflow of CNY 57,948,585.25 in the first half of 2022, a decline from a net inflow of CNY 23,386,295.72 in the same period of 2021[127]. - Cash flow from financing activities resulted in a net outflow of CNY 93,115,108.98 for the first half of 2022, compared to a significantly higher outflow of CNY 1,138,464,737.48 in the first half of 2021[128]. - The ending cash and cash equivalents balance for the first half of 2022 was CNY 268,408,162.56, down from CNY 740,274,931.15 at the end of the first half of 2021[128]. Assets and Liabilities - The total assets of the company decreased by 2.12% to approximately CNY 5.05 billion compared to the end of the previous year[21]. - The company's total liabilities at the end of the first half of 2022 were CNY 1,067,999,996.00, reflecting a decrease from CNY 1,073,733,000.00 at the end of 2021, indicating a reduction of approximately 0.53%[134]. - The total non-current assets decreased from ¥3,423,155,075.93 to ¥3,314,590,103.62, a reduction of about 3.18%[110]. - The company's total assets at the end of the first half of 2022 were CNY 3,081,158,505.02, compared to CNY 3,086,892,301.87 at the end of 2021, indicating a slight decrease of about 0.19%[134]. Inventory and Operating Costs - Operating costs increased by 5.80% to ¥1,752,134,971.79 from ¥1,656,060,809.90 year-on-year[34]. - Inventory increased by 46.83% to ¥899,425,496.40, compared to ¥612,578,125.86 in the previous year, indicating a significant rise in raw material procurement[38]. - The company's inventory decreased to CNY 47,188,342.61 from CNY 74,256,181.87, a reduction of approximately 36.5%[113]. Strategic Initiatives and Market Position - The company focuses on the "big food, big grain" development strategy, consolidating its market share in soy milk powder while actively expanding into the plant protein beverage sector[33]. - The company has maintained a leading position in the soy milk market, with a strong brand presence and consumer recognition[26]. - The company has established a comprehensive supply chain from raw material processing to product sales, enhancing its competitive advantage[32]. - The company is positioned to benefit from the ongoing structural reforms in the grain supply side, enhancing its growth potential in the grain industry[29]. Environmental Compliance - The company reported a total pollutant discharge of 7.3055 tons for COD, which is compliant with the discharge standards[57]. - The company has a nitrogen oxide emission of 1.7119 tons, which is below the allowable limit of 45 tons[57]. - The company has implemented a comprehensive remediation plan for air pollution control as per local government directives[61]. - The company has signed a wastewater treatment agreement with Shandong Lingang Water Treatment Co., Ltd., with all wastewater now directed to the municipal treatment plant[72]. Governance and Leadership Changes - The company experienced a change in leadership, with Lin Bin resigning as chairman and Ren Dong elected as the new chairman[52]. - The company held its first temporary shareholder meeting in 2022 to elect new directors and address other governance matters[51]. - The company has not disclosed any progress on employee stock ownership plans or other incentive measures[55]. Research and Development - Research and development expenses decreased by 32.25% to ¥2,540,866.09, down from ¥3,750,492.28, due to project delays caused by the pandemic[34]. - The company has invested over 5 million yuan since March 2019 to upgrade wastewater treatment processes and facilities, including the addition of two sets of flotation units and a 1,000m³ anoxic tank[68].