Hengshun Vinegar(SH:600305)2022-08-22 16:00Financial Performance - The company's operating revenue for the first half of 2022 was approximately RMB 1.18 billion, representing a 14.26% increase compared to the same period last year[19]. - The net profit attributable to shareholders was approximately RMB 127.91 million, showing a slight increase of 0.91% year-on-year[19]. - The basic earnings per share for the first half of 2022 was RMB 0.1288, reflecting a 1.90% increase year-on-year[20]. - The weighted average return on net assets increased by 0.6 percentage points to 5.75% compared to the same period last year[20]. - The company achieved a revenue of CNY 1.183 billion in the reporting period, representing a year-on-year growth of 14.26%[50]. - The net profit attributable to shareholders was CNY 128 million, with a basic earnings per share of CNY 0.1288[50]. - The main seasoning products generated revenue of CNY 1.089 billion, an increase of 9.29% compared to the previous year, with a gross margin of 35.47%[50]. - The vinegar segment (including white vinegar) reported revenue of CNY 718 million, with a gross margin of 41.13%[56]. - The company reported a significant increase of 237.28% in payable taxes, totaling ¥48,994,700.49, due to higher income and value-added taxes[64]. - The total operating revenue for the first half of 2022 reached ¥1,183,232,224.96, an increase of approximately 14.3% compared to ¥1,035,587,832.93 in the same period of 2021[169]. - Net profit attributable to shareholders increased to ¥142,000,000, compared to ¥136,000,000 in the previous year, representing a growth of approximately 4.4%[169]. Cash Flow and Assets - The net cash flow from operating activities decreased by 21.97% to approximately RMB 132.77 million compared to the previous year[19]. - The total assets of the company at the end of the reporting period were approximately RMB 3.02 billion, a decrease of 5.92% from the end of the previous year[19]. - Total current assets decreased to ¥1,305,099,051.64 from ¥1,481,934,438.54, a decline of approximately 11.9%[155]. - Cash and cash equivalents increased to ¥408,266,860.12 from ¥311,164,367.47, representing a growth of about 31.2%[155]. - The company reported a cash inflow of CNY 1,075,898,687.11 from sales, a slight increase from CNY 1,073,990,285.56 year-over-year[183]. - The total cash and cash equivalents at the end of the period stood at CNY 404,266,860.12, down from CNY 450,537,688.62 at the end of the previous year[181]. Research and Development - The company applied for 19 patents during the reporting period, including 8 invention patents and 1 utility model patent, and received authorization for 8 patents, including 4 invention patents[37]. - The R&D center has applied for 2 provincial and 2 municipal technology projects, and has been granted 8 new patents, including 4 invention patents[51]. - Research and development expenses for the first half of 2022 were ¥39,906,247.99, an increase from ¥37,655,254.02, indicating a growth of about 6.0%[169]. Market Strategy and Expansion - The company aims to enhance its product matrix by focusing on deepening vinegar, elevating liquor, and broadening sauces[35]. - The company is actively expanding its online business and enhancing sales channel construction to adapt to market changes[35]. - The company is focusing on cost reduction and efficiency improvement, implementing a procurement management system to enhance operational efficiency[52]. - The company plans to deepen its core businesses in vinegar, wine, and sauce, aiming for high-quality development during the "14th Five-Year Plan" period[54]. - The company is in the process of responding to feedback from the China Securities Regulatory Commission regarding its non-public stock issuance application[137]. Environmental Compliance and Sustainability - Jiangsu Hengshun Vinegar's wastewater treatment plant has a discharge standard limit for COD at ≤ 500 mg/L, with an actual discharge concentration of 29.5 mg/L, resulting in a total discharge of 6.177 tons[87]. - The company has established a monitoring system for pollutants, with real-time data uploaded to the local ecological environment bureau's website, ensuring transparency and compliance[101]. - The company has implemented energy-saving measures, resulting in a total energy consumption reduction of 47.06 tons of coal equivalent (tce) and a decrease in water consumption by 4.75 m³ per ton of vegetables compared to the previous year[107]. - Both companies have not faced any administrative penalties related to environmental issues during the reporting period, confirming compliance with environmental laws and regulations[103]. Related Party Transactions - The company engaged in related party transactions totaling RMB 11,005.24 million for the reporting period, primarily involving the purchase of goods[115]. - The actual amount for purchasing goods and services from related parties in the first half of 2022 was RMB 111.02 million, while sales to related parties amounted to RMB 3.35 million[116]. - The company plans to purchase goods and services from related parties amounting to approximately RMB 215.00 million for the entire year of 2022[115]. Shareholder Information - The largest shareholder, Jiangsu Hengshun Group Co., Ltd., held 447,613,893 shares, accounting for 44.63% of the total shares[144]. - The company distributed a cash dividend of approximately RMB 1.01 per share, totaling RMB 100.29 million, based on a total share count of 992,933,808 shares as of June 30, 2022[132]. - The company has a total of 173,490,261.01 CNY in other equity instruments[198].