BRIGHT DAIRY(SH:600597)2021-08-30 16:00Financial Performance - The company's operating revenue for the first half of 2021 reached CNY 14,264,084,192, representing a 17.36% increase compared to the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 261,019,201, a decrease of 16.81% year-on-year[20]. - The net cash flow from operating activities was negative at CNY -66,644,021, a decline of 110.43% compared to the previous year[20]. - The total assets of the company at the end of the reporting period were CNY 20,115,746,164, a decrease of 0.28% from the end of the previous year[20]. - The company's net assets attributable to shareholders decreased by 2.18% to CNY 6,158,457,342 compared to the end of the previous year[20]. - Basic earnings per share for the first half of 2021 were CNY 0.21, down 19.23% from CNY 0.26 in the same period last year[20]. - The company reported a significant decrease in minority shareholders' profit by 123.27%, primarily due to losses from the New Zealand subsidiary[50]. - The company reported a total comprehensive income of CNY -76,403,786, contrasting with CNY 385,035,355 in the first half of 2020[150]. - The company reported a comprehensive income loss of 120,645,461 RMB for the first half of 2021[166]. Investments and Acquisitions - The company completed the acquisition of 100% equity in Shanghai Dingying Agricultural Co., Ltd. and Dafeng Dingsheng Agricultural Co., Ltd. in April 2021[20]. - The company plans to raise up to RMB 1.93 billion through a private placement, with RMB 1.355 billion allocated for ranch construction and RMB 575 million for working capital[42]. - The company reported a significant investment in Jinhua Haihua Dairy Co., with an investment cost of CNY 14,965,000 and an end-of-year balance of CNY 24,974,739, representing a 7.5% increase[66]. - The company is in the process of establishing Wuzhong Guangming Agricultural Co., Ltd. and Zhongwei Guangming Agricultural Co., Ltd. as part of its expansion strategy[122]. Operational Developments - The company achieved a sales scale exceeding 25 billion yuan in the dairy industry, ranking among the top players[31]. - The company has established a stable and high-quality raw milk supply base, with several farms certified under various quality standards[32]. - The company has a comprehensive cold chain preservation system, utilizing advanced logistics management technologies[39]. - New product launches in the first half of 2021 included A2β-casein fresh milk and a sugar-free series, contributing to product innovation and market expansion[42]. - The company has initiated a digital transformation project to enhance operational efficiency and integrate online and offline channels[45]. Research and Development - The company has applied for 14 national patents in the first half of 2021, including 12 invention patents[36]. - The company has a strong research and development capability, supported by a national key laboratory in dairy biotechnology[35]. - Research and development expenses increased to CNY 43,527,200, up from CNY 39,191,126 in the same period last year, indicating a focus on innovation[147]. Financial Position - Total liabilities reached RMB 11,506,539,914, compared to RMB 11,239,978,837 at the end of 2020, reflecting an increase of 2.4%[140]. - The company's total liabilities to equity ratio increased slightly, indicating a shift in the capital structure[140]. - The total equity attributable to shareholders decreased to RMB 6,158,457,342 from RMB 6,295,619,868, a decline of 2.2%[140]. - The company’s total assets at the beginning of the year were 8,896,966,548 RMB, with a slight decrease in total equity by the end of the period[166]. Environmental and Social Responsibility - The company has implemented pollution prevention facilities that comply with environmental protection regulations, ensuring normal operation[92]. - The company has established self-monitoring plans to oversee the discharge of major pollutants[92]. - The company actively promotes the TSCP training program, providing free technical services to improve local dairy farming efficiency[99]. - The company maintains a commitment to green and low-carbon sustainable development, aligning with carbon peak and carbon neutrality goals[98]. Risk Management - The company faced various risks including industry risks, livestock diseases, and food safety risks as detailed in the management discussion[7]. - Financial risks are acknowledged due to the high liquidity requirements in the fast-moving consumer goods sector, prompting the company to improve accounts receivable recovery and inventory management[74]. - The company has established a disease prevention system for cattle to mitigate risks associated with livestock diseases, emphasizing the importance of health management[72]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 92,284[127]. - The largest shareholder, Bright Food (Group) Co., Ltd., held 632,117,066 shares, representing 51.62% of the total shares[127]. - The company did not issue any corporate bonds or convertible bonds during the reporting period[134].