双塔食品(002481) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,011,527,109.43, representing a 4.11% increase compared to CNY 971,570,660.09 in the same period last year[18]. - Net profit attributable to shareholders was CNY 219,641,338.02, a 30.49% increase from CNY 168,316,220.89 year-on-year[18]. - Basic earnings per share rose to CNY 0.1797, reflecting a 32.72% increase from CNY 0.1354 in the same period last year[18]. - The weighted average return on net assets improved to 8.00%, up from 5.89% in the previous year[18]. - The company reported a revenue of ¥1,011,527,109.43 for the current period, representing a 4.11% increase compared to ¥971,570,660.09 in the same period last year[44]. - The revenue from the main product, vermicelli, was CNY 279,443,332.67, accounting for 27.63% of total revenue, with a year-on-year growth of 4.73%[47]. - The company reported a total revenue of CNY 220 million for the first half of 2021, with a year-on-year growth rate of 9.52%[155]. - The net profit margin for the first half of 2021 was 7.58%, indicating a stable profitability level[155]. Cash Flow and Financial Position - The net cash flow from operating activities surged to CNY 123,331,382.18, marking a significant increase of 1,291.41% compared to CNY 8,863,762.78 in the previous year[18]. - Cash flow from financing activities increased by 202.68% to CNY 97,147,784.51, primarily due to reduced cash payments for debt repayment[45]. - The company's cash and cash equivalents decreased by 159.03%, totaling CNY -98,439,587.46, indicating a significant cash outflow during the period[45]. - The total liabilities increased to CNY 1,366,840,083.37 from CNY 1,001,072,667.58, marking a rise of about 36.4%[127][128]. - The company's equity attributable to shareholders reached CNY 2,810,587,621.36, compared to CNY 2,748,805,091.91 at the end of 2020, showing a slight increase of around 2.2%[128]. - The total comprehensive income for the period was CNY 178,889,779.37, compared to CNY 140,020,336.02 in the previous year[140]. Market and Product Development - The company's main business, pea protein, generated sales revenue of CNY 411,086,560.44, accounting for 40.64% of total revenue, with a gross profit contribution of 74.64%[27]. - The company plans to enhance its production capacity for high-end pea protein, which is expected to further increase its market share[27]. - The company has established deep collaborations in pea protein with leading firms such as Beyond Meat, Unilever, Cargill, Du Pont, Mars, and Nestle, indicating a strong market presence[28]. - The company aims to increase the sales proportion of food-grade dietary fiber, enhancing profitability in response to the growing demand for dietary fiber in China[30]. - The company has initiated an organic vermicelli project in Xichong, Sichuan, further expanding its production capabilities[29]. - The company plans to continue focusing on investment in fixed assets and long-term assets, with cash payments for these investments amounting to 204,198,070.21 RMB in the first half of 2021[148]. Research and Development - The company has invested ¥36,804,760.94 in R&D, accounting for 3.64% of total revenue, with a slight decrease of 2.69% compared to the previous year[44]. - The company has established partnerships with several universities for research and development, including Jiangnan University and China Agricultural University, focusing on pea protein extraction technologies[27]. - The company has allocated CNY 24 million for future investments in research and development to enhance product offerings[156]. Environmental and Social Responsibility - The company emphasizes the importance of food safety and quality control, implementing strict quality assurance measures throughout the production process[59]. - The company actively participates in local poverty alleviation and environmental improvement initiatives[73]. - The company has established a closed-loop circular economy model for wastewater treatment and pollution prevention[69]. - The company is committed to developing a circular economy, achieving zero pollution and zero emissions in its production processes[75]. Shareholder and Governance - The company will not distribute cash dividends or issue bonus shares for this reporting period[7]. - The company has a stable cash dividend policy to ensure continuous profit growth for investors[73]. - The company has not engaged in any non-operational fund occupation by major shareholders or related parties during the reporting period[79]. - The company has not issued any guarantees or engaged in significant related party transactions during the reporting period[90]. - The company has approved a total guarantee amount of CNY 230 million for its subsidiaries, with actual guarantees amounting to CNY 6.94 million during the reporting period[97]. Risks and Challenges - Despite challenges from rising raw material and shipping costs, the company's high-end pea protein exports have shown good growth, with shipping prices increasing by 100%-150% during the reporting period, impacting net profit by approximately 25 million yuan[29]. - The company faced risks related to raw material price fluctuations, which could impact profitability due to the unpredictability of agricultural product prices[58]. - Future guidance suggests a cautious outlook due to market volatility and changing consumer preferences[163].