金字火腿(002515) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was ¥321,140,760.15, representing a 2.40% increase compared to ¥313,599,823.85 in the same period last year[27]. - The net profit attributable to shareholders of the listed company was ¥64,654,467.44, a slight increase of 0.99% from ¥64,021,150.38 year-on-year[27]. - The net profit after deducting non-recurring gains and losses decreased by 9.14% to ¥57,342,684.55 from ¥63,111,871.57 in the previous year[27]. - The net cash flow from operating activities improved significantly to ¥136,829,554.71, compared to a negative cash flow of -¥210,177,070.16 in the same period last year, marking a 165.10% increase[27]. - Total assets at the end of the reporting period were ¥1,514,942,721.70, down 6.31% from ¥1,616,923,159.04 at the end of the previous year[27]. - The net assets attributable to shareholders of the listed company increased by 2.75% to ¥1,362,536,337.53 from ¥1,326,105,470.98 at the end of the previous year[27]. - The basic earnings per share remained stable at ¥0.07, unchanged from the previous year[27]. - The weighted average return on net assets was 4.78%, slightly down from 4.79% in the previous year[27]. - The company's total revenue for the reporting period reached 314.06 million yuan, with a year-on-year increase of 1.02%[56]. - Operating costs rose by 3.91% to ¥233,411,321.24, reflecting the increase in revenue[71]. - Research and development expenses increased by 27.98% to ¥2,199,028.90 due to higher personnel costs[71]. - The company reported a significant increase in sales expenses by 24.03% to ¥16,937,167.26 due to higher employee compensation and travel costs[71]. Market and Product Development - The company focuses on developing various types of ham products, including Chinese-style ham, European fermented ham, hot pot ham, grilled ham, and light ham, alongside traditional meat products like large sausages, sausages, cured meat, and customized brand meat for new channels[39]. - The company has expanded its online market presence and strengthened offline channels, achieving a balanced development between online and offline sales[39]. - The company emphasizes the use of high-quality raw materials and craftsmanship to enhance product quality and brand reputation, leading to stable growth in its core ham and meat product businesses[45]. - The company’s personalized custom brand meat business benefits from its extensive industry experience and robust supply chain, catering to the needs of restaurants, food processing companies, and end consumers[48]. - The company’s main sales model includes direct sales and distribution, with a strong online presence on platforms like Tmall, JD.com, and Pinduoduo, as well as partnerships with fresh e-commerce and community e-commerce[55]. - The company’s brand "Jinzi" is recognized as a famous Chinese trademark, primarily focusing on Chinese-style ham and meat products, while also utilizing sub-brands for different market segments[54]. - The market for fermented meat products is expected to grow, particularly for high-end products like the company's European fermented ham, which is still in the cultivation stage in China[46]. - The traditional meat product sector is experiencing increased consumer recognition and demand due to improved production standards and the rise of online shopping[47]. - The plant-based meat industry is emerging, with products offering health benefits and environmental advantages, indicating a promising future for this segment[49]. Sales and Distribution - The main business income from the e-commerce channel was 100.52 million yuan, representing a 7.84% increase compared to the previous year[56]. - The number of distributors increased by 270 to a total of 1,140, marking a growth rate of 31.03%[56]. - The top five customers contributed 75.54 million yuan, accounting for 23.52% of the total revenue[56]. - The revenue from the hotel and catering segment increased by 54.05% to 10.26 million yuan[56]. - Sales volume of ham increased by 49.92% to 972,826 kg compared to 648,896 kg in the same period last year[65]. - The gross profit margin for the KA circulation model decreased by 14.18% to 35.71%[56]. - The gross profit margin for the cold chain industry improved by 7.89% to 34.42%[56]. - The gross profit margin for the direct sales model decreased by 2.10% to 26.07%[56]. - The gross profit margin for the ham product segment was 40.45%, a decrease of 2.53% from the previous year[75]. Inventory and Assets - The inventory of traditional meat products increased by 50.09% to 698,936 kg compared to 465,665 kg last year[65]. - Cash and cash equivalents decreased by 2.26% to ¥56,076,353.71, accounting for 3.70% of total assets, primarily due to repayment of bank loans[80]. - Accounts receivable increased by 0.35% to ¥25,467,270.22, representing 1.68% of total assets, attributed to increased sales during the reporting period[80]. - Inventory remained stable at ¥642,617,603.00, constituting 42.42% of total assets, with a slight increase of 2.64%[80]. - Short-term borrowings decreased by 6.32% to ¥120,000,000.00, making up 7.92% of total assets, due to a reduction in bank loans[80]. - Prepayments decreased by 4.37% to ¥33,870,071.65, representing 2.24% of total assets, mainly due to reduced raw material purchases[80]. - Intangible assets increased significantly by 2.91% to ¥62,906,318.02, accounting for 4.15% of total assets, primarily due to land acquisition[83]. - The company reported a decrease in accounts payable by 0.29% to ¥3,857,409.17, which is 0.25% of total assets, due to reduced unsettled payments[83]. - The total value of frozen pork reserves as of June 30, 2021, was 3,800 tons, under a contract with local governments[89]. Compliance and Risks - The company has not faced any issues related to food quality, safety, or environmental penalties during the reporting period, adhering to compliance in its operations[50]. - The company faces risks from pork price fluctuations, which directly impact raw material procurement costs[100]. - The company adheres to strict quality control measures, following ISO9001 and ISO22000 standards to ensure food safety[103]. - The production cycle for ham exceeds 10 months, leading to liquidity risks due to high inventory levels[104]. - The company did not conduct any major litigation or arbitration matters during the reporting period[130]. - There were no significant related party transactions during the reporting period[131]. - The company has not faced any environmental penalties during the reporting period[118]. - The company has not reported any non-standard audit opinions for the financial period[126]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[111]. - The total number of shares after the recent changes is 978,313,280, with 89.72% being unrestricted shares[157]. - The number of restricted shares decreased by 16,046,640, resulting in a new total of 84,496,076 restricted shares, which is 8.64% of the total[157]. - The largest shareholder, Anji Bama Enterprise Management Partnership, holds 20.30% of the shares, totaling 198,625,280 shares[165]. - The second-largest shareholder, Shi Yanjun, holds 8.99% of the shares, totaling 87,987,227 shares[165]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[173]. - There were no changes in the shareholding of directors, supervisors, and senior management during the reporting period[172]. - The company did not conduct any agreed repurchase transactions among the top 10 shareholders during the reporting period[171]. - The total number of ordinary shareholders at the end of the reporting period was 59,934[165]. - The company has completed its current share repurchase plan[161].