*ST佳沃(300268) - 2022 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 2,386,251,443.63, representing a 7.14% increase compared to CNY 2,227,130,012.34 in the same period last year[20]. - The net profit attributable to shareholders of the listed company reached CNY 154,958,188.22, a significant turnaround from a loss of CNY 136,406,115.21, marking a 213.60% increase[20]. - The net profit after deducting non-recurring gains and losses was CNY 151,626,931.41, compared to a loss of CNY 154,618,001.74 in the previous year, reflecting a 198.07% improvement[20]. - The net cash flow from operating activities was CNY 255,483,550.00, up 5.65% from CNY 241,827,853.02 in the same period last year[20]. - Basic earnings per share increased to CNY 0.8895 from a loss of CNY 0.7830, representing a 213.60% growth[20]. - The total assets at the end of the reporting period were CNY 12,505,548,860.42, a 10.66% increase from CNY 11,300,420,797.67 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company rose to CNY 879,448,700.21, up 39.34% from CNY 631,173,109.33 at the end of the previous year[20]. - The weighted average return on net assets was 20.52%, a significant increase of 36.48% from -15.97% in the previous year[20]. - The gross profit margin for the core subsidiary Australis improved significantly to 19.9%, up from -1.02% in the previous year, contributing to a net profit of CNY 154,958,200 for the first half of 2022, a substantial increase of CNY 291,364,300 year-on-year[91]. - The company reported a significant decrease in operating costs, with a reduction of 11.42% in operating costs to CNY 1,978,842,931.23 compared to CNY 2,233,948,756.26 in the previous year[91]. Market Trends and Demand - The global seafood protein industry saw a record aquaculture production of 122.6 million tons in 2020, valued at USD 281.5 billion, with a projected 15% increase in total seafood consumption by 2030[30]. - Salmon supply is expected to remain tight, with a 6% year-on-year decrease in global Atlantic salmon supply in the first half of 2022, primarily due to reduced harvests in Norway and Chile[33]. - The demand for salmon is recovering, with a compound annual growth rate of 9% in total consumption value from 2012 to 2021, indicating strong market demand despite supply constraints[34]. - The average per capita consumption of seafood has increased from 9.9 kg in the 1960s to 20.2 kg in 2020, reflecting a growing demand for seafood products[30]. - The global seafood market is experiencing price recovery due to increased demand as pandemic restrictions ease, with retail channels seeing higher demand than before[31]. - The demand for salmon in the U.S. continues to grow, with retail channel demand remaining high and showing resilience even after the recovery of the food service channel[35]. - The average price of cod fillets is rising globally due to supply shortages and increased demand, compounded by rising costs in fishing, processing, and transportation[40]. Production and Supply Chain - The company has standardized production processes, ensuring traceability and stable quality, while actively developing diverse product lines to meet varying consumer demands in China and the U.S.[43]. - The company has a stable procurement advantage for high-quality seafood, including salmon, cod, and Arctic shrimp, ensuring a reliable supply chain[46]. - The company employs a modernized, closed-system farming model for salmon, ensuring high-quality fish through rigorous monitoring and quality control[52]. - The company has established strategic partnerships with multiple factories in South China and East China to enhance supply chain stability and product quality[63]. - The company has implemented advanced information systems for monitoring the entire salmon farming process, ensuring efficient feeding and disease control[78]. - The company has maintained stable production and supply, effectively mitigating risks from natural disasters and marine predators through strategic planning and management[81]. Sustainability and Environmental Practices - The company is committed to sustainable practices in salmon farming, which has a lower carbon footprint compared to other land-based animal farming[29]. - The company is committed to sustainable development, with salmon farming producing only 5.1 kg of CO2 equivalent per kg of salmon, compared to 39.0 kg for beef[79]. - The company has established a strict environmental management system and has not faced any major environmental issues during the reporting period[137]. - The company has implemented an emergency response plan for environmental incidents, which has been filed with local environmental authorities[138]. - The company is the first global salmon producer to use biodegradable packaging, certified by the FDA, which decomposes within 6 to 20 months[143]. Strategic Initiatives and Future Outlook - The company is actively expanding its market presence in China through new product development, brand operation, and sales channel enhancement[62]. - The company is investing 100 million RMB in R&D for new technologies related to sustainable seafood production[127]. - Market expansion efforts include entering three new international markets by the end of 2022, targeting a 5% increase in global market share[127]. - The company plans to enhance its digital marketing strategy, allocating 50 million RMB to increase brand awareness and customer engagement[127]. - Future outlook remains positive, with a commitment to sustainability and innovation as key drivers for growth in the coming years[127]. Corporate Governance and Compliance - The company emphasizes strict compliance with corporate governance laws and actively involves the board in management and overseas asset control[142]. - The company has established diverse communication channels for investors to ensure their rights and interests are protected[140]. - The company adheres to labor laws and has implemented a comprehensive employee training program to enhance staff skills[141]. Risks and Challenges - The company faces risks from raw material price fluctuations due to increasing scarcity of marine resources, which may adversely affect gross margin and net profit levels[118]. - The company is exposed to trade environment and exchange rate fluctuation risks, which could impact business operations and profitability[119]. - The management highlighted a focus on improving operational efficiency, aiming for a 5% reduction in production costs by Q4 2022[127].