科拓生物(300858) - 2020 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's board, supervisory board, and senior management ensure the report's truthfulness and completeness, with no plans for semi-annual profit distribution - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility. During the reporting period, the company plans no cash dividends, bonus shares, or capital increase from capital reserves[4][6] Company Profile and Key Financial Indicators Company Profile Beijing Kairui Hengtong Biotechnology Co., Ltd. (Kairui Bio, stock code 300858) is a Shenzhen Stock Exchange-listed company, with Liu Xiaojun as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Kairui Bio | | Stock Code | 300858 | | Listing Exchange | Shenzhen Stock Exchange | | Full Chinese Name | Beijing Kairui Hengtong Biotechnology Co., Ltd. | | Legal Representative | Liu Xiaojun | Key Accounting Data and Financial Indicators In H1 2020, revenue grew 3.26% to 140.15 million yuan, while net profit attributable to shareholders decreased by 4.33% to 38.58 million yuan Key Financial Indicators for H1 2020 | Indicator | Current Reporting Period | Prior Year Period | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Million Yuan) | 140.15 | 135.73 | 3.26% | | Net Profit Attributable to Shareholders (Million Yuan) | 38.58 | 40.33 | -4.33% | | Net Profit Excluding Non-recurring Items (Million Yuan) | 37.86 | 35.96 | 5.28% | | Net Cash Flow from Operating Activities (Million Yuan) | 25.88 | 44.31 | -41.58% | | Basic Earnings Per Share (yuan/share) | 0.62 | 0.65 | -4.62% | | Weighted Average Return on Net Assets | 9.21% | 12.34% | -3.13% | | Indicator | End of Current Reporting Period | End of Prior Year | Year-on-year Change | | Total Assets (Million Yuan) | 491.60 | 465.97 | 5.50% | | Net Assets Attributable to Shareholders (Million Yuan) | 438.41 | 399.83 | 9.65% | Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses amounted to 0.72 million yuan, primarily from government subsidies, asset disposal losses, and COVID-19 related donations Non-recurring Gains and Losses Items for H1 2020 | Item | Amount (Million Yuan) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -0.82 | Losses from clearing fixed assets due to subsidiary Jinhua Yinhe production base relocation | | Government subsidies included in current profit/loss | 3.58 | - | | Other non-operating income and expenses | -2.42 | Primarily donations to Wuhan Leishenshan Hospital and medical staff during the COVID-19 pandemic | | Fair value changes from transactional financial assets, etc. | 0.52 | - | | Less: Income tax impact | 0.14 | - | | Total | 0.72 | -- | Company Business Overview Main Businesses During the Reporting Period The company specializes in R&D, production, and sales of compound food additives, edible probiotics, and animal/plant micro-ecological preparations - The company's main products are categorized into three types: - Compound Food Additives: Primarily used in dairy products like yogurt for thickening, emulsifying, and improving taste[27] - Edible Probiotic Products: Includes raw bacterial powders for enterprises and own-brand products for end consumers[28] - Animal and Plant Micro-ecological Preparations: Applied in livestock farming and crop cultivation to regulate flora and improve soil[29] - The company's performance is primarily driven by the deep integration of its compound food additive business with client terminal products and customer recognition of its edible probiotic business due to effective core strains[36] Significant Changes in Major Assets Fixed assets increased by 83.47% due to construction in progress, while accounts receivable decreased by 51.72% and notes receivable surged by 1009.21% due to settlement changes Explanation of Major Asset Changes | Major Asset | Significant Change Explanation | | :--- | :--- | | Fixed Assets | Increased by 83.47% from the beginning of the year, mainly due to the transfer of construction in progress at subsidiary Jinhua Yinhe to fixed assets | | Accounts Receivable | Decreased by 51.72% from the beginning of the year, mainly because major client Mengniu Dairy settled some payments with bank acceptance bills due to the COVID-19 pandemic | | Notes Receivable | Increased by 1,009.21% from the beginning of the year, mainly because major client Mengniu Dairy settled some payments with bank acceptance bills due to the COVID-19 pandemic | Analysis of Core Competencies The company's core strengths include strong R&D, a stable customer base, robust quality management, and an experienced management team - The company holds 56 invention patents related to probiotics and one of the largest lactic acid bacteria strain resource libraries in China, with highly influential technical leaders in the industry[38] - The company has established long-term strategic partnerships with leading domestic dairy and livestock farming enterprises such as Mengniu, Guangming, and Wandashan, ensuring high customer loyalty[40] - The company has obtained ISO 9001, ISO 22000, and international Halal certifications, demonstrating leading food safety and quality management standards[41] Discussion and Analysis of Operations Overview In H1 2020, total operating revenue was 140.15 million yuan (+3.26%), and net profit attributable to shareholders was 38.58 million yuan (-4.33%), with varied performance across business segments H1 2020 Year-on-year Sales Revenue Change by Business Segment | Business Segment | Year-on-year Growth Rate | | :--- | :--- | | Compound Food Additives | +3.86% | | Edible Probiotic Products | +83.62% | | Animal and Plant Micro-ecological Preparations | -21.09% | - Benefiting from the increased proportion of high-margin edible probiotic products, the company's overall gross profit margin increased by 0.88% year-on-year, further optimizing its business structure[44] Analysis of Main Business Key financial metrics saw significant year-on-year changes, including a 227.08% decrease in financial expenses and a 69.40% increase in R&D investment Year-on-year Changes in Key Financial Data | Item | Current Reporting Period (Million Yuan) | Prior Year Period (Million Yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | -0.17 | 0.13 | -227.08% | Primarily due to increased interest income | | R&D Investment | 7.78 | 4.59 | 69.40% | Primarily due to increased investment in R&D projects during the reporting period | | Net Cash Flow from Operating Activities | 25.88 | 44.31 | -41.58% | Major client Mengniu Dairy settled with bank acceptance bills | | Net Cash Flow from Investing Activities | -15.66 | -23.97 | -34.68% | Reduced payments for engineering projects year-on-year | | Non-operating Expenses | 3.25 | 0.00 | 179,291.58% | Due to COVID-19 pandemic donations and disposal of fixed assets | Analysis of Assets and Liabilities The asset structure shifted, with fixed assets increasing to 13.01% of total assets and accounts receivable decreasing to 10.07%, reflecting asset transfers and settlement changes Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Million Yuan) | Proportion of Total Assets | Amount at End of Prior Year Period (Million Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 49.49 | 10.07% | 99.46 | 24.20% | -14.13% | | Fixed Assets | 63.97 | 13.01% | 21.45 | 5.22% | 7.79% | | Construction in Progress | 124.23 | 25.27% | 150.66 | 36.64% | -11.37% | Analysis of Investment Status The company had no major equity or non-equity investments or use of raised funds, but invested 79 million yuan of idle self-owned funds in bank wealth management products - The company invested 79 million yuan of idle self-owned funds in bank wealth management products[56] Risks Faced by the Company and Countermeasures The company faces risks from market competition, high customer concentration, potential technology leakage, and increased depreciation post-IPO, with mitigation strategies in place - Key risk points: - Market Competition: Faces competition from international giants like Danisco and DuPont[61] - Customer Concentration: Operating revenue primarily derived from a few large dairy enterprises such as Mengniu and Guangming[63] - Technology Leakage: Risks of core strain and product formula leakage exist[64] - Increased Depreciation: IPO projects will lead to a significant increase in fixed assets and depreciation expenses, potentially impacting short-term profits[64] Significant Events Summary of Significant Events The company held its 2019 annual general meeting, plans no semi-annual profit distribution, and had no major litigation, penalties, media queries, or related party transactions - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[71] - During the reporting period, the company had no major litigation, arbitration, media queries, penalties and rectifications, or significant related party transactions[76][77][79] Share Changes and Shareholder Information Share Change Status As of June 30, 2020, total share capital was 61,887,692 shares, all restricted; post-reporting period, the company listed on July 27, 2020, increasing total shares to 82,517,692 - The share capital remained unchanged during the reporting period, but the company completed its initial public offering and listing on the ChiNext board on July 27, 2020, increasing its total share capital to 82,517,692 shares[97] Number of Shareholders and Shareholding Status As of the reporting period end, the company had 11 common shareholders, with Sun Tiansong holding 40.32% and Beijing Kerongda Investment Partnership holding 16.13% Top Five Shareholders' Shareholding Status (as of June 30, 2020) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares | | :--- | :--- | :--- | :--- | | Sun Tiansong | Domestic Natural Person | 40.32% | 24,954,801 | | Beijing Kerongda Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 16.13% | 9,985,506 | | Liu Xiaojun | Domestic Natural Person | 8.77% | 5,430,301 | | Zhang Liebing | Domestic Natural Person | 8.54% | 5,287,801 | | Qiao Xiangqian | Domestic Natural Person | 7.11% | 4,403,000 | Information on Preferred Shares 7.1 Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[105] Information on Convertible Corporate Bonds 8.1 Convertible Corporate Bonds The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[108] Information on Directors, Supervisors, and Senior Management 9.1 Changes in Directors, Supervisors, and Senior Management There were no changes in the shareholdings or composition of the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management had no changes in shareholdings or personnel during the reporting period[110][111] Information on Corporate Bonds 10.1 Corporate Bonds The company has no publicly issued and listed corporate bonds that are unexpired or fully redeemed as of the report approval date - The company has no unexpired or fully unredeemed corporate bonds[114] Financial Report Financial Statements This section presents the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2020 1. Consolidated Balance Sheet As of June 30, 2020, total assets were 491.60 million yuan, total liabilities were 53.19 million yuan, and total owners' equity attributable to the parent company was 438.41 million yuan Consolidated Balance Sheet Key Items (June 30, 2020) | Item | Amount (Million Yuan) | | :--- | :--- | | Total Assets | 491.60 | | Total Liabilities | 53.19 | | Total Owners' Equity Attributable to Parent Company | 438.41 | | Total Liabilities and Owners' Equity | 491.60 | 3. Consolidated Income Statement In H1 2020, total operating revenue was 140.15 million yuan, total operating costs were 94.08 million yuan, and net profit was 38.58 million yuan Consolidated Income Statement Key Items (H1 2020) | Item | Amount (Million Yuan) | | :--- | :--- | | I. Total Operating Revenue | 140.15 | | II. Total Operating Costs | 94.08 | | III. Operating Profit | 49.27 | | IV. Total Profit | 46.03 | | V. Net Profit | 38.58 | 5. Consolidated Cash Flow Statement In H1 2020, net cash flow from operating activities was 25.88 million yuan, net cash flow from investing activities was -15.66 million yuan, and cash and cash equivalents at period-end were 110.33 million yuan Consolidated Cash Flow Statement Key Items (H1 2020) | Item | Amount (Million Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 25.88 | | Net Cash Flow from Investing Activities | -15.66 | | Net Cash Flow from Financing Activities | 0.00 | | Net Increase in Cash and Cash Equivalents | 10.23 | | Cash and Cash Equivalents at Period-end | 110.33 | Notes to Consolidated Financial Statement Items This section provides detailed explanations for significant items in the consolidated financial statements, including their composition, changes, and accounting policies 61. Operating Revenue and Operating Costs In H1 2020, main business revenue was 140.15 million yuan, with compound food additives contributing 115.61 million yuan (approx. 82.5% of total revenue) Main Business Revenue Composition (H1 2020) | Product Category | Revenue (Million Yuan) | | :--- | :--- | | Compound Food Additives | 115.61 | | Edible Probiotic Products | 12.63 | | Animal and Plant Micro-ecological Preparations | 10.55 | | Other | 1.35 | | Total | 140.15 | Supplementary Information This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share Return on Net Assets and Earnings Per Share (H1 2020) | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic EPS (yuan/share) | Diluted EPS (yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 9.21% | 0.62 | 0.62 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 9.04% | 0.61 | 0.61 | Catalogue of Reference Documents 12.1 Reference Documents Reference documents include the semi-annual report signed by the legal representative and the financial report signed and sealed by relevant financial officers - Reference documents include: - The semi-annual report text bearing the signature of the legal representative - The financial report text bearing the signatures and seals of the person in charge of the entity, the person in charge of accounting work, and the head of the accounting department - Other relevant materials[608]