OGI(SH:600811)2024-02-28 16:00Financial Performance - The company's operating revenue for the first half of 2021 was CNY 6,465,963,350.71, representing a year-on-year increase of 1.77% compared to CNY 6,353,801,853.07 in the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 29.38% to CNY 251,536,436.70 from CNY 356,205,180.69 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 233,608,500.67, down 33.26% from CNY 350,006,408.05 in the same period last year[19]. - The net cash flow from operating activities was CNY 396,183,542.81, a significant recovery from a negative cash flow of CNY -586,554,373.42 in the previous year[19]. - The total assets at the end of the reporting period were CNY 46,142,691,195.88, a decrease of 1.61% from CNY 46,895,791,760.79 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased by 1.18% to CNY 21,372,286,500.10 from CNY 21,122,037,537.26 at the end of the previous year[19]. - Basic earnings per share for the first half of 2021 were CNY 0.0687, down 29.39% from CNY 0.0973 in the same period last year[20]. - The weighted average return on net assets decreased by 0.50 percentage points to 1.18% from 1.68% in the previous year[20]. - The company achieved a total revenue of 6.784 billion yuan in the reporting period, with agricultural product processing sales contributing 6.730 billion yuan[41]. - The net profit attributable to shareholders was 252 million yuan, a decrease of 29.38% year-on-year, mainly due to reduced profits from an associate company and increased financial expenses[41]. Revenue and Sales - The sales revenue from rice processing decreased by 7.95% year-on-year to 991 million yuan, primarily due to weak consumption and lower retail prices[41]. - The sales revenue from oil and bean products processing fell by 33.06% year-on-year to 1.317 billion yuan, mainly due to reduced oil trade[41]. - Other agricultural product sales increased by 23.82% year-on-year to 4.422 billion yuan, driven by growth in bulk corn trade[41]. - The operating cost for the same period was approximately CNY 6.25 billion, reflecting a rise of 2.17% year-on-year[50]. - The gross profit margin for the agricultural product processing and sales segment decreased by 0.41 percentage points to 2.84%[42]. Investments and Assets - The company has established a comprehensive modern agricultural industry system, integrating planting bases, high-tech demonstration parks, processing parks, and supply chain services[23]. - The company has cultivated 13,000 acres of land in the core production area of Wuchang for organic rice production, ensuring quality control from breeding to harvesting[24]. - The company has developed 12 patents related to plant-based meat and launched 5 high-moisture plant-based meat products in the first phase of production[29]. - The company has formed a complete supply chain from procurement, storage, transportation, to end consumers, particularly in the corn trading business[28]. - The company has established stable supply relationships with nearly 100 major clients in the bean products sector, including Haidilao and Meituan[27]. - The company has seen a 318.5% year-on-year increase in corn imports, reaching 15.3 million tons in the first half of 2021[30]. - The company has entered a strategic partnership with "Zhenrou," acquiring a 20% stake to jointly operate the "Dongfang Zhenrou" brand[31]. - The company anticipates a recovery in profit margins for oil and meal products as consumption peaks in the second half of the year[31]. Financial Position - The company's total assets decreased from CNY 46,895,791,760.79 to CNY 46,142,691,195.88, a decline of approximately 1.60%[119]. - The company's total liabilities decreased from CNY 25,514,332,213.83 as of December 31, 2020, to CNY 24,504,042,397.99 as of June 30, 2021, a reduction of approximately 3.95%[119]. - Total equity increased from CNY 21,381,459,546.96 to CNY 21,638,648,797.89, an increase of about 1.20%[119]. - The company's retained earnings increased from CNY 5,493,468,733.90 to CNY 5,745,005,170.60, an increase of about 4.58%[119]. - The company's total liabilities at the end of the reporting period are approximately CNY 0.61 billion[143]. Corporate Governance and Management - The company has not disclosed any plans for profit distribution or capital reserve conversion during the reporting period[5]. - The company has appointed Sun Mingtao as the new president following the resignation of Fang Hao and Zhang Minggen due to work changes[75]. - The company has not reported any significant changes in share capital structure during the reporting period[101]. - There were no significant lawsuits or arbitration matters during the reporting period[84]. - The company has confirmed its ability to continue as a going concern for the next 12 months without any significant doubts[153]. Research and Development - Research and development expenses were CNY 682,475.84, indicating ongoing investment in innovation[126]. - The company holds three national patents for "full-fat stabilized rice bran" and is actively developing related products[34]. - The company has developed a high-moisture plant-based meat product with a water content of 65%, leading the industry in this technology[34]. Market and Competition - The company faces risks from intensified competition in the health food processing sector due to increased investments and supportive policies[64]. - The company plans to expand community group buying and other new retail markets, focusing on high-margin core products[44]. Cash Flow and Liquidity - The cash interest coverage ratio improved significantly to 1.51, up from 0.17 in the previous year, attributed to increased cash flow from grain and oil sales[114]. - The company maintained a loan repayment rate of 100% and an interest payment rate of 100%[114]. - The current liquidity ratio is 1.22, a decrease of 8.59% compared to the previous year-end[114]. - Cash and cash equivalents decreased from CNY 5,172,183,688.77 to CNY 4,766,699,376.08, a decrease of about 7.85%[118]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status[154]. - The company has implemented specific accounting policies for mergers and acquisitions, ensuring proper valuation of assets and liabilities[158]. - The company recognizes goodwill when the merger cost exceeds the fair value of identifiable net assets acquired[160].