Financial Performance - For the six months ended June 30, 2023, revenue increased by 5.0% to approximately RMB 842.8 million from approximately RMB 802.4 million in the same period of 2022[2] - Gross profit rose by 4.6% to RMB 462.4 million, compared to RMB 441.9 million for the same period in 2022[2] - Profit for the period increased to RMB 98.9 million, up from RMB 75.1 million in the same period of 2022[2] - Basic earnings per share for the period were RMB 0.09, compared to RMB 0.07 for the same period in 2022[3] - The adjusted operating profit for the tea segment was RMB 137,571,000, compared to RMB 150,119,000 in the previous year, indicating a decrease of 8.4%[17] - The company reported a net profit before tax of RMB 98,910,000 for the six months ended June 30, 2023[17] - The company's profit attributable to shareholders increased by RMB 23.8 million or 31.7% to RMB 98.9 million for the six months ended June 30, 2023, compared to RMB 75.1 million for the same period in 2022[61] - The net profit margin improved from 9.4% for the six months ended June 30, 2022, to 11.7% for the same period in 2023, driven by increased revenue and cost control measures[61] Dividends and Share Repurchase - The board declared an interim dividend of HKD 0.05 per share, equivalent to RMB 0.046 per share[2] - The company declared an interim dividend of RMB 50,196,000, up from RMB 37,182,000 in the previous year, reflecting a 35% increase[29] - The interim dividend declared is HKD 0.05 per share, representing 50% of the after-tax consolidated profit for the six months ended June 30, 2023[73] - The interim dividend for 2022 was HKD 0.04 per share, indicating a 25% increase year-over-year[73] - The company repurchased 222,000 shares at a total value of approximately HKD 1,070,000 (about RMB 948,000) during the first half of 2023[38] - The total number of shares repurchased in 2023 was 222,000, with a total cost of HKD 1,064,520[70] - The highest repurchase price was HKD 5.15 and the lowest was HKD 4.60 during the first half of 2023[70] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 3,026.2 million, a decrease from RMB 3,139.5 million as of December 31, 2022[4] - Total liabilities decreased from RMB 1,369.4 million as of December 31, 2022, to RMB 1,284.4 million as of June 30, 2023[7] - Non-current assets amounted to RMB 1,418.7 million, compared to RMB 1,361.8 million at the end of 2022[4] - Inventory as of June 30, 2023, was RMB 1,024.0 million, down from RMB 1,063.4 million at the end of 2022[4] - The total amount of borrowings as of June 30, 2023, was RMB 639.6 million, a decrease from RMB 678.1 million as of December 31, 2022[43] - The company reported short-term bank borrowings of RMB 477.4 million as of June 30, 2023, down from RMB 535.3 million at the end of 2022[43] - The debt-to-capital ratio improved to 26.9% as of June 30, 2023, down from 27.7% as of December 31, 2022, mainly due to a reduction in total borrowings[64] Revenue Breakdown - Sales of tea amounted to RMB 611,059,000, up from RMB 584,720,000, reflecting a growth of 4.7% year-over-year[16] - Sales of tea food reached RMB 107,771,000, an increase of 5.8% compared to RMB 101,919,000 in the previous year[16] - Revenue from tea sales rose by 4.5% to RMB 611.1 million, while revenue from tea food increased by 5.8% to RMB 107.8 million; however, revenue from tea utensils decreased by 2.4% to RMB 93.0 million[51] Cost Management - The cost of sales increased by 5.5% to RMB 380.4 million, primarily due to increased sales volume[53] - Distribution costs decreased by 8.1% to RMB 187.0 million, attributed to cost control measures[55] - Administrative expenses decreased by 3.2% to RMB 137.7 million, also due to cost control measures[56] - Other income increased by 11.9% to RMB 7.5 million, mainly from investment property income[57] - Income tax expense rose by 19.1% to RMB 38.7 million, driven by an increase in profit before tax from RMB 107.6 million to RMB 137.6 million[60] Operational Developments - The company has established a food research and development department to diversify its product offerings, including traditional delicacies[47] - The company plans to continue optimizing its retail network, focusing on high-traffic areas in selected cities and expanding its presence in popular shopping centers[48] - The company anticipates a gradual recovery in the Chinese retail sector in the second half of 2023, aiming to maintain market share[47] - As of June 30, 2023, the company had a total of 1,340 retail stores and specialty points, an increase of 8 from 1,332 stores as of December 31, 2022[45] - The company operates approximately 164 self-owned retail stores and 1,176 distributor stores, accounting for 37.6% and 58.7% of total revenue, respectively[52] Compliance and Governance - The company has maintained compliance with the corporate governance code as of June 30, 2023, with no deviations reported[71] - The audit committee has reviewed the accounting principles and practices for the six months ended June 30, 2023[75] - The interim financial statements have been reviewed by external auditors according to the relevant standards[75]
天福(06868) - 2023 - 中期业绩