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中粮家佳康(01610) - 2023 - 中期业绩
COFCO JOYCOMECOFCO JOYCOME(HK:01610)2023-08-24 04:00

Financial Performance - For the six months ended June 30, 2023, the company reported a revenue of RMB 5.818 billion, representing an 8.9% increase year-on-year from RMB 5.344 billion[2]. - The company achieved a net profit of RMB 168.426 million, a significant improvement from a loss of RMB 1.399 billion in the same period last year[2]. - Total revenue for the six months ended June 30, 2023, reached RMB 5,818,410,000, an increase from RMB 5,344,506,000 for the same period in 2022, representing a growth of approximately 8.8%[13]. - The company reported a net loss attributable to owners of RMB 469,646,000 for the six months ended June 30, 2023, compared to a loss of RMB 462,030,000 for the same period in 2022, indicating a slight increase in losses of 0.3%[6]. - The company reported a pre-tax loss of RMB 487,592,000, influenced by unallocated corporate expenses and financing costs[18]. - The company reported a net profit before fair value adjustments of biological assets of RMB 168 million for the first half of 2023, an increase of RMB 156.8 million compared to the same period last year[47]. - The gross profit margin before fair value adjustments of biological assets was 6.5%, up 23.4 percentage points year-on-year, driven by a 7.8% increase in the average selling price of live pigs[55]. - The company reported a gain from the sale of property, plant, and equipment of RMB 25,003 thousand for the six months ended June 30, 2023, compared to a loss of RMB 7,272 thousand in the same period of 2022[22]. Sales and Market Performance - The average selling price of live pigs increased by 7.8% to RMB 14.61 per kilogram compared to RMB 13.55 per kilogram in the previous year[2]. - The volume of live pigs sold rose by 7.9% to 2,447 thousand heads, up from 2,268 thousand heads year-on-year[2]. - Fresh pork sales volume increased by 13.0% to 123 thousand tons, compared to 109 thousand tons in the previous year[2]. - The company reported a 25.8% increase in meat imports, with sales volume reaching 36 thousand tons, up from 29 thousand tons[2]. - The revenue breakdown includes RMB 2,071,204,000 from live pig sales, RMB 2,086,701,000 from fresh pork sales, RMB 387,853,000 from meat products, and RMB 1,272,652,000 from imported meat products[13]. - The external customer revenue for the live pig breeding segment was RMB 2,071,204,000, while the fresh pork segment generated RMB 2,086,701,000, indicating strong performance in both areas[17]. - The sales volume of small packaged pork in the South China market reached 1.985 million boxes during the reporting period, reflecting rapid market expansion[50]. Operational Efficiency and Management - The company focused on production management and operational efficiency, leading to improved capacity utilization in the pig farming business[3]. - The company plans to enhance brand promotion and develop surrounding markets to drive future growth[3]. - The company aims to strengthen brand recognition and consumer loyalty through high-quality packaged pork products[45]. - The company has modernized its pig farming bases and feed mills in several provinces, enhancing its production capabilities[39]. - The company plans to further expand its hog farming capacity across various provinces in China[39]. - The company plans to enhance brand differentiation and operational efficiency, focusing on developing value customers and expanding brand influence[78]. Financial Position and Assets - The company's current liabilities exceeded current assets by RMB 965,961,000 as of June 30, 2023, compared to RMB 1,882,268,000 in the previous year, showing an improvement in liquidity position[9]. - Non-current assets totaled RMB 10,745,784,000 as of June 30, 2023, down from RMB 11,010,594,000 at the end of 2022, reflecting a decrease of 2.4%[7]. - Cash and bank balances decreased significantly to RMB 510,877,000 from RMB 1,040,032,000, a decline of 50.9%[7]. - Inventory levels decreased to RMB 868,820,000 from RMB 1,448,885,000, a reduction of 40%[7]. - The total assets less current liabilities increased to RMB 9,779,823,000 from RMB 9,128,326,000, an increase of 7.1%[8]. - The company’s equity attributable to owners increased to RMB 8,840,046,000 from RMB 8,113,545,000, reflecting a growth of 8.9%[8]. - The company's total bank borrowings as of June 30, 2023, were approximately RMB 4.539 billion, down from RMB 5.998 billion as of December 31, 2022[63]. - The company's net debt as of June 30, 2023, was approximately RMB 4.132 billion, a decrease from RMB 6.060 billion as of December 31, 2022, resulting in a net debt-to-equity ratio of 46.1%[63]. Risks and Challenges - The company faces significant risks from diseases in the livestock industry, including African swine fever, which can lead to reduced pig inventory and increased operational costs[71]. - Price volatility in key commodities such as corn and soybean meal poses a risk to the company's profitability, with fluctuations expected to continue impacting earnings[73]. - Environmental risks are addressed with a monitoring system and compliance requirements to prevent pollution and protect the company's reputation[76]. - Safety production risks are managed through established safety regulations and regular inspections to prevent accidents and protect company assets[75]. Governance and Compliance - The company emphasizes high standards of corporate governance to maintain investor trust and ensure effective business planning and decision-making[78]. - The board has decided not to declare an interim dividend for the six months ending June 30, 2023, maintaining a focus on operational integrity[78]. - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2023, confirming that the interim report is prepared in accordance with applicable accounting standards and regulations[79]. - The unaudited condensed consolidated interim financial statements have been reviewed by the company's auditor, ensuring compliance with the relevant review standards[79]. - The interim report will be published on the company's website and the Hong Kong Stock Exchange's disclosure website at an appropriate time[79].