中国旺旺(00151) - 2024 - 中期业绩

Financial Performance - Revenue for the six months ended September 30, 2023, was RMB 11,274,818 thousand, representing a 4.1% increase from RMB 10,832,945 thousand in the same period of 2022[2] - Gross profit increased by 10.0% to RMB 5,100,690 thousand, up from RMB 4,638,428 thousand year-on-year[2] - Operating profit rose by 19.5% to RMB 2,475,563 thousand compared to RMB 2,072,092 thousand in the previous year[2] - Profit attributable to equity holders of the company was RMB 1,732,245 thousand, an increase of 8.5% from RMB 1,596,054 thousand[2] - Basic and diluted earnings per share increased by 8.7% to RMB 14.58 from RMB 13.41[2] - The gross profit margin improved to 45.2%, up from 42.8% in the prior year, reflecting a 2.4 percentage point increase[2] - The operating profit margin also improved to 22.0%, compared to 19.1% in the previous year, an increase of 2.9 percentage points[2] - The group reported a profit before tax of RMB 2,366,916 thousand, with income tax expenses amounting to RMB 639,730 thousand, resulting in a net profit of RMB 1,727,186 thousand for the period[14] - Profit attributable to equity holders increased by 8.5% to RMB 1.7322 billion, with a profit margin of 15.4%, up 0.7 percentage points from the previous year[26] Revenue Breakdown - The revenue breakdown includes RMB 2,059,979 thousand from rice snacks, RMB 6,096,666 thousand from dairy and beverages, RMB 3,031,829 thousand from leisure foods, and RMB 86,344 thousand from other products[14] - In the first half of fiscal year 2023, total revenue grew by 4.1% year-on-year to reach RMB 11.2748 billion, with dairy and beverage products accounting for 54% and rice snacks and leisure foods for 45% of total revenue[35] - The dairy and beverage segment saw a year-on-year revenue increase of 7.1%, reaching RMB 6.0967 billion, driven by a nearly 20% growth in canned milk sales[37] - The rice snacks category reported a revenue increase of 4.5% year-on-year, reaching RMB 2.060 billion, with overseas business contributing approximately 20% of this segment's performance[36] - The leisure food segment experienced a revenue decline of 1.5% year-on-year, totaling RMB 3.0318 billion, primarily due to a weak performance in the ice cream subcategory[38] Assets and Liabilities - Total assets as of September 30, 2023, were RMB 27,358,320 thousand, up from RMB 25,974,077 thousand as of March 31, 2023[6] - Total liabilities increased to RMB 12,902,369 thousand from RMB 11,270,007 thousand, indicating a rise in financial obligations[7] - Trade receivables as of September 30, 2023, amounted to RMB 947.45 million, up from RMB 900.396 million as of March 31, 2023[23] - Trade payables increased to RMB 1.11581 billion as of September 30, 2023, compared to RMB 970.395 million as of March 31, 2023[25] - Net cash as of September 30, 2023, was RMB 8.1133 billion, a decrease of RMB 204 million from March 31, 2023[48] - The total borrowings as of September 30, 2023, increased by RMB 2.2879 billion to RMB 7.6302 billion, with RMB borrowings accounting for nearly 85% of total borrowings[49] Capital Expenditures - Capital expenditures totaled RMB 220,252 thousand, with RMB 48,682 thousand allocated to rice snacks, RMB 66,265 thousand to dairy and beverages, RMB 47,035 thousand to leisure foods, and RMB 18,855 thousand to other products[14] - Capital expenditures for the first half of FY2023 were RMB 220.3 million, primarily for expanding production facilities for various product categories[51] Market Strategy and Growth - The company continues to focus on expanding its market presence in North America, East Asia, Southeast Asia, and Europe, enhancing its product distribution capabilities[8] - The company continues to focus on channel diversification and product innovation to drive long-term growth[27] - The group plans to expand emerging channels and overseas markets in the second half of fiscal year 2023, focusing on seasonal sales activities[34] - The group reported a significant increase in profit from dairy and beverages, reaching RMB 2,022,069 thousand, compared to RMB 1,656,504 thousand in the previous year[14] - The group's overseas business revenue achieved high double-digit growth in the first half of fiscal year 2023, with significant revenue increases in Asia and the Americas[30] Shareholder Returns and Governance - The company decided not to declare an interim dividend for the six months ended September 30, 2023, compared to RMB 919.506 million for the same period in 2022[22] - The company aims to maximize shareholder value through prudent cash dividend distribution and share repurchase policies[59] - The company has repurchased a total of 2,677,000 shares for a total amount of HKD 13,383,000 at an average price of HKD 5.00 per share during April 2023[63] - As of September 30, 2023, the company has repurchased an additional 14,513,000 shares for a total amount of HKD 70,867,170 at an average price of HKD 5.06 per share[65] - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO[61] - The company will continue to review its governance structure as necessary, considering its current development stage[61] Operational Efficiency - Distribution costs increased by RMB 10.5 million, or 0.7%, to RMB 1.4748 billion in the first half of FY2023, while the distribution cost as a percentage of revenue decreased by 0.4 percentage points to 13.1%[45] - Inventory turnover days decreased to 86 days as of September 30, 2023, down from 90 days as of March 31, 2023[53] - The average number of employees in the first half of FY2023 was approximately 38,887, a decrease of 2,342 from the previous year[57] Compliance and Reporting - The company has adopted new and revised Hong Kong Financial Reporting Standards, which primarily affect the disclosure of deferred tax assets but do not impact the overall financial position[12] - The company has not applied initial recognition exemptions for lease transactions prior to the recent amendments, which has led to changes in the recognition of deferred tax assets related to lease liabilities[12] - The Audit and Risk Management Committee has reviewed the unaudited interim results for the six months ended September 30, 2023[60] - The company has issued a total of 11,864,893,135 shares as of the announcement date[65] - The company’s functional currency is USD, while over 90% of its operations are in mainland China, leading to foreign exchange risks primarily from overseas procurement[58]