Financial Performance - For the first half of 2021, Labixiaoxin Snacks Group recorded revenue of RMB 361.4 million, an increase of approximately 44.5% compared to the same period last year, driven by a 43.5% increase in jelly product sales and a 385.9% increase in other snack food sales [21]. - The net profit for the first half of 2021 was RMB 27.5 million, a significant recovery from a net loss of RMB 76.6 million in the same period of 2020, primarily due to improved gross profit from jelly products and property sales [22]. - Revenue for the six months ended June 30, 2021, was RMB 361,351 thousand, representing a 44.5% increase from RMB 250,063 thousand in the same period of 2020 [47]. - Gross profit for the same period was RMB 127,691 thousand, up from RMB 92,340 thousand, indicating a gross margin improvement [47]. - Operating profit turned positive at RMB 44,426 thousand compared to an operating loss of RMB 57,212 thousand in the prior year [47]. - Net profit before tax was RMB 28,636 thousand, a significant recovery from a loss of RMB 76,883 thousand in the previous year [47]. - The company reported a net profit attributable to equity holders of RMB 27,477,000 for the six months ended June 30, 2021, compared to a loss of RMB 76,637,000 in the same period of 2020 [86]. - Basic earnings per share for the period was RMB 0.021, a significant improvement from a loss per share of RMB 0.058 in the previous year [86]. Revenue Breakdown - Jelly product revenue increased from RMB 228.6 million in the first half of 2020 to RMB 328.1 million in the first half of 2021, with jelly food sales rising by 23.3% to RMB 172.4 million and jelly drink sales increasing by 75.3% to RMB 155.7 million [23]. - The sales of sweet products rose by approximately 16.2% from RMB 16 million in the first half of 2020 to RMB 18.6 million in the first half of 2021, attributed to the recovery of consumer demand [24]. - Revenue from other snack foods surged by 385.9% to RMB 13.5 million, mainly due to the launch of a new series of healthy tofu products that received positive customer feedback [26]. - The beverage product revenue decreased by approximately 56.6% to RMB 1.2 million in the first half of 2021, as the company shifted focus from beverages to higher-margin jelly products [25]. Cost and Expenses - Sales cost increased by approximately 48.1% to RMB 233.7 million in the first half of 2021, while gross profit rose by about 38.3% to RMB 127.7 million, resulting in a slight decrease in gross margin from 36.9% to 35.3% [27]. - Selling and distribution expenses rose by approximately 38.6% to RMB 50.7 million, primarily due to an increase in advertising and promotional expenses by about 36.7% to RMB 24.3 million [28]. - Financing costs for the six months ended June 30, 2021, decreased to RMB 16,172 thousand from RMB 20,529 thousand in the same period of 2020, a reduction of approximately 21.5% [78]. - The company reported a net financing cost of RMB 15,790 thousand for the six months ended June 30, 2021, down from RMB 19,671 thousand in the same period of 2020 [78]. Distribution and Market Expansion - As of June 30, 2021, the company had 915 distributors, an increase from 900 distributors as of June 30, 2020, reflecting the ongoing expansion of its distribution network [22]. - The company plans to expand distribution channels through new retail, e-commerce, social media, and community initiatives over the next few years [44]. Financial Stability - The company's asset-liability ratio improved to 119.8% as of June 30, 2021, down from 147.6% at the end of 2020, indicating better financial stability [31]. - The company believes it will have sufficient operating funds to meet its financial obligations for the next 12 months [56]. - The board of directors has reviewed the cash flow forecasts and considers the going concern basis for preparing the financial statements to be appropriate [56]. Capital Expenditure and Investments - Capital expenditure for the first half of 2021 was RMB 9.9 million, primarily for upgrading production lines [34]. - The company has no significant investments, acquisitions, or disposals of subsidiaries or associates during the period ending June 30, 2021 [135]. Shareholder Information - The company’s major shareholders include Zheng Yulong, Zheng Yushuang, Zheng Yuhuan, and Li Hongjiang, each holding significant stakes through Alliance Food And Beverages (Holding) Company Limited [123][124]. - Zheng Yulong holds a beneficial interest in 119,935,060 shares, representing approximately 9.02% of the company's equity [124]. - The total number of shares held by Alliance Holding is 610,915,527, accounting for 45.97% of the company's equity [123]. Employee and Governance - As of June 30, 2021, the company had approximately 1,170 employees, with total salary expenses of RMB 50.9 million for the six months ending on that date [134]. - The company has maintained compliance with corporate governance codes and has not deviated from the corporate governance practices as of June 30, 2021 [138].
蜡笔小新食品(01262) - 2021 - 中期财报