Financial Performance - The Group's revenue slightly decreased by 1.6% to approximately RMB 13,368.0 million compared to the corresponding period[3] - Overall gross profit decreased by 22.3% to approximately RMB 2,298.1 million, primarily due to decreases in the gross profit of Food additives and Colloid segments[3] - Profit attributable to the Shareholders decreased by 32.3% to approximately RMB 1,041.3 million[3] - Basic and diluted earnings per share for the period were RMB 41.31 cents and RMB 41.30 cents, respectively, compared to RMB 60.70 cents and RMB 60.68 cents in the corresponding period[3] - Return on equity for the period was 11.9%, down from 18.9% in the corresponding period[3] Dividends - Interim dividend declared was HK 16.0 cents per share with a payout ratio of 35%[3] - The interim dividend proposed on August 29, 2024, is HKD 403,280,000 (RMB 369,098,000), down from HKD 583,392,000 (RMB 534,954,000) in the first half of 2023, representing HKD 16.0 cents (RMB 14.6 cents) per share compared to HKD 23.0 cents (RMB 21.0 cents) per share in the previous year[68] Assets and Liabilities - Total non-current assets increased to RMB 13,274.9 million from RMB 12,845.6 million[12] - Current assets increased to RMB 21,626.2 million from RMB 19,715.3 million[12] - Total assets increased to RMB 34,901.1 million from RMB 32,560.9 million[12] - Total liabilities increased to RMB 17,356,196, up 13.9% from RMB 15,236,673 as of December 31, 2023[13] - Current liabilities rose to RMB 15,784,720, reflecting a 12.4% increase from RMB 14,044,560[13] - Total equity reached RMB 17,544,943, representing a 1.3% increase from RMB 17,324,214[13] Borrowings - Borrowings surged to RMB 10,902,686, a significant increase of 14.0% from RMB 9,577,500[13] - As of June 30, 2024, total borrowings amounted to RMB 11,496,686,000, an increase of 18.1% from RMB 9,724,500,000 as of December 31, 2023[59] - Current bank borrowings secured by restricted bank balances were RMB 3,669,866,000 as of June 30, 2024, compared to RMB 3,390,000,000 as of December 31, 2023[59] Revenue Segments - The food additives segment generated revenue of RMB 6,916,923, up from RMB 6,558,505 in the previous year, reflecting an increase of about 5.47%[32] - The animal nutrition segment reported revenue of RMB 4,194,523, compared to RMB 4,090,697 in 2023, indicating a growth of approximately 2.54%[32] - The high-end amino acid segment saw revenue rise to RMB 1,075,268 from RMB 827,369, marking an increase of around 30%[32] - Revenue from the food additives segment increased by 5.5% to approximately RMB 6,916.9 million, driven by higher contributions from MSG and starch sweeteners[82] - Revenue of the animal nutrition segment increased by 2.5% to approximately RMB 4,194.5 million, with gross profit rising by 43.6% to approximately RMB 853.6 million, resulting in a gross profit margin of 20.4%[84] Cost and Profitability - The cost of sales for the Group was RMB 11,069,960, compared to RMB 10,623,333 in 2023, indicating an increase of approximately 4.19%[32] - The Group's gross profit margin decreased to approximately 17.2% in 2024 from 21.5% in 2023[32] - Gross profit for the Group was RMB 2,298,061, down from RMB 2,956,760 in 2023, representing a decrease of approximately 22.3%[32] - The average price of corn kernels, a key raw material, was approximately RMB 2,078 per tonne, down 13.3% compared to the Corresponding Period[74] - The average price of coal, a key energy cost, was approximately RMB 389 per tonne, decreasing by 7.6% compared to the Corresponding Period[74] Cash Flow and Financial Position - The net cash inflow from operating activities during the Period was approximately RMB 2,964.8 million, up from RMB 1,332.0 million in the corresponding period[108] - The Group's cash and bank balances were approximately RMB 13,596.4 million as of June 30, 2024, compared to RMB 10,880.2 million as of December 31, 2023[108] - The Group's net current assets were approximately RMB 5,841.5 million as of June 30, 2024, with a current ratio of 1.37 times[108] Market Conditions - China's GDP grew by 5.3% and 4.7% in the first and second quarters of 2024, respectively, resulting in an overall growth of 5.0% for the period[70] - The price of corn decreased by 15.2% to RMB 2,318 per tonne in the first half of 2024 compared to the corresponding period in the previous year[70] - Coal imports increased by 12.5% to approximately 250 million tonnes in the period compared to the corresponding period last year, contributing to a downward trend in coal prices[70] - The price of MSG was approximately RMB 7,899 per tonne during the period, reflecting a decrease of 15.4% compared to the previous year due to weak demand from downstream customers[70] Operational Highlights - The Group's diversified product development plan has established a business structure with multiple growth drivers, enhancing core competitiveness[73] - Capacity utilization rates for MSG, threonine, lysine, and xanthan gum reached full capacity during the period[101] - The Group plans to finalize the trial run of new MSG and chemical plants in the second half of 2024[118] - The Group aims to promote sales of new MSG capacity and develop three overseas regional sales offices[118] Shareholder Actions - The company repurchased a total of 4,799,000 shares at an aggregate consideration of approximately HKD 20.0 million before expenses during the period[127] - As of June 30, 2024, the repurchased shares had been cancelled, and an additional 1,000,000 shares were repurchased in July 2024 for approximately HKD 4.3 million before expenses[128]
阜丰集团(00546) - 2024 - 中期业绩