Haixin Foods (002702)2024-08-30 08:59Financial Performance - The company reported a revenue of CNY 714,670,503.53 for the reporting period, a decrease of 2.60% compared to the same period last year[10]. - The net profit attributable to shareholders was CNY -12,764,945.74, representing a decline of 1,172.09% year-on-year[10]. - The operating cash flow for the period was CNY 8,797,479.37, an increase of 127.60% compared to the previous year[10]. - The total assets at the end of the reporting period were CNY 2,011,423,400.23, down 7.09% from the end of the previous year[10]. - The company achieved a comprehensive gross margin of 17.91%, a decrease of 0.62 percentage points year-on-year[17]. - The comprehensive expense ratio increased to 19.20%, up 1.91 percentage points compared to the previous year[17]. - The company reported a total of 491,983,654.45 yuan in restricted assets, including 454,204,090.74 yuan in fixed assets and 28,794,754.03 yuan in intangible assets[39]. - The company’s total assets reached CNY 79,566.14 million, with total liabilities of CNY 53,433.21 million[56]. - The company’s total liabilities decreased from CNY 973,503,004.63 to CNY 854,650,908.60, a reduction of approximately 12.2%[103]. - The company reported a total operating revenue for the first half of 2024 of ¥714.67 million, a decrease of 2.60% compared to ¥733.72 million in the same period last year[31]. Business Operations - The company continues to focus on the production and sales of frozen fish and meat products, with no significant changes in its main business operations[14]. - The company operates multiple wholly-owned subsidiaries across various regions, enhancing its market presence[4]. - The company is positioned as a leading player in the frozen fish and meat products industry, with significant production capacity and market share[16]. - The company launched multiple high-end abalone products, expanding its product offerings to meet consumer demand for quality seafood[18]. - The company completed the construction of a new 100,000-ton frozen fish product project in Jiangxi, which commenced production in July 2024[18]. - The company introduced 742 new product SKUs, contributing 4,608.32 million CNY to revenue[21]. - The company is actively expanding its e-commerce presence through collaborations with major platforms like Douyin, JD, and Tmall[18]. - The company has established a comprehensive marketing network, covering major retail chains and e-commerce platforms[30]. Risk Management - The company has outlined major risks and corresponding countermeasures in the report[1]. - The company emphasizes the importance of risk awareness for investors regarding future plans and forecasts[1]. - The company faces market competition risks due to increasing industry standards and intensified competition, particularly in mature and developing regions[58]. - Food quality safety control risks are highlighted, emphasizing the importance of strict quality management throughout the supply chain[58]. - The company is exposed to raw material price fluctuation risks, which could impact production costs and overall performance[59]. - Management risks associated with business scale expansion are acknowledged, necessitating improvements in management capabilities and internal controls[59]. Shareholder Information - The company reported a plan not to distribute cash dividends or issue bonus shares for the fiscal year 2024[1]. - The participation rate in the 2023 Annual General Meeting was 22.52%, while the participation rate in the first extraordinary general meeting of 2024 was 23.42%[62]. - The company has a total of RMB 24,100,000 in entrusted financial management, with RMB 12,000,000 remaining due[88]. - The company’s total share capital is 555,760,000 shares, with 93,860,025 shares subject to restrictions, accounting for 16.89% of the total[92]. - The largest shareholder, Teng Yongxiong, holds 14.42% of shares, totaling 80,160,000, with 15,670,000 shares pledged[94]. Environmental Compliance - The company has implemented a wastewater treatment system with a capacity of 1,500 m³/d, ensuring compliance with environmental standards[72]. - The company reported a total discharge of 0.563 tons of COD and 0.42 tons of nitrogen oxides, both within the permitted limits[71]. - The company has established emergency response plans for environmental incidents, which have been filed with relevant environmental authorities[73]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[74]. - The company actively participates in environmental protection and complies with various environmental laws and regulations[78]. Financial Management - The company has not engaged in any securities or derivative investments during the reporting period[44][45]. - The company has not reported any significant changes in the measurement attributes of its major assets during the reporting period[39]. - The company has not disclosed any major non-equity investments during the reporting period[42]. - The company has not experienced any penalties or rectification situations during the reporting period[78]. - The company reported a cash management amount of CNY 12,000 million from idle raised funds, with a remaining balance of CNY 12,907.77 million as of June 30, 2024[52]. Research and Development - Research and development expenses increased by 4.51% to ¥7.41 million from ¥7.09 million in the previous year[31]. - The company has been recognized as a national research center for fish paste processing technology, enhancing its R&D capabilities[29]. - The company is investing $10 million in R&D for new technologies aimed at enhancing product features and user experience[168]. Corporate Governance - The financial report is guaranteed to be true, accurate, and complete by the company's board and management[1]. - The company has implemented a stock option incentive plan, granting 10.78 million stock options to 116 incentive targets on March 15, 2021[66]. - The company approved the cancellation of 2.667 million stock options related to the 2021 stock option incentive plan, affecting 92 incentive recipients[67]. - The company has established a confidentiality system and signed confidentiality agreements with all core technical personnel to mitigate the risk of talent loss and technology leakage[60]. Investment Activities - The company has exited its investment in Wuxi Huixiang Food Technology Co., Ltd. as of May 28, 2024[38]. - The company has not engaged in any asset or equity acquisition or sale transactions during the reporting period[82]. - The company approved a share repurchase plan using self-owned funds ranging from RMB 25 million to 50 million, with a maximum repurchase price of RMB 6.22 per share, expecting to repurchase between 4,019,293 and 8,038,585 shares, accounting for approximately 0.72%-1.45% of the total share capital[90].