Financial Performance - Yihai International Holding Ltd. reported a revenue of HK$1.2 billion for the first half of 2024, representing a 15% increase compared to the same period last year[2]. - The company achieved a net profit of HK$300 million, which is a 20% increase year-over-year[2]. - Revenue for the first half of 2024 reached RMB 2,926,925, an increase of 11.9% compared to RMB 2,616,226 in the same period of 2023[11]. - Gross profit for the period was RMB 877,508, reflecting a 9.9% increase from RMB 798,589 in the previous year[12]. - Operating profit decreased by 16.9% to RMB 414,006, down from RMB 498,429 in the first half of 2023[12]. - Profit for the period was RMB 334,143, a decline of 11.4% compared to RMB 376,960 in the same period last year[12]. - Basic earnings per share attributable to equity holders decreased by 13.1% to 31.78 RMB cents from 36.59 RMB cents[14]. - Total revenue for the six months ended June 30, 2024, was RMB 2,926.9 million, compared to RMB 2,616.2 million in the same period of 2023, reflecting a significant growth[34]. - The Group's net profit decreased by 11.4% from RMB377.0 million for the six months ended 30 June 2023 to RMB334.1 million for the corresponding period in 2024[59]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by 2025[2]. - The company aims to expand its presence in both business-end and overseas markets while promoting a multi-brand approach[17]. - The Group's strategy includes enhancing product acceptance in overseas markets by aligning with local taste trends and consumption habits[30]. - The Group will continue to implement a multi-brand strategy to enhance consumer interaction and brand awareness[78]. - The Group plans to explore culinary cultures in foreign markets to better align products with local preferences[75]. Product Development and Sales - New product launches contributed to a 30% increase in sales volume in the hot pot segment[2]. - The Group launched over 50 new products in the first half of 2024, including zero-additives series and various convenient ready-to-eat food options[31]. - Revenue from hot pot condiments rose by 5.6% to RMB1,747.5 million, accounting for 59.7% of total revenue in the same period[39]. - Revenue from compound condiments increased by 24.4% to RMB454.4 million, representing 15.5% of total revenue[41]. - Revenue from convenient ready-to-eat food products grew by 22.2% to RMB700.5 million, making up 23.9% of total revenue[43]. Online Sales and E-commerce - The company reported a significant increase in online sales, which accounted for 40% of total sales, up from 30% last year[2]. - E-commerce sales revenue for the six months ended June 30, 2024, reached RMB 175.3 million, marking a year-on-year increase of 12.4%[25]. - The Group operates 9 flagship stores on major e-commerce platforms such as Tmall.com, JD.com, and Pinduoduo.com as of June 30, 2024[25]. Financial Position and Assets - Total assets as of June 30, 2024, were RMB 5,290,745, down 12.6% from RMB 6,054,438 at the end of 2023[15]. - Current assets decreased by 20.3% to RMB 2,540,285 from RMB 3,187,426 at the end of 2023[15]. - Total equity decreased by 9.9% to RMB 4,584,291 from RMB 5,089,410 at the end of 2023[15]. - As of June 30, 2024, the Group's cash and cash equivalents amounted to approximately RMB1,864.6 million, down from RMB2,309.4 million as of 31 December 2023[59]. Cost Management and Profitability - The gross margin improved to 35%, up from 32% in the previous year, due to better cost management[2]. - The Group's cost of sales rose by 12.8% to RMB2,049.4 million for the first half of 2024, up from RMB1,817.6 million in the same period of 2023[50]. - Distribution expenses surged by 46.9% to RMB352.3 million, increasing as a percentage of revenue from 9.2% to 12.0%[56]. - The increase in sales volume was the primary driver for the rise in cost of sales and distribution expenses[50][56]. Research and Development - Yihai International is investing HK$100 million in R&D for new technology in food safety and supply chain management[2]. - The Group's product development is guided by a project-based system, focusing on consumer demand and diversifying product flavors and forms[19]. Corporate Governance and Compliance - The Audit Committee reviewed the unaudited condensed consolidated interim financial results for the six months ended June 30, 2024, confirming compliance with relevant accounting standards[107]. - The external auditor, PricewaterhouseCoopers, found no issues with the interim financial information prepared in accordance with International Accounting Standard 34[108]. - The Company complied with the Corporate Governance Code during the six months ended June 30, 2024[105]. Shareholder Information - As of June 30, 2024, Mr. Sean Shi holds 130,592,992 ordinary shares, representing approximately 12.60% of the total issued share capital[83]. - Ms. Shu Ping and Mr. Zhang Yong each hold 325,896,021 ordinary shares, representing approximately 31.44% of the total issued share capital[83]. - The Company declared an interim dividend of RMB0.2825 per Share, totaling approximately RMB292,867,750, to be paid on or before September 27, 2024[111].
颐海国际(01579) - 2024 - 中期财报