Financial Performance - For the six months ended June 30, 2022, the company recorded revenue of approximately RMB 1,062.5 million, a decrease of about 4.9% compared to RMB 1,116.7 million in the same period last year[12]. - The net profit attributable to the company's owners for the same period was approximately RMB 8.9 million, down approximately 61.9% from RMB 23.3 million in the previous year[12]. - The gross profit margin for the period was approximately 15.1%, a decrease of about 0.8% from 15.9% in the same period last year[14]. - Profit decreased by approximately 61.9% from RMB 23.3 million to RMB 8.9 million, resulting in a net profit margin decline from 2.1% to 0.8%[23]. - Earnings per share decreased to RMB 0.03 from RMB 0.08, representing a decline of 62.5%[47]. - The group reported a profit before tax decreased to RMB 8,881,000, down 61.9% from RMB 23,295,000 in the same period of 2021[72]. Revenue Breakdown - Sales revenue from corrugated paper packaging products was approximately RMB 959.0 million, a decrease of about 5.3% compared to RMB 1,012.7 million in the same period last year, accounting for approximately 90.3% of total revenue[15]. - Sales revenue from corrugated board was approximately RMB 103.5 million, a slight decrease of about 0.4% from RMB 104.0 million in the same period last year, accounting for approximately 9.7% of total revenue[16]. - Revenue from the food and beverage sector was RMB 270,379 thousand, slightly decreasing by 1.7% from RMB 273,850 thousand in the same period of 2021[60]. - Revenue from non-food and beverage consumables was RMB 159,737 thousand, showing a marginal increase of 1% from RMB 158,156 thousand in the same period of 2021[60]. - The group reported a revenue of RMB 1,088,000 for the sale of other materials and consumables, an increase of 112.5% compared to RMB 513,000 in the same period of 2021[66]. Expenses and Costs - The company's selling and distribution expenses decreased by approximately 5.1% to about RMB 56.3 million from RMB 59.4 million in the same period last year, mainly due to a decrease in freight costs[19]. - Administrative expenses increased by approximately 3.6% to about RMB 80.3 million from RMB 77.5 million in the same period last year, primarily due to the commissioning of the Foshan factory[20]. - Financing costs increased by approximately 7.6% from RMB 12.9 million to RMB 13.9 million due to increased borrowings and the rise in the value of the right-of-use assets for the Foshan factory[21]. - The cost of goods sold was RMB 901,629,000, a decrease of 3.9% from RMB 938,598,000 in the previous year[68]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were approximately RMB 118.4 million, up from RMB 52.7 million in the previous period[25]. - Net cash inflow from operating activities increased significantly to approximately RMB 161.0 million from RMB 7.1 million, primarily due to the recovery of receivables and a decrease in inventory[26]. - Cash used in investing activities was approximately RMB 44.3 million, a decrease of RMB 29.5 million compared to RMB 73.8 million in the previous period[27]. - Cash used in financing activities was approximately RMB 57.2 million, a decrease of approximately RMB 80.4 million compared to a net cash inflow of RMB 23.2 million in the previous period[27]. - Operating cash flow for the six months ended June 30, 2022, was RMB 160,980 thousand, a significant increase from RMB 7,086 thousand in the same period of 2021, representing a growth of approximately 2,227%[53]. Dividends and Shareholder Returns - The board has decided not to declare any interim dividend for the period, but announced a special dividend of HKD 0.08 per share to be paid on or around December 15, 2022[12]. - The company declared dividends of RMB 19,555 thousand during the period, compared to RMB 40,612 thousand in the same period last year[50]. - The company approved a final dividend of RMB 19,555,000 for the fiscal year 2021, down from RMB 40,612,000 in the previous year, reflecting a decrease of about 52.1%[91]. Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[40]. - The audit committee has reviewed the group's accounting principles and confirmed the unaudited financial performance for the period[43]. - The independent auditor has conducted a review of the interim financial statements in accordance with the relevant standards[44]. - No significant deviations from the corporate governance code have been reported during the period[40]. - The company will continue to review and enhance its corporate governance practices[40]. Market Outlook and Strategy - The company plans to maintain a cautious optimism regarding market recovery and performance in the second half of 2022, considering the traditional peak season and potential easing of COVID-19 impacts[14]. - The company plans to continue focusing on the development of new products and technologies to enhance market competitiveness[54]. - The company remains committed to expanding its market presence, particularly in the food and beverage packaging sector, which continues to show stable demand[60]. - The company has not disclosed any significant mergers or acquisitions during the reporting period, indicating a focus on organic growth strategies[54]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 1,652,913 thousand, compared to RMB 1,642,345 thousand as of December 31, 2021, indicating a slight increase of 0.4%[48]. - Current liabilities totaled RMB 803,449 thousand, an increase from RMB 782,634 thousand at the end of 2021, reflecting a rise of 2.5%[48]. - The total liabilities of the company as of June 30, 2022, were RMB 996,998,000, compared to RMB 987,178,000 as of December 31, 2021, indicating a rise of approximately 0.83%[93]. - The company reported a decrease in accounts receivable from RMB 659,563,000 in 2021 to RMB 586,603,000 in 2022, a decline of approximately 11.06%[92]. - The group’s total receivables decreased to RMB 604,261,000 from RMB 683,690,000, reflecting a reduction of 11.6%[74].
济丰包装(01820) - 2022 - 中期财报