Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,204,776,000, an increase of 11.3% compared to RMB 1,081,881,000 for the same period in 2023[2] - Gross profit for the period was RMB 445,732,000, representing a significant increase from RMB 257,096,000 in the previous year, reflecting a gross margin improvement[2] - The company reported a profit before tax of RMB 125,667,000, a turnaround from a loss of RMB 264,077,000 in the same period last year[2] - Total comprehensive income for the period was RMB 130,761,000, compared to a loss of RMB 270,036,000 in the prior year[2] - Basic earnings per share for the period was RMB 0.028, a recovery from a loss per share of RMB 0.056 in the previous year[2] - Other income and gains increased to RMB 105,458,000 from RMB 58,323,000, contributing to overall profitability[2] - The company reported a profit attributable to ordinary equity holders of RMB 128,996,000 for the six months ended June 30, 2024, compared to a loss of RMB 264,077,000 for the same period in 2023[20] - Net profit for the reporting period was RMB 129.0 million, compared to a net loss of RMB 264.1 million for the six months ended June 30, 2023[65] Assets and Liabilities - The net asset value increased to RMB 4,895,602,000 as of June 30, 2024, up from RMB 4,764,841,000 at the end of 2023[3] - Current liabilities decreased to RMB 1,820,386,000 from RMB 2,166,232,000, improving the company's liquidity position[3] - The group has available credit facilities of approximately RMB 312,566,000 that remain undrawn, supporting future operational needs[7] - Trade receivables as of June 30, 2024, amounted to RMB 512,000, a significant decrease from RMB 82,563,000 as of December 31, 2023[27] - Cash and cash equivalents increased to RMB 1,037,797,000 as of June 30, 2024, compared to RMB 959,068,000 as of December 31, 2023[27] - Deferred income rose to RMB 453,640,000 as of June 30, 2024, up from RMB 405,737,000 as of December 31, 2023[29] - The company's total liabilities for property and equipment contracts were RMB 69,134,000 as of June 30, 2024, down from RMB 75,465,000 as of December 31, 2023[33] Production and Sales - Customer contract revenue from raw milk sales for the six months ended June 30, 2024, was RMB 1,204,776,000, an increase of 11.3% from RMB 1,081,881,000 in the same period of 2023[12] - The production cost of raw milk was RMB 202,063,000 for the six months ended June 30, 2024, slightly down from RMB 206,442,000 in 2023[14] - The company recorded fresh milk sales volume of 259,180 tons, an increase of 17% compared to the same period last year[47] - Total fresh milk sales revenue reached RMB 1,204.8 million, up 11.4% year-on-year[47] - Sales volume of cow milk raw materials was 259,180 tons, up 17.0% from 221,707 tons for the six months ended June 30, 2023[56] Market Conditions - The dairy industry is facing challenges with a surplus in the raw milk market, as consumption growth is lagging behind production increases[45] - The group anticipates that the raw milk industry will face more severe challenges, entering a deeper adjustment phase in its industrial structure[45] - The average price of fresh milk in May 2024 was RMB 3.38 per kilogram, a month-on-month decrease of 2.3% and a year-on-year decrease of 12.9%[45] Management and Governance - The board is committed to maintaining high standards of corporate governance and believes it has complied with all corporate governance codes during the reporting period[82] - The company has adopted the standard code for securities trading by directors and all directors confirmed compliance during the reporting period[83] - Mr. Zhang Yongji was appointed as the executive director and CEO effective February 23, 2024, while Mr. Fu Wenguo resigned from these positions on the same date[84] - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited condensed consolidated interim results for the reporting period[85] Future Outlook - The company aims to achieve positive cash flow in the next twelve months, indicating confidence in operational performance[7] - The company plans to continue expanding sales channels and enhancing cooperation with downstream dairy enterprises to improve raw milk sales and achieve sustainable profitability[55] - The company plans to optimize feeding formulas to further reduce feed costs[47]
原生态牧业(01431) - 2024 - 中期业绩