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颐海国际2024中期报告

2024-09-19 港股财报 Aaron

公司概况

公司成立于开曼群岛，在香港联合交易所上市，股票代码为1579。
公司董事会由执行董事、非执行董事和独立非执行董事组成，其中独立非执行董事包括崔金女士（自2024年3月26日起担任主席）和叶淑君女士。
审计委员会、薪酬委员会和提名委员会的主席分别为崔金女士、叶淑君女士和邵山先生。
公司秘书处由岳殿红女士和陈银华女士共同担任，授权代表为邵山先生和陈银华女士。
审计师为普华永道会计师事务所，香港法律顾问为Kirkland & Ellis律师事务所。
公司注册办公室位于开曼群岛，企业总部位于中国上海。

2024年中期业绩回顾

国内经济保持总体稳定，居民收入稳步增长，宏观经济政策效果逐渐显现，为消费市场需求的恢复和支出提供了有利环境。
公司聚焦于渠道建设、管理实践 refinement、产品研发机制 enhancement、业务端和海外市场扩张、多品牌策略推进和供应链管理 process 优化。
渠道建设方面，采用 refined 和 standardized 的渠道管理策略，深入市场调研，关注销售渠道的 healthy 和 benign 发展，积极 pursuit 新兴渠道。
产品研发方面，坚持“项目制产品” system，通过 multi-dimensional 探索和实验，进行 product flavour 和 forms 的多元化创新。
品牌策略方面，维持多品牌策略，通过 online 和 offline 推广“魔厨”品牌，提升品牌活力和消费者忠诚度。
供应链管理方面，成功 launch Bazhou Phase II 项目，并启动了 Yihai (Anhui) Food Technology Co. Ltd. 的牛肉油生产基地（一期），持续调整和优化产能配置。

业务回顾

公司业务涵盖家庭烹饪客户、餐饮服务提供商和食品行业公司，并为海底捞、超级嗨和四海供应链提供调味品供应。
主要产品包括 hot pot condiments、compound condiments 和 convenient ready-to-eat food products。
主要销售渠道包括 distributors、e-commerce 和 catering customers，覆盖中国34个省级 administrative regions 和49个海外国家和地区。
公司继续优先采用 refined 和 standardized 的渠道管理模型，并通过“ partners” 评估 system 进一步完善，提升渠道运营效率。
e-commerce 渠道方面，重新定义了目标客户和市场定位，通过 online marketing strategies 调整和 organizational structure 优化，实现 high level of professionalism。
产品方面，hot pot condiments、compound condiments 和 convenient ready-to-eat food product series 为主要产品，新 product 数量超过50种。
向 related parties（海底捞集团、超级嗨集团和四海供应链集团）的销售收入同比增长11.5%。
向 third-party distributors 的销售收入同比增长10.1%，主要 due to 主题性推广活动和 new product 推广。
向 e-commerce 渠道的销售收入同比增长12.4%，主要 because online live streaming 和 product promotion efforts 增强。

财务回顾

收入方面，2024年上半年收入为29.27亿元，同比增长11.9%。
成本 of sales 同比增长12.8%，主要 attributable to 销售量 increase。
毛利润同比增长9.9%，毛利率下降至30.0%，主要 due to hot pot condiments 价格调整。
distribution expenses 同比增长46.9%，主要 attributable to online marketing expenses 和 transportation expenses increase。
administrative expenses 同比下降0.4%。
net profit 同比下降11.4%，主要 due to distribution expenses increase 和 other income and gains – net decrease。

未来展望

预计2024年下半年市场消费潜力继续 expand，国民经济将 recover 和 improve。
公司将继续 focus on 产品研发、海外 expansion、品牌 promotion 和渠道 construction。
产品研发方面，将 refine 产品研发“ methodology”，引入 new products，并继续 expand into the business-end market。
海外业务方面，将继续 explore 外国市场 culinary cultures，并 expand customer-end overseas core mainstream supermarkets。
品牌策略方面，将继续 implement 多品牌 strategy，并通过 social media 和 brand campaigns 提升消费者认知和体验。
渠道建设方面，将 adhere to refined 和 standardized management，并 explore diverse sales points。
e-commerce 方面，将 improve online platform operation and management，并 leverage e-commerce channels on forecasting 和 leading market trend。

其他信息

公司没有银行借款，财务状况稳健。
公司已采用 Model Code for securities transactions，并 comply with the Corporate Governance Code。
公司已宣布派发中期股息，每股0.2825元人民币。

（於開曼群島註冊成立的有限公司）股份代號Stock Code: 1579(Incorporated in the Cayman Islands with limited liability) 2024 Interim Report中期報告 2 DefinitionsCorporate InformationFinancial SummaryManagement Discussion and AnalysisCorporate Governance and Other InformationInterim Condensed Consolidated Balance SheetInterim Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive IncomeInterim Condensed Consolidated Statementof Changes in EquityInterim Condensed Consolidated Statementof Cash FlowsNotes to the Interim Condensed ConsolidatedFinancial Information 6 9 Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Sean Shi(Chairman)Mr. Guo Qiang(Chief Executive Officer)Mr. Sun ShengfengMs. Shu PingMr. Zhao Xiaokai Non-executive Director Mr. Zhang Yong Independent Non-executive Directors Ms. Cui Jin(since 26 March 2024)(Note)Mr. Yau Ka Chi(until 26 March 2024)(Note)Mr. Qian MingxingMs. Ye Shujun 20243262024326 AUDIT COMMITTEE Ms. Cui Jin(chairman) (since 26 March 2024)(Note)Mr. Yau Ka Chi(chairman) (until 26 March 2024)(Note) 202432620243 26 Mr. Qian MingxingMs. Ye Shujun REMUNERATION COMMITTEE Ms. Ye Shujun(chairman)Ms. Shu PingMr. Qian Mingxing NOMINATION COMMITTEE Mr. Sean Shi(chairman)Mr. Qian MingxingMs. Ye Shujun Note: With effect upon the publication of the announcement in respect of the changeof independent non-executive Director on 26 March 2024, Mr. Yau Ka Chiresigned from his positions as an independent non-executive Director andthe chairman of the Audit Committee and Ms. Cui Jin was appointed as anindependent non-executive Director and the chairman of the Audit Committee.Please refer to the announcement of the Company in respect of the change ofindependent non-executive Director dated 26 March 2024 for details. 20243262024326 JOINT COMPANY SECRETARIES Ms. Yue DianhongMs. Chan Yin Wah AUTHORIZED REPRESENTATIVES Mr. Sun ShengfengMs. Chan Yin Wah AUDITOR PricewaterhouseCoopersCertified Public Accountants and Registered PublicInterest Entity Auditor HONG KONG LEGAL ADVISER 1526 Kirkland & Ellis26/F, Gloucester TowerThe Landmark15 Queen’s Road CentralHong Kong REGISTERED OFFICE P.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1 – 1205 Cayman Islands P.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1 – 1205 Cayman Islands CORPORATE HEADQUARTERS 25001810 Room 1810No. 2500 Zhenbei RoadPutuo DistrictShanghai, PRC Corporate Information PRINCIPAL SHARE REGISTRAR AND TRANSFER AGENT INTHE CAYMAN ISLANDS Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1 – 1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY11100Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG KONG 40th Floor, Dah Sing Financial CentreNo. 248 Queen’s Road EastWanchai, Hong Kong 24840 HONG KONG SHARE REGISTRAR 1831717121716 Computershare Hong Kong Investor Services LimitedShops 1712-171617th Floor, Hopewell Centre183 Queen’s Road EastWanchai, Hong Kong tzzgx@yihchina.com INVESTOR RELATIONS Email: tzzgx@yihchina.com www.yihchina.com WEBSITEwww.yihchina.com STOCK CODE 15791579 Management Discussion and Analysis 2024 INTERIM PERFORMANCE REVIEW 2024 In the first half of 2024, with the domestic economy maintaining overallstability, experiencing steady growth in residents’ income, and thegradual effects of macroeconomic policies becoming evident, thenational economy continued its positive trend of steady improvement.This provided a conducive environment for the ongoing recovery ofconsumer market demand and expenditure. 2024 In the first half of 2024, the Group focused its core efforts on enhancingchannel building, refining management practices, enhancing productresearch and development mechanisms, further expanding its presencein both business-end and overseas markets, promoting a multi-brandapproach and optimizing its supply chain management processessimultaneously. 2024B Regarding channel building, the Group has adopted a refined andstandardized channel management strategy, conducted in-depthmarket research and focused on the healthy and benign development ofsales channels, while actively attempting to pursue emerging channelsin light of the diverse characteristics of the channels, in order tostrengthen the expansion and extension of sales channels. Additionally,by optimizing the “partners” assessment system with an appraisal andincentive system focusing on “incremental growth”, the Group aimed toinvigorate the sales team’s enthusiasm and creativity. Furthermore, theGroup consistently deepened the construction and innovation of theinformation system. By integrating intelligent recognition technologies,we are capable of gathering and analysing data on channel turnover,point of sale figures, distribution rates, and market dynamics. Thismeasure not only enhanced our ability to monitor the s

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