西藏水资源中期报告2024

目錄CONTENTS FINANCIAL HIGHLIGHTS MANAGEMENT DISCUSSION AND ANALYSIS 業務回顧 BUSINESS REVIEW During the first half of 2024, the Group continued to be committed to thedevelopment of the water resources industry and the beer industry in Tibet,striving to enhance the user experience and optimize channel expansion,so as to enable Tibet’s distinctive and premium products to reach moreconsumers and potential consumers. 在二零二四年上半年，本集團繼續致力於西藏水資源產業及啤酒產業的發展，努力提升戶體驗，優化渠道擴展，使西藏的特色優質產品觸達更多的消費者及潛在消費者。 二零二四年上半年，中國經濟延續平穩運行模 式， 消 費 總 體 表 現 較 為 疲 軟， 消 費 市 場恢復基礎仍需鞏固及消費信心有待進一步提振，消費者的消費態度更為審慎和理性。國內包裝飲用水市場競爭加劇，本集團的包裝飲用水產品仍著力特通渠道的拓展，包括汽車服務及鐵路渠道上的銷量均有增長。水業務總體銷量同比增長18.6%，收入同比增長10.9%。啤酒行業銷量整體下滑的背景下，本集團啤酒業務受日益激烈的市場競爭及整體 消 費 趨 勢 等 的 交 織 影 響， 銷 量 同 比 下 降28.5%，收入同比下降31.8%。 In the first half of 2024, China’s economy continued to operate in a stablemode, and the overall performance of consumption was relatively weak.Thefoundation for the recovery of the consumer market still needs tobeconsolidated and consumer confidence needs to be further boosted,withconsumers’attitude towards consumption becoming more prudentand rational. The domestic packaged drinking water market was in keencompetition, but the Group’s packaged drinking water products are stillfocusing on the expansion of special channels, including sales growth inauto services and railway channels. The overall sales volume of the waterbusiness increased by 18.6% year-on-year, while its revenue increased by10.9% year-on-year. Against the backdrop of the overall decline in salesvolume in the beer industry, the Group’s beer business was affected by theinterplay of the increasing market competition and the overall consumptiontrend, resulting in a year-on-year decrease in sales volume by 28.5% andrevenue by 31.8%. 二零二四年上半年，本集團在西藏的銀行融資規模有所下降。本集團也積極利用和發揮上市公司境外融資平台的優勢，於二零二四年初成功完成一次股權融資，為穩定集團業務運營提供了有力支持。本公司的投資者通過積極參與融資活動以及給予實際投入充分展現出對集團未來發展的認可和信心。本集團管理層始終堅信，以回歸產品為基石，以提升客戶體驗為目標，以深耕品牌價值為導向，以為股東謀求最大收益為核心，聚勢謀遠。 Inthe first half of 2024,the scale of the Group’s bank financing inTibetdecreased.The Group also actively utilized and leveraged on theadvantagesof the offshore financing platform of listed company andsuccessfully completed an equity financing in early 2024, which providedstrongsupport for stabilizing the Group’s business operations.Theinvestors of the Company have fully demonstrated their recognition of andconfidence in the future development of the Group through their activeparticipation in financing activities and actual investment. The managementof the Group has always firmly believed in focusing on the return to theproductsas the cornerstone,the enhancement of customer experienceasthe goal,the deep ploughing of brand value as the guide,and themaximization of shareholders’ returns as the core, so as to focus on thestrengths of the Group and strive for the future. 財務回顧 FINANCIAL REVIEW REVENUE ANALYSIS 收入分析 In the first half of 2024, due to the reasons mentioned in the “BusinessReview”section above,the total revenue of the Group amounted toRMB139 million, representing a decrease of 19.7% in comparison with thefirst half of 2023. 在二零二四年上半年，由於上述「業務回顧」章節提及的因素，本集團的總收入額為人民幣1.39億元，相比二零二三年上半年下降了19.7%。 Therevenue generated from our water business segment was RMB54million, representing an increase of 10.9% in comparison with the first halfof 2023. The increase in revenue was mainly due to the increase in salesvolume of water products in main sales channels of the Group. 水業務分部的收入為人民幣5,400萬元，相比二零二三年上半年上升了10.9%。主要由於本集團主要銷售渠道的水產品的銷量上升以致收入上升。 至於啤酒業務分部，同比變化如下： For the beer business segment, the year over year change is as follow: *調整後除息稅折舊及攤銷前利潤並非國際財務報告準則項下的會計處理辦法，請與附註5(b)一起閱讀。 在 二 零 二 四 年 上 半 年， 本 集 團 的 整 體 毛 利率 為21.1%， 與 二 零 二 三 年 上 半 年 相 比 下降了7.9個百分點。水業務分部的毛利率為19.4%， 與 二 零 二 三 年 上 半 年 相 比 上 升 了5個百分點。啤酒業務分部的毛利率在二零二四年上半年為21.2%，與二零二三年上半年相比下降了12.8個百分點。總毛利率下降主要是由於啤酒產品銷售量下降而分配的固定成本增加及平均銷售價格下降。 In the first half of 2024, the overall gross profit margin of the Group was21.1%, which decreased by 7.9 percentage points when compared to thefirst half of 2023. The gross profit margin of the water business segmentwas 19.4%, which increased by 5 percentage points when compared to thefirst half of 2023. The gross profit margin of the beer business segmentwas 21.2% in the first half of 2024, which decreased by 12.8 percentagepoints when compared to the first half of 2023. The decrease in the overallgrossprofit margin was mainly due to the higher fixed costs allocateddue to the decrease in sales volume of beer products and the decrease inaverage selling price. 銷售及分銷費用和行政費用 SELLING AND DISTRIBUTION COSTS AND ADMINISTRATIVE EXPENSES 在二零二四年上半年，銷售及分銷費用從二零二三年上半年的人民幣1,700萬元上升了16.7%至人民幣2,000萬元，主要是由於品牌及業務營銷推廣費增加及水的銷量上升以致其運輸成本增加。行政費用從二零二三年上半年的人民幣3,700萬元下降了13.0%至人民幣3,300萬元，主要是因為員工成本的減少。 In the first half of 2024, the selling and distribution costs increased by16.7% to RMB20 million from RMB17 million in the first half of 2023,mainlydue to an increase in brand and business marketing promotionexpensesand a