Yili: Net profit of 3.798 billion yuan in the first half of 2019 On the afternoon of August 29, 2019, Yili Co., Ltd. released its 2019 interim financial report. In the first half of 2019, Yili achieved operating revenue of 45.071 billion yuan, an increase of 12.84% year-on-year, and net profit of 3.798 billion yuan, an increase of 9.72% year-on-year. The report shows that sales revenue from key products such as "Jindian," "Ambrosial," "Changqing," "Meiyitian," "Joy Day," "Jinlingguan," "Qiaolezi," "Zhenxi," and "Changyi 100%" increased by 30% year-on-year. During the same period, new product sales accounted for 17.4% of total revenue, up 2.6 percentage points from 2018, and e-commerce business revenue increased by 31.94% year-on-year. In terms of expenses, in the first half of this year, Yili's sales expenses increased by 9.17% year-on-year to 11.102 billion yuan, of which advertising and marketing expenses reached 6.085 billion yuan, an increase of 2.05% year-on-year. Administrative expenses increased by 45.66% year-on-year to 1.916 billion yuan, mainly due to increased employee compensation.
Mengniu: Net profit of 2.077 billion yuan in the first half of 2019 On August 28, Mengniu Dairy (2319.HK) released its 2019 interim results, showing that in the first half of this year, the company achieved sales revenue of 39.8572 billion yuan, a year-on-year increase of 15.6%. Compared with 2018 interim results, where sales revenue grew 17% and net profit grew 38.5% year-on-year, Mengniu's growth slowed in the first half of 2019. Net profit was 2.0769 billion yuan, a significant year-on-year increase of 33.0%. Among them, core liquid milk business revenue increased by 14.4% year-on-year, far exceeding the industry level; milk powder business revenue increased by 43.8% year-on-year. Both revenue and net profit achieved double-digit growth. Data shows that in the first half of the year, Mengniu's milk powder business revenue was 4.24 billion yuan, an increase of 43.8% year-on-year; liquid milk business revenue was 33.11 billion yuan, an increase of 14.4% year-on-year; ice cream business revenue was 2.19 billion yuan, a decrease of 2.4% year-on-year. (China Net) The interim report pointed out that in the first half of the year, against the backdrop of increasingly fierce market competition and rising comprehensive costs, Mengniu's four major business divisions (ambient, low-temperature, milk powder, and ice cream) worked together with new business divisions such as cheese, fresh milk, and overseas business to make steady progress, consolidating traditional business advantages while further stimulating growth potential.
Bright Dairy: Net profit of 511 million yuan in the first half of 2019 On the evening of August 29, Bright Dairy announced its 2019 semi-annual report. The report shows that Bright Dairy achieved operating revenue of 11.09 billion yuan, an increase of 3.23% compared with 10.744 billion yuan in the same period last year; net profit was 511 million yuan, an increase of 11.04% year-on-year; net profit attributable to shareholders of the listed company was 367 million yuan, an increase of 8.07% compared with 340 million yuan in the first half of last year. Net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was nearly 398 million yuan, an increase of about 15% compared with 346 million yuan in the same period last year. Among them, Bright Dairy's liquid milk segment achieved a year-on-year increase of 4.36%, maintaining steady growth. Data shows that in the first half of 2019, Bright Dairy's liquid milk, other dairy products, animal husbandry products, and others generated revenue of approximately 6.492 billion yuan, 3.21 billion yuan, 953 million yuan, and 358 million yuan respectively, with year-on-year changes of about +4%, +18%, -35%, and +25%. It is understood that in the first half of 2019, consumption growth momentum was strong, with final consumption expenditure contributing over 60% to economic growth. The dairy market was generally improving, and a series of policies such as rural revitalization and dairy industry revitalization provided new growth opportunities for domestic dairy consumption.
China Shengmu: Interim loss narrowed On the evening of August 29, "China's largest organic dairy company" China Shengmu released its 2019 interim report. Affected by the introduction of strategic investor Mengniu, in the first half of the year, China Shengmu's raw milk sales were stable, and the burden of downstream liquid milk was reduced, achieving revenue of 1.421 billion yuan, an increase of 1.5% year-on-year; the loss narrowed from 1.278 billion yuan in the same period last year to 20.8 million yuan. However, from the financial report, China Shengmu's organic strategy continued to shrink, and the downstream liquid milk business continued to lose money. China Shengmu released its 2019 interim results, with sales revenue of 1.421 billion yuan, an increase of 1.5% year-on-year; loss for the period was 73.501 million yuan, a decrease of 93.66% year-on-year; basic loss per share was 0.012 yuan. The interim report shows that introducing Mengniu as a strategic investor ensured the stability of China Shengmu's raw milk sales volume and price. In the first half of the year, China Shengmu's dairy farming business net profit was 32.2 million yuan, turning losses into profits; external sales were 1.159 billion yuan, an increase of 26% year-on-year; raw milk price was 4 yuan/kg, an increase of 18.3% year-on-year. However, from specific data, China Shengmu continued its strategy of shrinking organic business. In the first half of the year, China Shengmu produced 134,000 tons of organic raw milk, while non-organic raw milk increased to 189,000 tons; organic raw milk external sales were 110,600 tons, a decrease of 41.7% year-on-year; non-organic raw milk external sales were 180,800 tons, an increase of 108.9%. The announcement stated that the decrease in loss attributable to owners of the parent was mainly due to: the group's raw milk prices rising steadily compared with the same period last year; the gain from the group's disposal of 51% equity in Shengmu Dairy; the reduced loss from changes in fair value of biological assets less selling expenses; and the impact of provisions for impairment of trade receivables and other receivables. (Company announcement)
Dali: Net profit of 2.07 billion yuan in the first half of 2019 On August 28, Dali Foods Group Co., Ltd. (hereinafter referred to as "Dali Foods") released its 2019 interim results, showing that from January to June 2019, Dali Foods achieved revenue of 11.13 billion yuan, an increase of 1% year-on-year; gross profit was 4.56 billion yuan, an increase of 5.1% year-on-year; gross margin increased by 1.6 percentage points from 39.4% in the same period last year to 41%; net profit was 2.07 billion yuan, an increase of 5.27% year-on-year. Among them, food segment sales revenue increased from 5.101 billion yuan in the first half of 2018 to 5.184 billion yuan, an increase of 1.6% year-on-year. Sales of pastries, potato puffed foods, and biscuits increased by 0.9%, 3.4%, and 1.2% respectively compared with the first half of 2018. Beverage segment sales decreased from 5.307 billion yuan in the first half of 2018 to 5.235 billion yuan, a decrease of 1.3% year-on-year. Among them, sales of functional drinks, plant protein drinks, and milk-containing drinks (including Doubendou) increased by 6.8% and 1.6% respectively, while herbal tea and other beverages decreased by 9.8% and 14.6% respectively.
Toly Bread: Net profit of 304 million yuan in the first half of 2019
On the evening of July 21, Toly Bread (603866.SH) disclosed its 2019 first-half performance forecast. From January to June, Toly Bread achieved operating revenue of 2.56 billion yuan, an increase of 18.06% year-on-year; operating profit was 380 million yuan, an increase of 14.65% year-on-year; total profit was 388 million yuan, an increase of 14.89% year-on-year; net profit attributable to shareholders of the listed company was 300 million yuan, an increase of 15.46% year-on-year. Star products such as Chunshu and Naibang continued to grow steadily, while new products like egg yolk pastry showed relatively high growth, and the overall competitiveness of products continued to improve. Festival food zongzi developed for traditional holidays achieved main business revenue of 10.5702 million yuan, an increase of 7.85% year-on-year. Toly Bread stated that the company achieved a year-on-year increase of 18.06% in operating revenue, mainly due to: 1. The company continuously strengthened marketing channels and improved distribution service quality to increase single-store sales; 2. The company vigorously developed new markets and continuously increased the number of sales terminals. During the reporting period, the company achieved a year-on-year increase of 15.46% in net profit, mainly due to: the steady growth of sales revenue promoted the expansion of production scale, enhanced the company's overall scale effect, and effectively reduced costs and expenses.
Master Kong: Net profit of 1.503 billion yuan in the first half of 2019 On August 26, Master Kong announced its 2019 first-half operating results, showing that in the first half of the year, Master Kong's revenue was 30.495 billion yuan, a decrease of 1.62% year-on-year; gross profit was 9.736 billion yuan, an increase of 0.58% year-on-year; profit attributable to shareholders was 1.503 billion yuan, an increase of 15.05% year-on-year. The financial report shows that through the layout of high-end and ultra-high-end products, in the first half of 2019, Master Kong Group's instant noodle business revenue was 11.544 billion yuan, an increase of 3.68% year-on-year, accounting for 37.85% of the group's total revenue. During the period, due to product price adjustments and rising raw material prices, the gross margin of instant noodles decreased by 1.67 percentage points year-on-year to 28.16%. Due to the year-on-year increase in revenue, decrease in financial expenses, and decrease in other operating expenses, the overall instant noodle business's profit attributable to shareholders of the company increased by 31.24% year-on-year to 875 million yuan in the first half of 2019. Beverage business revenue decreased by 4.08% year-on-year to 18.367 billion yuan, accounting for 60.23% of Master Kong's total revenue. Among them, in the first half of the year, the beverage business's ready-to-drink tea (including milk tea) sales market share was 44.8%, continuing to rank first in the market. The group's juice sales market share was 14.5%, ranking second in the market.
Uni-President: Net profit of 998 million yuan in the first half of 2019 Uni-President announced its 2019 semi-annual report. According to the financial report, in the first half of 2019, Uni-President's revenue was 11.47 billion yuan, an increase of 2.2% year-on-year. Net profit increased by 39.6% year-on-year to 998 million yuan. Gross profit increased by 11.7% to 4.195 billion yuan; gross margin increased by 3.1 percentage points to 36.6%. Uni-President stated in the announcement that the revenue increase was due to the continued growth of "Tang Daren" lifestyle noodles and "Uni-President Assam Milk Tea" revenue. The gross margin increase was mainly due to lower raw material prices, preferential policies of the Chinese government on tax and fee reduction, and Uni-President's continuous optimization of its product structure. From a business segment perspective, instant noodles and beverages achieved good results. In the first half of 2019, Uni-President's instant noodle business revenue was 4.268 billion yuan, an increase of 2.8% year-on-year. Among them, "Tang Daren" high-end noodles achieved double-digit growth in the first half of 2019. As a high-end instant noodle priced above 5 yuan, in addition to "Tang Daren"'s own products attracting young consumers' taste, it also benefited from the recovery of China's instant noodle market. In beverages, in the first half of 2019, beverage business revenue was 6.795 billion yuan, an increase of 0.6% year-on-year. Among them, tea beverages achieved revenue of 3.184 billion yuan; juice business revenue was 918 million yuan, an increase of 0.1% year-on-year; milk tea business increased by 14.3% year-on-year, continuing to maintain its leading position in the milk tea category. It is worth noting that by continuously developing sports scenarios, "Hai Zhi Yan" revenue resumed growth in the first half of 2019. Uni-President Enterprise's subsidiary President Chain Store achieved revenue of 28.01 billion yuan, an increase of 4.04% year-on-year. Its components include convenience stores, distribution and retail business group (including gas stations), other operating departments of President Chain Store (catering and China retail business), and logistics business group, with revenues of 17.3 billion yuan, 3.9 billion yuan, 1.09 billion yuan, and 120 million yuan respectively. It is worth mentioning that other operating departments of President Chain Store (catering and China retail business) increased by 1.04% year-on-year, including 7-Eleven convenience stores in Shanghai and Zhejiang and Shandong Uni-Mart supermarkets in the Chinese market.
Haitian: Net profit of 2.75 billion yuan in the first half of 2019 On August 14, Haitian released its 2019 first-half financial report. Data shows that in the first half of 2019, the company achieved operating revenue of 10.16 billion yuan, an increase of 16.51% year-on-year; net profit was 2.75 billion yuan, an increase of 22.34% year-on-year. Net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was 2.6 billion yuan, an increase of 20.89% year-on-year; earnings per share was 1.02 yuan. The report shows that the company's three core products, soy sauce, sauce, and oyster sauce, all maintained stable development. Among them, soy sauce revenue increased by 13.61%, oyster sauce increased by 21.13%, and sauce increased by 7.48%. However, the 2018 financial report showed that Haitian's soy sauce revenue increased by 15.85%, oyster sauce increased by 26.02%, and sauce increased by 2.55%. Except for sauces, the revenue growth of the other two main products, soy sauce and oyster sauce, both showed a downward trend.
Three Squirrels: Net profit of 266 million yuan in the first half of 2019 On the evening of August 29, Three Squirrels released its first semi-annual report after listing. During the reporting period, the company achieved operating revenue of 4.511 billion yuan, an increase of 39.58% year-on-year; net profit attributable to shareholders of the listed company was 266 million yuan, an increase of 27.94% year-on-year. Among them, third-party e-commerce platforms accounted for 88.62% of revenue during the reporting period, and offline revenue grew rapidly. Three Squirrels' nuts maintained its absolute leading position in the industry while still achieving rapid growth, with revenue of 2.195 billion yuan, an increase of 9.59% year-on-year. The combined revenue of bakery and meat products was 1.557 billion yuan, becoming the main source of revenue after nuts, with a growth rate of 75.65%, maintaining strong development momentum. During the reporting period, Three Squirrels' offline stores ("Tou Shi Dian") achieved revenue of 214 million yuan, an increase of 91.16% from the previous period, and net profit increased by 72.09% year-on-year, showing rapid development of offline stores.
Yanjin Puzi: Net profit of 66.16 million yuan in the first half of 2019 On August 11, Yanjin Puzi released its 2019 semi-annual report. In the first half of 2019, the company achieved operating revenue of 641 million yuan, an increase of 31.28% year-on-year; net profit attributable to shareholders of the listed company was 66.1595 million yuan, an increase of 68.86% year-on-year; basic earnings per share was 0.53 yuan, an increase of 65.63% year-on-year. The financial report shows that in the first half of 2019, Yanjin Puzi's revenue from bakery products, dried tofu products, meat and fish products, surimi products, dried fruit products, vegetarian products, and potato chip products all increased. Among them, dried fruit products achieved revenue of 47.2669 million yuan, an increase of 550.02% year-on-year, the largest increase; potato chip products and bakery products achieved revenue of 32.0057 million yuan and 135 million yuan respectively, with year-on-year increases of 150.08% and 132.09% respectively. In addition, dried tofu products achieved revenue of 115 million yuan, an increase of 12.71% year-on-year.
Qiaqia: Net profit of 220 million yuan in the first half of 2019 On August 15, Qiaqia Food released its 2019 first-half performance report. The company's total operating revenue was 1.987 billion yuan, an increase of 6.02% year-on-year; net profit attributable to shareholders of the listed company was 220 million yuan, an increase of 28.08% year-on-year; basic earnings per share was 0.435 yuan, an increase of 28.32% year-on-year. According to the semi-annual report, in the first half of the year, Qiaqia's revenue from sunflower seeds, nuts, and others was approximately 1.37 billion yuan, 279 million yuan, and 338 million yuan respectively, accounting for 68.93%, 14.05%, and 17.01% of operating revenue. Among them, the nut business improved steadily.
Xiangpiaopiao: Net profit of 24 million yuan in the first half of 2019 On August 13, 2019, "China's first milk tea stock" Xiangpiaopiao released its 2019 first-half financial report. The report shows that after achieving double growth in revenue and profit in 2018, Xiangpiaopiao continued to deliver a bright performance in 2019: in the first half of 2019, operating revenue was 1.376 billion yuan, an increase of 58.26% year-on-year; net profit attributable to shareholders of the listed company was 24 million yuan, turning from loss to profit, an increase of 79 million yuan. During the reporting period, ready-to-drink business revenue was 651 million yuan, a huge increase of 413.74% year-on-year; among them, the strategic new product fruit tea achieved revenue of 588 million yuan in the first half of the year alone, with a quarter-on-quarter increase of 194%, significantly exceeding market expectations. According to the financial report, in the first half of 2019, Xiangpiaopiao's Meco fruit tea business achieved revenue of 588 million yuan, significantly exceeding market expectations. Among them, first-quarter revenue was 171 million yuan, and second-quarter revenue grew to 417 million yuan, with a quarter-on-quarter growth rate of about 144%. Benefiting from this, Xiangpiaopiao's ready-to-drink segment revenue increased by 413.74% year-on-year in the first half of the year.
Youyou: Revenue and profit both declined in the first half of 2019 On August 14, 2019, Youyou Food released its 2019 semi-annual report, with both revenue and profit declining. In the first half of 2019, Youyou Food achieved operating revenue of nearly 478 million yuan, a decrease of more than 16% compared with 573 million yuan in the same period last year; net profit attributable to shareholders of the listed company was nearly 94 million yuan, a decrease of more than 8% compared with 102 million yuan in the first half of 2018. Data shows that as the core product of Youyou Food, pickled pepper chicken feet contributed operating revenue of approximately 394 million yuan in the first half of 2019, a decrease of more than 13% compared with 454 million yuan in the first half of 2018. In other words, the shrinking sales of pickled pepper chicken feet directly dragged down Youyou Food's performance.
Shuanghui Development: Net profit of 2.38 billion yuan in the first half of 2019 On August 13, Shuanghui Development released its 2019 first-half results. The financial report shows that in the first half of the year, total operating revenue was 25.455 billion yuan, an increase of 7.26% compared with the first half of 2018; total profit was 2.998 billion yuan, a decrease of 2.81% compared with the first half of 2018; net profit was 2.382 billion yuan, a decrease of 0.16% year-on-year; net profit attributable to the parent company was 2.382 billion yuan, a decrease of 0.16% compared with the first half of 2018. During the reporting period, the company slaughtered 8.5779 million pigs, an increase of 3.67% compared with the first half of 2018; external sales of fresh and frozen meat and meat products were 1.5291 million tons, a decrease of 1.47% compared with the first half of 2018; total operating revenue was 25.455 billion yuan, an increase of 7.26% compared with the first half of 2018; total profit was 2.998 billion yuan, a decrease of 2.81% compared with the first half of 2018. It is worth noting that there is a significant gap between Shuanghui's sales in the north and south. The financial report shows that Shuanghui Development's sales revenue north of the Yangtze River reached 18 billion yuan, while sales south of the Yangtze River were 10.4 billion yuan.
Jinhua Ham: Net profit of 39.23 million yuan in the first half of 2019 On August 13, Jinhua Ham disclosed its semi-annual report. The report shows that in the first half of the year, the company achieved operating revenue of 126 million yuan, a decrease of 42.54% year-on-year; however, net profit was 39.2261 million yuan, an increase of 92.05% year-on-year. Net profit after deducting non-recurring gains and losses was 37.6433 million yuan, an increase of 192.57% year-on-year. Basic earnings per share was 0.04 yuan. It is worth noting that e-commerce developed rapidly, with e-commerce sales accounting for 40.36% of operating revenue in the first quarter of 2019. The full-year 2019 plan is for e-commerce sales to account for more than 50% of main business revenue.
Anjoy Foods: Net profit of 165 million yuan in the first half of 2019 On August 5, Anjoy Foods disclosed its 2019 first-half financial report. The report shows that Anjoy Foods recently released its 2019 semi-annual report. The announcement shows that during the reporting period, revenue was 2.336 billion yuan, an increase of 19.93% year-on-year; net profit attributable to shareholders of the listed company was 165 million yuan, an increase of 16.04% year-on-year; basic earnings per share was 0.76 yuan, compared with 0.66 yuan in the same period last year. Data shows that Anjoy Foods' net assets attributable to shareholders of the listed company were 2.514 billion yuan, an increase of 22.75% from the end of the previous year; net cash flow from operating activities was 89.301 million yuan, an increase of 214.3% year-on-year.
Haixin Food: Net profit decreased by more than 32.95% Haixin Food recently released its 2019 semi-annual performance express report. In the first half of 2019, total operating revenue was 542 million yuan, an increase of 18.15% year-on-year; net profit attributable to shareholders of the listed company was 7.0147 million yuan, a decrease of 32.95% year-on-year; basic earnings per share was 0.0146 yuan, compared with 0.0218 yuan in the same period last year. The announcement shows that Haixin Food's total assets were 1.022 billion yuan, a decrease of 11.46% from the beginning of the reporting period. It is understood that during the reporting period, the company achieved operating revenue of 541.6817 million yuan, an increase of 18.15% year-on-year; net profit attributable to shareholders of the listed company was 7.0147 million yuan, a decrease of 32.95% year-on-year.
Tiandi No.1: Net profit plummeted by 357.21% On the evening of July 29, Tiandi No.1, a leading Chinese vinegar beverage company, released its 2019 semi-annual report, stating that in the first half of this year, it achieved revenue of 766 million yuan, a record high, an increase of 28.96% year-on-year. Among them, canned apple cider vinegar revenue increased by 84.41% year-on-year, and bottled apple cider vinegar revenue increased by 0.93% year-on-year. It is worth noting that while Tiandi No.1 achieved record revenue in the first half of the year, net profit showed negative growth for the first time. Net profit plummeted by 357.21%, with a loss of 8.2144 million yuan. Relevant financial reports show that from 2015 to 2019 semi-annual periods, Tiandi No.1's net profits were 148 million yuan, 41 million yuan, 62 million yuan, 3.2 million yuan, and -8.2 million yuan respectively. In this regard, Tiandi No.1's 2019 semi-annual report explained that in the first half of this year, the company increased market expenses, with sales expenses increasing by 36.73% year-on-year, leading to the decline in net profit.
Tsingtao Brewery: Net profit of 1.631 billion yuan in the first half of 2019 On August 15, Tsingtao Brewery announced its 2019 semi-annual report. In the first half of 2019, Tsingtao Brewery Co., Ltd. achieved operating revenue of 16.551 billion yuan, an increase of 9.22% year-on-year; net profit attributable to shareholders of the listed company was 1.631 billion yuan, an increase of 25.21% year-on-year. In the first half of 2019, Tsingtao Brewery's net profit after deducting non-recurring gains and losses attributable to the parent company reached 1.445 billion yuan, the highest level for interim results since listing, and the growth rate of 30.60% was also the highest for semi-annual results since 2010. In terms of cash flow indicators, during the same period, the company's net cash flow from operating activities was 381.807 billion yuan, net cash increase during the period was 3.994 billion yuan, and ending cash balance reached 15.648 billion yuan, a record high. The report stated that the main reason for the increase in Tsingtao Brewery's revenue was the increase in product sales volume and optimization of product structure during the reporting period, leading to a year-on-year increase in operating revenue. In the first half of 2019, Tsingtao Brewery Co., Ltd. achieved beer sales of 4.73 million kiloliters, an increase of 3.6% year-on-year. Among them, Tsingtao beer achieved sales of 2.36 million kiloliters, an increase of 6.3% year-on-year, continuing to maintain its competitive advantage in the domestic mid-to-high-end product market.
Jiajia: Net profit of 86 million yuan in the first half of 2019 On August 29, Jiajia Food announced its 2019 semi-annual report. The first half of the year showed promising results, with multiple performance indicators achieving good growth: revenue was 1.025 billion yuan, an increase of 10.00% year-on-year; operating profit was 109 million yuan, an increase of 5.65% year-on-year; total profit was 108 million yuan, an increase of 4.60% year-on-year; net profit attributable to shareholders of the listed company was 86.1068 million yuan, an increase of 6.42% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was 84.2805 million yuan, an increase of 8.35% year-on-year; basic earnings per share was 0.075 yuan, an increase of 7.14% year-on-year.
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