Yihai Kerry Arawana Holdings Co.Ltd(300999) (300999. SZ) released the annual performance express of 2021 on February 22. During the reporting period, the company achieved an operating revenue of 226.225 billion yuan, a year-on-year increase of 16.1%; The net profit attributable to shareholders of listed companies was 4.132 billion yuan, a year-on-year decrease of 31.1%; The net profit deducted from non profits was 4.996 billion yuan, a year-on-year decrease of 43.2%.
The main business of Yihai Kerry Arawana Holdings Co.Ltd(300999) is the R & D, production and sales of kitchen food, feed raw materials and oil technology products. Focusing on the upstream and downstream of the industrial chain, the company is mainly involved in oilseed pressing, oil refining, oil filling, special oil, oil technology, rice circular economy, corn deep processing, wheat deep processing, soybean deep processing, food raw and auxiliary materials, grain and oil technology research and development and other industries.
The announcement shows that the total profit of Yihai Kerry Arawana Holdings Co.Ltd(300999) decreased by 30.9% year-on-year, mainly for two reasons.
In terms of kitchen food, during the reporting period, due to the large increase in the cost of raw materials, the production and operation cost of the company was higher than that in the same period last year. Although the company raised the selling price of some products, it did not fully cover the rise in raw material costs, and the profit decreased year-on-year. In addition, the intensified market competition and the factors of weak consumption have greatly affected the sales volume of the company's medium and high-end retail products; At the same time, with the effective control of the epidemic in China during the reporting period, the recovery of China's catering market and the gradual recovery of catering channels, the sales proportion of catering products with low gross profit margin in the product structure of the company's kitchen food increased. The above factors led to the increase of sales and income of the company's kitchen food, but the profit decreased.
In terms of feed raw materials and oil technology, during the reporting period, on the one hand, due to the rise of market conditions, the income and profit increased. Among them, the profit of oil technology business increased significantly, but the soybean procurement and crushing volume decreased compared with the same period last year, and the crushing profit decreased; On the other hand, the derivative financial instruments for hedging soybean related businesses have incurred some losses, which are caused by avoiding the risk of price fluctuation of raw materials in the process of normal production and operation of the company, and are required for normal operation. The decline of net profit attributable to shareholders of listed companies after deducting non recurring profits and losses is higher than that attributable to shareholders of listed companies, mainly due to the decrease of non recurring losses generated by derivative financial instruments that do not fully meet the requirements of hedge accounting in the reporting period.
