Company code: Foshan Haitian Flavouring And Food Company Ltd(603288) company abbreviation: Foshan Haitian Flavouring And Food Company Ltd(603288) Foshan Haitian Flavouring And Food Company Ltd(603288)
Securities code: Foshan Haitian Flavouring And Food Company Ltd(603288)
Summary of annual report 2021
March 2022
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should go to www.sse.com com. cn. The website carefully reads the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 3. All directors of the company attend the board meeting. 4 KPMG Huazhen Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
Based on the total number of 4212576170 shares of the company’s share capital at the end of 2021, it is proposed to distribute cash dividends of 7.60 yuan (including tax) for every 10 shares and 1 bonus share (including tax) for every 10 shares to all shareholders, with a total cash dividend of 320155788920 yuan and 421257617 bonus shares.
After the completion of this distribution, the remaining 349589028158 yuan of the company is retained as undistributed profits, and the total share capital is increased to 4633833787 shares. The plan must be submitted to the 2021 annual general meeting of shareholders of the company for deliberation.
Section II basic information of the company
1 company profile
Company stock profile
Stock type stock exchange stock abbreviation stock abbreviation before stock code change
A-share Shanghai Stock Exchange Foshan Haitian Flavouring And Food Company Ltd(603288) Foshan Haitian Flavouring And Food Company Ltd(603288)
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Zhang Xin, Wu Weiming
Office address: No. 16, wensha Road, Foshan City, Guangdong Province
Tel: 075782836083075782836083
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period
“Oil, salt, sauce and vinegar” in China’s condiment industry is the most basic rigid demand in Lbx Pharmacy Chain Joint Stock Company(603883) “clothing, food, housing and transportation”. The development of catering industry, food processing industry and consumption upgrading have become the main factors to promote the development of the industry. With the technological upgrading and innovation of condiment enterprises, condiments increasingly meet the cooking needs of consumers, Condiments have become an indispensable part of Lbx Pharmacy Chain Joint Stock Company(603883) daily catering. During the reporting period, the company continued to maintain its leading position in the condiment industry, with production and sales of 4.3 million tons and 4.335 million tons respectively, of which Haitian soy sauce ranked first in the industry for 25 consecutive years.
As more and more enterprises enter the capital market and develop rapidly with the help of the power of the capital market, the brand enterprises in the condiment industry are becoming stronger and stronger, the market share of brand enterprises is further improved, and the industrial concentration has also changed significantly. The industry is in the growth stage of continuous product segmentation and market concentration. With the continuous investment in scientific research, technology, equipment and technology, condiment enterprises have more stable product quality and increasing product technical content. Brand enterprises will develop more new products to meet the increasing cooking needs of consumers, and the industry will continue to maintain stable and healthy development under the influence of China’s demographic dividend, economic development and other aspects. The condiment industry has both opportunities and challenges. With the continuous improvement of Lbx Pharmacy Chain Joint Stock Company(603883) quality of life and strong domestic demand in the market, the condiment industry has maintained stable development with the support of the national tax reform dividend and other aspects. The rapid development of various new sales formats also puts forward higher requirements for the sales management of enterprises. However, condiment enterprises meet the difficulties, take innovation as the driving force, and constantly make new breakthroughs in products, markets and channels, so as to ensure the stable development of the whole condiment industry.
(I) main business of the company
During the reporting period, the company’s main business has not changed. It still adheres to its main business, adheres to the production and sales of condiments, and implements relevant diversification in the condiment industry. Its products include condiments such as soy sauce, oyster sauce, sauce, vinegar, chicken essence, monosodium glutamate and cooking wine. Over the years, the production, sales and revenue of condiments of the company have ranked first in the industry for many consecutive years, among which soy sauce, seasoning sauce, oyster sauce, cooking wine and vinegar are the main products of the company.
Haitian soy sauce production and sales for 25 consecutive years ranked first in the country, and far ahead. The total output reached 2.65 million tons, covering all levels of high, middle and low levels, various flavors and a variety of cooking purposes. Among them, there are many mainstream products that have sold well for many years and sold all over the country. There are many high-end soy sauce leading consumption upgrading, as well as affordable mass products. By comprehensively promoting the high-quality strategy, the company has effectively improved the barriers to product competition, and taken measures to focus on channel efficiency and quality construction. The soy sauce category has shown steady and rapid development, the product structure and profitability have reached a higher level, and the comprehensive competitive advantage has been further expanded.
Haitian oyster sauce has a long history, leading technology and absolute sales. It is the second largest single product after soy sauce, with a total output of 960000 tons. With the gradual deepening of the market network and the good and unique flavor of Haitian oyster sauce, the company effectively seized the development opportunity of oyster sauce nationalization and residents’ consumption, further expanded the leading advantage of oyster sauce, and qualitatively improved the comprehensive competitiveness of products. Haitian oyster sauce has gradually developed into a national product and become one of the necessary condiments in the kitchen.
Haitian seasoning sauce is in a leading position, with a total output of 300000 tons. The company will continue to emphasize the research and development of flavoring sauce. After soybean sauce, the company has successively launched signature rice dressing sauce, mushroom sauce and other products, which have received good market feedback, thus enriching the structural specifications of sauce products and consolidating the foundation for subsequent development.
The characteristic of one sauce and one sauce is prominent. It has not only a wide range of national basic sauces, but also unique local flavor sauces. It has maintained stable development over the years and is deeply welcomed by consumers.
At present, after several years of development, cooking wine has initially formed advantages and its scale is in the leading position in the industry. Taking advantage of its fermentation advantages, the company has increased the research and development of cooking wine products, improved the overall quality of cooking wine products, and launched products with different functions according to the needs of market segments, making it more widely used and recognized by consumers. The steady and rapid development of cooking wine has made it rapidly grow into a high potential category of the company.
(II) business model and operation strategy of the company
(1) Procurement mode
The company always has high requirements for procurement, and the procurement mode is constantly innovated, striving to improve the procurement quality and reduce the procurement cost through the innovation of procurement mode. The company has a full-time procurement department, equipped with professional personnel, and implements centralized procurement. The procurement mode is mainly reflected in professional and centralized aspects. In terms of management system, procurement management is carried out through ERP system to make the company’s overall supply chain system strict and efficient. The purchasing department and the user department form the upstream and downstream of the supply chain with the same goal, and determine the best procurement plan according to the production plan to effectively reduce the occupation of funds; Reduce procurement cost through stable procurement volume and flexible pricing strategy; Continuously improve the procurement quality by adhering to the cooperation with brand suppliers. Good business reputation enables the company to have a number of stable and high-quality suppliers. (2) Production mode
The production cycle of the company’s products is long and the process flow is complex. In order to ensure the stability of product quality and food safety, the company controls the whole production process through intelligence, data, automation, informatization and other big data in the production process to ensure product quality. While ensuring food safety, it also greatly improves the production efficiency; Over the years, the company has basically realized the synchronization of production and sales, basically set the output based on “sales volume + reasonable inventory”, and the capacity utilization rate has been maintained at a high level.
(3) Sales model
The company mainly adopts the sales mode dominated by dealers and adopts the settlement method of “payment before goods”, which effectively ensures the company’s abundant cash flow and prevents the occurrence of bad debts. By improving the quality of dealers, we can maximize the coverage of market terminals and fully reflect the win-win situation in the cooperation with dealers; The sales strategy is continuously optimized every year, and a sales model suitable for its own development is gradually established.
(4) Production process flow
The soy sauce, soybean paste and other products produced by the company adhere to the traditional brewing process and natural fermentation. Therefore, the fermentation cycle of the products is long and the production process is complex. Starting from the selection of raw materials, strict requirements are made to select high-quality raw materials. Each production link needs to pass strict inspection before entering the next production process to ensure the health, delicacy and safety of products. Haitian soy sauce has independently developed and introduced various advanced flexible automatic production lines from various production links such as raw materials – koji planting – koji making – Fermentation – pressing – storage tank – blending – Packaging – dissolved salt – finished products, including fully automatic ultra-high temperature sterilization production line, fully automatic closed disc koji making production line and fully automatic continuous pressing production line, so as to realize the flexible production of the whole process of products and meet the personalized needs of the market.
Soy sauce production process:
Raw material testing – raw material cooking – koji making – Natural Fermentation – Physical pressing – sterilization and clarification – finished product production – finished product inspection – product packaging – product inspection – packaging and warehousing
Oyster sauce production process:
Raw material testing – raw material processing – batching and cooking – finished product inspection – product packaging – product inspection – packaging and warehousing
Soybean paste production process:
Raw material testing – raw material cooking – koji making – Natural Fermentation – Preparation and cooking – finished product production – finished product inspection – product packaging – product inspection – packaging and warehousing
(5) Brand strategy
Brand development is one of the company’s strategic objectives. Over the years, the company has adhered to brand construction and communication, established a brand system with products as the core, led the development of the whole product line through the main brand, and distinguished the product series through sub brands. The company has always put brand building on the important strategic level of the company, and improves brand awareness through fixed brand investment every year. With years of product reputation, brand communication and channel construction, the company has established a healthy, safe, professional and trustworthy good brand image, which has been widely recognized by the market and consumers.
3. Main accounting data and financial indicators of the company
3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
20212020 compared with 2019
Annual increase or decrease (%)
Total assets 33337724549582953362003866 12.88247538809868
Net assets attributable to shareholders of listed companies 23401517470832006841616335 16.611658195505864
Operating income 25004031043492279187393649 9.711979688980007
Net profit attributable to shareholders of listed company 667075781172640285999191 4.18535318502935
Net profit attributable to shareholders of listed companies after deducting non recurring profits and losses of 642985285656617720931274 4.09508387720923
Net cash flow from operating activities 632350878406695043201498 -9.02656756948852
Weighted average return on net assets (%) 31.63 36.13 decreased by 4.50 33.69 percentage points
Basic earnings per share (yuan / share) 1.58 1.52 3.95 1.27
Diluted earnings per share (yuan / share) 1.58 1.52 3.95
