中国食品2024年中期报告,

20242024INTERIM REPORT CORPORATE PROFILE China Foods Limited (“China Foods”or the“Company”and together with its subsidiaries,the“Group”), a subsidiary of COFCO Corporation (“COFCO”) and the only focusedbeverage platform of COFCO, is listed on the main board of The Stock Exchange of HongKong Limited (Stock Code: 506). The Company mainly manufactures, distributes, markets and sells the Coca-Cola seriesproducts at nineteen provincial-level administrative regions in the PRC through COFCOCoca-Cola Beverages Limited (“COFCO Coca-Cola”), a 65%-owned joint-venture with TheCoca-Cola Company. COFCO Coca-Cola offers twenty-five brands of products in ten majortypes of beverages which include sparkling drink, juice, water, milk drink, energy drink,tea, coffee, functional nutrition drink, sports drink and plant-based protein drink. 506 65%191025 CONTENTS CORPORATE INFORMATION2 MANAGEMENT DISCUSSION AND ANALYSIS4 CORPORATE GOVERNANCE HIGHLIGHTS AND OTHER INFORMATION15 REPORT ON REVIEW OF CONDENSED CONSOLIDATED FINANCIALSTATEMENTS21 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income23 Condensed Consolidated Statement of Financial Position24 Condensed Consolidated Statement of Changes in Equity26 Condensed Consolidated Statement of Cash Flows27 Notes to the Condensed Consolidated Financial Statements29 CORPORATE INFORMATION DIRECTORS Chairman and Executive DirectorMr. Qing Lijun(Managing Director) Executive DirectorMr. Shen Xinwen 20244262024426 Non-executive Directors Mr. Cao Gaofeng(appointed on 26 April 2024)Mr. Chen GangMr. Chen Zhigang(resigned on 26 April 2024) Independent Non-executive DirectorsMr. Li Hung Kwan, AlfredMr. Mok Wai Bun, BenMs. Leung Ka Lai, Ada,SBS AUDIT COMMITTEE Mr. Li Hung Kwan, Alfred(Committee Chairman)Mr. Mok Wai Bun, BenMs. Leung Ka Lai, Ada,SBS REMUNERATION COMMITTEE Mr. Mok Wai Bun, Ben(Committee Chairman)Mr. Li Hung Kwan, AlfredMs. Leung Ka Lai, Ada,SBS NOMINATION COMMITTEE Mr. Qing Lijun(Committee Chairman)Mr. Li Hung Kwan, AlfredMr. Mok Wai Bun, Ben ENVIRONMENTAL, SOCIAL ANDGOVERNANCE COMMITTEE 20244262024426 Mr. Shen Xinwen(Committee Chairman)Mr. Cao Gaofeng(appointed on 26 April 2024)Mr. Mok Wai Bun, BenMr. Chen Zhigang(resigned on 26 April 2024) EXECUTIVE COMMITTEE Mr. Qing Lijun(Committee Chairman)Mr. Shen Xinwen COMPANY SECRETARY Ms. Liu Kit Yee, Linda Conyers, Dill & Pearman SOLICITORSConyers, Dill & Pearman AUDITOR Baker Tilly Hong Kong Limited PRINCIPAL BANKERS Bank of China (Hong Kong) LimitedChina CITIC Bank Corporation LimitedChina Construction Bank CorporationChina Merchants Bank Co., Ltd.CMB Wing Lung Bank Limited REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda PRINCIPAL OFFICE IN HONG KONG 33/F., COFCO Tower262 Gloucester RoadCauseway BayHong Kong 26233 BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE IN HONG KONG 1617 Tricor Progressive Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong www.chinafoodsltd.com COMPANY WEBSITE www.chinafoodsltd.com MANAGEMENT DISCUSSION AND ANALYSIS CURRENT STATUS 1950%1025 China Foods exclusive franchise to manufacture, market anddistribute products under the Coca-Cola series encompasses 19provincial-level administrative regions, covering approximately50% of mainland China’s population. The Company providesconsumers with 10 major types of beverages namely sparklingdrinks, juices, water, milk drinks, energy drinks, tea, coffee,functional nutrition drinks, sports drinks and plant-based proteindrinks under 25 brands. 125090% The Company has approximately 10,000 salespersons to serveover 2.5 million customers, with the controllable business, beingcustomer orders served directly by our sales representatives,accounting for nearly 90% of the overall business. D2C Apart from operating the Coca-Cola bottling business, the smartretail business also achieved satisfactory results during the interimperiod, with revenue maintaining rapid growth and the numberof equipment units ranking among the best in the industry.Another innovative business, COFCO Yuexiang Club,also saw a year-on-year increase in revenue during the interimperiod, with gross profit margins continuing to improve, and itsD2C business more than doubled. In the future, our vision is tobecome a world-class food and beverage group. DEVELOPMENT STRATEGY 2024!!! China Foods will focus on the work theme“restructuring”in2024, aiming to achieve better customer experience, superioroperationalefficiency,and higher profitability through therestructuringof product brands,marketing networks,valuechains, supply systems, organisational structures, and executionculture, thereby ensuring sustainable high-quality developmentfor the Company. We will remain focused on the business conceptof“Improving quality, Enhancing efficiency, Innovation, System,Opennessand Green”,continue to implement the strat