In the first half of 2020, it lost money again, and the performance crisis of Yurun Food has not improved.
On 20 15, the actual controller Zhu was caught in a crossfire. Yurun Food, whose performance was already declining, lost its backbone and suffered huge losses for five consecutive years, with a total loss of nearly1600 million Hong Kong dollars.
After regaining his freedom at the beginning of 20 19, Zhu arranged for the second generation to take over and tried to revive. However, Yurun Food has lived in ICU for too long, and even if it is struggling to rescue, its performance and liquidity have basically not improved.
By the end of June 2020, the company's asset-liability ratio reached 65,438+0.20%, the debt due in 65,438+0 years was HK$ 6.5 billion, and the company's cash and deposits were only HK$ 400 million. The debt crisis lasted for many years, and the company's outstanding loans were close to HK$ 5 billion.
A few days ago, Yurun hired the former director and president of Shuanghui, the main competitor, to act as the fire fighting captain.
There is not much time left for the Zhu family.
Extended data:
Huge losses for more than 5 years
August 18, Yurun Food (0 1068. HK) Disclosure of the results announcement for the first half of 2020. The company's revenue was HK$ 7.536 billion, up 1.95% year-on-year, and its loss was HK$ 405 million, down 9.30% year-on-year.
In the same period, the loss generated by the company's main business was HK$ 322 million, which was basically no improvement compared with HK$ 340 million in the same period last year.
In the first half of 2020, the national average pork price rose by 104.3%, an increase of 96.6 percentage points over the same period of last year. The pork market has soared, and most aquaculture enterprises have made soft gains, while Yurun Food, as a slaughter enterprise, has not got anything good. In the first half of the year, the company's pig purchase price increased by 144% year-on-year, pushing up operating costs.
The epidemic situation, declining pork consumption demand, and difficulties in purchasing live pigs led to a decrease of 665,438+0.8% in the first half of the year-the increase in operating income was caused by the increase in pork prices.
During the reporting period, in terms of upstream business, the gross profit margin of the company's cold meat and frozen meat were 2.2% and -4.5%, respectively, down 2.7 and 9.4 percentage points year-on-year;
Downstream business, the epidemic has stimulated the consumption of meat products. Gross profit margins of low-temperature meat products and high-temperature meat products were 29.7% and 35.9%, respectively, up by 1 1.6 and 13.3 percentage points year-on-year. But meat products are small in scale. In the end, the company's comprehensive gross profit margin was 5.9%, down 65,438+0.65,438+0 percentage points year-on-year.