Core ideas:
2021H1 Zhibang shares achieved operating income of 1.908 billion yuan, an increase of 55.84 percent over the same period last year, an increase of 66.09 percent over 2019H1, and a net profit of 152 million yuan, an increase of 199.42 percent over the same period last year and a change of 37.75 percent over 2019H1. Among them, the company Q2 realized operating income of 1.226 billion yuan, an increase of 36.49% over the same period last year, a change of 66.83% over 2019H1, and a net profit of 101 million yuan, an increase of 6.07% over the same period last year and a change of 28.81% over 2019H1.
First, the whole category is expanded, and the synergistic effect appears gradually.
The operating income of 2021H1's main products has increased in different ranges.
Overall kitchen cabinets, custom wardrobes and wooden doors achieved business income of 1.087 billion yuan, 681 million yuan and 30.02 million yuan respectively, up 33.9%, 97.98% and 162.49% respectively over the same period last year, while overall kitchen cabinets and custom wardrobes increased by 27.17% and 174.35% compared with 2019H1.
On the one hand, the company through bulk business pull, pull the overall cabinet and other products business income growth, on the other hand, consolidate offline stores, promote the steady growth of all kinds of products. At the same time, we will actively build high-end brands and adhere to the expansion of all categories.
Second, multi-channel development, retail bulk two-wheel drive
2021H1 achieved operating income of 1.131 billion yuan, 125 million yuan, 522 million yuan and 20.23 million yuan respectively in distribution, direct marketing, bulk and overseas, with year-on-year changes of + 53.6%, + 79.66%, + 55% and-15.9%, respectively, compared with 2019H1 changes of + 46.62%, + 90.85%, + 146.88% and-68.66%. The company adheres to the strategy of multi-channel development and the layout of complete and diversified sales channels.
In terms of retail channels, the number of the company's offline stores is growing steadily. By the end of the reporting period, the number of distribution stores and directly operated stores were 3203 and 33 respectively, an increase of 11.06% and 13.79% respectively over the end of 2020.
In terms of bulk business, the company makes great efforts to expand high-quality strategic cooperative real estate customers, by improving the company's bulk business customer structure, improve business quality and reduce operational risks.
Overseas channels, due to the overseas epidemic and the United States anti-dumping, business income has declined seriously. The overseas Division has carried out organizational restructuring and adjusted the market direction.
Third, the net profit has increased significantly and the cash flow is relatively abundant.
2021H1's gross profit margin was 36.99%, down 0.04% from the same period last year and 0.53% lower than 2019H1. The gross profit margins of direct marketing, distribution and bulk channels were 63.14%, 35.14% and 40.35% respectively, with year-on-year changes of + 1.77, + 1.22 and-3.55 percentage points respectively. The period fee was 527 million yuan, an increase of 35.48% over the same period last year, and the period expense rate was 27.6%, a decrease of 4.15% over the same period last year. The company's net profit was 152 million yuan, an increase of 199.42% over the same period last year and 37.75% higher than that of 2019H1.
In terms of cash flow, the net cash flow generated by 2021H1's operating activities was 166 million yuan, down 8.4% from the same period last year, mainly due to the continuous development of the company's business during the reporting period. In response to the substantial growth in sales, the company continued to increase its inventory investment, resulting in a slight decrease in net cash flow from operating activities compared with the previous period.
