BBK released its 2021 semi-annual report on August 30. In the first half of the year, the operating income was 7.309 billion yuan, down 14.14% from the same period last year; the return net profit was 208 million yuan, up 25.11% from the same period last year, deducting the non-return net profit of-131 million yuan, down 196.94% from the same period last year. In the first half of 2021, the company's diluted earnings per share was 0.24 yuan, the weighted average return on net assets was 3.03 percent, and the net operating cash flow was 1.627 billion yuan, an increase of 117.55 percent over the same period last year.
Brief comments and investment suggestions.
1. Total revenue in the first half of 2021 was 7.358 billion yuan, down 14.09 percent from the same period last year. Total operating income in the first half of the year was 7.358 billion yuan, of which operating income was 7.309 billion yuan, down 14.14% from the same period last year, and interest income was 49.05 million yuan. The total revenue of 1Q and 2Q decreased by 8.46% and 20.80% respectively compared with the same period last year. In the first half of the year, 15 new supermarkets were opened and 15 stores were closed, with a total of 417 stores at the end of the period, including 369supermarkets and 48 department stores, with a total area of about 4.8 million square meters.
(1) according to the division of business, the income of supermarkets was 5.658 billion yuan, down-14.68% from the same period last year, the proportion was reduced by 0.49pct to 77.41%; the income from household appliances was 25 million yuan, down 94.66% from the same period last year, and the proportion decreased by 5.19pct to 0.34%. The main reason is that the business income calculated by the net method has dropped sharply compared with the same period last year as a result of the transfer of home appliance business from July 2020 to a five-star electrical joint venture. Revenue from department stores was 336 million yuan, up 25.38% from the same period last year, accounting for an increase of 1.45pct to 4.60%; wholesale revenue was 42 million yuan, an increase of 29.65% over the same period last year, accounting for an increase of 0.20pct to 0.58%; logistics and advertising revenue was 106 million yuan, an increase of 6.42% over the same period last year, accounting for an increase of 0.28pct to 1.45% Other business income was 1.142 billion yuan, an increase of 12.99% over the same period last year, accounting for an increase of 3.75pct to 15.62%.
(2) in sub-regions, the income of Hunan Province was 4.259 billion yuan, down 19.31% from the same period last year, the proportion of income decreased by 3.73pct to 58.28%; the income of other provinces was 1.908 billion yuan, down 14.21% from the same period last year, and the proportion of income decreased by 0.02pct to 26.10%.
(3) according to different channels, in the first half of the year, the company had 3.037 billion yuan in online GMV and 371 stores, with 27.71 million digital members contributing to 71.5% of the total sales. Supermarkets optimize their own flow platform better to achieve non-food full-range operation.
two。 The consolidated gross profit margin in the first half of the year was 29.98%, an increase of 2.29pct. Among them, the main gross profit margin was 19.30%, which decreased by 0.41pct compared with the same period last year. (1) Sub-business: the gross profit margin of supermarkets decreased by 2.52pct to 15.89%, that of department stores decreased by 0.37pct to 76.49%, and the gross profit margin of other businesses increased by 0.76pct to 87.69% (2) sub-regions:
Hunan gross profit margin increased by 0.35pct to 20.66%, while provincial gross profit margin decreased by 2.02pct to 16.28%.
3. The expense rate increased by 6.09pct during the first half of the year. In the first half of the year, the sales expense rate was 25.22%, an increase of 4.19pct; the management expense rate was 2.47%, an increase of 0.34pct over the same period last year; the R & D expense rate was 0.18%, an increase of 0.02pct; the financial cost was 262 million yuan, an increase of 89.22 million yuan over the same period last year, and the expense rate was 3.56%, an increase of 1.54pct. Industry competition intensifies, the progress of reducing losses in other provinces is uncertain, and the pressure on capital expenditure continues.