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    1666   CNE100000585

TONG REN TANG TECHNOLOGIES CO. LTD.

(1666)
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Tong Ren Tang Technologies : ANNOUNCEMENT ON RESULTS OF SUBSIDIARY

03/11/2021 | 09:52am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Stock Code: 1666)

ANNOUNCEMENT ON RESULTS OF SUBSIDIARY

Reference is made to the announcement (the "Announcement") dated 11 March 2021 and published by Beijing Tong Ren Tang Chinese Medicine Company Limited ("Tong Ren Tang Chinese Medicine"), a subsidiary of Tong Ren Tang Technologies Co. Ltd. (the "Company") and whose shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 3613), in relation to the annual results of Tong Ren Tang Chinese Medicine and its subsidiaries for the year ended 31 December 2020.

This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The board of directors of the Company would like to draw the attention of its shareholders and the public investors to the following audited financial information of Tong Ren Tang Chinese Medicine and its subsidiaries for the year ended 31 December 2020 as set out in the Announcement.

CONSOLIDATED INCOME STATEMENT

Year ended 31 December

2020

2019

HK$'000

HK$'000

Revenue

1,315,346

1,432,632

Cost of sales

(362,443)

(419,836)

Gross profit

952,903

1,012,796

Distribution and selling expenses

(168,917)

(199,097)

General and administrative expenses

(138,861)

(164,824)

Other gains, net

24,278

3,111

Operating profit

669,403

651,986

Finance income

21,652

43,415

Finance costs

(4,300)

(4,207)

Finance income, net

17,352

39,208

Share of losses of investments accounted for

using the equity method

(860)

(1,972)

Profit before income tax

685,895

689,222

Income tax expense

(118,014)

(112,370)

Profit for the year

567,881

576,852

Profit attributable to:

Owners of the Company

542,456

556,118

Non-controlling interests

25,425

20,734

567,881

576,852

Earnings per share attributable to owners

of the Company for the year

(expressed in HK$ per share)

Basic and diluted earnings per share

0.65

0.66

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEYear ended 31 December

2020

2019

HK$'000t

HK$'000

Profit for the year

567,881

576,852

Other comprehensive income/(losses):

Items that may be reclassified to profit or loss

Currency translation differences

15,474

(1,469)

Release of exchange reserve upon liquidation

of a joint venture

-

(961)

Item that will not be reclassified to profit or loss

Change in fair value of financial asset at fair

value through other comprehensive income

(4,875)

(4,485)

Other comprehensive income/(losses) for the

year

10,599

(6,915)

Total comprehensive income for the year

578,480

569,937

Attributable to:

Owners of the Company

550,521

549,119

Non-controlling interests

27,959

20,818

Total comprehensive income for the year

578,480

569,937

CONSOLIDATED BALANCE SHEET

2020

2019

HK$'000

HK$'000

Assets

Non-current assets

Property, plant and equipment

187,379

194,869

Right-of-use assets

194,442

195,057

Intangible assets

54,836

60,669

Investments accounted for using the equity

method

17,763

18,544

Financial asset at fair value through other

comprehensive income

6,108

10,983

Deposits paid for purchase of property,

plant and equipment

10,430

5,447

Deferred income tax assets, net

13,064

8,937

484,022

494,506

Current assets

Inventories

495,378

318,187

Trade receivables and other current assets

590,432

357,262

Short-term bank deposits

421,097

911,655

Cash and cash equivalents

1,426,040

1,056,711

2,932,947

2,643,815

Total assets

3,416,969

3,138,321

Equity and liabilities

Equity attributable to owners of the

Company

Share capital

938,789

938,789

Reserves

- Other reserves

(18,917)

(26,982)

- Retained earnings

2,097,617

1,747,694

3,017,489

2,659,501

Non-controlling interests

112,021

106,135

Total equity

3,129,510

2,765,636

As at 31 December

CONSOLIDATED BALANCE SHEET (CONTINUED)

2019

HK$'000

HK$'000

Liabilities

Non-current liabilities

Borrowings

2,052

833

Lease liabilities

63,095

59,395

Deferred income tax liabilities, net

5,696

5,376

70,843

65,604

Current liabilities

Borrowings

260

220

Trade and other payables

140,138

142,832

Lease liabilities

40,603

39,427

Current income tax liabilities

35,615

124,602

216,616

307,081

Total liabilities

287,459

372,685

Total equity and liabilities

3,416,969

3,138,321

By order of the Board

Beijing, the PRC

11 March 2021

Tong Ren Tang Technologies Co. Ltd.

As at 31 December 2020

Gu Hai Ou

Chairman of the Board

As at the date of this announcement, the Board comprises Mr. Gu Hai Ou, Mr. Jin Tao, Mr. Ma Guan Yu, Ms. Wu Qian, Mr. Wang Yu Wei and Ms. Fang Jia Zhi as executive Directors; Mr. Ting Leung Huel, Stephen, Ms. Chan Ching Har, Eliza and Mr. Zhan Yuan Jing as independent non-executive Directors.

Disclaimer

Tong Ren Tang Technologies Co. Ltd. published this content on 11 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2021 14:51:02 UTC.


© Publicnow 2021
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Financials
Sales 2021 5 031 M 779 M 779 M
Net income 2021 523 M 80,9 M 80,9 M
Net cash 2021 2 787 M 431 M 431 M
P/E ratio 2021 11,8x
Yield 2021 3,78%
Capitalization 6 101 M 944 M 944 M
EV / Sales 2021 0,66x
EV / Sales 2022 0,53x
Nbr of Employees 3 882
Free-Float 46,3%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 4,76 CNY
Average target price 5,95 CNY
Spread / Average Target 24,8%
EPS Revisions
Managers and Directors
Yu Wei Wang General Manager & Executive Director
Li Su Chairman-Supervisory Board
Hai Ou Gu Chairman
Leung Huel Ting Independent Non-Executive Director
Ching Har Chan Independent Non-Executive Director
Sector and Competitors