Core Viewpoint - Biyuan's performance in the first half of 2025 shows steady progress, with revenue reaching 258.9 million RMB, a year-on-year increase of 1.8% [1]. Financial Performance - Total comprehensive income reached 12.4 million RMB, up 45.9% from 8.5 million RMB in the same period last year [1]. - The company's profitability is recovering, with a net profit attributable to shareholders of 14.8 million RMB in 2024, compared to a loss of 299 million RMB in 2023 [3]. - Gross margin improved significantly from 46.91% in 2023 to 67.28% in 2024, indicating effective product structure optimization and cost control measures [3]. Product Performance - The traditional "Four Teas" business generated revenue of 129.1 million RMB, a decline of 4.7% year-on-year, reflecting increased competition and changing consumer demand in the health tea market [4]. - The weight loss drug segment saw revenue of 94.4 million RMB, a growth of 15.0%, primarily due to the ongoing promotion of the Orlistat product [4]. Business Transformation - Biyuan is implementing a profit-centered business improvement strategy, transitioning its offline OTC business through joint ventures, which has led to improved operational quality [3]. - The company has made significant progress in channel development, covering nearly 290,000 OTC pharmacies and medical third terminals across 31 provinces and cities in China [3]. Future Development Strategy - The company plans to leverage the "Weight Management Year" initiative promoted by the National Health Commission, focusing on the core health tea business while deepening reforms and optimizing mechanisms [6]. - Biyuan aims to enhance its brand building and youth-oriented marketing strategies through diversified media channels, targeting younger consumer demographics [4][6]. - Financial health indicators show improvement, with the current ratio rising from 1.58 in 2021 to 2.96 in 2024, and the debt-to-asset ratio decreasing from 35.73% to 15.22% [6].

收入增长的主要原因是线上电商渠道表现强劲。 碧生源2025年上半年收入为2.59亿元人民币，同比增长1.82%。公司净利润为1240.2万元，同比增长 58.74%。每股基本盈利为10.14分。 ...

Core Viewpoint - The company reported a revenue of RMB 259 million for the six months ending June 30, 2025, reflecting a year-on-year increase of 1.82% and a net profit of RMB 12.402 million, which is a significant year-on-year increase of 58.74% [1] Financial Performance - Revenue for the period was RMB 259 million, up 1.82% year-on-year [1] - Net profit reached RMB 12.402 million, marking a 58.74% increase compared to the previous year [1] - Basic earnings per share were reported at 10.14 cents [1] - The company proposed an interim dividend of HKD 0.15 per share [1] Revenue Drivers - The increase in revenue was primarily attributed to strong performance in online e-commerce channels, which partially offset the temporary pressure faced by traditional offline channels [1]

智通财经APP讯，碧生源(00926)发布截至2025年6月30日止6个月中期业绩，该公司取得收入人民币2.59 亿元(单位下同)，同比增加1.82%;净利润1240.2万元，同比增加58.74%;每股基本盈利10.14分。拟派发中 期股息每股0.15港元。 公告称，收入增加主要是由于线上电商渠道的强劲表现，部分抵消传统线下渠道的阶段性承压产生。 ...

Core Points - The company reported a revenue of RMB 259 million for the first half of 2025, representing a year-on-year increase of 1.8% [1] - The total comprehensive income attributable to owners of the company for the first half of 2025 was RMB 12.4 million, compared to RMB 8.5 million in the same period of 2024 [1] - Basic and diluted earnings per share for the first half of 2025 were RMB 0.1014, up from RMB 0.0639 in the first half of 2024 [1] - The board has proposed an interim dividend of HKD 0.15 per share for the six months ending June 30, 2025 [1] Business Strategy - The company continues to adhere to a work tone of seeking progress while maintaining stability, focusing on business improvements centered around profitability [1] - The quality of distribution, agency, and service work for the company's products has significantly improved through the efforts of the company and its joint ventures [1] - The company has achieved a smooth transition and steady development of its offline OTC business and has initiated further reform objectives [1] - The online operation model has become more mature and efficient, contributing to the gradual enhancement of online operational efficiency and effectiveness [1] - Overall operational quality of the company has seen significant improvement [1]

[Financial Summary and Interim Dividend](index=1&type=section&id=Financial%20Summary%20and%20Interim%20Dividend) [Summary of Operating Results](index=1&type=section&id=Summary%20of%20Operating%20Results) The Group achieved steady growth in the first half of 2025, with revenue slightly increasing by **1.8%** to **RMB 259 million**, and gross profit margin modestly rising to **68.6%**, while total comprehensive income increased by **45.9%** to **RMB 12.4 million** due to effective operating expense control, with basic earnings per share rising to **RMB 10.14 cents** Key Financial Indicators for H1 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 258.9 million | RMB 254.3 million | +1.8% | | Gross Profit | RMB 177.6 million | RMB 173.4 million | +2.4% | | Gross Profit Margin | 68.6% | 68.2% | +0.4pp | | Operating Expenses | RMB 164.6 million | RMB 169.3 million | -2.8% | | Total Comprehensive Income | RMB 12.4 million | RMB 8.5 million | +45.9% | | Basic and Diluted Earnings Per Share | RMB 10.14 cents | RMB 6.39 cents | +58.7% | [Interim Dividend](index=2&type=section&id=Interim%20Dividend) The Board proposes an interim dividend of **HKD 0.15** per share for the six months ended June 30, 2025, totaling approximately **HKD 18.3 million**, subject to shareholder approval at a special general meeting - The Board proposes an interim dividend of **HKD 0.15** per share, totaling **HKD 18,339,837.75**, subject to shareholder approval[5](index=5&type=chunk) [Interim Condensed Consolidated Financial Statements](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded revenue of **RMB 259 million**, a **1.8%** year-on-year increase, achieving a profit for the period of **RMB 12.402 million**, up **58.7%** from **RMB 7.813 million** in the prior period, despite increased sales and marketing expenses partially offset by reduced administrative and R&D costs Interim Condensed Consolidated Statement of Comprehensive Income | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 258,913 | 254,286 | | Gross Profit | 177,551 | 173,435 | | Operating Profit | 15,682 | 11,655 | | Profit Before Income Tax | 20,544 | 13,125 | | **Profit for the Period** | **12,402** | **7,813** | | **Total Comprehensive Income for the Period** | **12,402** | **8,465** | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were **RMB 592 million**, a **5.6%** increase from the end of 2024, with total liabilities at **RMB 104 million**, and the debt-to-asset ratio rising from **15.2%** to **17.6%**, while total equity increased to **RMB 488 million** Summary of Interim Condensed Consolidated Statement of Financial Position | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | **Total Non-current Assets** | 312,394 | 325,331 | | **Total Current Assets** | 279,872 | 235,362 | | **Total Assets** | **592,266** | **560,693** | | **Total Equity** | 487,778 | 475,376 | | **Total Liabilities** | 104,488 | 85,317 | | **Total Equity and Liabilities** | **592,266** | **560,693** | [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail the company's basic information, accounting policies, segment information, tax status, and financial data composition, including its primary business of producing and selling functional health teas and weight-loss drugs, segmenting operations into tea products and weight-loss and other pharmaceuticals, and disclosing key customer, tax rate, EPS calculation, and dividend details - The Group's principal activities are the manufacturing and sale of functional health tea products and the sale of weight-loss and other pharmaceutical products[11](index=11&type=chunk) Segment Results for H1 2025 | Segment | Revenue (RMB in thousands) | Segment Results (RMB in thousands) | | :--- | :--- | :--- | | Tea Products Segment | 159,668 | 46,470 | | Weight-Loss and Other Pharmaceutical Products Segment | 99,245 | 1,443 | | **Total** | **258,913** | **47,913** | - In H1 2025, revenue from Customer B and Customer C (both e-commerce platforms) each accounted for over **10%** of the Group's total revenue, at **RMB 30.28 million** and **RMB 30.01 million** respectively[22](index=22&type=chunk) - Basic and diluted earnings per share for H1 2025 were **RMB 10.14 cents**, higher than **RMB 6.39 cents** in the same period last year[31](index=31&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Review](index=17&type=section&id=Performance%20Review) In the first half of 2025, the Group maintained a profit-centric, stable operating strategy, achieving smooth transition in offline OTC business and maturing online agency operation models through optimized channel management, significantly enhancing overall operational quality, and making progress in marketing, channel expansion, international business, and R&D innovation, laying a foundation for H2 development [Channel Strategy and Operations](index=18&type=section&id=Channel%20Strategy%20and%20Operations) The Group solidified its market position in offline channels by deepening cooperation with chain pharmacies, multi-platform promotion, and maintaining price systems, while significantly boosting online performance through refined agency operations, platform differentiation, price optimization, AI digital human live streaming, and new media marketing like Xiaohongshu, particularly focusing on core best-selling products on Douyin and leveraging digital marketing systems for efficiency - Offline channels ensured market share and sales scale through deepened cooperation with chain pharmacies, multi-platform promotion, and price control[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - E-commerce agency operation models were refined, improving operating results across platforms through differentiated strategies, targeted price optimization initiatives, and content operation innovations, such as AI digital human live streaming[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) - The Xiaohongshu platform was relaunched and strategically focused, driving brand awareness and sales growth through a 'three-dimensional content seeding model' and content loop[49](index=49&type=chunk) - On new business platforms like Douyin, the focus was on core best-selling products in the weight management category, applying AI technology (e.g., 'Kouzi workflow') to enhance content production efficiency and compliance, saving **40%** in labor costs[50](index=50&type=chunk)[52](index=52&type=chunk) [International Business and R&D](index=22&type=section&id=International%20Business%20and%20R%26D) International business made substantial progress with trial orders from Southeast Asian e-commerce platforms and an OEM agreement with a Vietnamese company, alongside packaging upgrades and compliance modifications for US market products; R&D expanded health efficacy research for core products through industry-academia collaboration, actively maintained health food approvals, and strengthened intellectual property by applying for **6** new patents in H1 - International business focused on the Southeast Asian market, securing trial orders with local e-commerce platforms and signing an OEM agreement with a Vietnamese company, while also completing product upgrades for the US market[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - Through collaboration with Beijing Technology and Business University, industry-academia integration was promoted, with research indicating significant efficacy of Changrun Tea and Changjing Tea in uric acid reduction and liver damage protection, leading to **2** invention patent applications[56](index=56&type=chunk) - In H1, **3** invention patents and **3** utility model patents were applied for, and **1** invention patent was granted, deepening the intellectual property layout[58](index=58&type=chunk) [Business Outlook](index=25&type=section&id=Business%20Outlook) In the second half of 2025, the Group will leverage the 'Weight Management Year' initiative to deepen reforms, integrate online and offline sales advantages, and focus on the 'weight management' and 'bowel regularity and gastrointestinal health' sectors, continuing to promote brand rejuvenation, increase investment in new media and new retail, and continuously develop new products to meet market demand - In the second half, the focus will be on the two core areas of 'weight management' and 'gastrointestinal health,' deepening reforms, integrating online and offline channels, and leveraging new media and new retail to enhance competitiveness[60](index=60&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) This financial review details the Group's H1 financial performance, with revenue slightly up **1.8%** driven by strong online channel growth, a modest increase in gross profit margin, higher sales and marketing expenses due to increased e-commerce platform fees, but significantly lower administrative and R&D costs, resulting in healthy operating cash flow, a stable financial position, and a low debt-to-asset ratio [Revenue Analysis](index=26&type=section&id=Revenue%20Analysis) Total revenue for H1 2025 was **RMB 259 million**, a **1.8%** year-on-year increase, primarily driven by weight-loss pharmaceuticals (**+15.0%**) and online channel products 'Orlistat' and 'Xianxian Tea' (growing **41.6%** and **53.5%** respectively), offsetting declines in the Four Teas series (**-4.7%**) and offline channels H1 2025 Revenue Composition (by Product) | Product Category | Revenue (RMB in thousands) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Bishengyuan Changrun Tea | 30,352 | 11.7% | -35.2% | | Bishengyuan Changjing Tea | 50,290 | 19.4% | -7.5% | | Bishengyuan Xianxian Tea | 45,732 | 17.7% | +47.5% | | Bishengyuan Qingyuan Tea | 2,753 | 1.1% | -15.8% | | **Weight-Loss Pharmaceuticals** | **94,368** | **36.4%** | **+15.0%** | | Other Health Foods | 30,541 | 11.8% | -5.0% | | Other Pharmaceuticals | 4,877 | 1.9% | +6.5% | | **Total** | **258,913** | **100.0%** | **+1.8%** | - Online channel products 'Bishengyuan Orlistat' and 'Bishengyuan Xianxian Tea' achieved significant year-on-year sales growth of **41.6%** and **53.5%** respectively[62](index=62&type=chunk) [Cost, Gross Profit, and Expense Analysis](index=27&type=section&id=Cost%2C%20Gross%20Profit%2C%20and%20Expense%20Analysis) Gross profit margin for H1 was **68.6%**, a slight increase of **0.4** percentage points year-on-year; sales and marketing expenses rose **13.3%** to **RMB 125 million**, primarily due to increased e-commerce platform service and traffic acquisition fees, while administrative and R&D costs significantly decreased by **19.6%** and **68.4%** respectively, effectively controlling overall expenses - Gross profit margin slightly increased from **68.2%** to **68.6%**, primarily due to changes in product mix and higher gross profit margins for certain products[63](index=63&type=chunk) - Sales and marketing expenses increased by **13.3%** year-on-year, mainly due to higher e-commerce platform agency operation service fees and platform traffic acquisition costs[64](index=64&type=chunk)[65](index=65&type=chunk) - Administrative expenses decreased by **19.6%** year-on-year, primarily due to a reduction in non-recurring expenditures[66](index=66&type=chunk) - Research and development costs significantly decreased by **68.4%** year-on-year to **RMB 5.0 million**, mainly due to reduced investment in outsourced R&D activities[67](index=67&type=chunk) [Liquidity, Capital Resources, and Investments](index=29&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Investments) The Group's working capital primarily originates from operating activities, with net cash inflow from operating activities significantly increasing to **RMB 31.8 million** in H1; period-end cash and cash equivalents rose to **RMB 165 million**, with no bank borrowings and a debt-to-asset ratio of **17.6%**, while financial assets measured at fair value were approximately **RMB 78.3 million**, mainly equity investments in various funds and companies Summary of Net Cash Flows (For the Six Months Ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 31,801 | 12,354 | | Net Cash Inflow from Investing Activities | 389 | 5,574 | | Net Cash Outflow from Financing Activities | (1,803) | (2,414) | | **Cash and Cash Equivalents at End of Period** | **164,542** | **184,518** | - As of June 30, 2025, the Group had no bank borrowings, and its debt-to-asset ratio was **17.6%**[79](index=79&type=chunk)[87](index=87&type=chunk) - The Group held financial assets measured at fair value through profit or loss of **RMB 78.3 million**, and through the consolidated 'Fund No. 6,' held loans receivable of approximately **RMB 69.8 million** and restricted bank deposits of approximately **RMB 13.5 million**[73](index=73&type=chunk)[75](index=75&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) [Compliance, Human Resources, and Corporate Governance](index=34&type=section&id=Compliance%2C%20Human%20Resources%2C%20and%20Corporate%20Governance) The Group strictly adheres to all laws and regulations, with no significant compliance incidents, maintaining good relationships with employees, suppliers, and customers; as of period-end, the Group had **129** employees, and in corporate governance, it complies with the Corporate Governance Code, having completed the separation of CEO and Chairman functions in June 2025, with the Audit Committee reviewing the current financial information - The Group's operations comply with relevant laws and regulations, with no significant non-compliance issues identified, and maintains good stakeholder relationships[90](index=90&type=chunk)[91](index=91&type=chunk) - As of June 30, 2025, the Group had **129** employees, with staff costs of **RMB 22.5 million** in H1[92](index=92&type=chunk) - In June 2025, Mr. Zhao Yihong was re-designated from Chief Executive Officer to Chief Strategy Officer, and Mr. Feng Bing was appointed Chief Executive Officer, with the company subsequently complying with the Corporate Governance Code's requirement for separation of Chairman and CEO functions[94](index=94&type=chunk) [Dividends, Share Repurchases, and Other Disclosures](index=36&type=section&id=Dividends%2C%20Share%20Repurchases%2C%20and%20Other%20Disclosures) The Board proposes an interim dividend of **HKD 0.15** per share and announced the specific timetable for dividend payment; during the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company is discussing arrangements for full redemption of its participating shares in 'Fund No. 6' with the fund manager - During the first half, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[96](index=96&type=chunk) - The company is discussing arrangements and a timetable for the full cash redemption of its participating shares in 'Zhongzhou Longteng Global Opportunity Fund No. 6' with the fund manager[99](index=99&type=chunk) - Other than the disclosed dividend proposal, no other post-balance sheet events with significant impact on the Group have occurred from the end of the period to the date of this announcement[100](index=100&type=chunk)

Core Viewpoint - The company Biyuan (00926.HK) announced a mid-term dividend distribution of HKD 0.15 per share, scheduled for September 12, 2025 [1] Company Summary - Biyuan will distribute a mid-term dividend of HKD 0.15 per share [1]

Core Viewpoint - The company Biostime (00926) announced a mid-term dividend of HKD 0.15 per share, to be distributed on September 12, 2025 [1] Company Summary - Biostime will distribute a mid-term dividend of HKD 0.15 per share [1]

智通财经APP讯，碧生源(00926)公布，将于2025年9月12日派发中期股息每股0.15港元。 ...

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 碧生源控股有限公司 | | 股份代號 | 00926 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 中期股息(截至2025年6月30日止6個月) | | 公告日期 | 2025年8月5日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.15 HKD | | 股東批准日期 | 2025年8月25日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.15 HKD | | 匯率 | 1 ...