[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 ...

本月底法定/註冊股本總額： USD 49,999.98 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 碧生源控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00926 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 150,000,000 | USD | 0.0003333332 | USD | | 49,999.98 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 150,000,000 | USD | 0.0003333332 | U ...

Core Insights - The company Biyuan has gained popularity in the functional tea market with its "Blue Hat" certified products, Changrun Tea and Changjing Tea, which effectively combine tea with traditional Chinese herbal medicine [1][2] - Biyuan aims to modernize the traditional Chinese tea industry by utilizing industrialized methods to standardize traditional tea formulas, addressing the long-standing issue of "having categories but no brands" in the industry [1][2] - The company has initiated a partner operation mechanism in 2023 to streamline its organizational structure, ensuring efficient communication between frontline and headquarters, which has led to a significant recovery in performance [2] Company Strategy - Biyuan's brand name signifies "the source of green life," aligning with its focus on green, natural, and healthy products, while also aiming to establish long-term connections with consumers [1] - The company has implemented a flat organizational structure, allowing operational staff to become shareholders, linking their income directly to sales performance [2] - Biyuan has established a strict standardized system for product development and production, ensuring all raw materials comply with national health food regulations and maintaining real-time data connectivity with the Beijing Drug Administration [2] Cultural and Industrial Impact - Biyuan is advocating for the recognition of "Oriental Tea Art" as an intangible cultural heritage, positioning itself at the forefront of the tea industrialization movement [3] - The company combines traditional culture with innovative industrial practices through the use of bagged tea, effectively preserving and promoting Chinese heritage [3]

Core Insights - The core achievement of the company is reflected in its 2024 financial report, which shows a revenue of 484 million yuan and a net profit of 14.804 million yuan, marking a turnaround from losses to profitability [1] - The company has developed a compelling communication system that resonates with consumers by addressing their pain points, humor, emotional stories, and encouraging sharing, effectively transforming health tea into a solution for modern health concerns [6] Group 1: Pain Points - Health issues have become a significant concern for consumers due to modern lifestyle pressures, and health tea serves as a solution to alleviate these concerns [2] - The company positions its health tea as a "gentle health guardian," with specific products targeting urban consumers' sub-health issues, such as constipation and weight management [2] Group 2: Humor - The brand utilizes humor to make health maintenance more approachable, using engaging formats like comics and short videos to integrate health tea into everyday scenarios [3] - This strategy reduces psychological barriers and enhances product recall, particularly among younger consumers [3] Group 3: Emotional Connection - The essence of health tea extends beyond being a beverage; it serves as a medium for emotional connection, tapping into themes of filial piety and friendship [4] - By sharing relatable stories, the brand fosters a deeper trust and emotional resonance with consumers, positioning the product as a symbol of care for loved ones [4] Group 4: Sharing Ecosystem - The company encourages consumers to share their experiences, transforming individual testimonials into collective brand advocacy [5] - By leveraging social media and e-commerce platforms, the brand amplifies its reach and enhances consumer engagement through user-generated content [5] Group 5: Marketing Strategy - The marketing success of the company lies in its ability to address emotional needs through a four-step approach: identifying pain points, breaking barriers with humor, building connections through emotional stories, and promoting sharing [6] - This strategy has elevated health tea from a functional product to a symbol of a healthy lifestyle, contributing to sustained growth in health value [6]

Core Viewpoint - The company, Biyuan, positions itself as a leader in the herbal health tea segment by focusing on standardized product forms, quality control, and pricing strategies to meet consumer demands for health and convenience [1][9]. Group 1: Standardized Product Form - Biyuan has innovated the traditional tea bag model by introducing a dual-chamber tea bag design that eliminates metal contamination risks and uses eco-friendly materials [3]. - The company employs cold brew freeze-drying technology to quickly lock in nutrients, allowing for a convenient tea experience that aligns with modern urban lifestyles [3]. - Biyuan's product matrix combines traditional Chinese medicine with modern nutritional science, offering functional teas like Changjing Tea and Changrun Tea that cater to diverse health needs [2][3]. Group 2: Standardized Quality - Biyuan emphasizes quality as the foundation of its business, implementing a standardized quality management system throughout its supply chain [4]. - The company conducts thorough supplier assessments and maintains direct relationships with tea farmers in premium tea-producing regions to ensure raw material purity [4]. - Biyuan has invested significantly in a central testing laboratory to ensure that all raw materials meet strict quality standards, achieving a 100% product pass rate [4]. Group 3: Standardized Pricing - Biyuan adopts a standardized pricing strategy to make high-quality health teas accessible to a broader consumer base, with core products priced in the tens of yuan range [7]. - The company utilizes a multi-channel sales approach, including traditional retail, e-commerce, and new retail platforms, to maintain consistent pricing and enhance market penetration [8]. - Biyuan's commitment to affordable health options aligns with the growing demand for value among younger consumers, contributing to increased market share in this demographic [8]. Conclusion - Biyuan's three-pronged standardized approach—product innovation, quality assurance, and pricing strategy—establishes its competitive edge in the herbal tea market, promoting a shift towards a more regulated and health-conscious industry [9].

Industry Overview - The establishment of the Tea Industry and Health Branch of the China Health Care Association marks a significant milestone in the integration of the tea industry with health, providing a professional platform for development [1] - The tea industry is transitioning from a traditional beverage to a health solution, aligning with modern health concepts and appealing to younger consumers [1] Health Benefits of Tea - Tea has been recognized for its health benefits, containing natural components such as polyphenols and proteins that support its health properties [2] - Research indicates that tea polyphenols possess strong antioxidant capabilities and can prevent and inhibit various organ tumors [2] Innovative Applications - The combination of traditional Chinese medicine and tea has led to the development of new health solutions, such as herbal teas designed for specific health conditions [3] - Over 110 types of medicinal herbs have been identified for innovative "herb + tea" combinations, expanding the health tea category [3] Cultural and Emotional Value - The cultural aspects of tea, including its ritualistic preparation and consumption, contribute to its therapeutic value, aligning with modern consumers' desire for emotional well-being [3] Company Strategy - The company Bi Sheng Yuan has evolved from a "functional tea" provider to a "health management expert," adapting to consumer demands for comprehensive health solutions [4] - Bi Sheng Yuan has developed a full product matrix covering health foods, regular foods, and pharmaceuticals, catering to diverse consumer needs [5] Marketing and Distribution - The company has embraced multi-channel marketing strategies, leveraging both traditional retail and e-commerce platforms to reach a broader audience [6] - Bi Sheng Yuan has initiated a partnership model to enhance its marketing system, fostering sustainable growth [6] Future Opportunities - The tea industry is poised for unprecedented growth, driven by consumer demand for health and national trends, supported by favorable policies and technological advancements [7] - Bi Sheng Yuan aims to modernize the traditional tea industry through brand upgrades, product innovation, and marketing transformations, exploring new pathways for health and youthfulness [7]