蜡笔小新食品(01262)发布公告，预期截至2025年6月30日止6个月本集团将取得除税后溢利约人民币200 万元，而2024年同期则为除税后亏损人民币4360万元。有关除税后溢利增加归因于截至2025年6月30日 止6个月所产生的广告及推广开支以及预期信贷亏损拨备较2024年同期为减少。 ...

格隆汇8月4日丨蜡笔小新食品(01262.HK)发布公告，预期截至2025年6月30日止6个月集团将录得除税后 溢利约人民币200万元，而2024年同期则为除税后亏损人民币4360万元。有关除税后溢利增加归因于截 至2025年6月30日止6个月所产生的广告及推广开支以及预期信贷亏损拨备较2024年同期为减少。 ...

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佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，且表明不會就因本公佈全部 或任何部份內容或因倚賴該等內容而引致之任何損失承擔任何責任。 LABIXIAOXIN SNACKS GROUP LIMITED 蠟筆小新休閒食品集團有限公 司 （於百慕達註冊成立的有限公司） 正面盈利預告 蠟筆小新休閒食品集團有限公司 主席 鄭育煥 （股份代號：1262） 本公佈乃由蠟筆小新休閒食品集團有限公司（「本公司」，連同其附屬公司統稱 「本集團」）根據香港法例第571章證券及期貨條例第XIVA部及香港聯合交易 所有限公司證券上市規則第13.09條而作出。 本公司董事局（「董事局」）謹此知會本公司股東（「股東」）及潛在投資者，根 據董事局現時可得資料及對本集團未經審核管理賬目的初步審閱，預期截至 2025年6月30日止6個月本集團將錄得除稅後溢利約人民幣200萬元，而2024年 同期則為除稅後虧損人民幣4,360萬元。有關除稅後溢利增加歸因於截至2025 年6月30日止6個月所產生的廣告及推廣開支以及預期信貸虧損撥備較2024年 同期為減少。 1 本公司尚未落實本集團截 ...

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: 蠟筆小新休閒食品集團有限公司 (於百慕達註冊成立的有限公司) 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) | 01262 | 說明 | 蠟筆小新食品 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 USD | | 0.001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 500,000,000 USD | | 0.001 | USD | | 500,000 | 本月底法定/註冊股 ...

Financial Performance - The company reported revenue of RMB 866.7 million for the year ending December 31, 2024, representing a 13.4% increase compared to RMB 764.4 million in 2023[12]. - The gross profit for 2024 was RMB 234.6 million, compared to RMB 218.9 million in 2023, indicating a recovery in profitability[10]. - The company recorded a loss before tax of RMB 93.5 million for 2024, an improvement from a loss of RMB 104.8 million in 2023[10]. - The net loss for the year ended December 31, 2024, was RMB 93.5 million, a decrease from a net loss of RMB 104.8 million for the year ended December 31, 2023, primarily due to increased sales through convenience stores and e-commerce channels[17]. - The group recorded continuous revenue growth for four consecutive years leading up to December 31, 2024, indicating a recovery in consumer demand for leisure food products post-COVID-19[47]. - The company reported a basic and diluted loss per share of RMB 0.53 for 2024, compared to RMB 0.79 in 2023, reflecting a reduction in loss per share[194]. Revenue Growth Drivers - Sales of jelly products, confectionery, and other snacks increased by 14.1%, 8.2%, and 54.6% respectively, contributing to overall revenue growth[12]. - The group's revenue for the year ended December 31, 2024, increased by approximately 13.4% to RMB 866.7 million, driven by sales growth in jelly products, confectionery, and other snacks[16]. - Revenue from jelly products increased by approximately 14.1% to RMB 759.2 million for the year ended December 31, 2024[19]. - Revenue from other snacks increased by approximately 54.6% to RMB 12.5 million, driven by strong sales through convenience stores and e-commerce channels[22]. Asset and Liability Management - Total assets decreased to RMB 793.8 million in 2024 from RMB 810.9 million in 2023, reflecting a continued decline in asset values[11]. - Total equity fell to RMB 214.5 million in 2024 from RMB 222.6 million in 2023, indicating a decrease in shareholder value[11]. - The company’s total liabilities were RMB 579.3 million in 2024, slightly down from RMB 588.3 million in 2023[11]. - Current liabilities exceeded current assets by approximately RMB 124,469,000 as of December 31, 2024[179]. Operational Efficiency - Operating loss decreased to RMB 73,259,000 in 2024 from RMB 82,058,000 in 2023, indicating improved operational efficiency[194]. - Trade receivables decreased significantly to RMB 165,489,000 in 2024 from RMB 238,741,000 in 2023, indicating improved collection efforts[196]. - The number of distributors decreased by 40.3% to 435 as of December 31, 2024, due to a strict evaluation of sales performance and financial status of distributors[18]. Sales and Marketing Strategies - The company has expanded new sales channels, including sales through major snack chain convenience stores and e-commerce on platforms like Douyin, positively impacting sales recovery post-COVID-19[12]. - The management is optimistic about the recovery of consumer sentiment in China, which is expected to further boost sales in the upcoming periods[12]. - The company aims to continue leveraging new sales channels to enhance market presence and drive future growth[12]. Cost Management - Sales and distribution expenses increased by approximately 53.5% to RMB 168.6 million, attributed to higher logistics service frequency and increased advertising costs in e-commerce channels[24]. - Administrative expenses rose by approximately 16.3% to RMB 115.3 million, mainly due to the expansion of the snack chain convenience store operations team and inflation-related cost increases[25]. Capital Expenditures - Capital expenditures for the year ended December 31, 2024, amounted to RMB 40.7 million, mainly for upgrading production lines at various manufacturing plants[17]. - Capital expenditures for the year ended December 31, 2024, amounted to RMB 40.7 million, primarily for upgrading production lines[30]. Corporate Governance - The company has adhered to all provisions of the Corporate Governance Code for the year ending December 31, 2024, with no deviations reported[68]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors[73]. - The roles of the Chairman and the CEO are held by different individuals to maintain independence and balanced judgment[76]. - The company has established various committees, including the Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific areas of governance[75]. Risk Management - The company has established a risk management framework to identify, assess, and manage significant risks, with senior management conducting annual risk assessments[107]. - The audit committee reviews the effectiveness of the risk management and internal control systems at least once a year, covering all major control measures[107]. - The company acknowledges operational risks due to internal processes and external events, with ongoing assessments to manage these risks[51]. Employee and Gender Diversity - As of December 31, 2024, the group had approximately 860 employees, a decrease from about 1,200 employees in 2023, with total salary expenses amounting to RMB 113.7 million for the year[44]. - The company has a gender diversity ratio of 52.7% male and 47.3% female among its total employees, including senior management[96]. - The company continues to promote gender diversity through recruitment and development opportunities for female employees[96]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to strengthen investor relations and enhance understanding of business performance and strategy[113]. - The annual general meeting for the year ending December 31, 2024, is scheduled for June 19, 2025[113]. - The company has adopted a dividend policy aimed at allowing shareholders to participate in profits while retaining sufficient reserves for future growth[120].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 866.7 million, representing a 13.4% increase from RMB 764.4 million in 2023[3] - Gross profit for the same period was RMB 234.6 million, up 7.2% from RMB 218.9 million in 2023[3] - The adjusted EBITDA was a loss of RMB 6.7 million, compared to a profit of RMB 49.9 million in the previous year[3] - The annual loss narrowed to RMB 93.5 million, a 10.8% improvement from a loss of RMB 104.8 million in 2023[3] - The gross margin decreased to 27.1%, down 1.5 percentage points from 28.6% in 2023[3] - The company reported a net loss margin of -10.8%, an improvement of 2.9 percentage points from -13.7% in 2023[3] - Basic and diluted loss per share improved to RMB (0.53), a 32.9% reduction from RMB (0.79) in the previous year[4] - The company incurred an operating loss of RMB 73.26 million, leading to a total annual loss of RMB 93.46 million[24] - The net loss for the year ended December 31, 2024, was RMB 93.5 million, a decrease from RMB 104.8 million in the previous year, primarily due to increased gross profit from sales through new channels[56] Assets and Liabilities - Total assets decreased to RMB 793.8 million from RMB 810.9 million in 2023[6] - Total liabilities decreased slightly to RMB 579.3 million from RMB 588.3 million in 2023[8] - As of December 31, 2024, the company has bank borrowings of approximately RMB 456.4 million, with RMB 297.4 million due within one year[12] - The total bank borrowings as of December 31, 2024, amounted to RMB 456,400,000, an increase from RMB 405,190,000 in the previous year[43] - Current liabilities exceeded current assets by approximately RMB 124,469,000 as of December 31, 2024, indicating significant uncertainty regarding the company's ability to continue as a going concern[82] Cash Flow and Financing - The company has a cash and bank balance of RMB 52.5 million, up from RMB 44.3 million in 2023[6] - The company plans to seek external funding to improve working capital and cash flow conditions[12] - The company recorded a net cash inflow from operating activities of RMB 31.5 million for the year ended December 31, 2024, compared to RMB 88.6 million in the previous year[59] - The company reported a net financing cost of RMB 20,201,000, down from RMB 22,696,000 in the previous year[29] Capital Expenditures - Capital expenditures for the year totaled RMB 40.66 million, with significant investments in jelly and confectionery products[24] - Capital expenditures for the year ended December 31, 2024, amounted to RMB 40.7 million, mainly for upgrading production lines[60] Sales and Distribution - Revenue from external customers for jelly products amounted to RMB 759.19 million, with a gross profit of RMB 206.14 million[22] - Sales and distribution expenses increased by approximately 53.5% to RMB 168.6 million, driven by higher logistics service frequency and advertising costs associated with e-commerce channels[53] - The sales performance was positively impacted by the recovery of consumer sentiment in China following the COVID-19 pandemic, with new sales channels contributing to the growth of jelly products, confectionery, and other snack foods[47] - The number of distributors decreased by 40.3% to 435 as of December 31, 2024, due to the company's strict evaluation of distributor performance and financial status[47] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[80] - The company has adhered to all provisions of the corporate governance code for the year ended December 31, 2024, with no deviations reported[82] - The company is committed to strict corporate governance practices to enhance shareholder confidence and accountability[82] Employee and Payroll - The company recorded a total payroll expense of RMB 113.7 million for approximately 860 employees as of December 31, 2024, down from about 1,200 employees in 2023[75] Future Outlook - The company anticipates continued recovery in the Chinese economy and its business, with a focus on brand promotion and expanding new sales channels[78] Dividends - The company did not declare a final dividend for the year ended December 31, 2024, consistent with the previous year[38] - The company did not recommend any final dividend for the year ended December 31, 2024[79] Compliance and Regulations - The application of new and revised International Financial Reporting Standards has not had a significant impact on the financial statements for the current and prior years[14] - There were no reported violations of the employee written guidelines regarding insider trading during the year ended December 31, 2024[85] - The company has established a written guideline for employees regarding securities trading, ensuring compliance with the standard code[84] - The independent auditor confirmed that the preliminary performance figures are consistent with the consolidated financial statements for the year ended December 31, 2024[81] Miscellaneous - The company has not made any significant investments or acquisitions during the year ended December 31, 2024[77] - The company has not entered into any forward contracts to hedge foreign exchange risks, opting to monitor foreign exchange risks instead[71] - The company has taken measures to consider the sale of non-core businesses and/or financial assets if necessary[12] - The annual results announcement for the year ended December 31, 2024, is available on the company's website and the Hong Kong Stock Exchange website[86] - The company plans to hold its annual general meeting on June 19, 2025, for the year ended December 31, 2024[87] - The company has no significant contingent liabilities or capital commitments as of December 31, 2024[73][74]

Revenue and Sales Performance - The company's revenue for the first half of 2024 reached RMB 493.8 million, representing an increase of approximately 19.8% compared to the same period last year[13]. - Sales of jelly products increased by about 10.4% to RMB 429.2 million in the first half of 2024, with revenue from jelly food rising approximately 25.1% to RMB 253 million[15]. - The revenue from sweet products surged by approximately 223.3% to RMB 56.2 million, driven by strong sales through snack chain convenience stores and e-commerce channels[16]. - Revenue from other snack foods increased by approximately 146.6% to RMB 6.6 million, also attributed to robust sales through new sales channels[18]. - Revenue from beverage products decreased by approximately 47.6% to RMB 1.9 million, with no new major products launched in this category during the reporting period[17]. - The total revenue for the jelly products segment was RMB 429,157,000, with a gross profit of RMB 119,399,000, resulting in a gross margin of approximately 27.8%[53]. - The total revenue for the confectionery products segment was RMB 56,183,000, with a gross profit of RMB 14,613,000, resulting in a gross margin of approximately 26.0%[53]. - The total revenue for the beverage products segment was RMB 1,860,000, with a gross profit of RMB 237,000, resulting in a gross margin of approximately 12.7%[53]. - The total revenue for other leisure food products was RMB 6,597,000, with a gross profit of RMB 1,331,000, resulting in a gross margin of approximately 20.2%[53]. - The total reported segment profit was RMB 14,945,000, with corporate income of RMB 4,993,000 and corporate expenses of RMB (53,211,000), leading to an operating loss of RMB (33,273,000)[55]. - The total revenue for the first half of 2023 was RMB 412,182,000, compared to RMB 493,797,000 for the first half of 2024, indicating a year-over-year increase[56]. Financial Performance - The gross profit for the first half of 2024 rose by approximately 17.4% to RMB 135.6 million, while the gross margin slightly decreased from 28.0% to 27.5%[19]. - The net loss for the first half of 2024 was RMB 43.6 million, compared to a loss of RMB 4.8 million in the same period last year[13]. - Sales costs increased by approximately 20.7% to RMB 358.2 million, primarily due to the corresponding increase in sales[19]. - Sales and distribution expenses increased by approximately 70.5% to RMB 120.6 million in the first half of 2024, primarily due to a higher proportion of sales through snack chain convenience stores and e-commerce channels[20]. - Administrative expenses rose by about 10.2% to RMB 46.3 million in the first half of 2024, mainly due to inflation-related increases in administrative costs[21]. - The net loss for the six months ended June 30, 2024, was RMB 43.645 million, a significant increase from RMB 4.832 million in the same period of 2023, largely driven by increased sales and distribution expenses[34]. - Cash inflow from operating activities was RMB 5 million in the first half of 2024, down from RMB 56.3 million in 2023, attributed to higher sales and distribution expenses[26]. - The company recorded a total comprehensive loss of RMB 43,645 thousand for the six months ended June 30, 2024[38]. - The group reported a net loss of approximately RMB 43,645,000 for the six months ended June 30, 2024, compared to a net loss of RMB 4,832,000 for the same period in 2023[42]. - The company reported a net loss attributable to equity holders of RMB (43,645,000), compared to a loss of RMB (4,832,000) in the previous year, indicating a substantial increase in losses[66]. - Basic loss per share was RMB (0.33), compared to RMB (0.04) in the same period last year[66]. Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 34,874 thousand from RMB 44,319 thousand, a decline of 21.1%[36]. - Operating cash flow for the six months ended June 30, 2024, was RMB 4,981 thousand, down 91.1% from RMB 56,275 thousand in the same period of 2023[39]. - The company has drawn a total of RMB 57,127,000 from a loan agreement with an executive director, up from RMB 46,081,000 as of December 31, 2023[82]. - The company reported a net cash outflow from financing activities of RMB 13,555 thousand, compared to an outflow of RMB 30,359 thousand in the previous year[39]. - The company plans to seek external funding to improve its working capital and cash flow situation[45]. Assets and Liabilities - The company's bank balances and deposits decreased by RMB 9.4 million to RMB 34.9 million as of June 30, 2024, primarily due to RMB 38 million invested in upgrading production lines[25]. - Inventory increased by 33.2% compared to the beginning of the year, driven by anticipated sales growth in snack chain convenience stores[27]. - The asset-liability ratio increased to 265.5% as of June 30, 2024, compared to 202.8% at the end of 2023, reflecting higher leverage[25]. - Total assets increased to RMB 845,004 thousand as of June 30, 2024, compared to RMB 810,907 thousand as of December 31, 2023, reflecting a growth of 4.2%[36]. - Current liabilities rose to RMB 650,245 thousand, up from RMB 572,503 thousand, indicating an increase of 13.6%[37]. - The company’s total liabilities reached RMB 666,091 thousand, an increase of 13.2% from RMB 588,349 thousand[37]. - As of June 30, 2024, current liabilities exceeded current assets by approximately RMB 147,277,000, an increase from RMB 94,369,000 as of December 31, 2023[42]. - Trade payables increased significantly to RMB 54,608,000 from RMB 25,744,000 as of December 31, 2023[74]. - Total bank borrowings reached RMB 417,840,000, compared to RMB 405,190,000 as of December 31, 2023, with secured borrowings at RMB 388,840,000[77]. Shareholder and Capital Structure - Major shareholder Zheng Yulong provided financial support with loans totaling approximately RMB 57,127,000 to ensure the group can meet its financial obligations for the next twelve months[43]. - The company agreed to issue 85,518,388 new shares at HKD 1.10 per share, with a total consideration of approximately HKD 94,070,000, offsetting amounts owed to related directors[44]. - The company proposed a capital reorganization plan, including a share consolidation where every ten existing shares will be consolidated into one share[78]. - Following the capital reorganization, the share premium account will be reduced from RMB 615,656,000 to zero, with the total amount of approximately RMB 1,084,746,000 transferred to retained earnings[79]. - The newly issued shares represent about 64.35% of the existing issued share capital post-restructuring and approximately 39.15% of the enlarged issued share capital[84]. - The subscription agreement was approved at a special general meeting held on June 26, 2024, and all conditions were fulfilled by July 5, 2024[84]. - As of June 30, 2024, the directors and senior management hold significant interests, with Zheng Yulong owning 61,091,552 shares, representing 45.97% of the company's equity[88]. - Zheng Yulong also holds an additional beneficial interest in 11,993,506 shares, amounting to 9.02% of the company's equity[89]. - Major shareholders include Alliance Holding, which holds 61,091,552 shares, representing approximately 45.97% of the issued share capital[92]. Operational and Strategic Initiatives - The company has expanded its new sales channels, including sales through major snack chain convenience stores and e-commerce platforms like Douyin, positively impacting sales performance[13]. - The company continues to focus on the recovery of consumer sentiment in China post-COVID-19, which has positively influenced sales[13]. - The company plans to actively promote its brand and products, launch new snack products, and expand sales channels in China to support long-term growth[33]. - Cost control measures have been implemented to enhance production cost management and achieve positive cash flow from operations[46]. - The group may consider divesting non-core businesses or financial assets if necessary[47]. Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee accounting principles and practices[97]. - The company has adhered to the corporate governance code as per the listing rules, with no deviations reported for the six months ended June 30, 2024[98]. - The company maintains sufficient public float as of June 30, 2024, according to available information[100]. Employee and Management Information - As of June 30, 2024, the company had approximately 1,100 employees, a decrease from about 1,200 employees as of December 31, 2023[94]. - Total employee compensation for the six months ended June 30, 2024, amounted to RMB 82.3 million[94]. - The total remuneration for key management personnel was RMB 2,245,000 for the six months ended June 30, 2024, compared to RMB 2,185,000 in the same period of 2023[81].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 493.8 million, representing a 19.8% increase from RMB 412.2 million in the same period of 2023[1] - Gross profit for the same period was RMB 135.6 million, up 17.4% from RMB 115.5 million year-on-year[1] - The company reported a net loss of RMB 43.6 million for the six months ended June 30, 2024, compared to a net loss of RMB 4.8 million in the prior year, indicating an increase in losses of 803.2%[1] - Basic and diluted loss per share was RMB 0.33, a significant increase of 725% from RMB 0.04 in the same period last year[1] - The gross margin decreased slightly to 27.5% from 28.0% year-on-year, while the EBITDA margin fell to (2.2%) from 6.4%[1] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 845.0 million, an increase from RMB 810.9 million at the end of 2023[3] - Total liabilities increased to RMB 666.1 million from RMB 588.3 million at the end of 2023, with current liabilities exceeding current assets by RMB 147.3 million[4] - Inventory as of June 30, 2024, rose to RMB 80.7 million from RMB 60.5 million at the end of 2023[3] - Trade receivables increased slightly to RMB 240.5 million from RMB 238.7 million year-on-year[3] - Trade receivables as of June 30, 2024, amounted to RMB 329,338,000, an increase from RMB 320,639,000 as of December 31, 2023[37] - The expected credit loss provision for trade receivables was RMB 88,809,000 as of June 30, 2024, compared to RMB 81,898,000 as of December 31, 2023[37] - Total bank borrowings increased to RMB 417,840,000 as of June 30, 2024, from RMB 405,190,000 as of December 31, 2023[41] - Trade payables increased to RMB 54,608,000 as of June 30, 2024, compared to RMB 25,744,000 as of December 31, 2023[38] - The company’s total liabilities increased, reflecting a rise in trade and other payables to RMB 232,405,000 as of June 30, 2024, from RMB 167,313,000 as of December 31, 2023[38] Operational Highlights - The company primarily engages in the production and sale of jelly products, confectionery, beverages, and other snack foods, with operational decisions made by the executive directors[18] - Customer A contributed RMB 70,653,000 in revenue for the six months ended June 30, 2024, representing over 10% of the company's total revenue for that period[20] - Revenue from external customers for jelly products reached RMB 429,157 thousand, while total revenue was RMB 493,797 thousand for the six months ended June 30, 2024, representing an increase from RMB 412,182 thousand in the same period of 2023[21] - The gross profit for the jelly products segment was RMB 119,399 thousand, contributing to a total gross profit of RMB 135,580 thousand, compared to RMB 115,472 thousand in the previous year[21] - The reported segment performance showed a profit of RMB 14,945 thousand for the six months ended June 30, 2024, a decrease from RMB 44,718 thousand in the same period of 2023[22] - The company incurred a total operating loss of RMB 33,273 thousand for the six months ended June 30, 2024, compared to an operating profit of RMB 6,431 thousand in the same period of 2023[22] Financing and Capital Management - Major shareholder Zheng Yulong provided approximately RMB 57,127,000 in loans from a total financing of RMB 70,000,000 to support the company's ongoing operations and meet upcoming liabilities due by June 30, 2024[7] - The company agreed to issue 85,518,388 new shares at HKD 1.10 per share, raising a total of approximately HKD 94,070,000, which will offset amounts owed to related directors and shareholders[8] - The company is taking measures to secure external funding to improve its working capital and cash flow situation[9] - Cost control measures have been implemented to enhance production cost management and achieve profitability and positive cash flow from operations[10] - The company may consider divesting non-core businesses and/or financial assets if necessary for business restructuring[11] Expenses and Cash Flow - Sales and distribution expenses increased by approximately 70.5% to RMB 120.6 million, driven by higher logistics costs associated with increased sales through convenience stores and e-commerce[52] - Financing costs totaled RMB 10,501 thousand for the six months ended June 30, 2024, down from RMB 12,297 thousand in the same period of 2023[28] - Other income for the six months ended June 30, 2024, was RMB 4,831 thousand, slightly lower than RMB 4,896 thousand in the same period of 2023[25] - The company recorded a net loss of RMB 43.6 million for the first half of 2024, compared to a net loss of RMB 4.8 million in the same period last year, primarily due to increased sales and distribution expenses[55] Future Outlook and Strategy - The company plans to actively promote its brand and products in 2024 and beyond, while expanding new sales channels in China[67] - The board remains cautiously optimistic about the long-term development of the business despite challenges in the snack food industry[67] - The company completed a capital restructuring plan effective June 20, 2024, which included a share consolidation and capital reduction[42][43] - No significant investments, acquisitions, or disposals of subsidiaries or associates occurred in the first half of 2024[66] - The company has not engaged in any share buybacks or sales during the reporting period[68] Risk Management - No significant changes have occurred in risk management policies since the end of the last fiscal year, with ongoing exposure to market, credit, and liquidity risks[17] - The company has no significant contingent liabilities as of June 30, 2024[64]

Company Information [Company Overview](index=3&type=section&id=Company%20Overview) This section outlines the company's fundamental registration details, operational locations, listing information, board and committee members, and key professional partners - The company's board of directors comprises three executive directors (Zheng Yuhuan, Zheng Yushuang, Zheng Yulong), one non-executive director (Li Hongjiang), and three independent non-executive directors (Li Biao, Guo Li, Zhong Youtang)[5](index=5&type=chunk) - The company has established an Audit Committee, Remuneration Committee, and Nomination Committee, chaired by independent non-executive directors Zhong Youtang, Guo Li, and Li Biao, respectively[5](index=5&type=chunk)[6](index=6&type=chunk) Financial Summary and Overview [Summary of Financial Performance](index=5&type=section&id=Summary%20of%20Financial%20Performance) FY2023 revenue grew, but gross profit declined and losses widened; assets and equity decreased, with jelly products as the main revenue source Consolidated Income Statement Summary (For the year ended December 31) | Metric | 2023 (RMB thousands) | 2022 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 764,377 | 684,263 | +11.7% | | Gross Profit | 218,940 | 244,192 | -10.3% | | Loss Before Tax | (104,754) | (67,671) | +54.8% | | Loss for the Year | (104,754) | (75,328) | +39.1% | Consolidated Statement of Financial Position Summary (As at December 31) | Metric | 2023 (RMB thousands) | 2022 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Assets | 810,907 | 977,311 | -17.0% | | Total Equity | 222,558 | 327,312 | -32.0% | | Total Liabilities | 588,349 | 649,999 | -9.5% | - The revenue structure by product shows **jelly products** as the absolute core, accounting for **87.1%** in 2023, with sweet products at 11.2%[7](index=7&type=chunk) Chairman's Statement [Operating Review and Outlook](index=7&type=section&id=Operating%20Review%20and%20Outlook) 2023 sales grew from new channels, but increased credit loss provisions and lower gross margins led to higher net losses; future strategy focuses on brand promotion, new products, and channel expansion Key Performance Indicators for FY2023 | Metric | 2023 | 2022 | Reason for Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 764.4 million | RMB 684.3 million | Consumer recovery and new sales channel expansion | | Gross Margin | 28.6% | 35.7% | Lower profitability of new sales channels | | Net Loss | RMB 104.8 million | RMB 75.3 million | Increase in expected credit loss provisions | | Advertising and Promotion Expenses | RMB 60.3 million | RMB 92.1 million | Reduced promotional activities required for snack chain convenience stores | - The Group recorded expected credit loss provisions of approximately **RMB 78.9 million** due to slow settlements or defaults by some distributors, leading to a significant reduction in distributor numbers from 1,095 to 729[14](index=14&type=chunk) - Future strategic priorities include: (i) actively promoting brand image and products; (ii) launching new snack foods periodically; and (iii) expanding coverage of new sales channels in China[17](index=17&type=chunk) Management Discussion and Analysis [Business Review](index=11&type=section&id=Business%20Review) 2023 revenue grew 11.7%, driven by jelly and sweet products through new channels, while other segments declined, and distributor count decreased by 33.4% FY2023 Revenue Performance by Product Line | Product Category | 2023 Revenue (RMB millions) | 2022 Revenue (RMB millions) | Y-o-Y Growth Rate | | :--- | :--- | :--- | :--- | | Jelly Products | 665.6 | 592.2 | +12.4% | | Sweet Products | 85.6 | 73.0 | +17.2% | | Beverage Products | 5.2 | 5.1 | +1.5% | | Other Snack Foods | 8.1 | 14.0 | -42.2% | | **Total** | **764.4** | **684.3** | **+11.7%** | - To mitigate credit risk, the company rigorously evaluated distributors, eliminating underperforming ones, reducing the number from 1,095 at the end of 2022 to **729** at the end of 2023, a **33.4% decrease**[22](index=22&type=chunk)[24](index=24&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) Gross margin declined to 28.6%, net loss expanded to RMB 104.8 million due to increased credit loss provisions, and the debt-to-equity ratio rose to 202.8%, despite improved operating cash flow Key Financial Indicators Change | Metric | 2023 | 2022 | Primary Reason | | :--- | :--- | :--- | :--- | | Gross Margin | 28.6% | 35.7% | Increased proportion of lower-margin new sales channels | | Net Loss | RMB 104.8 million | RMB 75.3 million | Increase in expected credit loss provisions | | Debt-to-Equity Ratio | 202.8% | 156.6% | Decrease in equity and borrowings | | Net Cash Inflow from Operating Activities | RMB 88.6 million | RMB 15.5 million | Improved working capital management | | Trade Receivables Turnover Days | 147 days | 200 days | Improved collection performance | | Inventory Turnover Days | 50 days | 53 days | Enhanced inventory management efficiency | - Capital expenditure for the year was **RMB 40.4 million**, primarily for upgrading production lines[38](index=38&type=chunk) [Prospects and Risks](index=15&type=section&id=Prospects%20and%20Risks) Management anticipates business improvement with economic recovery, focusing on brand promotion, new products, and channel expansion, while facing key business, industry, operational, financial, and external risks - Future development strategies: - Actively promote brand image and products - Periodically launch new snack foods - Expand coverage of new sales channels in China[54](index=54&type=chunk) - Key risk factors: - **Business Risk**: Changes in consumer preferences and tastes - **Industry Risk**: Potential food safety and hygiene issues - **Operational Risk**: Insufficient or lacking internal procedures, personnel, and systems - **Financial Risk**: Detailed in Note 4 to the financial statements - **Disaster Events**: Epidemics or other catastrophic events[56](index=56&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) Biographies of Directors and Senior Management [Directors and Senior Management Profiles](index=17&type=section&id=Directors%20and%20Senior%20Management%20Profiles) This section provides biographies of board members and senior management, detailing their roles, experience, and relationships, with core leadership by the Zheng brothers and Li Hongjiang - The company's core leadership has significant family ties: Executive Directors Zheng Yulong, Zheng Yushuang, and Zheng Yuhuan are brothers, and Non-Executive Director Li Hongjiang is their brother-in-law; they co-founded the Group's jelly product business[64](index=64&type=chunk)[67](index=67&type=chunk)[69](index=69&type=chunk)[71](index=71&type=chunk) - Independent Non-Executive Director Mr Zhong Youtang possesses over **28 years of experience** in auditing, financial management, and compliance for Hong Kong-listed companies, and is a practicing accountant of the Hong Kong Institute of Certified Public Accountants[76](index=76&type=chunk) Corporate Governance Report [Governance Structure and Practices](index=20&type=section&id=Governance%20Structure%20and%20Practices) The company confirms 2023 compliance with the Corporate Governance Code, detailing board responsibilities, committee structures, separation of Chairman and CEO roles, and perfect board meeting attendance - The company has complied with all code provisions set out in Part 2 of the Corporate Governance Code for the year ended December 31, 2023, without any deviation[80](index=80&type=chunk) - The Board of Directors comprises **7 members**, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors, meeting the Listing Rules' requirement for independent non-executive directors to constitute over one-third of the board[85](index=85&type=chunk)[87](index=87&type=chunk) 2023 Board Meeting Attendance Record | Director Name | Attendance/Meetings | | :--- | :--- | | Mr Zheng Yuhuan | 4/4 | | Mr Zheng Yushuang | 4/4 | | Mr Zheng Yulong | 4/4 | | Mr Li Hongjiang | 4/4 | | Mr Li Biao | 4/4 | | Ms Guo Li | 4/4 | | Mr Zhong Youtang | 4/4 | [Risk Management and Internal Control](index=29&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board confirms responsibility for risk management and internal control; an independent consultant identified deficiencies, and the company is implementing improvement recommendations - The Board is fully responsible for overseeing the design, implementation, and effectiveness of risk management and internal control systems, reviewed at least annually through the Audit Committee[129](index=129&type=chunk) - The company engaged an independent professional consultant to review its internal controls, identifying several deficiencies, and is now implementing the consultant's recommendations to ensure compliance with Listing Rules[130](index=130&type=chunk)[131](index=131&type=chunk) Directors' Report [Principal Activities and Results](index=33&type=section&id=Principal%20Activities%20and%20Results) This section reiterates the Group's principal business of producing and selling jelly, sweets, beverages, and other snack foods in China, with no final dividend recommended for FY2023 - The Board does not recommend the payment of any final dividend for the year ended December 31, 2023[151](index=151&type=chunk) [Directors' and Shareholders' Interests](index=36&type=section&id=Directors%20and%20Shareholders'%20Interests) This section discloses directors' and major shareholders' interests, with Alliance Holding (controlled by the Zheng brothers and Li Hongjiang) holding 45.97% and Zheng Yulong personally owning 9.02%; no share options have been granted Major Shareholders and Directors' Shareholdings (As at December 31, 2023) | Shareholder/Director Name | Nature of Interest | Number of Shares Held | Approximate Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | | Alliance Holding | Beneficial Owner | 610,915,527 | 45.97% | | Zheng Yulong | Interest in Controlled Corporation | 610,915,527 | 45.97% | | | Beneficial Owner | 119,935,060 | 9.02% | | Zheng Yushuang | Interest in Controlled Corporation | 610,915,527 | 45.97% | | Zheng Yuhuan | Interest in Controlled Corporation | 610,915,527 | 45.97% | | Li Hongjiang | Interest in Controlled Corporation | 610,915,527 | 45.97% | - The company adopted a share option scheme in 2021, but no share options have been granted since its adoption as of the reporting date[181](index=181&type=chunk)[184](index=184&type=chunk) [Customers and Suppliers](index=40&type=section&id=Customers%20and%20Suppliers) This section discloses customer and supplier concentration, with the largest customer accounting for 10.5% of total turnover and the top five for 38.1% in 2023, showing increased customer concentration, while supplier concentration remained stable Customer and Supplier Concentration | Concentration Metric | 2023 | 2022 | | :--- | :--- | :--- | | Percentage of total turnover from largest customer | 10.5% | 7.0% | | Percentage of total turnover from top five customers | 38.1% | 24.4% | | Percentage of total purchases from largest supplier | 7.9% | 6.4% | | Percentage of total purchases from top five suppliers | 25.3% | 24.9% | Independent Auditor's Report [Auditor's Opinion and Key Audit Matters](index=43&type=section&id=Auditor's%20Opinion%20and%20Key%20Audit%20Matters) The auditor issued an unmodified opinion but highlighted a material uncertainty regarding going concern due to a significant net loss and current liabilities exceeding current assets, with expected credit loss provisions for trade receivables as a key audit matter - The auditor issued an unmodified opinion but drew attention to a "material uncertainty related to going concern"[212](index=212&type=chunk)[214](index=214&type=chunk) - The primary factors leading to going concern uncertainty are a net loss of approximately **RMB 104.8 million** for the year ended December 31, 2023, and current liabilities exceeding current assets by approximately **RMB 94.37 million**[214](index=214&type=chunk) - A key audit matter is "Expected credit loss provisions for trade receivables," as its assessment involves significant management judgment[216](index=216&type=chunk)[218](index=218&type=chunk) Consolidated Financial Statements [Financial Statements Overview](index=47&type=section&id=Financial%20Statements%20Overview) This section presents the four core audited consolidated financial statements for FY2023, including income, financial position, equity changes, and cash flow statements, reflecting the Group's financial performance, position, and cash flows Key Items from Consolidated Income Statement (2023) | Item | Amount (RMB thousands) | | :--- | :--- | | Revenue | 764,377 | | Gross Profit | 218,940 | | Operating Loss | (82,058) | | Loss and Total Comprehensive Loss for the Year | (104,754) | Key Items from Consolidated Statement of Financial Position (As at December 31, 2023) | Item | Amount (RMB thousands) | | :--- | :--- | | Total Assets | 810,907 | | Total Equity | 222,558 | | Total Liabilities | 588,349 | | Net Current Liabilities | (94,369) | Notes to the Consolidated Financial Statements [Note 3: Going Concern Basis](index=54&type=section&id=Note%203%3A%20Going%20Concern%20Basis) This note details the material uncertainty regarding going concern, citing a net loss and current liabilities exceeding current assets; management's plans include shareholder support, debt management, external financing, cost control, and potential non-core asset sales - The validity of the going concern assumption depends on future business success, generation of sufficient cash flows, and the ability to refinance or restructure borrowings[255](index=255&type=chunk) - One mitigating measure is financial support from major shareholder Mr Zheng Yulong, who has provided partial loan financing and agreed to continue support to ensure the company can meet its liabilities due within the next 12 months[255](index=255&type=chunk) [Note 4: Financial Risk Management](index=72&type=section&id=Note%204%3A%20Financial%20Risk%20Management) This note outlines the Group's primary financial risks, with credit risk a core focus for trade receivables, significant liquidity risk with the debt-to-equity ratio rising to 202.8%, and interest rate risk from floating-rate borrowings - The debt-to-equity ratio (total borrowings and directors' loans/total equity) increased from **156.6%** in 2022 to **202.8%** in 2023[356](index=356&type=chunk) Expected Credit Loss Provisions for Trade Receivables (December 31, 2023) | Ageing | Gross Carrying Amount (RMB thousands) | Loss Allowance (RMB thousands) | | :--- | :--- | :--- | | Current or less than 30 days | 230,978 | 10,597 | | 31 to 90 days | 9,650 | 797 | | 91 to 180 days | 10,909 | 1,402 | | Over 180 days | 2,371 | 2,371 | | Individually assessed | 66,731 | 66,731 | | **Total** | **320,639** | **81,898** | [Note 6: Segment Information and Revenue](index=80&type=section&id=Note%206%3A%20Segment%20Information%20and%20Revenue) This note provides operating segment information by product, showing jelly products as the largest revenue source but incurring an operating loss, while sweet products were profitable, and other smaller segments recorded losses, with a single largest customer contributing over 10% of revenue FY2023 Segment Results | Segment | Revenue (RMB thousands) | Reportable Segment Results (RMB thousands) | | :--- | :--- | :--- | | Jelly Products | 665,559 | (2,274) | | Sweet Products | 85,558 | 13,556 | | Beverage Products | 5,201 | (55,088) | | Other Snack Foods | 8,059 | 1,286 | | **Total** | **764,377** | **(42,520)** | - In 2023, a single largest customer (Customer A) contributed **RMB 79.56 million** in revenue, accounting for **10.4%** of total revenue[369](index=369&type=chunk) [Note 24: Bank Borrowings](index=94&type=section&id=Note%2024%3A%20Bank%20Borrowings) As of end-2023, total bank borrowings were RMB 405 million, all current liabilities due within one year, with most (RMB 363 million) secured by land use rights, buildings, and executive directors' personal guarantees - As at December 31, 2023, total bank borrowings amounted to **RMB 405.2 million**, all repayable within one year or on demand[421](index=421&type=chunk) - Secured borrowings are guaranteed by the Group's land use rights, buildings, and personal guarantees from executive directors Zheng Yushuang, Zheng Yuhuan, and Zheng Yulong, among others[424](index=424&type=chunk)

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 764.4 million, representing an increase of 11.7% compared to RMB 684.3 million in 2022[5] - Gross profit decreased to RMB 218.9 million, down 10.4% from RMB 244.2 million in the previous year, resulting in a gross margin of 28.6%, a decline of 7.1 percentage points[5] - EBITDA for the year was RMB 49.9 million, a decrease of 28.6% from RMB 69.9 million in 2022, leading to an EBITDA margin of 6.5%, down 3.7 percentage points[5] - The company reported a net loss of RMB 104.8 million for the year, which is a 39.2% increase from a net loss of RMB 75.3 million in 2022[5] - Basic and diluted loss per share increased to RMB 0.08, up 33.3% from RMB 0.06 in the previous year[5] Assets and Liabilities - Total assets decreased to RMB 810.9 million from RMB 977.3 million in 2022, reflecting a significant reduction in current assets[8] - Total liabilities decreased to RMB 588.3 million from RMB 650.0 million in 2022, with current liabilities exceeding current assets by RMB 94.4 million[9][14] - Inventory decreased to RMB 60.5 million from RMB 75.4 million in 2022, and trade receivables fell to RMB 238.7 million from RMB 321.9 million[8] - As of December 31, 2023, the company has bank borrowings of approximately RMB 405,190,000, with RMB 285,300,000 due within one year[16] - The asset-liability ratio increased to 202.8% as of December 31, 2023, compared to 156.6% as of December 31, 2022[71] Operational Strategy - The company continues to focus on the production and sales of jelly products, confectionery, beverages, and other snack foods, aiming for market expansion and product innovation[11] - The company plans to adopt new corporate governance measures to enhance operational efficiency and address financial challenges[3] - The company has implemented cost control measures to enhance production cost and expense management, aiming for profitability and positive cash flow from operations[18] - The company plans to actively promote its brand and products in 2024 and beyond, and to expand the coverage of new sales channels in China[91] - The company plans to continue developing new healthy snack foods to meet diverse customer tastes[62] Segment Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 764,377,000, with jelly products contributing RMB 665,559,000[30] - The gross profit for the jelly products segment was RMB 191,504,000, while the total gross profit across all segments was RMB 218,940,000[30] - The reported segment performance resulted in a loss of RMB 42,520,000 for the year, with total operating loss amounting to RMB 82,058,000[31] - Revenue from jelly products increased by approximately 12.4% to RMB 665.6 million for the year ended December 31, 2023, attributed to the expansion of new sales channels[58] - Revenue from candy products increased by approximately 17.2% to RMB 85.6 million for the year ended December 31, 2023, also due to the expansion of new sales channels[59] Financial Management - The company has received financial support from major shareholder Mr. Zheng Yulong, providing approximately RMB 46,081,000 from a loan of RMB 70,000,000 to ensure operational continuity[16] - The company is taking measures to secure external funding to improve its working capital, liquidity, and cash flow situation[16] - The company incurred a net loss of RMB 104.8 million for the year ended December 31, 2023, compared to a net loss of RMB 75.3 million for the previous year, representing an increase of approximately 39.2%[56][68] - Sales costs increased by approximately 23.9% to RMB 545.4 million for the year ended December 31, 2023, mainly due to the corresponding increase in sales[63] - Other income for 2023 decreased to RMB 4,254,000 from RMB 6,915,000 in 2022, with no government subsidies recognized in 2023[34] Corporate Governance - The company has complied with all provisions of the corporate governance code for the year ended December 31, 2023, with no deviations reported[98] - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and internal controls[95] - The company is committed to strict corporate governance practices to enhance accountability and transparency for shareholders[98] - The company has established written guidelines for employees regarding securities trading to prevent insider trading[101] - No incidents of employees violating the written guidelines on securities trading were reported for the year ended December 31, 2023[102] Future Outlook - The company anticipates that the application of new and revised international financial reporting standards will not have a significant impact on its financial statements in the foreseeable future[22] - The company has not applied any new or revised international financial reporting standards that have been issued but are not yet effective[22] - The company plans to hold its annual general meeting on June 18, 2024, for the year ended December 31, 2023[105] - The board proposed amendments to the existing company bylaws to comply with the latest electronic communication requirements[108] - The annual report for the year ended December 31, 2023, will be sent to shareholders and made available on the company's website[104]