董事會會議日期 霸王國際(集團)控股有限公司(「本公司」)董事會(「董事會」)謹此公佈，本公 司將於二零二五年八月二十九日(星期五)舉行董事會會議，藉以(其中包括)考慮 及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績報 告，以及考慮派發中期股息（如有）。 承董事會命 霸王國際（集團）控股有限公司 黃善榕 公司秘書 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，概不對因本公告全部或任何部份內容 而産生或因依賴該等內容而引致的任何損失承擔任何責任。 BaWang International (Group) Holding Limited 霸王國際(集團)控股有限公司* （於開曼群島註冊成立之有限公司） （股份代號 ：01338） 香港，二零二五年八月十三日 * 僅供識別 於本公佈日期 ，董事會由三名執行董事陳啟源先生 、陳正鶴先生及黃善榕先生，以及三名 獨立非執行董事張建榮先生、劉婧博士及朱達凱先生组成。 ...

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，概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 本公告亦由本公司根據上市規則第14.36條和第14A.35條之附注所刊發，二零二一年租賃協議之 第二次修訂構成對之前已披露的關連交易條款之變更。 BaWang International (Group) Holding Limited 霸王國際（集團）控股有限公司* ( 於開曼群島註冊成立的有限公司 ) (股份代號: 01338) 關連交易 二零二一年租賃協議之第二次修訂 二零二一年租賃協議之第二次修訂 於二零二五年八月一日，霸王廣州簽訂二零二五年補充租賃協議，對二零二二年補充租賃協議（該 協議對二零二一年租賃協議作出修訂）的條款進行修訂：(1) 同意設定自二零二五年八月一日起 至二零二五年九月三十日止的免租期； 及（2）將月租金相應減少，從人民幣943,699元降為人民 幣715,876元。 根據二零二五年八月一日生效之租賃條款修訂，本集團二零二一年租賃協議(經二零二二年補充 租賃協議修訂後)項下根據 ...

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: 霸王國際(集團)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) | 01338 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | ...

Financial Performance - The total revenue for the year ended December 31, 2024, was approximately RMB 253.0 million, representing an increase of approximately 6.4% from RMB 237.7 million in 2023[25]. - The operating profit for 2024 was approximately RMB 7.6 million, a decrease from approximately RMB 14.9 million in 2023[25]. - The net profit for the year was approximately RMB 6.6 million, down from approximately RMB 13.6 million in 2023[26]. - The gross profit margin improved to 50.9% in 2024 from 50.4% in 2023[6]. - The net profit margin decreased to 2.6% in 2024 from 5.7% in 2023[6]. - Basic earnings per share for 2024 were RMB 0.2073, compared to RMB 0.4309 in 2023[6]. - Selling and distribution costs increased to RMB 94.9 million in 2024 from RMB 81.1 million in 2023[6]. - Administrative expenses rose to RMB 29.4 million in 2024, compared to RMB 27.6 million in 2023[6]. - The profit attributable to the owners of the company for the fiscal year 2024 is approximately RMB 6.6 million, a decrease of about 51.9% compared to RMB 13.6 million in fiscal year 2023[124]. Revenue Sources - Revenue from shampoo and hair-care products was RMB 230.4 million in 2024, up from RMB 217.7 million in 2023[9]. - Revenue from the online sales channel was approximately RMB 135.9 million, an increase of approximately 7.7% from RMB 126.2 million in 2023[87]. - The core brand, Bawang, generated approximately RMB 240.9 million in revenue, accounting for approximately 95.2% of the Group's total revenue, with a 4.0% increase compared to 2023[88]. - The Royal Wind anti-dandruff hair-care series generated approximately RMB 2.4 million in revenue, accounting for approximately 1.0% of total revenue, with a 19.3% increase from 2023[93]. - The Litao natural-based product series generated approximately RMB 9.6 million in revenue, accounting for approximately 3.8% of total revenue, with a significant increase of approximately 146.0% from 2023[94]. Market Strategy - The company plans to focus on expanding its product categories and enhancing brand presence in the market[25]. - The Group aims to strengthen its business model and positioning to acquire market shares from competitors, maintaining a multi-brand and multi-product strategy[39]. - The company continued to promote its Bawang branded products, emphasizing the brand concept of "Daunted by hair-fall, Use Bawang Shampoo" to enhance consumer understanding[46]. - The company utilized social media platforms like Weibo, Douyin, Kuaishou, and Xiaohongshu for word-of-mouth marketing, which stimulated customer interest and accelerated sales growth[46]. - New anti-hair fall shampoo products with fresh packaging were launched to attract young consumers, aligning with their preferred lifestyles[49]. - Various marketing activities, including quizzes and educational webinars on hair health, were conducted to enhance brand recognition and consumer preference for Bawang products[49]. - The company participated in community welfare events while promoting its brand image, further enhancing brand visibility[49]. Distribution and Sales Channels - The distribution network for the Bawang brand includes approximately 837 distributors and three key retailers, covering 27 provinces and four municipalities in China as of December 31, 2024[61]. - The Royal Wind brand distribution network also comprises approximately 837 distributors, primarily targeting online sales channels[62]. - The Litao products distribution network includes approximately 795 distributors, focusing on consumers in second-tier and third-tier cities in China[63]. - The company established 11 online retail platforms for its brands, with two new platforms launched during the review year[66]. - The company recorded significant same-store sales growth in JD direct-operated stores and expanded its live-streaming team, enhancing its e-commerce distribution channels[59]. Financial Management - The Group has implemented measures to manage credit risks, resulting in a reversal of impairment losses of approximately RMB 1.7 million for trade receivables[74]. - The Group maintains sufficient cash and cash equivalents to manage liquidity risks effectively[76]. - The Group closely monitors foreign exchange risks due to sales in foreign currencies and considers hedging when appropriate[77]. - The Group's bank balances, time deposits, and cash as of December 31, 2024, were approximately RMB 120.3 million, an increase from RMB 88.3 million in 2023[153]. - The Group's total assets as of December 31, 2024, were approximately RMB 235.4 million, compared to RMB 230.3 million in 2023[155]. Corporate Governance - The Board of Directors comprised six members as of December 31, 2024, including the Chairman and the CEO[185]. - The Group has complied with the applicable code provisions of the Corporate Governance Code for the year ended December 31, 2024[183][188]. - The Board consists of six members, including Chairman Mr. CHEN Qiyuan and CEO Mr. CHEN Zheng He, with responsibilities including approving the overall strategy and monitoring performance[190]. - The Board held six meetings in 2024, with all directors attending the majority of them, ensuring active participation in governance[194]. - The Company has adopted a Nomination Policy and a Diversity Policy to enhance board diversity and ensure independent views are represented[195]. Future Outlook - The Group plans to regain sales growth momentum and profitability by building a management team with strong experience in both domestic and global sectors[39]. - Projections for retail sales growth in 2025 indicate an increase of 4.0% to 5.0% due to government subsidies and merchant discounts[38]. - The corporate theme for 2025 is "Striving Forward in Full Power!" with strategies focused on enhancing publicity and promoting Bawang-branded products to increase sales revenue[131]. - The company plans to strengthen publicity around patented technologies, particularly focusing on the anti-hair loss product line to boost sales[131]. - The Group will leverage Pinduoduo's official 10-billion-yuan subsidy program to stimulate sales growth on that platform[138].

日前，霸王集团（01338.HK）发布2024年度财报。报告显示，霸王集团2024年总营业额约为2.53亿元，同比增长6.4%，但净利润却从2023年的1360万元骤 降至660万元，同比下滑51.9%。 事实上，霸王集团这种压力2024年上半年已现端倪——彼时霸王集团曾发布盈利预警，预计上半年净利润同比降幅高达70%-80%，全年业绩最终未能扭转颓 势。 霸王集团的困境或与其所处的防脱发洗护赛道竞争加剧密切相关。近年来，以养元青、珀莱雅旗下off & relax为代表的新锐品牌，凭借成分创新、年轻化营 销和电商渠道快速崛起，分食市场份额。 这一"增收不增利"的业绩表现，折射出这家曾以"防脱发"概念风靡市场的传统品牌，在激烈竞争中面临的转型压力与成本困境。 从2024年数据看，霸王集团营业额的微增主要得益于生产端成本优化措施，例如引入太阳能设备降低能耗，以及折旧费用的减少。 然而，霸王集团利润的大幅缩水则暴露出更深层的经营挑战。财报指出，为应对电商渠道和新锐品牌的冲击，霸王集团在抖音、京东等平台大幅增加促销推 广费用，同时持续加码研发投入和行政开支，导致销售及分销成本攀升，蚕食了利润空间。 作为中国防脱洗发水 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 253.0 million, an increase of about 6.4% compared to approximately RMB 237.7 million for the same period in 2023[2] - Operating profit was approximately RMB 7.6 million, a decline of about 49.1% from approximately RMB 14.9 million in the same period of 2023[3] - Net profit for the year was approximately RMB 6.6 million, down approximately 51.9% from RMB 13.6 million in the same period of 2023[3] - Basic and diluted earnings per share were both RMB 0.2073 cents, compared to RMB 0.4309 cents in the previous year[4] - The company did not recommend the distribution of a final dividend based on the review of operating performance[3] - The group reported a segment profit of RMB 9,383 thousand for 2024, down from RMB 15,079 thousand in 2023, indicating a decline of 37.5%[16] - Bank interest income for the group was RMB 1,225 thousand in 2024, compared to RMB 1,627 thousand in 2023, showing a decrease of 24.7%[16] - Other income decreased from RMB 1,280 thousand in 2023 to RMB 197 thousand in 2024, a decline of 84.6%[16] - The company reported other income of RMB 1,422,000 in 2024, a decrease of 51.0% from RMB 2,907,000 in 2023[22] - The operating profit for 2024 was approximately RMB 7.6 million, a decrease of about 49.1% from RMB 14.9 million in 2023, primarily due to increased selling and distribution expenses and administrative costs[54] - The net profit for the fiscal year 2024 was approximately RMB 6.6 million, down about 51.9% from RMB 13.6 million in 2023, but higher than the estimated net profit of RMB 5.0 million disclosed in the profit warning announcement[57][58] Revenue Breakdown - E-commerce channel revenue was approximately RMB 135.9 million, representing a growth of about 7.7% from approximately RMB 126.2 million in the same period of 2023[2] - Revenue for hair care products in 2024 reached RMB 230,393 thousand, an increase of 5.8% from RMB 217,684 thousand in 2023[13] - Revenue for skincare products in 2024 was RMB 1 thousand, compared to RMB 25 thousand in 2023, indicating a significant decline[13] - Total revenue for other home and personal care products in 2024 was RMB 22,558 thousand, up from RMB 19,944 thousand in 2023, reflecting a growth of 8.0%[13] - Overall revenue for the group in 2024 was RMB 252,952 thousand, representing an increase of 6.4% from RMB 237,653 thousand in 2023[13] - Revenue from external customers in 2024 reached RMB 252,952,000, an increase of 6.9% compared to RMB 237,653,000 in 2023[20] - The core brand, Bawang, generated revenue of approximately RMB 239.0 million, accounting for 94.5% of total revenue, with a year-on-year increase of 5.7%[44] - The Chasing Wind brand, focused on herbal anti-dandruff products, achieved revenue of approximately RMB 2.4 million, a significant increase of about 19.3% compared to the previous year[44] - The Litao brand, based on natural ingredients, reported revenue of approximately RMB 9.6 million, marking a substantial increase of about 146.0% year-on-year[44] Assets and Liabilities - Total assets minus current liabilities amounted to RMB 151.1 million, a slight decrease from RMB 155.4 million in the previous year[5] - Non-current assets included property, plant, and equipment valued at RMB 40.8 million, an increase from RMB 34.6 million in the previous year[5] - Cash and cash equivalents increased to RMB 120.3 million from RMB 88.3 million in the previous year[5] - The total equity of the company was RMB 145.5 million, up from RMB 139.5 million in the previous year[6] - Trade receivables amounted to RMB 19.367 million as of December 31, 2024, down from RMB 21.504 million in 2023[34] - Trade payables increased to RMB 21.644 million in 2024 from RMB 19.078 million in 2023[36] - Trade and other payables as of December 31, 2024, amount to approximately RMB 65.8 million, up from RMB 59.4 million in 2023[79] - The company has no significant contingent liabilities or capital commitments as of December 31, 2024[76][77] Strategic Initiatives - The company continued to execute a value chain-oriented business model to maintain sustainable levels of sales and operating costs[38] - The company launched a "Thousand Towns and Ten Thousand Stores" market development project to enhance product distribution and increase sales revenue[39] - The company utilized new media platforms for brand promotion, enhancing brand awareness and consumer interest[38] - The company has established flagship stores on 11 online retail platforms, with two new stores launched during the fiscal year[42] - The company actively participated in community welfare activities to enhance its public image as a responsible enterprise[41] - The company has expanded its live-streaming sales activities to increase brand exposure and consumer engagement[40] - The company plans to enhance sales of the Bawang brand by leveraging multiple patented technologies and focusing on the promotion of its best-selling anti-hair loss products[64] - The company aims to attract younger consumers by upgrading product packaging design and launching visually appealing shampoo bottles[64] - The company will actively seek collaborations with other brands and IPs to launch limited edition co-branded products and engage in interactive promotional activities[64] - The company intends to utilize social media platforms like Weibo, Douyin, and Xiaohongshu to increase brand awareness and consumer engagement, thereby boosting sales[64] - The company will continue to deepen cooperation with distributors through various measures, including partnerships with influential KOLs to enhance product exposure[66] - The company plans to increase sales through promotional activities during special events and by enhancing the frequency of in-store promotions[67] - The company aims to achieve stable sales growth in e-commerce channels by optimizing product display and leveraging customs data to explore overseas markets[68] - The company will focus on product quality and core technology innovation while improving production management to maintain competitive advantages[69] - The company has initiated the operation of photovoltaic equipment to reduce traditional electricity consumption and production costs, contributing to ESG goals[70] Governance and Management - The board consists of three executive directors and three independent non-executive directors[89] - The chairman of the board is Mr. Chen Qi Yuan[89] - The company is committed to maintaining transparency and communication with stakeholders[89] - The board emphasizes the importance of strategic planning for future growth[89] - The company aims to enhance operational efficiency through innovative practices[89] - The board is focused on expanding market presence and exploring new opportunities[89] - The company is dedicated to research and development of new products and technologies[89] - The board acknowledges the contributions of all parties involved in the company's success[89] Economic Outlook - The International Monetary Fund (IMF) revised China's GDP growth forecast for 2025 from 4.5% to 4.6%, indicating a positive surprise in economic development for 2024 with an actual GDP growth of 5.0%[59] - The retail sales in China for 2024 increased by 3.5% year-on-year, supported by government-led consumption stimulus measures, with online retail sales surging by 7.2%[60] - The company maintains a cautious outlook for the economic environment in 2025, considering the uncertainties and challenges in the overall economic recovery[63] Future Plans - The company plans to expand its OEM business by leveraging its design, R&D capabilities, and production management skills[71] - The company aims to restore sales growth and profitability while enhancing investor confidence in the short term[72] - There are currently no ongoing acquisition discussions, and the company is not actively seeking acquisition opportunities[71] - The company will continue to seek commercial cooperation opportunities with potential overseas distributors[71] - The company has maintained a conservative financial management policy and stable financial condition[73] - The board does not recommend the payment of any final dividend for the year ending December 31, 2024[85] - The board expresses gratitude to all shareholders, customers, suppliers, banks, professionals, and employees for their continuous support[89] - The announcement date is March 28, 2025[89]

Financial Performance - BaWang International reported a revenue of approximately $50 million for the first half of 2024, representing a 15% increase compared to the same period in 2023[8]. - The total revenue for the six months ended June 30, 2024, was approximately RMB 109.8 million, representing an increase of approximately 10.3% from RMB 99.6 million for the same period last year[27]. - For the six months ended June 30, 2024, the Group's revenue from operations was approximately RMB 109.8 million, an increase of approximately 10.3% from RMB 99.6 million in the same period last year[33]. - Revenue from online sales channels reached approximately RMB 55.6 million, representing a growth of approximately 21.6% compared to RMB 45.7 million for the same period last year[33]. - The core brand, Bawang, generated revenue of approximately RMB 104.3 million, accounting for about 95.0% of total revenue, with an increase of approximately 8.6% year-over-year[33]. - The Litao product series generated revenue of approximately RMB 3.2 million, which accounted for approximately 3.0% of total revenue, reflecting a significant increase of approximately 39.7% compared to the previous year[34]. - The Group reported a profit for the period of RMB 1,210,000 for the first half of 2024, compared to a profit of RMB 4,518,000 in the same period of 2023, indicating a decline of about 73%[149]. - Profit before taxation for the period was RMB 1,189,000, down 73.7% from RMB 4,518,000 in the previous year[144]. - Basic and diluted earnings per share for the period were both RMB 0.04, down from RMB 0.14 in the same period last year[144]. Profitability and Margins - The company achieved a net profit margin of 12%, up from 10% in the previous year, indicating improved operational efficiency[10]. - The gross profit margin improved to 40%, up from 35% in the previous year, reflecting better cost management[10]. - Gross profit for the six months ended June 30, 2024, amounted to approximately RMB 51.4 million, representing an increase of approximately 24.6% from RMB 41.2 million in the same period last year, with the gross profit margin increasing from approximately 41.4% to approximately 46.8%[41]. - Operating profit for the same period was approximately RMB 1.7 million, a decrease from approximately RMB 5.2 million for the same period last year[27]. - Selling and distribution costs amounted to approximately RMB 37.4 million, an increase of approximately 35.6% from approximately RMB 27.6 million for the same period last year, with the percentage of revenue rising from approximately 27.7% to approximately 34.0%[44]. Market Expansion and Product Development - BaWang International plans to launch two new product lines in Q3 2024, focusing on herbal hair care and personal care products[10]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in sales from this region by the end of 2024[8]. - Future guidance indicates an expected revenue growth of 18% for the full year 2024, driven by new product launches and market expansion[8]. - The Group successfully expanded its overseas market into Canada, increasing sales revenue from the overseas market[29]. - The Group aims to enhance revenue by promoting high-quality Bawang branded products, leveraging consumer confidence in domestically manufactured goods[68]. - New product launches, including fruit series and Royal Wind beauty haircare series, are planned to attract new distributors and explore untapped markets[74]. Marketing and Brand Strategy - The Group utilized popular social media platforms to enhance brand influence and stimulate purchases, contributing to sales revenue growth[27]. - The Group plans to utilize social media platforms like Weibo, Douyin, Kuaishou, and Xiaohongshu for word-of-mouth marketing to boost brand awareness and sales[69]. - Various marketing activities will be conducted, including quizzes and educational webinars, to enhance brand recognition and consumer knowledge of hair care[70]. - Experience shops and counters will be established for consumers to try Bawang products, strengthening firsthand experience and recognition[70]. - The company plans to enhance brand exposure and consumer engagement through various livestreaming sales styles, aiming to optimize products and services based on consumer feedback[72]. Research and Development - BaWang International has allocated $5 million for research and development in new technologies aimed at enhancing product efficacy[10]. - Continuous optimization of internal processes and production efficiency is a priority to enhance corporate operational effectiveness[76]. - The company is renewing production lines to improve efficiency and conserve energy while ensuring a safer production environment[77]. Financial Position and Assets - As of June 30, 2024, the Group's cash, bank balances, and time deposits amounted to approximately RMB 112.4 million, a decrease from RMB 118.3 million as of December 31, 2023[82][83]. - The total assets of the Group were approximately RMB 225.4 million as of June 30, 2024, down from RMB 230.3 million as of December 31, 2023[83]. - The Group maintains a zero gearing ratio, indicating no outstanding loans as of the reporting date[83]. - The Group's trade and other payables as of June 30, 2024, were approximately RMB 57.4 million, representing a decrease of 3.4% from approximately RMB 59.4 million as of December 31, 2023[94]. Governance and Compliance - The company appointed new independent non-executive directors on June 30, 2024, enhancing its governance structure[135][136]. - The Company has complied with the notification requirements under the Securities and Futures Ordinance regarding interests and short positions[109]. - All Directors confirmed compliance with the Model Code for Securities Transactions throughout the review period[129]. Shareholder Information - As of June 30, 2024, CHEN Qiyuan holds 1,900,840,000 ordinary shares of the Company, representing approximately 60.12% of the issued share capital[100]. - CHEN Zheng He also holds 1,900,840,000 ordinary shares of the Company, equivalent to approximately 60.12% of the issued share capital[100]. - The Company has a significant concentration of ownership, with CHEN Zheng He acting as trustee for the beneficial interests of his siblings[114].

Revenue Performance - The total revenue for the six months ended June 30, 2024, was approximately RMB 109.8 million, an increase of about 10.3% compared to the same period last year[2] - E-commerce channel revenue was approximately RMB 55.6 million, representing a year-on-year increase of about 21.6%[2] - For the six months ended June 30, 2024, the revenue from hair care products was RMB 99,582,000, compared to RMB 91,526,000 for the same period in 2023, representing an increase of approximately 8.5%[12] - The total revenue for the group for the six months ended June 30, 2024, was RMB 109,820,000, up from RMB 99,567,000 in the same period of 2023, indicating a growth of about 10.3%[12] - The group’s revenue recognition from contracts with customers for the six months ended June 30, 2024, was RMB 109,820,000, compared to RMB 99,567,000 for the same period in 2023, reflecting a growth of approximately 10.3%[13] - The group’s other household and personal care products segment reported revenue of RMB 10,238,000 for the six months ended June 30, 2024, compared to RMB 8,020,000 in the same period of 2023, marking an increase of about 27.6%[12] Profitability - Operating profit for the period was approximately RMB 1.7 million, down from RMB 5.2 million in the same period last year[2] - Net profit for the period was approximately RMB 1.2 million, compared to RMB 4.5 million in the same period last year[2] - The group reported a segment profit of RMB 3,297,000 from hair care products for the six months ended June 30, 2024, while the other segment incurred a loss of RMB 1,467,000[16] - The group’s pre-tax profit for the six months ended June 30, 2024, was RMB 1,189,000[16] - For the six months ended June 30, 2023, the company reported a pre-tax profit of RMB 4,518,000[17] - Operating profit for the six months ended June 30, 2024, was approximately RMB 1.7 million, down from approximately RMB 5.2 million in the same period last year, mainly due to increased selling and distribution expenses and administrative costs[37] - Net profit for the six months ended June 30, 2024, was approximately RMB 1.2 million, compared to approximately RMB 4.5 million in the same period last year[41] Assets and Liabilities - Total assets less current liabilities amounted to RMB 152.241 million as of June 30, 2024[5] - Non-current assets, including property, plant, and equipment, were valued at RMB 38.681 million[5] - The company's net assets stood at RMB 141.442 million as of June 30, 2024, compared to RMB 139.502 million at the end of 2023[5] - Trade and other receivables totaled RMB 13,078,000 as of June 30, 2024, down from RMB 17,655,000 as of December 31, 2023[24] - Total accounts payable as of June 30, 2024, amounted to RMB 57,371 thousand, a decrease from RMB 59,411 thousand as of December 31, 2023[11] - The group reported a trade and other payables amounting to approximately RMB 57.4 million as of June 30, 2024, down from RMB 59.4 million as of December 31, 2023, reflecting a decrease of about 3.4%[54] - The total assets of the group as of June 30, 2024, were RMB 225.4 million, compared to RMB 230.3 million as of December 31, 2023, indicating a decrease of approximately 2.1%[49] - The group maintains a conservative financial strategy with a debt-to-asset ratio of 0% as of June 30, 2024, indicating no outstanding loans[49] Expenses - The cost of sales for the six months ended June 30, 2024, was approximately RMB 58.4 million, a slight increase of about RMB 0.1 million (or approximately 0.2%) from RMB 58.3 million in the same period last year, with the cost-to-revenue ratio decreasing from approximately 58.6% to about 53.2%[32] - Gross profit increased to approximately RMB 51.4 million, up about 24.6% from approximately RMB 41.2 million in the same period last year, with the gross profit margin rising from approximately 41.4% to about 46.8%[33] - Selling and distribution expenses rose to approximately RMB 37.4 million, an increase of about 35.6% from approximately RMB 27.6 million in the same period last year, with the expense ratio increasing from about 27.7% to approximately 34.0%[34] - Administrative expenses increased to approximately RMB 13.0 million, up about 34.2% from approximately RMB 9.7 million in the same period last year, primarily due to increased R&D costs and wages[35] Dividend Policy - The company does not recommend the distribution of an interim dividend based on the operational performance review[2] - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[22] - The board does not recommend the distribution of an interim dividend for the six months ended June 30, 2024, based on the group's operating performance review[60] Strategic Initiatives - The company aims to expand its market presence and enhance product offerings while navigating economic challenges and geopolitical tensions, with a focus on "high-quality development" as a primary goal[43] - The company plans to enhance the promotion of the BaWang brand series through high-quality products and multi-channel media, aiming to deepen consumer recognition of the brand concept "Afraid of Hair Loss, Use BaWang"[44] - The company will implement a "Thousand Towns and Ten Thousand Stores" market development project to accelerate product distribution in local markets, particularly in Hainan, to increase sales revenue[45] - The company aims to optimize its e-commerce strategy by restructuring product offerings on platforms like Tmall and JD, focusing on high-cost performance products to meet consumer demand and increase sales[46] - The company will continue to develop new products based on market trends and consumer needs, particularly in herbal shampoo and hair care categories, to drive sales growth on e-commerce platforms[46] - The company is committed to enhancing production efficiency and product quality through strategic partnerships with universities and research institutions, focusing on core technology innovation[47] - The company will replace old production lines and equipment to achieve smarter, more efficient, and energy-saving production processes[47] - The company plans to expand its OEM business by leveraging its design and production capabilities to increase market share and influence in this sector[47] - The company will enhance brand loyalty and repurchase rates by launching a membership system offering exclusive discounts and rewards[45] - The company will increase the frequency of promotional activities at quality sales points to boost brand visibility and customer engagement[46] - The company aims to reduce production costs while increasing worker compensation through improved production management and green production practices[47] Financial Reporting - The group has consistently applied accounting policies in accordance with International Financial Reporting Standards, ensuring no significant impact on financial performance from new standards adopted[10] - The group has adopted new and revised International Financial Reporting Standards effective from January 1, 2024, with no significant impact on the financial statements[10] - The group’s financial statements are prepared based on historical cost, with certain financial instruments measured at fair value, ensuring consistency with previous reporting periods[9] Market Expansion - The company successfully expanded into the Canadian market, increasing overseas sales revenue[27] - The distribution network for the Ba Wang brand includes 957 distributors and six key retailers, covering 26 provinces and four municipalities in China[28] - The company held a product launch event for distributors, showcasing new products that generated increased order volumes[27] - The company has established flagship stores for Ba Wang and Chui Feng brands on 15 online retail platforms[28]

Financial Performance - The total revenue for the year ended December 31, 2023, was approximately RMB 237.7 million, a decrease of about 3.5% from RMB 246.3 million in 2022[18]. - The operating profit for 2023 was approximately RMB 14.9 million, compared to an operating loss of approximately RMB 17.3 million in 2022[18]. - The net profit for the year was approximately RMB 13.6 million, a significant recovery from a net loss of approximately RMB 19.3 million in 2022[19]. - The gross profit margin improved to 50.4% in 2023, up from 37.6% in 2022[3]. - The company reported a basic earnings per share of RMB 0.4309 for 2023, compared to a loss per share of RMB 0.6110 in 2022[3]. - The gross profit for 2023 was RMB 119.7 million, an increase from RMB 92.5 million in 2022[3]. - The net profit margin improved to 5.7% in 2023, compared to a net loss margin of 7.8% in 2022[3]. - Revenue from online sales increased to approximately RMB 126.2 million, up approximately 9.1% from RMB 115.7 million in 2022, while revenue from conventional sales decreased by approximately 14.7%[73]. - The core brand, Bawang, generated approximately RMB 231.7 million in revenue, accounting for approximately 97.5% of the Group's total revenue, representing a decrease of approximately 2.5% compared to 2022[78]. - The Group recorded a reversal of impairment losses of approximately RMB 1.1 million in respect of trade receivables for the year ended December 31, 2023, by adopting the expected credit loss model[59]. Revenue Sources - Revenue from shampoo and hair-care products was RMB 217.7 million in 2023, an increase from RMB 211.1 million in 2022[6]. - Other household and personal care products generated revenue of RMB 19.9 million in 2023, down from RMB 35.1 million in 2022[6]. - The branded Chinese herbal anti-dandruff hair-care series, Royal Wind, generated approximately RMB 2.0 million in revenue, accounting for approximately 0.9% of total revenue, and decreased by approximately 48.4% compared to 2022[79]. - The natural-based product line, Litao, generated approximately RMB 3.9 million in revenue, accounting for about 1.6% of the Group's total revenue, representing a decrease of approximately 15.1% compared to 2022[80]. - The herbal anti-dandruff brand, Zhui Feng, achieved revenue of approximately RMB 2.0 million, representing 0.9% of total revenue, down approximately 48.4% from the previous year[81]. Market and Economic Context - In 2023, China's actual year-on-year GDP growth was 5.2%, slightly above expectations[25]. - The IMF revised China's GDP growth prediction for 2024 from 4.2% to 4.6%, an increase of 0.4 percentage points[24]. - Retail sales of consumer goods in China increased by 7.2% year-on-year in 2023, indicating strong consumption strength[30]. - The IMF projected global economic growth of 3.1% in 2024, unchanged from 2023, but improved from the previous forecast of 2.9%[26]. - China's Premier Li Qiang announced an ambitious GDP growth target of around 5.0% for 2024, which is an upward revision of 0.8 percentage points from the IMF's forecast[113][117]. Strategic Initiatives - The Group plans to build a management team with strong experience in both domestic and global HPC sectors to regain sales growth momentum[31]. - The Group aims to maintain a multi-brand and multi-product strategy in HPC sectors to acquire market shares from competitors[31]. - The Group conducted integrated marketing through social media platforms, collaborating with over 50 Blue-Verified bloggers to enhance online sales revenue[41]. - The Group enhanced product publicity by advertising Bawang branded products in metro stations of first-tier cities[37]. - The Group's marketing strategy included engaging consumers through in-store events and social media promotions to increase sales revenue[38]. - The Group's long-term focus is on strengthening its business model and positioning to become a leader in branded Chinese herbal HPC products[31]. Distribution and Sales Channels - As of December 31, 2023, the Bawang brand distribution network included approximately 949 distributors and six key account retailers, covering 27 provinces and four municipalities in China[47]. - The Royal Wind brand distribution network also comprised approximately 949 distributors and six key account retailers, targeting primarily online sales channels[48]. - The Litao products distribution network included approximately 905 distributors, focusing on consumers in second-tier and third-tier cities in China[49]. - The Group established 11 online retail platforms for its brands, with two new platforms launched during the year under review[50]. Production and Quality Assurance - The Group's production process for hair-care and skin-care products has been certified by SGS, valid until July 2025, meeting US FDA CFSAN requirements[53]. - The Group's production process for hair-care and skin-care products has been certified by SGS, valid until July 2025, meeting ISO22716-2007 standards[58]. - The Group has invested in energy conservation projects, resulting in a significant reduction in overall power consumption[66]. Corporate Social Responsibility - The Group participated in community welfare events, donating 300 bottles each of shampoo and shower gel to underprivileged families during Christmas 2023[44]. - The Group's charitable activities aim to enhance its corporate image and publicize its mission[44]. Financial Management and Position - The Group maintains cash and cash equivalents at a level deemed sufficient to meet operational needs and mitigate cash flow fluctuations[60]. - The Group's management closely monitors foreign exchange risks due to sales denominated in foreign currencies and considers hedging to mitigate these risks[61]. - The Group adopts conservative financial management policies to maintain a solid financial position and is open to exploring potential investment opportunities to enhance shareholder returns[139]. - As of December 31, 2023, the Group's cash and cash equivalents were approximately RMB 118.3 million, a decrease from RMB 124.4 million in 2022, with total time deposits at approximately RMB 30.0 million[140]. - Total assets as of December 31, 2023, were RMB 230.3 million, down from RMB 244.2 million in 2022, indicating a decrease of about 5.7%[143]. Human Resources and Governance - The total personnel expenses for the Group amounted to approximately RMB 40.6 million in 2023, down from approximately RMB 55.0 million in 2022, reflecting a decrease in employee count to about 430 from 442[166]. - The Group's total personnel expenses, including salaries and benefits, for the year 2023 are approximately RMB 40.6 million, down from RMB 55.0 million in 2022, indicating a decrease of about 26.5%[169]. - The number of full-time employees increased to 236 in 2023 from 207 in 2022, while contract personnel decreased from 235 to 194[172]. - The Group continues to invest in human capital by providing various internal training programs aimed at enhancing employees' soft skills, such as time management and leadership development[169]. - The Group's human resources policies are considered crucial for its future development, emphasizing good career prospects and a pleasant working environment to maintain a stable workforce[174]. - The Board of Directors consists of six members, including the Chairman and the CEO, ensuring a separation of roles to reinforce independence and accountability[180]. - The Company has adopted a Nomination Policy and a Diversity Policy to ensure a diverse and independent Board, with independent non-executive Directors appointed for a term of three years[190]. - The Board held 12 meetings in 2023, with all Directors attending every meeting, reflecting strong governance practices[189].

Financial Performance - The total revenue for BaWang International (Group) Holding Limited for the year ended December 31, 2023, was approximately RMB 237.7 million, a decrease of about 3.5% compared to RMB 246.3 million for the same period in 2022[2]. - The revenue from e-commerce channels was approximately RMB 126.2 million, an increase of about 9.1% compared to RMB 115.7 million for the same period in 2022[3]. - The operating profit for the year was approximately RMB 14.9 million, a turnaround from an operating loss of approximately RMB 17.3 million in 2022[3]. - The net profit for the year was approximately RMB 13.6 million, compared to a net loss of approximately RMB 19.3 million in the previous year[3]. - Basic and diluted earnings per share were RMB 0.4309 cents, compared to a loss of RMB 0.6110 cents per share in 2022[4]. - The company reported a gross profit of approximately RMB 119.7 million for the year, compared to RMB 92.5 million in 2022[4]. - The profit from the hair care segment in 2023 was RMB 16,871,000, compared to a loss of RMB 12,044,000 in 2022[28]. - The total profit from personal care products was RMB 15,079,000 in 2023, compared to a loss of RMB 18,060,000 in 2022[28]. - The company reported a pre-tax profit of RMB 13,544,000 in 2023, recovering from a loss of RMB 19,431,000 in 2022[28]. - Net profit for the year was approximately RMB 13.6 million, compared to a net loss of RMB 19.3 million in 2022, with no significant change from the estimated net profit of approximately RMB 14.0 million disclosed in the profit warning announcement[73]. Assets and Liabilities - The total assets minus current liabilities amounted to RMB 155.4 million as of December 31, 2023, compared to RMB 151.4 million in 2022[5]. - The net asset value increased to RMB 139.5 million in 2023 from RMB 126.3 million in 2022[6]. - Non-current assets in China decreased to RMB 56,345,000 in 2023 from RMB 71,022,000 in 2022, indicating a reduction of 20.7%[33]. - The company’s total non-current assets decreased to RMB 57,148,000 in 2023 from RMB 71,816,000 in 2022, a decline of 20.5%[33]. - The company reported trade and other payables of approximately RMB 59.4 million as of December 31, 2023, a decrease from RMB 79.6 million in 2022[100]. Revenue Breakdown - Hair care products generated revenue of RMB 217,684 thousand in 2023, up from RMB 211,115 thousand in 2022, reflecting an increase of about 3.3%[23]. - The group’s revenue from other household and personal care products decreased to RMB 19,944 thousand in 2023 from RMB 35,139 thousand in 2022, a decline of approximately 43.3%[23]. - Revenue from the skincare segment decreased to RMB 25,000 in 2023 from RMB 87,000 in 2022, reflecting a significant decline[28]. - Revenue from Hong Kong increased to RMB 2,051,000 in 2023 from RMB 1,136,000 in 2022, showing an increase of 80.5%[33]. - Revenue from the natural-based product line "Litao" was approximately RMB 3.9 million, accounting for 1.6% of the group's total revenue for 2023, a decrease of about 15.1% compared to 2022[61]. - The core brand, BaWang, generated revenue of approximately RMB 226.0 million, accounting for 95.1% of the total revenue, a decrease of 4.9% from the previous year[59]. - The herbal anti-dandruff hair care brand, Chasing Wind, recorded revenue of approximately RMB 2.0 million, representing 0.9% of total revenue, a decrease of about 48.4% from 2022[59]. Expenses and Costs - Financial expenses decreased to RMB 1.3 million in 2023 from RMB 2.1 million in 2022[4]. - Sales cost for 2023 was approximately RMB 117.9 million, a decrease of about 23.3% from RMB 153.8 million in 2022, with the sales cost as a percentage of revenue dropping from approximately 62.4% in 2022 to about 49.6% in 2023[62]. - Administrative expenses decreased to approximately RMB 27.6 million in 2023, down about 14.8% from RMB 32.4 million in 2022, with the percentage of revenue dropping from approximately 13.1% to 11.6%[67]. - Research and development costs for 2023 were RMB 12,507 thousand, down from RMB 14,123 thousand in 2022, a decrease of 11.4%[41]. Dividends and Shareholder Information - The company did not recommend the distribution of a final dividend based on the review of its operating performance[3]. - The group did not declare any dividends for the years ending December 31, 2023, and 2022[42]. - The annual general meeting is scheduled for May 31, 2024, with a suspension of share transfer registration from May 25 to May 31, 2024[108]. - The annual performance announcement will be published on the company's website and other designated platforms, with the annual report for the year ending December 31, 2023, to be sent to shareholders[111]. - The board expresses gratitude to shareholders, customers, suppliers, banks, professionals, and employees for their continuous support[112]. Strategic Initiatives - The company plans to enhance brand influence through cross-industry collaborations and limited edition product launches to increase sales revenue[83]. - The company aims to engage consumers via social media platforms like Weibo, Douyin, and Kuaishou to boost brand awareness and sales growth[84]. - The company will introduce innovative packaging for its anti-hair loss shampoo products to attract younger consumers[84]. - The company intends to optimize its product structure on e-commerce platforms to increase sales, including launching new product lines and enhancing existing ones[87]. - The company is focusing on core technology innovation and strategic partnerships with universities and research institutions to maintain competitive advantages[89]. - The company plans to improve operational efficiency and competitiveness by upgrading production lines and enhancing factory image[89]. - The company plans to enhance sales on the JD platform by utilizing in-platform promotional tools and timely launching new products based on market response[90]. - For the Pinduoduo platform, the company will continue to introduce high-cost performance new products and leverage promotional activities to drive sales growth[90]. - The company aims to expand its distributor channels by collaborating with platforms like Meituan and 1688 to customize products and increase sales[90]. - The company will increase investment in live streaming on Douyin, adding more live rooms and collaborating with influencers to boost brand awareness and sales[90]. Market and Economic Context - The International Monetary Fund revised China's GDP growth forecast for 2024 from 4.2% to 4.6%, citing stronger-than-expected growth in 2023 and increased government spending on disaster response capabilities[76]. - In 2023, China's GDP grew by 5.2% year-on-year, slightly above expectations, with the IMF emphasizing the importance of addressing challenges in the real estate sector and managing local government debt[78]. - The retail sales of consumer goods in China increased by 7.2% year-on-year in 2023, indicating strong consumer power and serving as a major driver of economic growth[79]. - The Chinese government set a GDP growth target of around 5.0% for 2024, which is 0.8 percentage points higher than the IMF's previous forecast of 4.2%[79].