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，概不會因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 XIAMEN YAN PALACE BIRD'S NEST INDUSTRY CO., LTD. 廈門燕之屋燕窩產業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1497） 公告 根據H股激勵計劃授出信託受益權份額 茲提述本公司日期為2024年1月12日的公告（「公告」）、日期為2024年3月7日的 2024年第一次臨時股東大會通函（「通函」）以及本公司日期為2024年3月25日的投 票表決結果公告，內容有關（其中包括）審議及批准本公司的H股激勵計劃。除文 義另有所指外，本公告所用詞彙與通函附錄一所載H股激勵計劃所界定者具有相 同涵義。 根據H股激勵計劃授出信託受益權份額 授出的詳情載列如下： | | | 信託受益權份額涉 | | --- | --- | --- | | 合資格人士 | 職位 | 及的H股數目 | | 關連合資格人士 | | | | 黃健 | 執行董事 | 332 ...

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產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 XIAMEN YAN PALACE BIRD'S NEST INDUSTRY CO., LTD. 廈門燕之屋燕窩產業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1497） 內幕消息 就申請建議實施H股全流通獲聯交所批准 轉換及上市共涉及本公司七名參與股東（「參與股東」），合計持有136,580,700股非 上市股份，約佔本公司於本公告日期已發行股本總額的29.3406%。轉換及上市完 成後，參與股東於本公司的持股情況如下： 1 | | | 佔轉換及上市 | | --- | --- | --- | | | | 完成後本公司 | | | 將予轉換為 | 已發行股份 | | | H股的非上市 | 總數的 | | 參與股東名稱 | 股份數目 | 概約百分比 | | 廈門市雙丹馬實業發展有限公司 | 45,892,780 | 9.8588% | | 廈門光耀天祥股權投資合夥企業（有限合夥 ...

Financial Performance - Revenue increased by 11.36% from RMB 951.20 million for the six months ended June 30, 2023, to RMB 1,059.30 million for the six months ended June 30, 2024[7]. - Gross profit increased by 5.41% from RMB 487.43 million for the six months ended June 30, 2023, to RMB 513.80 million for the six months ended June 30, 2024[7]. - Net profit decreased by 44.07% from RMB 107.37 million for the six months ended June 30, 2023[7]. - Profit for the period decreased by 44.07% from a net profit of RMB 107.37 million for the six months ended June 30, 2023 to a net profit of RMB 60.05 million for the six months ended June 30, 2024[32]. - Profit before taxation decreased to RMB 78,006, down 43.7% from RMB 138,873 in the prior year[100]. - Basic and diluted earnings per share were RMB 0.12, down from RMB 0.23 in the previous year[100]. - The net profit margin for the same period was 5.67%, a decrease from 11.29% in 2023[51]. - Return on equity for the six months ended June 30, 2024, was 7.81%, compared to 24.02% in the previous year[51]. Revenue Sources - Yan Palace's e-commerce channel revenue amounted to RMB 640.73 million, accounting for 60.49% of total revenue, representing a 21.89% increase compared to the first half of 2023[10]. - The total revenue from offline channels was RMB 418.57 million, making up 39.51% of total revenue, which is a decrease of 1.64% from the first half of 2023[11]. - Revenue from pure EBN products increased by 3.52% from RMB 894.86 million for the six months ended June 30, 2023, to RMB 926.32 million for the six months ended June 30, 2024[29]. - Revenue from EBN+ and +EBN products surged by 164.4% from RMB 47.16 million to RMB 124.7 million during the same period, driven by increased sales of EBN porridge and newly launched skincare products[29]. - Revenue from other products decreased by 9.79% from RMB 9.19 million to RMB 8.29 million, attributed to a focus on EBN+ and +EBN products[29]. Operational Efficiency - The management is committed to improving operational efficiency and profitability despite the decline in net profit[8]. - Selling and distribution expenses increased by 38.45% from RMB 263.82 million to RMB 365.27 million, primarily due to higher advertising expenses[31]. - Administrative expenses decreased by 18.20% from RMB 76.53 million to RMB 62.60 million, mainly due to reduced professional party expenses related to the listing[31]. - Research and development expenses increased by 3.60% from RMB 11.93 million for the six months ended June 30, 2023 to RMB 12.36 million for the six months ended June 30, 2024[32]. Market Presence and Strategy - The company aims to expand its market presence through strategic initiatives[8]. - The company plans to enhance brand potential, develop diversified product lines, and expand its sales network to meet various consumer needs[21][22]. - The company aims to promote high-quality development in the beauty and health industry by exploring new product application scenarios and market opportunities[21][22]. - The company is focused on enhancing its product offerings through research and development of new products and technologies[197]. Shareholding and Corporate Governance - The company has substantial shareholders, including Guangyao Tianxiang LP, established on July 29, 2015, and Hongyan Investment LP, established on October 20, 2014[199]. - The Company has adopted the CG Code as its own code of corporate governance[84]. - The Audit Committee comprises three independent non-executive Directors, with Mr. CHEN Aihua serving as the chairman[85]. - The Company has complied with all applicable code provisions as set out in the CG Code during the reporting period[84]. Employee Incentive Scheme - The Employee Incentive Scheme aims to attract and retain talent while aligning the interests of shareholders and management[65]. - The H Share Incentive Scheme was approved and adopted on March 25, 2024, to incentivize management personnel and core technical employees[89]. - The management committee overseeing the Employee Incentive Scheme consists of eight members, including the chairman and other senior executives[70]. - Grantees under the scheme must retain at least 10% of the total shares subscribed during their employment to mitigate short selling risks[74]. Economic Context - In the first half of 2024, China's GDP reached RMB 61.7 trillion, growing by 5.0% year-on-year, indicating a stable economic outlook[9]. - The total retail sales of consumer goods in China increased by 3.7% year-on-year, reflecting a recovery in domestic demand[9]. Product Development - The company launched several new products in the first half of 2024, including the Raw Coconut Peach Gum EBN and the whole ginseng EBN beverage, with bird's nest peptides-related products generating sales revenue of RMB 19.47 million[16][17]. - The company has launched EBN+ products, which are ready-to-serve edible bird's nest products enhanced with additional ingredients, featuring an EBN feed rate of 1% to 5%[197]. - The nutritional profile of edible bird's nests includes sialic acid, amino acids, collagen, glycoproteins, antioxidants, and various minerals, which are attributed with multiple health benefits[197]. Financial Position - Current assets decreased from approximately RMB 1,154.5 million as of December 31, 2023 to approximately RMB 939.56 million as of June 30, 2024, primarily due to the use of proceeds from the Global Offering and payment of dividends[33]. - Cash and cash equivalents decreased by 23.74% from RMB 537.1 million as of December 31, 2023 to RMB 409.59 million as of June 30, 2024, mainly due to the use of proceeds from the Global Offering and payment of dividends[33]. - Total assets amounted to RMB 1,360,605,000, a decrease from RMB 1,464,014,000 as of December 31, 2023, representing a decline of approximately 7.1%[102]. - Total equity attributable to equity shareholders of the Company was RMB 719,999,000, down from RMB 769,671,000, representing a decrease of about 6.5%[103].

Financial Performance - Revenue increased by 11.36% from RMB 951.20 million for the six months ended June 30, 2023, to RMB 1,059.30 million for the six months ended June 30, 2024[7]. - Gross profit increased by 5.41% from RMB 487.43 million for the six months ended June 30, 2023, to RMB 513.80 million for the six months ended June 30, 2024[7]. - Net profit decreased by 44.07% from RMB 107.37 million for the six months ended June 30, 2023[7]. - Profit before taxation decreased to RMB 78,006,000 from RMB 138,873,000, reflecting a decline of approximately 43.7% year-over-year[100]. - Profit and total comprehensive income for the period was RMB 60,045,000, down from RMB 107,365,000 in 2023, a decrease of about 44.1%[100]. - Basic and diluted earnings per share for the period were RMB 0.12, compared to RMB 0.23 in the previous year, showing a decline of approximately 47.8%[100]. - The consolidated profit before taxation for the six months ended June 30, 2024, was RMB 78,006,000, down from RMB 138,873,000 in 2023, indicating a decline of approximately 43.5%[130]. Revenue Sources - Yan Palace's e-commerce channel revenue amounted to RMB640.73 million, accounting for 60.49% of total revenue, representing a 21.89% increase compared to the first half of 2023[10]. - The total revenue from offline channels was RMB418.57 million, making up 39.51% of total revenue, which is a decrease of 1.64% from the first half of 2023[11]. - Revenue from pure EBN products increased by 3.52% from RMB894.86 million for the six months ended June 30, 2023, to RMB926.32 million for the six months ended June 30, 2024[29]. - Revenue from EBN+ and +EBN products surged by 164.4% from RMB47.16 million to RMB124.7 million during the same period, driven by increased sales of EBN porridge and newly launched skincare products[29]. - Revenue from other products decreased by 9.79% from RMB9.19 million to RMB8.29 million, attributed to a focus on EBN+ and +EBN products[29]. Expenses and Costs - Cost of sales rose by 17.63% from RMB463.77 million to RMB545.51 million, in line with overall revenue growth[29]. - Selling and distribution expenses increased by 38.45% from RMB263.82 million to RMB365.27 million, primarily due to higher advertising expenses[31]. - Administrative expenses decreased by 18.20% from RMB76.53 million to RMB62.60 million, mainly due to reduced professional party expenses related to the listing[31]. - Research and development expenses increased by 3.60% from RMB11.93 million for the six months ended June 30, 2023 to RMB12.36 million for the six months ended June 30, 2024[32]. - Finance costs increased by 246.27% from RMB1.02 million for the six months ended June 30, 2023 to RMB3.53 million for the six months ended June 30, 2024, mainly due to increased interest expenses for lease liabilities[32]. Assets and Liabilities - Current assets decreased from approximately RMB1,154.5 million as of December 31, 2023 to approximately RMB939.56 million as of June 30, 2024, primarily due to the use of proceeds from the Global Offering and payment of dividends[33]. - Cash and cash equivalents decreased by 23.74% from RMB537.1 million as of December 31, 2023 to RMB409.59 million as of June 30, 2024, mainly due to the use of proceeds from the Global Offering and payment of dividends[33]. - Total indebtedness as of June 30, 2024, was RMB 138.93 million, with current lease liabilities at RMB 19.06 million and non-current lease liabilities at RMB 119.87 million[44]. - The current ratio as of June 30, 2024, was 1.9, down from 2.1 as of December 31, 2023[47]. - The gearing ratio increased to 18.76% as of June 30, 2024, from 17.3% at the end of 2023[47]. Shareholding and Governance - The Company is listed under stock code 1497 on the Hong Kong Stock Exchange[6]. - The Employee Incentive Scheme was adopted on December 26, 2020, to attract and retain talent, representing approximately 1.76% of the total issued share capital[71]. - The H Share Incentive Scheme was approved on March 25, 2024, aiming to promote long-term sustainable development and align the interests of grantees with those of shareholders[81]. - The Company has appointed a third-party trustee to manage the H Share Incentive Scheme[179]. - The Company has established significant partnerships, such as Guangyao Tianxiang LP, which is one of its substantial shareholders[199]. Market and Product Development - The Company established a cultural tourism development division in June 2024 to enhance consumer understanding of EBN culture and create new revenue growth points[12]. - The company launched several new products in the first half of 2024, including Raw Coconut Peach Gum EBN and Bird's Nest Peptides Natural Soda, with sales revenue from bird's nest peptides-related products reaching RMB 19.47 million[16][17]. - The company is focused on enhancing its product offerings through research and development of new technologies and ingredients[197]. - The company aims to boost its overall wellness product line, leveraging the traditional health benefits attributed to edible bird's nests[197]. Compliance and Audit - The audit was conducted by KPMG, a registered public interest entity auditor[5]. - The interim financial report for the six months ended June 30, 2024 has been reviewed by the Audit Committee[85]. - The Company has complied with all applicable code provisions as set out in the CG Code during the reporting period[84]. - Specific enquiry confirmed that all directors and supervisors have complied with the Model Code during the six months ended June 30, 2024[84].

Investment Rating - The report assigns an "Outperform" rating for the company [16] Core Viewpoints - The company has demonstrated steady growth, with a strong professional management team. It has become the largest bird's nest enterprise globally, with a revenue and net profit CAGR of 14.72% and 18.15% respectively from 2020 to 2023. The gross margin has remained stable, while the net profit margin has fluctuated around 10% [5][41] - The bird's nest industry is experiencing robust growth with a fragmented market structure. The market size in China is expected to grow from 430 billion yuan in 2022 to 921 billion yuan by 2027, with a 5-year CAGR of 16.5% [18][28] - The company is a leader in the bird's nest industry, with a market share of 5.8% in China and 4.1% globally. It has maintained its position as the largest bird's nest company for three consecutive years [56] Summary by Sections Company Overview - The company was founded in 1997 and has a rich history in the bird's nest market. It launched the fresh bird's nest business model in 2002 and went public in 2023 [36][37] Financial Performance - The company reported a revenue of 17.94 billion yuan in 2023, with a CAGR of 12.69% from 2020 to 2023. The revenue from "bird's nest +" and "+ bird's nest" products has grown significantly, with a CAGR of 48.85% during the same period [19][41] Market Dynamics - The bird's nest market in China is characterized by a low concentration level, with the top five companies holding only 11.9% of the market share. The company has been increasing its market share consistently from 2020 to 2022 [18][33] Product Segmentation - The company's main products include pure bird's nest, "bird's nest +" products, and "+ bird's nest" products. The pure bird's nest segment remains the largest contributor to revenue [19][66] Distribution Channels - The company has a balanced online and offline sales strategy, with online revenue reaching 1.104 billion yuan and offline revenue at 860 million yuan in 2023. The CAGR for online and offline revenues from 2020 to 2023 was 15.17% and 14.14% respectively [6][75] Future Outlook - The company is expected to continue expanding its production capacity and distribution channels, with plans to open more flagship stores in major cities and enhance its online presence [79][86]

Company and Industry Overview * **Company**: Yan Zhewu, a leading Chinese manufacturer and retailer of edible bird's nest products. * **Industry**: Edible bird's nest industry, a niche segment within the health and wellness market. Key Points 1. Company Developments * **New Industrial Park**: Yan Zhewu has opened a new industrial park covering 35-36 acres with an area of over 82,000 square meters. This park aims to become a top-level bird's nest manufacturing and demonstration base in China. * **Tourism and Education**: Yan Zhewu has established a tourism and sales department to leverage the new industrial park. They plan to develop industrial tourism and educational programs to boost tourism sales. * **Product Development**: Yan Zhewu has obtained a patent for bird's nest peptide technology and launched a new product, "Yanwoshui" (Bird's Nest Water), a carbonated drink containing bird's nest peptides. This product is currently available in the company's own channels and has received positive feedback, especially in key markets like Beijing. * **New Product Launch**: Yan Zhewu launched "Yanwoshou" (Bird's Nest Porridge) last year and achieved sales of over 20 million yuan in May 2024. The product is expected to exceed 100 million yuan in sales this year. 2. Financial Performance * **Revenue Growth**: Yan Zhewu aims to achieve double-digit revenue growth annually. The company's revenue growth rate is expected to be around 20% annually. * **Product Line Growth**: The fastest-growing product line is expected to be pure bird's nest products, followed by bird's nest porridge and bird's nest water. * **Profitability**: Yan Zhewu aims to maintain a stable gross margin of around 50% and a net profit margin of around 10%. 3. Competitive Landscape * **Market Concentration**: The bird's nest industry is relatively分散, with the top three companies holding less than 10% market share. However, Yan Zhewu has a significant market share in the online channel, with over 30% market share on platforms like Tmall and JD.com. * **Competitive Advantages**: Yan Zhewu's competitive advantages include brand reputation, product quality, and distribution channels. The company has a strong brand reputation and a wide distribution network, including offline stores and online platforms. 4. Industry Outlook * **Market Growth**: The bird's nest industry is expected to continue growing due to increasing consumer awareness of health and wellness. The industry is also benefiting from technological advancements and new product development. * **Long-term Growth**: Yan Zhewu believes that the bird's nest industry has significant long-term growth potential, driven by factors such as increasing consumer awareness, technological advancements, and new product development. Additional Information * Yan Zhewu has a strong focus on research and development, with a particular emphasis on bird's nest peptides. * The company has a strong online presence and a loyal customer base. * Yan Zhewu is committed to sustainable and ethical sourcing of bird's nest products.

Development Strategy - In 2023, the company proposed a five-year development strategy focused on the beauty and wellness industry, leveraging the rising living standards and health awareness among Chinese consumers[13]. - The company plans to drive steady progress with clear strategic objectives and rigorous scientific strategies[13]. - The company is committed to long-term sustainability and enhancing its omni-channel sales network[105]. Brand and Marketing - The company aims to enhance its brand image through technology, product, and service innovations, establishing a comprehensive marketing communications matrix[14]. - The brand aims to increase consumer awareness and exposure through social media interactions and collaborations with key opinion leaders[14]. - The company is dedicated to promoting high-quality development of its brand within the global bird's nest industry[14]. - The company adopted a multi-brand strategy, promoting both master and sub-brands to create more value for customers[54]. - The company implemented diversified marketing strategies, including celebrity endorsements and live streaming, to reach a broader consumer base[63]. - The company utilized cultural initiatives, such as partnering with a Peking Opera actor, to promote traditional culture and enhance brand image[56]. Financial Performance - The company recorded a revenue of RMB 1,964.2 million for the year ended December 31, 2023, representing a year-on-year increase of 13.5% from 2022[23]. - The net profit for 2023 was RMB 211.6 million, with an adjusted net profit of RMB 244.4 million, reflecting a year-on-year increase of 15.8% from 2022[23]. - Revenue increased by 13.5% from RMB 1,729.9 million in 2022 to RMB 1,964.2 million in 2023[34]. - Gross profit rose by 13.3% from RMB 878.3 million in 2022 to RMB 994.9 million in 2023[34]. - Net profit grew by 2.8% from RMB 205.9 million in 2022 to RMB 211.6 million in 2023[34]. - Adjusted net profit increased by 15.8% from RMB 211.1 million in 2022 to RMB 244.4 million in 2023[34]. Product Development - The company launched a series of EBN porridge products to enter the breakfast market, broadening EBN consumption scenarios[19]. - The company has developed EBN peptides skincare products, extending the value chain of the EBN industry[19]. - The company launched the EBN porridge series under the sub-brand Xiao Yan Nong, entering the breakfast market and quickly gaining market presence[54]. - The company launched a series of EBN skincare products under the Yan Palace brand, focusing on "repair and anti-aging" to meet consumer needs[54]. - The company introduced new product lines, including the Silk Road Yan Dance Dragon Tongue Dried EBN and pure EBN for instant stewing, catering to consumer convenience needs[82]. Sales and Distribution - The company has established a diverse sales network with 96 self-managed stores and 647 distributor-operated stores, alongside 27 self-operated online stores and 18 distributor-operated online stores[20]. - In 2023, the company's e-commerce revenue reached RMB 1,104.0 million, accounting for 56.2% of total revenue, representing a 17.7% increase from 2022[58]. - The company expanded its online sales network to 27 self-operated and 18 distributor-operated online stores by the end of 2023[58]. - The total revenue from the offline business was RMB 860.2 million, accounting for 43.8% of the Group's total revenue, representing an increase of 8.6% compared to 2022[67][69]. Market Trends - China's EBN market is expected to grow from RMB 43.0 billion in 2022 to RMB 92.1 billion in 2027, at a CAGR of 16.5%[46]. - The beauty and wellness product market in China is projected to reach RMB 1,173.9 billion by 2027, growing at a CAGR of 6.3% from 2022[42]. - Total retail sales of consumer goods in China reached RMB 4,714.95 billion, representing a 7.2% increase from 2022[41]. Awards and Recognition - The company ranked first in the China Brand Power Index (C-BPI) EBN brand ranking for four consecutive years[49]. - The company received three major awards in 2023, including the Tmall Health Annual Industry Benchmark Brand and the Annual Live Streaming Achievement Award[63]. Sustainability and Environmental Initiatives - The company implemented an Empty Bottle Environmental Protection Program to promote sustainability and environmental responsibility[80]. - The company launched the New Generation Freshly Stewed Bird's Nest in October 2023, contributing to the "dual carbon" goals by reducing approximately 2,576.90 tons of carbon dioxide equivalent[80]. - In 2023, the company reduced carbon emissions by approximately 2,576.90 tons of CO2 equivalent, contributing to national "dual carbon" goals[83]. Employee and Governance - Employee costs for the year ended December 31, 2023, amounted to approximately RMB 293.5 million, with a total of 1,917 employees as of the same date[100]. - The board of directors consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, ensuring diverse governance[182]. - The company has a strong management team with extensive experience in the pharmaceutical and media industries, enhancing its strategic decision-making capabilities[197][199]. Future Outlook - The company recognizes potential challenges in economic recovery and changing consumer behavior post-epidemic[105]. - Future strategies may include market expansion and potential mergers and acquisitions to enhance growth opportunities[197].

Financial Performance - Revenue increased by 13.5% from RMB 1,729.9 million in 2022 to RMB 1,964.2 million in 2023[3] - Gross profit rose by 13.3% from RMB 878.3 million in 2022 to RMB 994.9 million in 2023[3] - Net profit increased by 2.8% from RMB 205.9 million in 2022 to RMB 211.6 million in 2023[3] - Adjusted net profit (non-IFRS measure) grew by 15.8% from RMB 211.1 million in 2022 to RMB 244.4 million in 2023[3] - Operating profit for 2023 was RMB 276.2 million, compared to RMB 266.2 million in 2022, reflecting a growth of 3.7%[4] - Gross profit for the total revenue was RMB 994,916,000, with a gross margin of approximately 50.7%[24] - Net income attributable to ordinary equity shareholders for 2023 was RMB 197,485,000, compared to RMB 188,207,000 in 2022, representing a year-over-year increase of about 4.8%[36] - The company reported a pre-tax profit of RMB 273,326,000 for 2023, slightly up from RMB 264,566,000 in 2022[28] - Other net income for 2023 was RMB 30,502,000, an increase from RMB 27,692,000 in 2022, showing a growth of about 6.5%[27] - The effective tax expense for 2023 was RMB 61,738,000, compared to RMB 58,688,000 in 2022, representing an increase of about 3.6%[35] Assets and Liabilities - Total assets increased to RMB 1,154.5 million in 2023 from RMB 773.3 million in 2022[5] - Current assets rose significantly from RMB 773.3 million in 2022 to RMB 1,154.5 million in 2023, indicating strong liquidity[5] - The company's total liabilities increased significantly from RMB 26.9 million in 2022 to RMB 137.7 million in 2023, primarily due to lease liabilities[111] - As of December 31, 2023, the company's current net assets increased from RMB 280.2 million to RMB 594.4 million, driven by cash inflows from the global offering[108] Revenue Breakdown - Revenue from online sales directly to customers was RMB 824,397,000, up from RMB 695,265,000 in 2022, reflecting a growth of 18.6%[20] - Revenue from offline sales to distributors was RMB 509,035,000, compared to RMB 477,525,000 in the previous year, marking an increase of 6.6%[20] - Revenue from pure bird's nest products rose by 9.5% to RMB 1,794.2 million, driven by increased sales of fresh and bottled bird's nest[83] - Revenue from bird's nest-related products surged by 94.2% to RMB 142.0 million, mainly due to a significant increase in sales of bird's nest porridge and new skincare products[83] Expenses - Research and development expenses increased slightly from RMB 24.3 million in 2022 to RMB 26.4 million in 2023, reflecting ongoing investment in innovation[4] - Selling and distribution expenses rose by 11.8% to RMB 563.3 million, attributed to increased advertising and employee benefits costs[86] - Administrative expenses increased by 43.0% to RMB 159.5 million, primarily due to costs associated with the global offering and listing[87] - Employee costs, including remuneration for directors and supervisors, amounted to approximately RMB 293.5 million for the year ending December 31, 2023[76] Market Position and Strategy - The company maintained its leading position in the bird's nest industry for four consecutive years according to the China Brand Power Index (C-BPI)[54] - The beauty and health products market in China is projected to grow at a compound annual growth rate (CAGR) of 6.3%, reaching RMB 1,173.9 billion by 2027[51] - The market for bird's nest products in China is expected to grow from RMB 43 billion in 2022 to RMB 92.1 billion by 2027, with a CAGR of 16.5%[52] - The company is focusing on expanding its private domain channels to enhance personalized customer connections and improve conversion rates[61] - The company has implemented a multi-brand strategy to create more value for customers through a clear promotion of its main and sub-brands[56] Product Development - The product portfolio includes pure bird's nest products, "bird's nest +" products, and "+ bird's nest" products to meet diverse consumer needs[67] - The company launched the Xiaoyan Nong sub-brand with a series of instant bird's nest porridge products, rapidly capturing market share[56] - The new generation of fresh bird's nest launched in October 2023 is expected to contribute to carbon emission reductions of approximately 2,576.90 tons CO2 equivalent[68] Corporate Governance - The board of directors proposed a final dividend of RMB 2.15 per 10 shares, totaling RMB 100,082,500 (tax included) for the year ending December 31, 2023[132] - The audit committee, consisting of three independent non-executive directors, reviewed and confirmed the financial statements for the year ending December 31, 2023[127] - The company has adopted the corporate governance code and complied with all applicable provisions during the reporting period[125] Future Plans - The company plans to establish a new production base in Xiamen, which will utilize automated production equipment and information systems to enhance production efficiency[75] - The company aims to strengthen its brand presence by announcing Gong Li as the global brand ambassador in January 2024, focusing on high-net-worth consumers while expanding its product offerings[77] - The company plans to adopt the 2024 H-share incentive plan at the extraordinary general meeting on March 25, 2024[40]