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依 賴該等內容而引致的任何損失承擔任何責任。 Sisram Medical Ltd 復䢇醫療科技有限公司* （ 於 以 色 列 註 冊 成 立 的 有 限 公 司 ） （股份代號：1696） 自願公告 本公告乃由復銳醫療科技有限公司（「本公司」）自願發佈。 香港，二零二四年十一月五日 於本公告日期，本公司董事會成員包括執行董事劉毅先生及Lior Moshe DAYAN 先生；非執行董事吳以芳先生及馮蓉麗女士；獨立非執行董事方香生先生、陳志 峰先生、陳怡芳女士及廖啟宇先生。 * 僅供識別 本公司欣然宣佈推出其屢獲殊榮的美容平台Alma Harmony的全新版本（「新Alma Harmony」）。 新Alma Harmony採用現代化設計，並進行了大幅升級，為客戶提供更多的治療 選擇和簡單智能的使用體驗。其革新的患者個性化功能融合了五項最受歡迎的技 術及增強的能量，能夠提供全面的治療方案。 新Alma Harmony的設計重點在於提升效率、簡易性及易用 ...

Investment Rating - The investment rating for the company is upgraded to "Accumulate" with a target price of 3.75 HKD [1]. Core Views - The medical beauty business is steadily growing, with strong performance in the Asia-Pacific and European markets [1]. - The company reported a revenue of 1.209 billion HKD for H1 2024, a decrease of 1.4% year-on-year, and a net profit of 78 million HKD, down 42.05% year-on-year [1]. - The medical beauty segment generated 1.056 billion HKD in revenue, accounting for 88.5% of total revenue, with a year-on-year growth of 1.3% [1]. - The company is focusing on new product launches, which have been well received in the market, and is expanding its commercialization efforts in the Asia-Pacific region [1]. Business Segment Summary - **Medical Beauty Business**: Revenue reached 1.056 billion HKD, with a year-on-year growth of 1.3%. The revenue mainly comes from classic devices like Soprano, Harmony, Opus, Accent, and Hybrid [1]. - **Injectable Fillers**: Revenue was 31.949 million HKD, a decrease of 7.5% year-on-year, due to a shift in focus towards new product launches [1]. - **Dental Business**: Revenue was 19.952 million HKD, down 47.0% year-on-year, as this segment is still in the incubation phase and facing demand-side pressures [1]. - **Service and Other Businesses**: Revenue was 85.271 million HKD, a decrease of 14.1% year-on-year [1]. Regional Performance Summary - **North America**: Revenue was 474 million HKD, accounting for 39.7% of total revenue, down 15.7% year-on-year due to rising credit costs affecting customer purchasing decisions [1]. - **Asia-Pacific**: Revenue was 396 million HKD, accounting for 33.3% of total revenue, with a year-on-year growth of 15.5% driven by strong performance from Alma China [1]. - **Europe**: Revenue was 170 million HKD, accounting for 14.2% of total revenue, with a year-on-year growth of 10.0% due to the transition to direct sales in the UK market [1]. - **Middle East and Africa**: Revenue was 109 million HKD, accounting for 9.1% of total revenue, with a year-on-year growth of 10.9% [1]. - **Latin America**: Revenue was 44.661 million HKD, accounting for 3.7% of total revenue, down 20.3% year-on-year [1]. Profitability and Cost Structure - The company's gross margin for H1 2024 was 62.41%, an increase of 1.06 percentage points year-on-year, primarily due to a higher proportion of direct sales [1]. - The selling expense ratio increased by 2.59 percentage points year-on-year due to increased sales and marketing activities [1]. - The management expense ratio increased by 1.49 percentage points year-on-year due to expenses related to new office operations [1]. - R&D expense ratio remained stable year-on-year [1]. Future Outlook - The company expects revenues for 2024-2026 to be 2.569 billion HKD, 3.002 billion HKD, and 3.505 billion HKD respectively, with net profits of 215 million HKD, 280 million HKD, and 339 million HKD respectively [1].

Global Expansion and Market Development - The company has expanded its global presence to over 100 countries and regions through a direct sales strategy over the past five years[3]. - The company is focusing on local market development in China, aiming to align its product offerings with local consumer needs and enhance its operational capabilities[4]. - The company aims to strengthen its leadership in key markets like Asia-Pacific and North America while expanding its beauty health ecosystem[9]. - The company is actively evaluating additional direct sales office opportunities in strategic markets within the Asia-Pacific region[18]. - The company established new sales offices in the UK, UAE, and Japan, and acquired 60% of a Chinese distributor, significantly strengthening its infrastructure for future growth[18]. Product Development and Innovation - The company aims to establish a product matrix that meets high demand and high-value needs, focusing on enhancing market penetration and customer coverage[3]. - The company launched the innovative multi-mode anti-aging platform Alma Harmony™ and the intelligent skin analysis solution Alma IQ™ in the U.S., which have received high market recognition[6]. - The Soprano Titanium™ special edition was launched globally, enhancing the company's leading position in the hair removal market with over 20% efficiency improvement[6]. - The company launched significant new products, including Soprano Titanium™ and Alma Harmony™, along with the innovative Alma IQ™ skin analysis solution[7]. - The company’s Alma Harmony™ product received FDA approval for over 130 indications, showcasing its innovative capabilities in addressing various skin conditions[15]. Financial Performance - Total revenue for the first half of 2024 was $168.73 million, a slight decrease from $171.62 million in the same period of 2023[11]. - Gross profit for the first half of 2024 was $105.31 million, with a gross margin of 62.4%, up from 61.4% in the previous year[11]. - The net profit margin decreased to 7.8% in the first half of 2024 from 10.9% in the same period of 2023[11]. - Adjusted net profit was $16.7 million, a decrease of 19.4% compared to the same period in 2023, with an adjusted net profit margin of 9.9%[14]. - Revenue decreased from $171.6 million to $168.7 million, a decline of 1.7% year-over-year, primarily due to challenging economic conditions in North America, offset by double-digit revenue growth in Asia-Pacific, Europe, and the Middle East and Africa[26]. Strategic Partnerships and Collaborations - The company is leveraging strategic partnerships to expand its product pipeline and enhance its competitive advantage in the non-invasive and minimally invasive medical aesthetics sector[5]. - Strategic partnerships established for high-end products, including exclusive distribution rights for Profhilo® and DAXXIFY® in key markets[8]. - The company established a strategic partnership with Prollenium® to distribute the Revanesse® dermal filler series in key markets including Germany, Austria, Switzerland, Australia, and New Zealand[13]. - The strategic partnership with Prollenium® aims to expand the injection filling product portfolio, enhancing the effectiveness and longevity of various aesthetic treatments[20]. Research and Development - Research and development expenses amounted to $8.1 million, with three new products launched during the reporting period[15]. - The company initiated two additional clinical studies and ten peer-reviewed studies in the fields of aesthetics, dermatology, and plastic surgery[16]. - The company achieved significant progress in intellectual property, including the application for two new patents in the fields of radiofrequency and ultrasound[16]. - Research and development expenses decreased by 11.9% to $8.1 million, indicating strict cost control measures[36]. Cash Flow and Financial Position - Cash flow from operating activities was $4.0 million, significantly lower than $8.0 million in the same period last year, representing a 50.5% decline[49]. - Cash flow from investing activities was $9.2 million, compared to an outflow of $24.2 million in the previous year, marking a 138.1% increase[49]. - Total cash and cash equivalents at the end of the period increased by 35.1% to $70.1 million, up from $51.9 million[49]. - The company maintained a strong cash position with cash and cash equivalents exceeding total debt[43]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance and has adhered to all relevant codes during the reporting period[130]. - The audit committee reviewed the unaudited interim results for the six months ending June 30, 2024[131]. - The company has appointed new independent non-executive directors, enhancing its governance structure[129]. Market Outlook and Future Plans - The company anticipates strong performance in revenue and net income for the second half of 2024, driven by year-over-year growth in new order volume[23]. - The company expects revenue guidance for the second half of 2024 to be between HKD 1.5 billion and HKD 1.7 billion, indicating a potential growth of 25% to 42% compared to the first half[135]. - New product launches are anticipated to contribute an additional HKD 300 million in revenue by the end of 2024[136]. - Market expansion plans include entering two new countries in the Asia-Pacific region by Q4 2024, targeting a market size of approximately HKD 500 million[136].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The global medical aesthetics industry is expanding, with non-surgical segments growing faster than surgical ones. The industry features high entry barriers and significant profit margins, particularly in the upstream sector [3][4]. - The company is positioned as a leader in energy-based medical aesthetics, with a diverse product portfolio and a strong focus on innovation and market expansion [4][6]. - Revenue forecasts for the company indicate growth from $370 million in 2024 to $473 million by 2026, with a projected net profit increase from $34 million to $43 million in the same period [6][8]. Summary by Sections Industry Overview - The medical aesthetics industry combines medical and consumer attributes, influenced by disposable income and consumer preferences. The upstream sector has a gross margin of 80%-95%, while the downstream customer acquisition platforms have a margin of about 60%-80% [3][4]. - The energy-based aesthetics market is projected to grow steadily, with a significant portion of revenue coming from skin rejuvenation treatments [3][4]. Company Overview - The company has established a "big medical aesthetics" ecosystem, focusing on energy-based aesthetics, injection fillers, digital dentistry, and personal care. In 2023, its energy-based aesthetics revenue reached $320 million, with a year-on-year growth of 3.2% [4][6]. - The injection filler segment, which the company entered in 2019, generated over $10 million in revenue in 2023, reflecting a 9.3% increase year-on-year [4][6]. Financial Performance - The company is expected to achieve revenues of $370 million, $421 million, and $473 million from 2024 to 2026, with corresponding net profits of $34 million, $39 million, and $43 million [6][8]. - The company's valuation metrics indicate it is undervalued compared to peers, with a projected P/E ratio of 5.7X for 2024, decreasing to 4.5X by 2026 [6][8]. Market Positioning - The company has a strong market presence in energy-based aesthetics, holding a 4.4% share of the global market in 2016, ranking fifth. It has launched approximately 30 products in this segment since 2006 [4][6]. - The company is actively expanding its direct sales channels globally, with a significant focus on the Chinese market, where it has formed a joint venture to enhance its presence [6][4].

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported a slight revenue decrease in H1 2024, with improved gross margin, increased direct sales, and a decline in adjusted net profit [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the six months ended June 30, 2024, revenue slightly decreased by **1.7%** to **USD 168.7 million**, gross margin improved to **62.4%**, direct sales share rose to **86.1%**, and adjusted net profit declined by **19.4%** to **USD 16.7 million**, with no interim dividend declared Key Financial Indicators for H1 2024 | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | USD 168.7 million | USD 171.6 million | -1.7% | | Gross Margin | 62.4% | 61.4% | +1.0 percentage points | | Adjusted Net Profit | USD 16.7 million | USD 20.7 million | -19.4% | | Direct Sales Revenue Share | 86.1% | 72.1% | +14.0 percentage points | - The Board resolved not to declare any interim dividend for the six months ended June 30, 2024[1](index=1&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the interim condensed consolidated financial statements, including profit or loss, comprehensive income, and financial position [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) In H1 2024, revenue slightly decreased by **1.7%** to **USD 168.7 million**, while profit before tax and profit for the period significantly declined due to increased expenses Key Profit or Loss Data (For the six months ended June 30) | Item (USD thousand) | 2024 (Unaudited) | 2023 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 168,730 | 171,621 | -1.7% | | Gross Profit | 105,311 | 105,298 | +0.01% | | Profit Before Tax | 14,723 | 20,732 | -29.0% | | Profit for the Period | 13,202 | 18,783 | -29.7% | | Profit Attributable to Owners of the Parent | 10,952 | 18,899 | -42.0% | | Basic Earnings Per Share (US cents) | 2.34 | 4.04 | -42.1% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period significantly decreased to **USD 11.84 million**, primarily due to lower profit for the period and a negative shift in other comprehensive income from exchange differences Key Comprehensive Income Data (For the six months ended June 30) | Item (USD thousand) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Profit for the Period | 13,202 | 18,783 | | Other Comprehensive (Loss)/Income, Net | (1,360) | 15 | | **Total Comprehensive Income for the Period** | **11,842** | **18,857** | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets were **USD 626.8 million** and net assets were **USD 472.5 million**, remaining stable compared to year-end 2023, despite increases in current assets and liabilities Key Financial Position Data | Item (USD thousand) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Total Non-Current Assets | 357,420 | 356,153 | | Total Current Assets | 269,388 | 257,349 | | Total Current Liabilities | 102,843 | 88,250 | | Total Non-Current Liabilities | 51,434 | 55,727 | | **Net Assets** | **472,531** | **469,525** | [Notes to the Interim Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of financial statement preparation, accounting policy changes, and provides breakdowns for revenue, tax, dividends, earnings per share, balance sheet items, and commitments [Revenue](index=7&type=section&id=4.%20Revenue%2C%20other%20income%20and%20gains) Total revenue for the period was **USD 168.7 million**, a slight **1.7%** decrease, with product sales dominating, and strong growth in Asia Pacific offsetting a decline in North America Revenue by Type of Goods or Services (USD thousand) | Type | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Product Sales | 156,669 | 157,587 | | Services Rendered | 12,061 | 14,034 | | **Total** | **168,730** | **171,621** | Revenue by Geographical Segment (USD thousand) | Region | H1 2024 | H1 2023 | | :--- | :--- | :--- | | North America | 67,023 | 79,502 | | Asia Pacific | 55,953 | 48,447 | | Europe | 24,029 | 21,851 | | Middle East & Africa | 15,408 | 13,893 | | Latin America | 6,317 | 7,928 | | **Total** | **168,730** | **171,621** | [Income Tax](index=9&type=section&id=7.%20Income%20Tax) The Group's effective tax rate for the period was approximately **10.3%**, with key operating subsidiary Alma Lasers Ltd. benefiting from a **6%** preferential tax rate in Israel as a 'Special Preferred Technology Enterprise' - Key operating subsidiary Alma Lasers Ltd. enjoys a **6%** preferential effective tax rate in Israel as a 'Special Preferred Technology Enterprise'[14](index=14&type=chunk)[15](index=15&type=chunk) - The Group's corporate income tax rates in other major regions are **21%** in the US, approximately **32%** (including trade tax) in Germany, and **25%** in Mainland China[16](index=16&type=chunk)[17](index=17&type=chunk)[21](index=21&type=chunk) [Dividends](index=11&type=section&id=8.%20Dividends) The Board resolved not to declare any interim dividend for the six months ended June 30, 2024 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2024 (six months ended June 30, 2023: nil)[24](index=24&type=chunk) [Earnings per share attributable to ordinary equity holders of the parent](index=11&type=section&id=9.%20Earnings%20per%20share%20attributable%20to%20ordinary%20equity%20holders%20of%20the%20parent) Basic earnings per share for the period was **2.34 US cents**, a significant decrease from **4.04 US cents** in the prior year, primarily due to lower profit attributable to owners of the parent Earnings per Share Calculation | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders of the Parent (USD thousand) | 10,952 | 18,899 | | Weighted Average Number of Ordinary Shares in Issue (shares) | 468,343,092 | 467,292,609 | | **Basic Earnings Per Share (US cents)** | **2.34** | **4.04** | [Trade receivables & 12. Trade payables](index=12&type=section&id=11.%20Trade%20receivables%20%26%2012.%20Trade%20payables) Net trade receivables increased to **USD 109.9 million** as of period-end, with **35.8%** over three months old, while trade payables significantly rose to **USD 17.11 million**, primarily due within three months Trade Receivables Aging Analysis (USD thousand) | Aging | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Within 1 month | 63,684 | 51,522 | | 1 to 3 months | 6,875 | 8,896 | | Over 3 months | 39,388 | 35,947 | | **Total** | **109,947** | **96,365** | Trade Payables Aging Analysis (USD thousand) | Aging | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Within 1 month | 6,041 | 5,365 | | 1 to 3 months | 9,418 | 630 | | Over 3 months | 1,648 | 2,003 | | **Total** | **17,107** | **7,998** | [Commitments](index=13&type=section&id=14.%20Commitments) The Group secured commercialization rights for Daxxify in China, involving potential future milestone payments, and had no significant capital commitments as of the reporting period end - The Group may be required to pay **USD 15 million** in regulatory milestone payments (upon NMPA approval in China) and up to **USD 172.5 million** in sales milestone payments for the Daxxify product sub-licensing agreement[33](index=33&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, strategic initiatives, financial results, liquidity, and risk management for the reporting period [Business Review](index=14&type=section&id=1.%20Business%20Review) In H1 2024, total revenue slightly decreased, but the company's direct sales strategy significantly improved gross margin, while strategic investments in new products and partnerships yielded positive market responses [Business Review of the First Half of 2024](index=15&type=section&id=2.%20Business%20Review%20of%20the%20First%20Half%20of%202024) Total revenue for the period decreased by **1.7%** to **USD 168.7 million**, primarily due to the North American market, yet successful direct sales transformation boosted gross margin to **62.4%**, despite a **19.4%** decline in adjusted net profit to **USD 16.7 million** H1 2024 Performance Summary | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Revenue | USD 168.7 million | -1.7% | | Gross Profit | USD 105.3 million | 0% | | Gross Margin | 62.4% | +1.0 percentage points | | Profit Before Tax | USD 14.7 million | -29.0% | | Adjusted Net Profit | USD 16.7 million | -19.4% | - Successful execution of the direct sales strategy increased the proportion of direct sales revenue from **72.1%** to **86.1%** compared to the prior year, which was the primary driver for the gross margin increase[36](index=36&type=chunk) [R&D](index=16&type=section&id=R%26D) R&D expenditure was **USD 8.1 million**, leading to the successful launch of three new products and significant progress in intellectual property and EU MDR certification - R&D expenditure amounted to **USD 8.1 million**[39](index=39&type=chunk) - Three new products, Alma Harmony™, Soprano Titanium™ Special Edition, and Alma IQ™, were successfully launched with high market acceptance[39](index=39&type=chunk) - The quality control system successfully passed the audit and complied with the new EU Medical Device Regulation (MDR) requirements, marking a significant milestone[40](index=40&type=chunk) [Sales & Marketing](index=17&type=section&id=Sales%20%26%20Marketing) The company expanded its direct sales network globally through new offices and acquisitions, transitioned to a B2B2C model, and enhanced brand influence via a global campaign reaching over **300 million** people - Expansion of the direct sales network through new offices (UK, UAE, Japan) and acquisitions (China) aligns perfectly with the strategy to increase direct sales[41](index=41&type=chunk) - The business model is shifting from product-driven (B2B) to clinic-centric (B2B2C), adding high-value products to create an end-to-end customer experience[41](index=41&type=chunk) - The global brand campaign with Hollywood star Kate Hudson has cumulatively reached over **300 million** people worldwide, with over **350,000** social media engagements[42](index=42&type=chunk) [Business Development](index=18&type=section&id=Business%20Development) The company established a strategic partnership with Prollenium® for dermal filler distribution, secured approval for PROFHILO® in Hainan, and completed the acquisition of a Chinese distributor, exceeding first-year performance targets - A strategic partnership was established with Canadian Prollenium® to expand the injectable filler product portfolio[43](index=43&type=chunk) - PROFHILO® (Pufiluo), a new generation hyaluronic acid complex, was approved as a licensed medical device in Hainan in April 2024[43](index=43&type=chunk) [Operations](index=18&type=section&id=Operations) The Group improved service processes and operational efficiency, vertically integrated manufacturing for key product lines to boost gross margin, and maintains normal production in Israel with sufficient global inventory - Manufacturing processes for leading product lines (e.g., Soprano) have been vertically integrated to further expand the company's profit margins[44](index=44&type=chunk) - As of the announcement date, the company's production lines in Israel are operating normally, and global inventory levels are sufficient to meet customer demand[44](index=44&type=chunk) [Outlook for the Second Half of 2024](index=19&type=section&id=3.%20Outlook%20for%20the%20Second%20Half%20of%202024) The company forecasts stronger revenue and net income in H2 2024 compared to H1, driven by increased new orders, with strategic priorities including market consolidation, ecosystem expansion, Daxxify launch preparation, and new product approvals - The company forecasts stronger performance in terms of revenue and net income in the second half of 2024 compared to the first half, primarily due to year-on-year growth in new orders[45](index=45&type=chunk) - H2 plans include preparing for Daxxify® commercialization in Mainland China, advancing regulatory approvals for energy-based aesthetic medical devices and injectable fillers, integrating Alma China into core operations, and exploring new direct sales offices in Asia Pacific[45](index=45&type=chunk) - The company will continue to strengthen R&D capabilities, product portfolio, and distribution channels through M&A initiatives, leveraging Fosun Pharma's resources in China to increase market penetration[46](index=46&type=chunk) [Financial Review](index=20&type=section&id=4.%20Financial%20Review) This section provides a detailed analysis of H1 2024 financial performance, highlighting a slight revenue decrease, improved gross margin, and a decline in profit for the period and adjusted net profit due to increased operating expenses [Revenue](index=20&type=section&id=A.%20Revenue) Total revenue was **USD 168.7 million**, a **1.7%** decrease, with core medical aesthetics revenue growing by **1.3%** to **USD 149.3 million**, while North American revenue declined by **15.7%** due to high interest rates, partially offset by strong growth in Asia Pacific (**+15.5%**) and Europe (**+10.0%**) Revenue by Major Product Line (USD thousand) | Product Line | H1 2024 | Share of Total Revenue % | H1 2023 | Share of Total Revenue % | YoY Change % | | :--- | :--- | :--- | :--- | :--- | :--- | | Medical Aesthetics | 149,328 | 88.5% | 147,380 | 85.9% | +1.3% | | Dental | 2,822 | 1.7% | 5,320 | 3.1% | -47.0% | | Injectables | 4,519 | 2.7% | 4,887 | 2.8% | -7.5% | | Services and Others | 12,061 | 7.1% | 14,034 | 8.2% | -14.1% | | **Total** | **168,730** | **100.0%** | **171,621** | **100.0%** | **-1.7%** | Revenue by Geographical Segment (USD thousand) | Region | H1 2024 | Share of Total Revenue % | H1 2023 | Share of Total Revenue % | YoY Change % | | :--- | :--- | :--- | :--- | :--- | :--- | | North America | 67,023 | 39.7% | 79,502 | 46.3% | -15.7% | | Asia Pacific | 55,953 | 33.3% | 48,447 | 28.2% | +15.5% | | Europe | 24,029 | 14.2% | 21,851 | 12.8% | +10.0% | | Middle East & Africa | 15,408 | 9.1% | 13,893 | 8.1% | +10.9% | | Latin America | 6,317 | 3.7% | 7,928 | 4.6% | -20.3% | | **Total** | **168,730** | **100.0%** | **171,621** | **100.0%** | **-1.7%** | [Gross profit and gross profit margin](index=22&type=section&id=B.%20Gross%20profit%20and%20gross%20profit%20margin) Gross profit remained stable at **USD 105.3 million**, while gross profit margin increased from **61.4%** to **62.4%**, primarily driven by the higher proportion of direct sales, which yield better margins - Gross profit remained stable at **USD 105.3 million** compared to the same period in 2023[53](index=53&type=chunk) - Gross profit margin increased from **61.4%** in the same period of 2023 to **62.4%** in the reporting period, primarily attributable to the higher proportion of direct sales, which have higher profit margins than distribution[53](index=53&type=chunk) [Selling and distribution expenses & D. Administrative expenses & E. R&D expenses](index=22&type=section&id=C.%20Selling%20and%20distribution%20expenses%20%26%20D.%20Administrative%20expenses%20%26%20E.%20R%26D%20expenses) Selling and distribution expenses increased by **5.6%** to **USD 63.2 million**, administrative expenses rose by **16.2%** to **USD 16.3 million** due to new office operations, while R&D expenses decreased by **11.9%** to **USD 8.1 million** due to strict cost control Operating Expenses Overview (USD thousand) | Expense Item | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 63,233 | 59,855 | +5.6% | | Administrative Expenses | 16,297 | 14,028 | +16.2% | | R&D Expenses | 8,069 | 9,159 | -11.9% | [Profit for the period & I. Adjusted net profit and adjusted net profit margin](index=24&type=section&id=H.%20Profit%20for%20the%20period%20%26%20I.%20Adjusted%20net%20profit%20and%20adjusted%20net%20profit%20margin) Profit for the period decreased by **29.7%** to **USD 13.2 million** with a net profit margin of **7.8%** due to increased expenses, while adjusted net profit (excluding non-operating items) was **USD 16.7 million**, a **19.4%** decrease, with an adjusted net profit margin of **9.9%** Adjusted Net Profit Reconciliation (USD thousand) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Profit for the Period** | **13,202** | **18,783** | | Add: Amortization of Intangible Assets Related to Acquisitions | 3,877 | 2,602 | | Add: Restricted Share Unit Expenses | 405 | 825 | | Less: Deferred Tax Arising from Other Intangible Assets | (826) | (529) | | Less: One-off VAT Adjustment | – | (1,010) | | **Adjusted Net Profit** | **16,658** | **20,671** | | **Adjusted Net Profit Margin** | **9.9%** | **12.0%** | [Indebtedness Structure, Liquidity and Capital Resources](index=25&type=section&id=5.%20Indebtedness%20Structure%2C%20Liquidity%20and%20Capital%20Resources) The Group maintains a robust financial position with no gearing ratio as cash and cash equivalents exceed total debt, an interest coverage ratio of **13.5x**, and period-end cash and bank balances of **USD 70.2 million** [Gearing ratio & F. Maturity profile of outstanding debt](index=25&type=section&id=B.%20Gearing%20ratio%20%26%20F.%20Maturity%20profile%20of%20outstanding%20debt) As of the reporting period end, the Group had no gearing ratio as cash and cash equivalents exceeded total debt, with total interest-bearing bank and other borrowings of **USD 5.4 million**, all fixed-rate and due within one year at **4.10%** - The Group presents no gearing ratio as cash and cash equivalents exceed total debt[63](index=63&type=chunk) - As of June 30, 2024, total interest-bearing bank and other borrowings amounted to **USD 5.4 million**, all fixed-rate and due within one year[66](index=66&type=chunk)[67](index=67&type=chunk) [Cash Flow](index=27&type=section&id=6.%20Cash%20Flow) Net cash inflow from operating activities was **USD 4.0 million**, a **50.5%** decrease, while net cash inflow from investing activities was **USD 9.2 million** (compared to a net outflow of **USD 24.2 million** in the prior year), resulting in period-end cash and bank balances of **USD 70.2 million** Cash Flow Statement Summary (USD thousand) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,961 | 8,008 | | Net Cash Flow from/(Used in) Investing Activities | 9,226 | (24,227) | | Net Cash Flow Used in Financing Activities | (2,766) | (4,954) | | **Cash and Bank Balances at End of Period** | **70,246** | **62,579** | [Risk Management](index=30&type=section&id=12.%20Risk%20Management) The Group primarily faces financial risks from foreign exchange and interest rate fluctuations, managed through hedging structures, forward contracts, and a strategy of utilizing both fixed and floating rate debt - The primary risk is foreign exchange rate fluctuation, as the company's functional currency is USD, but revenue is generated in multiple currencies (especially EUR), while costs are primarily incurred in Israeli New Shekels; the company manages this through forward contracts and other hedging arrangements[80](index=80&type=chunk) - The Group's exposure to interest rate fluctuation risk primarily relates to floating rate debt obligations, managed by employing a strategy of utilizing both fixed and floating rate debt[81](index=81&type=chunk) [Employees and Remuneration Policies](index=31&type=section&id=13.%20Employees%20and%20Remuneration%20Policies) As of June 30, 2024, the Group had **1,026** employees, a **5.0%** decrease from year-end 2023, with sales and marketing personnel comprising the largest segment, and remuneration policies including basic salary and performance-linked bonuses Number of Employees by Function (As of June 30, 2024) | Function | Number of Employees | | :--- | :--- | | Operations | 270 | | R&D | 88 | | Sales and Marketing | 520 | | General and Administrative | 148 | | **Total** | **1,026** | - Compared to December 31, 2023, the number of employees at the end of the reporting period decreased by **5.0%**, primarily due to the Group's efforts to streamline operations[82](index=82&type=chunk)

Revenue Growth - The company's revenue increased from $354.5 million to $359.3 million, representing a 1.4% year-over-year growth, primarily driven by the growth in revenue from newly established direct sales offices in North America and China[4]. - Total revenue for the reporting period reached $359.3 million, an increase of 1.4% compared to 2022[13]. - Revenue for the year was $359.3 million, a slight increase from $354.5 million in the previous year[48]. - Total revenue for the year 2023 was $359,292 thousand, a slight increase from $354,480 thousand in 2022, representing a growth of approximately 0.23%[162]. Profitability - The company reported a decrease in net profit to $32.9 million, down 17.9% from the previous year, with a net profit margin of 9.2%[4]. - The group achieved a profit before tax of $37.1 million, representing a decrease of 16.1% compared to the previous year[41]. - The adjusted net profit for the year was $37.5 million, down 22.9% year-on-year, with an adjusted net profit margin of 10.4%[41]. - Net profit for the year 2023 was $32,898 thousand, down from $40,080 thousand in 2022, reflecting a decrease of approximately 18.0%[164]. Gross Profit and Margin - Gross profit margin improved to 61.1%, up from 57% in the previous year, reflecting an 8.6% increase in gross profit to $219.5 million[4]. - Gross profit rose from $202.2 million in 2022 to $219.5 million in 2023, an increase of $17.3 million, with a gross margin of 61.1%, up from 57.0% in 2022[13]. - Gross margin improved to 61.1%, an increase of 4.1 percentage points from 57.0% in the same period last year[72]. - Gross profit increased by 8.6% from $202.2 million in 2022 to $219.5 million in 2023[119]. Market Expansion and Strategic Initiatives - The establishment of a new direct sales office in Japan is a strategic move to enhance the company's presence in the Asian market, focusing on beauty and health products[1]. - A new direct sales office was established in Dubai, aimed at becoming a trade hub for the Middle East market, starting with energy-based devices and expanding to other beauty health ecosystem units[28]. - The company has established direct sales offices in key strategic markets to simplify the supply chain and enhance product average selling prices[88]. - The acquisition of PhotonMed HK's distribution business is expected to strengthen the company's market position and brand recognition in the Asia-Pacific region[7][8]. Product Development and Innovation - The company is actively developing new products, including injectable fillers, with several registration applications submitted to the National Medical Products Administration in China[9]. - The company launched the VorFat system, a new fat tissue micro-particle technology, which received FDA approval, enhancing the product portfolio and market competitiveness[16]. - The company launched three new products in new regions during the reporting period, including the Soprano Titanium™ platform in North America[41]. - The company is focusing on clinical and pre-clinical research, with 20 studies ongoing in various fields including aesthetics and dermatology[16]. Financial Health and Cash Flow - Cash flow from operating activities increased by 99.4% to $43.9 million compared to the previous year[41]. - Cash and bank balances decreased to $70.6 million in 2023 from $81.5 million in 2022[59]. - The total liabilities increased to $144.0 million in 2023, up from $123.4 million in 2022, indicating a rise of 16.5%[59]. Regional Performance - The Asia-Pacific region saw a revenue increase of 11.8%, while North America experienced a 9.2% increase during the reporting period[13]. - North America revenue increased by 9.2% from $143.7 million in 2022 to $156.9 million in 2023, primarily due to the success of the hair growth division[114]. - Europe revenue decreased by 14.0% from $58.3 million in 2022 to $50.2 million in 2023, attributed to challenging macroeconomic conditions and the impact of the Russia-Ukraine conflict[115]. - Revenue from the Asia-Pacific region increased by 11.8% from $98.1 million in 2022 to $109.7 million in 2023, driven by successful operations in direct sales offices in China, India, South Korea, and Australia[97]. Cost Management - Total sales cost decreased by 8.2% from $152.3 million in 2022 to $139.8 million in 2023, improving gross margin through effective cost control[118]. - Sales and distribution expenses rose by 25.7% from $99.7 million in 2022 to $125.3 million in 2023, mainly due to costs associated with new direct sales offices and brand ambassador programs[120]. Research and Development - R&D expenditure for the year was $18.0 million, reflecting the company's commitment to innovation[41]. - Research and development expenses remained stable at $18,029 thousand in 2023, slightly up from $18,023 thousand in 2022[162]. Strategic Focus for Future - The company plans to focus on consolidating its leadership in key markets such as Asia-Pacific and North America in 2024[72]. - The company aims to diversify its business lines and expand its ecosystem in the beauty and health sector[53]. - The company will continue to focus on mergers and acquisitions to enhance R&D capabilities and product offerings[3.7].

Revenue and Profitability - For the year ended December 31, 2023, revenue was $359.3 million, an increase of 1.4% compared to $354.5 million in 2022[10]. - Total revenue for the year ended December 31, 2023, was $359.292 million, a slight increase from $354.480 million in 2022, representing a growth of approximately 1.0%[65]. - Revenue breakdown by region shows North America at $156.891 million, up from $143.664 million in 2022, reflecting a growth of about 9.0%[65]. - The Asia-Pacific region generated $109.685 million, an increase from $98.069 million, indicating a growth of approximately 11.0%[65]. - Revenue from product sales was $336,089 thousand in 2023, compared to $334,653 thousand in 2022, indicating a growth of about 0.43%[105]. - Service revenue increased to $23,203 thousand in 2023 from $19,827 thousand in 2022, reflecting a growth of approximately 16.93%[105]. - The total comprehensive income for the year was $32.9 million, down from $40.1 million in the previous year[7]. - The net profit for the year was $32.9 million, down 17.9% from the previous year's profit[140]. - The pre-tax profit for 2023 was $139,767 thousand, down from $152,254 thousand in 2022, a decrease of about 8.19%[111]. - Adjusted net profit for the reporting period was $37.5 million, a decrease of 22.9% year-over-year, with an adjusted net profit margin of 10.4%[195]. Cash Flow and Financial Position - Net cash flow from operating activities was $43.9 million, a significant increase of 99.4% compared to the previous year[10]. - The company's total assets less current liabilities increased to $525.3 million from $475.5 million in 2022[14]. - Total non-current assets increased to $345.67 million in 2023 from $297.79 million in 2022, indicating a growth of approximately 16.1%[83]. - Trade receivables at the end of 2023 amounted to $98.7 million, compared to $95.6 million in 2022[130]. - The company has sufficient funds to meet future business needs and maintain operational flexibility[140]. Dividends and Shareholder Returns - The company announced a final dividend of HK$0.158 per share (tax included) for the year ended December 31, 2023[10]. - The company declared a final dividend of HKD 0.158 per share for the year ended December 31, 2023[54]. Governance and Compliance - The company has complied with all applicable principles and code provisions of the Corporate Governance Code during the reporting period[21]. - The audit committee reviewed the annual performance for 2023 and the financial statements prepared in accordance with international financial reporting standards[33]. - The company has adopted a trading policy for directors and the CEO, ensuring compliance with relevant regulations[30]. - The board of directors includes both executive and independent non-executive members, highlighting a diverse governance structure[66]. Research and Development - Research and development expenses for 2023 were $18,029 thousand, slightly up from $18,023 thousand in 2022[91]. - The company is focused on strategic investments, including clinical research and the development of innovative solutions in energy-based medical aesthetics[137]. - The company conducted 20 clinical and preclinical studies during the reporting period, covering various fields including aesthetics and gynecology[198]. Product Development and Market Expansion - The Soprano Titanium™ hair removal platform was introduced to the North American market after receiving FDA approval[175]. - The Alma Veil™ was launched in North America, targeting various skin conditions and expanding the customer base[176]. - The company received FDA approval for the VorFat system, enhancing its product portfolio and competitive position in the global medical aesthetics market[178]. - The second-generation LMNT O2 medical-grade home beauty device was launched, supporting regional growth strategies[179]. - The company established new offices in Japan and China in 2023, advancing direct sales subsidiaries in the UK and UAE[179]. - The company launched three new products in new regions during the reporting period, including the Opus platform for non-invasive skin tightening and rejuvenation[197]. - The company has received multiple product registration applications from the National Medical Products Administration in China, including the Profhilo® injectable filler[184]. Strategic Initiatives - The company is focused on expanding its global sales channels, with a total allocation of $61 million for this purpose[50]. - A new direct sales office was established in Dubai, aimed at becoming a trade hub for the Middle East market, starting with energy source equipment and expanding into personal care and aesthetic dentistry[186]. - The company is actively pursuing mergers and acquisitions to enhance its R&D capabilities, product portfolio, and distribution channels[191]. - The company plans to strengthen its market leadership in strategic markets (Asia-Pacific and the U.S.) through deeper market penetration and closer collaboration with partners and customers[190].

Market Overview - The global beauty and wellness market is currently valued at approximately $4.4 trillion and is projected to reach $7 trillion by 2025[21]. Revenue and Financial Performance - Revenue from the injection filler segment reached $4.9 million, representing a year-on-year growth of 29.6%[22]. - The company achieved revenue of $171.6 million in the first half of 2023, with a gross profit of $105.3 million, representing a 5.7% increase from $99.6 million in the same period of 2022[26]. - Revenue for the six months ended June 30, 2023, decreased to $171.6 million from $174.5 million in the same period of 2022, a decline of 1.7%[59]. - Revenue from the medical aesthetics product line accounted for 85.9% of total revenue, with sales of $147.4 million, down 4.2% from $153.8 million in the same period of 2022[60]. - Customer contract revenue for the first half of 2023 was $171.621 million, a decrease of 1.6% compared to $174.504 million in the same period of 2022[132]. - Revenue from product sales was $157.587 million, down from $164.883 million year-over-year, while service revenue increased to $14.034 million from $9.621 million[132]. - Revenue from the injection filling business line was $4.9 million, an increase of 29.6% compared to the same period in 2022[90]. - North America revenue increased by 13.7% from $69.9 million in the same period of 2022 to $79.5 million, driven by strong performance of Alma Ted™, Soprano, and Harmony equipment platforms[92]. - Revenue from the Middle East and Africa decreased by 21.7% to $13.9 million, primarily due to negative currency effects and a temporary slowdown in Dubai during the transition to direct offices[63]. Profitability and Margins - Gross margin improved to 61.4%, up 4.3 percentage points from 57.1% in the same period of 2022, demonstrating the company's adaptability in an unstable global economy[26]. - Net profit for the period decreased by 8.5% to $18.8 million from $20.5 million in the same period of 2022, with net profit margins of 10.9% and 11.8% respectively[70]. - The company reported a net profit of $18.8 million, with a net profit margin of 10.9%, down from 11.8% in the same period of 2022[32]. - The effective tax rate for Alma, a subsidiary, was 16% during the reporting period due to its status as a "preferred enterprise" under the Capital Investment Encouragement Law[184]. Strategic Initiatives - The company completed the acquisition of PhotonMed, a leading energy source equipment distributor in China, enhancing its strategic presence in the key market[14]. - The company is focusing on the commercialization of the injection filler product Daxxify and the clinical progress of hyaluronic acid solutions to meet evolving market demands[11]. - The company plans to launch new products, including Alma Veil in the U.S. market in the coming months, following the recent FDA approval of Soprano Titanium[22]. - The company aims to strengthen its market penetration by establishing new direct sales channels in key markets[14]. - The company is actively optimizing its dental distribution business and advancing the strategic transformation of its beauty and digital dental business[11]. - The company aims to enhance market penetration in China through seamless integration and optimization of direct sales channels[87]. - The company is promoting a new hair growth solution based on the innovative TED™ platform and specially formulated hair care products[86]. - The company plans to expand its direct sales business and open new direct offices in strategic markets in the second half of 2023[54]. - The company has expanded its direct sales presence in new markets, including China, the UK, and the UAE, to drive growth and tailor solutions to consumer needs[188]. - The acquisition of PhotonMed, a Chinese medical equipment distributor, is aimed at enhancing local operations and strengthening the company's direct sales strategy in the Chinese market[188]. Customer Experience and Marketing - The company is committed to improving customer experience by creating a beauty and health experience center with advanced equipment and skilled teams[14]. - The company emphasizes a customer-centric approach to drive growth and enhance service quality, aiming to meet personalized consumer needs[15]. - The company is committed to enhancing brand recognition and trust among B2C audiences through influencer marketing and digital marketing initiatives[26]. - The company launched a new global website focused on personalized services and innovative customer experiences for its Alma brand[49]. Operational and Investment Activities - The company is developing a strategic inventory management plan and raw material procurement strategy for the upcoming year to address global supply chain challenges[53]. - The group’s capital expenditure was $3.3 million, mainly for the renovation of leased properties[111]. - The company raised approximately $615.47 million HKD from a placement of 24 million new shares, intended for developing injection filling business and expanding global sales channels[145]. - The company recorded a net cash outflow from investing activities of $24,227,000, compared to a net inflow of $7,946,000 in the previous year, indicating a significant shift in investment strategy[150]. - The company’s investment in subsidiaries resulted in a cash outflow of $27,262,000, reflecting ongoing strategic acquisitions[150]. Employee and Administrative Metrics - Employee count increased by 29.5% compared to December 31, 2022, attributed to the acquisition of PhotonMed International Limited and expansion of the sales team[142]. - The group's administrative expenses increased by 1.0% to $14.0 million from $13.9 million in the same period of 2022[96]. Financial Position and Assets - Total assets increased to $604.7 million, up from $555.6 million in the previous year, indicating strong financial health[39]. - Trade receivables as of June 30, 2023, totaled $103,397,000, up from $95,633,000 as of December 31, 2022, representing an increase of about 8.5%[197]. - The total book value increased from $111,183,000 on January 1, 2023, to $126,915,000 by June 30, 2023[200]. - The net book value as of June 30, 2023, was $126,915,000[200]. Tax and Financing - Tax expenses decreased by 23.4% to $1.9 million from $2.5 million in the same period of 2022, primarily due to lower tax rates for the Israeli company since January 1, 2017[99]. - Interest coverage ratio decreased to 21.1 times from 23.4 times in the same period of 2022, due to a 9.7% decline in EBIT to $21.8 million[73]. - The group confirmed an expense of $825,000 for restricted share units, compared to $1.626 million for the same period in 2022[114]. - The company’s cash flow from financing activities showed a net outflow of $4,954,000, compared to a net outflow of $3,357,000 in the previous year, indicating increased financing costs[150].

接下来有请富睿医疗科技的吴总给大家带来今天的一个录演大家掌声欢迎我是富睿医疗科技的IR我叫吴迷达 叫我邹也行我接下来跟大家分享一下我们周期的一个情况上半年的话因为八月份的时候我们也发了这个业绩报告了大家可能也有看到 然后跟大家分享一下我们的一个财务数据了收入的话我们上半年实现了1.7亿美金同比是有一定的下滑大概1.7%的样子那后面的话以后给大家具体去介绍或者去解释一下大家什么样的一个情况那北美的话实现7900万美金的收入那基本上这个增长还是在预期之内增长了13.7% 注册填充的业务呢490万美金然后同比增长了30%的样子那在今年的这个中期的报告中呢大家可能看到有点不太一样的地方就是我们网络利率增长了4.3个百分点达到了61.4%那至于这个呢也得益于后面这个数据就是我们这个直销占比提升了7.3个百分点达到了72.1% 主要也有几个业务亮点可以说上半年我们做了很多的这些业务的一些铺垫包括完成了中国直销渠道的一个分销商的收购去把中国的渠道变成了直销的一个模式另外建立了两个直销办公室可能英国这个直销办公室大家可能在去年有看到公告但它这个一次性的投入费用基本上还是集中在去年的年底和今年的年初 另外我们开发了三款新品包括 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was $171.6 million, a decrease of 1.7% compared to $174.1 million for the same period in 2022[36]. - Gross profit for the same period was $105.3 million, an increase of 5.7% from $99.7 million in the prior year, resulting in a gross margin increase from 57.1% to 61.4%[36]. - Profit attributable to equity holders for the six months was $18.9 million, down 8.4% from $20.6 million in the previous year[36]. - Total revenue for the six months ended June 30, 2023, was $171,621 thousand, a decrease of 1.6% from $174,504 thousand in the same period of 2022[52]. - The net profit for the period was $18,783 thousand, down 8.5% from $20,527 thousand in the prior year[52]. - Basic earnings per share for the period was $4.04, a decrease from $4.42 in the same period last year[52]. - Adjusted net profit for the period was $20.7 million, a decrease of 17.1% compared to the same period last year, resulting in an adjusted net profit margin of 12.0%[103]. - The group achieved a pre-tax profit of $20.7 million and a net profit of $18.8 million, down 10.1% and 8.5% respectively from the previous year, mainly due to increased sales and distribution expenses[124]. Revenue Breakdown - Direct sales revenue accounted for 72.1% of total revenue, up from 64.8% in the same period last year, reflecting the company's strategy to expand global direct sales offices[36]. - Revenue for medical aesthetics was $147.4 million, accounting for 85.9% of total revenue, a decrease of 4.2% compared to $153.8 million in the previous year[166]. - Revenue from the medical aesthetics product line accounted for 85.9% of total revenue, with sales of $147.4 million, down 4.2% from $153.8 million in the previous year[194]. - Revenue from the Asia-Pacific region increased by 1.1% to $48.4 million, attributed to growth in direct sales in South Korea, Australia, and Hong Kong[198]. - European revenue decreased by 28.4% to $21.9 million, impacted by macroeconomic conditions and the transition from a distribution model to a direct sales model in the UK[199]. Expenses and Costs - Operating expenses increased to $70,177 thousand from $61,112 thousand, primarily due to higher sales and distribution expenses, which rose by 26.2% to $59,855 thousand[52]. - The cost of goods sold for the same period was $43,406,000, down from $48,342,000, reflecting a 10.3% reduction[81]. - Research and development expenses increased to $9,159,000 from $8,329,000, representing a growth of 10%[81]. - R&D expenses increased by 10% to $9.2 million, driven by the expansion of technological capabilities and investment in the personal care brand LMNT[178]. Assets and Liabilities - Non-current assets totaled $355,094,000 as of June 30, 2023, compared to $305,036,000 at the end of 2022, marking a 16.4% increase[72]. - Current assets decreased slightly to $249,645,000 from $250,565,000, a decline of 0.4%[72]. - Non-current liabilities increased, with lease liabilities rising to $34,787 thousand from $32,718 thousand[45]. - Trade receivables increased to $103.4 million as of June 30, 2023, from $95.6 million as of December 31, 2022[7]. Strategic Initiatives - The company launched two new products in new regions and prepared for the launch of a new product, LipoSense™, aimed at enhancing surgical safety[17][18]. - The company has entered into a licensing agreement for Daxxify, a new neuromodulator product, with upfront payments totaling $52.25 million and additional milestone payments[97]. - The company has successfully introduced Alma Opus, a non-invasive radiofrequency device platform, to international markets outside the United States[105]. - The company plans to launch Alma Veil™ in North America in the second half of 2023, targeting various skin conditions and vascular diseases[127]. - The company aims to strengthen its market presence in sexual health and men's health, focusing on innovative concepts to meet evolving consumer demands[145]. Market and Brand Development - The company established a new direct sales channel in Dubai, UAE, aimed at becoming a trade hub for the Middle East, starting with energy source equipment and expanding into personal care and aesthetic services[154]. - A new global brand ambassador has been engaged for a two-year collaboration to enhance brand visibility and promote solutions effectively[130]. - The company launched a new global website for its flagship energy source equipment company, Alma, emphasizing personalized services and unique customer experiences[149]. - The first Sisram Wellness Center has been initiated in downtown Chicago, facilitating daily interactions with professionals and patients to better understand their needs[151]. - The company opened its first Sisram Wellness Center in Chicago on June 9, 2023, offering advanced medical aesthetic solutions and integrating trusted brands like Alma®[156].