FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 火山邑動國際控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01715 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 600,000,000 | HKD | | 0.25 HKD | | 150,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 600,000,000 | HKD | | 0.25 HKD | | 150,000,000 | 本 ...

Group 1 - The core viewpoint of the news highlights the significant stock performance of Volcano International Holdings, with a notable increase in share price and strong year-to-date growth compared to the Hang Seng Index [1] - As of July 23, the Hang Seng Index rose by 1.62% to 25,538.07 points, while Volcano International Holdings' stock price increased by 12.5% to HKD 0.36 per share, with a trading volume of 3.66 million shares and a turnover of HKD 1.24 million [1] - Over the past month, Volcano International Holdings has seen a cumulative increase of 6.67%, and a year-to-date increase of 71.37%, outperforming the Hang Seng Index by 25.27% [1] Group 2 - Financial data shows that as of December 31, 2024, Volcano International Holdings achieved total revenue of HKD 91.885 million, representing a year-on-year growth of 8.91% [1] - The company reported a net profit attributable to shareholders of -HKD 35.85 million, with a year-on-year increase of 27.31%, and a gross margin of 7.06% [1] - The company's debt-to-asset ratio stands at 69.16%, indicating a relatively high level of leverage [1] Group 3 - Currently, there are no institutional investment ratings for Volcano International Holdings [2] - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the household appliances and goods sector is 13.18 times, with a median of 1.62 times [2] - Volcano International Holdings has a P/E ratio of -2.98 times, ranking 70th in the industry, while other companies in the sector have P/E ratios ranging from 1.61 to 3.87 times [2] Group 4 - Volcano International Holdings is a modern large-scale enterprise platform focused on the health industry, primarily engaged in the research, production, sales, and service of health products [2] - The company is listed on the Hong Kong Stock Exchange under the stock code 1715.HK and implements a scientific health strategy, relying on modern technology to establish a comprehensive health product system [2] - Volcano International collaborates with research institutions to continuously conduct health research, aiming to create scientifically-backed health products [2]

Financial Performance - Revenue for the year ended December 31, 2024, increased by 8.9% to RMB 91.9 million from RMB 84.4 million in 2023[12] - Net loss for the year was RMB 36.0 million, an improvement from a net loss of RMB 49.3 million in 2023[13] - Total assets decreased to RMB 137.5 million in 2024 from RMB 165.7 million in 2023, representing a decline of 17%[10] - The company recorded a gross profit of RMB 6.5 million, down from RMB 21.2 million in 2023, indicating a significant decrease in gross margin[9] - Basic and diluted loss per share improved to RMB 0.37 in 2024 from RMB 0.73 in 2023[13] - Total liabilities decreased to RMB 95.1 million in 2024 from RMB 107.5 million in 2023, a reduction of approximately 11.5%[10] - The gross profit margin decreased to 7.1% from 25.1% for the year ended December 31, 2023, primarily due to changes in the product mix and inventory impairment losses[29] Revenue Sources - Revenue from health-related products accounted for 49.1% of total revenue, significantly up from 23.4% in the previous year[21] - Direct sales from consignment stores decreased by 20.9% to RMB 14.4 million, attributed to reduced consumer spending amid economic challenges[24] - Sales revenue from television platforms dropped by 76.2% to RMB 3.5 million, reflecting decreased consumer expenditure through this channel[26] - Revenue from online platforms fell by 64.9% to RMB 7.9 million, mainly due to poor economic conditions affecting consumer spending[27] - Revenue from physical sales locations surged by 148.7% to RMB 65.4 million, driven by the launch of health-related products[28] Cost Management - The company reported a decrease in sales costs to RMB 85.4 million in 2024 from RMB 63.2 million in 2023, reflecting a strategic focus on cost management[9] - Administrative expenses decreased by 22.9% to RMB 14.5 million, primarily due to cost control measures[34] - Research and development expenses decreased by 14.5% to RMB 5.9 million from RMB 6.9 million for the year ended December 31, 2023, primarily due to cost control measures[35] - Financial costs decreased by 45.5% to RMB 4.2 million from RMB 7.7 million for the year ended December 31, 2023, mainly due to the repayment of a loan in July 2024[37] Corporate Governance - The company is committed to establishing good corporate governance practices to enhance transparency and accountability[81] - The board focuses on internal controls and fair disclosure to ensure compliance with legal and business standards[81] - The company aims to create more value for shareholders through effective corporate governance[81] - The company appointed Mr. Zhao Jie as the Executive Director and Chairman on August 1, 2024, ensuring compliance with the corporate governance code regarding the separation of roles[83] - The board has established three committees to assist in fulfilling its responsibilities and promoting effective management[97] ESG and Sustainability - The environmental, social, and governance (ESG) report covers the group's performance from January 1, 2024, to December 31, 2024[153] - The report adheres to the guidelines set by the Hong Kong Stock Exchange for ESG reporting, ensuring the relevance and importance of key performance indicators[154] - Key environmental issues identified include greenhouse gas emissions, energy consumption, and waste management, which are prioritized for monitoring and resolution[163] - The company generated a total of 107 tons of greenhouse gas emissions during the reporting period, a decrease from 168.18 tons in 2023, resulting in an emissions density of 1.55 tons of CO2 per employee compared to 0.82 tons in 2023[174] - The company has set a target to reduce greenhouse gas emissions by 5% by 2027, based on the 2022 baseline[177] Employee and Labor Relations - The total number of full-time employees decreased to 69 as of December 31, 2024, down from 205 as of December 31, 2023[195] - Employee turnover rates for males increased to 35.3% in 2024 from 33.8% in 2023, while female turnover rates rose to 11.5% from 6.0%[196] - The company complies with Chinese labor laws and has not faced any significant disputes or operational disruptions due to labor issues during the reporting period[200] - The company provides social insurance for employees, including retirement, medical, and unemployment benefits, in accordance with applicable Chinese laws[200] Strategic Initiatives - The company plans to establish a joint venture with Shanghai Yougu Health Technology Co., Ltd. to expand into the health industry, focusing on biomedicine and AI technology[15] - The company is exploring potential opportunities to diversify its business segments and create value for shareholders[15] - The group completed a placement of 42,310,000 shares at a price of HKD 0.52 per share, raising approximately HKD 21.0 million, with HKD 20.0 million allocated for repaying other borrowings[63]

投向以早期及成长期为主的美业及产业上下游相关领域，兼具科技创新和可持续价值的品 牌。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 欧莱雅 日前 宣布与天图投资合作成立美丽领航基金，该基金将投向以早期及 成长期为主的美业及产业上下游相关领域，兼具科技创新和可持续价值的品牌，以支持中国蓬勃发展 的美业市场，为中国乃至全球消费者创造更多更美的体验。 作为 中国最早专注于消费领域的投资机构，天图投资在消费领域积累了丰富的行业资源，并形成了 系统化的投研体系。通过行业洞察积累和产业资源链接，此次合作将促进中国美业生态系统的增长和 创新。欧莱雅作为基金的基石投资者，其强大的研发创新能力与全球化视野将为利益相关方的可持续 发展提供助力。 欧莱雅北亚总裁及中国首席执行官博万尚表示： "中国正引领全球美妆市场的未来，因此，'投资中 国，就是投资未来'成为我们的核心战略。此次合作彰显了我们与中国美妆生态圈携手创新、合作共 赢的坚定承诺。我们相信，欧莱雅的全球美妆领导地位与天图投资的专业实力强强联合，必将激发创 新活力，催生突破性美妆理念，推动中国品牌走向世界舞 ...

Financial Performance - The total revenue for the six months ended June 30, 2024, increased by 8.2% to approximately RMB 55.9 million, compared to RMB 51.7 million for the same period in 2023[6]. - The gross profit margin decreased, leading to a net loss of RMB 23.1 million for the current period, compared to a net loss of RMB 20.6 million for the same period in 2023[4]. - Revenue from health products accounted for 59.7% of total revenue, increasing from 37.0% in the previous year, with sales amounting to RMB 33.4 million[6]. - Revenue for the six months ended June 30, 2024, was RMB 55,949,000, an increase of 8.6% compared to RMB 51,710,000 for the same period in 2023[31]. - Gross profit decreased to RMB 6,298,000, down 62.4% from RMB 16,725,000 year-on-year[31]. - Operating loss for the period was RMB 19,784,000, compared to an operating loss of RMB 15,014,000 in the previous year, reflecting a deterioration of 31.5%[31]. - Total comprehensive loss for the period was RMB 23,394,000, compared to RMB 20,733,000 in the same period last year, representing an increase of 12.8%[32]. - The company reported a loss before tax of RMB 23,122,000 for the six months ended June 30, 2024, compared to a loss of RMB 20,225,000 for the same period in 2023[46][48]. - The company had a net loss attributable to owners of RMB 23,149,000 for the six months ended June 30, 2024, compared to a loss of RMB 20,610,000 for the same period in 2023[50]. Revenue Sources - Revenue from direct sales through distributors was RMB 7.5 million, a 3.1% increase from RMB 7.3 million in the previous year[9]. - Revenue from television platforms dropped significantly by 65.8% to RMB 2.7 million, down from RMB 7.9 million in the previous year[11]. - Online platform sales revenue decreased by 48.5% to RMB 5.5 million from RMB 10.7 million for the six months ended June 30, 2023, due to reduced consumer spending amid poor economic conditions[12]. - Physical sales revenue increased by 61.4% to RMB 40.0 million from RMB 24.8 million for the same period, primarily driven by increased sales of health products[12]. - Kitchenware sales generated RMB 22,555,000, down 30.8% from RMB 32,568,000 in the previous year, while health product sales increased to RMB 33,394,000, up 74.7% from RMB 19,142,000[44]. Economic Environment - The Chinese economy faced challenges, with GDP growth of 4.7% in Q2 2024, below the expected 5.1%[4]. - Retail sales in June 2024 rose only 2%, falling short of the anticipated 3.3% increase[4]. Cost Management - The company plans to continue developing new products that meet consumer demand while implementing strict cost control measures to reduce expenses[4]. - Gross profit margin fell to 11.3% from 32.3%, mainly due to strategic price reductions and a higher proportion of lower-margin health product sales[13]. - Selling and distribution expenses decreased by 35.8% to RMB 10.4 million from RMB 16.2 million, mainly due to reduced agency fees and a lower proportion of sales through television platforms[16]. - Administrative expenses decreased by 16.7% to RMB 9.5 million from RMB 11.4 million, primarily due to reduced employee benefits expenses[17]. - Research and development expenses decreased by 22.2% to RMB 2.8 million from RMB 3.6 million, mainly due to cost control measures implemented by the company[17]. Assets and Liabilities - Trade receivables increased by 38.6% to RMB 41.2 million from RMB 18.4 million, primarily due to health product sales near the reporting period[23]. - Total assets decreased to RMB 153,451,000 as of June 30, 2024, down from RMB 165,740,000 as of December 31, 2023[33]. - Inventory increased significantly to RMB 74,654,000 from RMB 50,180,000, indicating a rise of 48.7%[34]. - Total liabilities increased to RMB 118,638,000 from RMB 107,533,000, reflecting a rise of 10.4%[34]. Shareholder and Corporate Governance - The company has no major acquisitions or investments planned for the mid-term period[28]. - The company did not declare any dividends for the six months ended June 30, 2024[56]. - The company has adopted a set of corporate governance practices in compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO[68]. - The current Chairman and CEO, Ms. Ji, will resign as Chairman effective August 1, 2024, while remaining as Executive Director and CEO[68]. - Mr. Zhao will be appointed as Executive Director, Chairman of the Board, and Chairman of the Nomination Committee effective August 1, 2024[68]. Cash Flow and Financing - Cash used in operating activities was RMB (31,601,000) for the six months ended June 30, 2024, compared to RMB (14,723,000) in the same period of 2023, indicating a significant increase in cash outflow[38]. - The company’s cash and cash equivalents decreased to RMB 2,835,000 as of June 30, 2024, down from RMB 6,983,000 at the end of the previous year[38]. - The company issued shares resulting in net proceeds of RMB 12,263,000 in the previous year, while no such proceeds were recorded in the current period[38]. - The company completed a placement of 42,310,000 new shares at a price of HKD 0.52 per share, raising approximately HKD 21.0 million, with 95.2% of the net proceeds intended for repaying other borrowings[57]. - Approximately 95.2% of the net proceeds, or HKD 20.0 million, will be used to repay other borrowings of the group[69]. - The remaining 4.8%, or HKD 1.0 million, will be allocated for general working capital[69].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 55,949,000, an increase of 8.6% compared to RMB 51,710,000 for the same period in 2023[1] - Gross profit decreased to RMB 6,298,000, resulting in a gross margin of 11.3%, down from 32.3% in the previous year[1] - Net loss for the period was RMB 23,149,000, compared to a net loss of RMB 20,610,000 in the same period last year[2] - Total revenue for the six months ended June 30, 2024, was RMB 55,949,000, an increase from RMB 51,710,000 for the same period in 2023, representing a growth of 8.6%[9] - The group reported a total loss before tax of RMB 23,122,000 for the six months ended June 30, 2024, compared to a loss of RMB 20,225,000 for the same period in 2023[10] - The group incurred total expenses of RMB 49,651,000 for the six months ended June 30, 2024, compared to RMB 33,316,000 in the previous year, reflecting an increase of 48.9%[13] - The gross profit margin decreased, leading to a net loss increase from RMB 20.6 million to RMB 23.1 million during the same period[22] Revenue Breakdown - Revenue from kitchenware decreased to RMB 22,555,000, down 30.8% from RMB 32,568,000 in the previous year, while health product revenue increased to RMB 33,394,000, up 74.6% from RMB 19,142,000[9] - The revenue from health products accounted for 59.7% of total revenue in the six months ended June 30, 2024, compared to 37.0% in the same period of 2023[24] - Approximately RMB 40,528,000 of revenue for the six months ended June 30, 2024, came from three external customers, each contributing over 10% to total revenue[12] Expenses and Costs - Research and development expenses were RMB 2,798,000, a decrease from RMB 3,568,000 in the previous year[2] - Administrative expenses decreased by 16.7% to RMB 9.5 million, mainly due to reduced employee welfare expenses[35] - Research and development expenses decreased by 22.2% to RMB 2.8 million, primarily due to cost control measures implemented by the company[36] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 153,451,000, down from RMB 165,740,000 as of December 31, 2023[4] - Total liabilities increased to RMB 118,638,000 from RMB 107,533,000 at the end of the previous year[5] - Cash and cash equivalents decreased significantly to RMB 2,835,000 from RMB 33,951,000[4] - Trade receivables net amount as of June 30, 2024, was RMB 41.157 million, compared to RMB 18.406 million as of December 31, 2023, representing a significant increase[17] - The group's current assets net value was approximately RMB 11.6 million, down from RMB 32.9 million as of December 31, 2023[42] - The group's total borrowings amounted to approximately RMB 72.5 million as of June 30, 2024, an increase from RMB 69.5 million as of December 31, 2023[42] - The current ratio as of June 30, 2024, was 1.1 times, down from 1.3 times as of December 31, 2023[43] - The debt-to-equity ratio was 2.1 as of June 30, 2024, compared to 1.2 as of December 31, 2023[43] - The weighted average interest rate on borrowings was approximately 10.32% as of June 30, 2024, up from 9.76% as of December 31, 2023[42] Shareholder Information - The company did not declare any dividends for the six months ended June 30, 2024, and 2023[20] - The company completed a placement of 42,310,000 new shares at a price of HKD 0.52 per share, raising approximately HKD 21.0 million net proceeds[60] - Approximately 95.2% of the net proceeds from the placement will be used to repay other borrowings of the group[60] - As of June 30, 2024, Seashore Global holds 15,000,000 shares, representing approximately 19.84% of the company's equity[52] Corporate Governance - The company has adopted a set of corporate governance practices that comply with the requirements of the corporate governance code[59] - The board believes that having the same person serve as both Chairman and CEO provides strong and consistent leadership for the company[59] - The company has confirmed compliance with the standard code of conduct for securities transactions by directors during the interim period[58] Employment and Management - The group employed 127 employees as of June 30, 2024, a decrease from 205 employees as of December 31, 2023[47] - An independent non-executive director, Mr. Wang Shifang, has signed a service contract with the company for a term of one year starting from June 24, 2023, to June 23, 2024, with a one-month written notice required for termination[61] - Another independent non-executive director, Mr. Li Wei, has a service contract effective from January 25, 2023, to January 24, 2024, also requiring a one-month written notice for termination[61] - An executive director, Ms. Ji Zanyue, has a service contract for three years from June 24, 2021, to June 23, 2024, with a three-month written notice required for termination[61] Market Conditions - The company's sales through online platforms accounted for 9.8% of total revenue for the six months ended June 30, 2024[26] - The company's revenue from direct sales through distributors and physical sales locations was RMB 45.531 million, representing 81.4% of total revenue[26] - Sales revenue from corporate clients decreased by 80.0% to RMB 0.2 million, mainly due to a reduction in sales orders from Chinese property developers[28] - Sales revenue from online platforms decreased by 48.5% to RMB 5.5 million, driven by reduced consumer spending due to economic conditions[29] - Sales revenue from physical retail locations increased by 61.4% to RMB 40.0 million, primarily due to increased sales of health products[30]

Financial Performance - The company's revenue for the year ended December 31, 2023, decreased by 4.3% to RMB 84.369 million from RMB 88.186 million in 2022[13]. - The net loss for the year was RMB 49.318 million, compared to a net loss of RMB 43.550 million in the previous year[14]. - The total assets as of December 31, 2023, were RMB 165.740 million, down from RMB 193.804 million in 2022[9]. - The total liabilities decreased to RMB 107.533 million in 2023 from RMB 113.898 million in 2022[9]. - Basic and diluted loss per share for 2023 was RMB 2.92, slightly higher than RMB 2.88 in 2022[14]. - The gross profit margin decreased due to increased impairment losses and financial costs[13]. - The gross profit margin fell to 25.1% in 2023 from 43.6% in 2022, primarily due to changes in product mix and inventory impairment losses[32]. - The company recorded a net loss of RMB 493 million during the reporting period[20]. - Other income rose by 53.8% to RMB 40 million, primarily due to increased government subsidies and licensing income[33]. - Administrative expenses decreased by 34.0% to RMB 188 million, mainly due to cost control initiatives[36]. - Research and development expenses decreased by 13.8% to RMB 6.9 million from RMB 8.0 million for the year ended December 31, 2022, primarily due to cost control measures[37]. - Financial income fell by 80.6% to RMB 12,000 from RMB 62,000 for the year ended December 31, 2022[38]. - Financial costs increased by 51.0% to RMB 7.7 million from RMB 5.1 million for the year ended December 31, 2022, mainly due to interest on borrowings being charged for the full year[39]. Revenue Breakdown - Revenue from health products reached RMB 197.4 million, contributing 23.4% to total revenue in 2023[23]. - Direct sales from consignment stores decreased by 31.6% to RMB 181.9 million, attributed to reduced consumer spending amid economic challenges[27]. - Revenue from online platforms increased by 12.5% to RMB 224.6 million, driven by enhanced marketing through social media[30]. - Revenue from physical sales locations surged by 378.2% to RMB 263.0 million, mainly due to the launch of health products[31]. - The company's revenue decreased by 4.3% from RMB 882 million in 2022 to RMB 844 million in 2023[20]. Strategic Initiatives - The company launched new products including natural mineral water and eye care products during the reporting period[16]. - The company plans to implement measures to enhance financial performance and continue strict cost control[16]. - The company aims to diversify its business segments to create value for shareholders[16]. - The company plans to continue developing new products to meet consumer demand and implement strict cost control measures[20]. Corporate Governance - The company emphasizes the importance of corporate governance and compliance in its operations[96]. - The board consists of six directors, including two executive directors and four independent non-executive directors[99]. - The company held 14 board meetings during the year ended December 31, 2023, with full attendance from all directors[104]. - The audit committee, composed of independent non-executive directors, reviewed and discussed the annual report for the year ended December 31, 2023[111]. - The company is committed to adhering to corporate governance practices in line with the listing rules, with a focus on transparency and accountability[98]. - The roles of the chairman and CEO are held by the same individual, which the board believes provides strong and consistent leadership[98]. - All independent non-executive directors confirmed their independence according to the listing rules[104]. - The board has established three committees to assist in fulfilling its responsibilities and to promote effective management[109]. - The company has undergone several changes in its board composition since 2018, enhancing its governance structure[88][93]. Risk Management and Internal Controls - The board emphasizes the importance of risk management and internal controls, delegating the implementation to management while maintaining oversight[127]. - The company has established a risk management and internal control system, which is deemed effective and sufficient by the board and audit committee[131]. - Risk identification, assessment, and management procedures are conducted regularly to mitigate potential business impacts[128][129]. - The company has not established an internal audit function, as the board believes it has sufficient capacity to oversee risk management and internal controls[127]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers the company's performance from January 1, 2023, to December 31, 2023[165]. - The company has set targets to reduce emissions from its operations and is evaluating the effectiveness of its environmental, social, and governance (ESG) policies and management systems[168]. - Major identified environmental issues include greenhouse gas emissions, energy consumption, and waste management, which are prioritized for monitoring and resolution[177]. - The company aims to provide equal employment opportunities and reduce environmental pollution as part of its social responsibility initiatives[174]. - The effectiveness of the ESG strategy is reviewed annually to ensure alignment with stakeholder feedback and business operations[171]. - The company confirms that all information presented in the ESG report is accurate and reliable, having undergone internal review and board approval[179]. Shareholder Engagement - The company encourages shareholders to attend all general meetings and has established procedures for calling special meetings[149]. - The company has implemented a shareholder communication policy to ensure timely and comprehensive information dissemination[153]. - The board has proposed amendments to the articles of association to enhance shareholder protections[160]. - The company emphasizes the importance of electronic communication with shareholders to reduce environmental impact[154].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 84,369,000, a decrease of 4.6% from RMB 88,186,000 in 2022[2]. - Gross profit for the same period was RMB 21,217,000, resulting in a gross margin of 25.1%, down from 43.6% in 2022[2][5]. - The net loss for the year was RMB 49,318,000, compared to a net loss of RMB 43,550,000 in 2022, reflecting an increase in losses[5][6]. - Basic and diluted loss per share was RMB 2.92, slightly higher than RMB 2.88 in the previous year[6]. - The group reported total revenue of RMB 84,369,000 for 2023, a decrease of 4.6% from RMB 88,186,000 in 2022[23]. - The group incurred a total segment loss of RMB 37,522,000, with kitchenware segment loss at RMB 35,618,000 and health products at RMB 1,904,000[25]. - The company recorded a tax expense of RMB 35,000 in 2023, compared to RMB 344,000 in 2022, reflecting a decrease in deferred tax liabilities[32]. - The net loss for the reporting period was RMB 493 million, attributed to reduced gross margin and increased impairment losses and financial costs[44]. - The gross margin dropped to 25.1% in 2023 from 43.6% in 2022, primarily due to changes in the product mix and inventory impairment losses[57]. Assets and Liabilities - Total assets decreased to RMB 165,740,000 from RMB 193,804,000 in 2022, indicating a reduction in overall asset base[8]. - Current liabilities amounted to RMB 102,170,000, while cash and cash equivalents were RMB 33,951,000, raising concerns about liquidity[16]. - The group’s total liabilities were RMB 107,533,000, including borrowings of RMB 69,499,000[28]. - Trade receivables increased to RMB 28,315,000 in 2023 from RMB 17,705,000 in 2022, with a provision for losses rising to RMB 9,909,000 from RMB 4,402,000[36]. - Current assets net value decreased from RMB 58.3 million as of December 31, 2022, to RMB 32.9 million[74]. - The current ratio decreased from 1.5 times as of December 31, 2022, to 1.3 times[75]. Cash Flow and Financing - The company plans to secure additional funding through equity financing and bank revolving loans to meet operational needs[16]. - The company has negotiated extensions on certain borrowings, with amounts of approximately RMB 18,124,000 and RMB 18,125,000 due in July 2024 and August 2025, respectively[16]. - Cash and cash equivalents rose to RMB 33,951,000 in 2023 from RMB 11,593,000 in 2022, with no restricted cash reported in 2023[38]. - Trade payables decreased to RMB 11,346,000 in 2023 from RMB 15,836,000 in 2022, indicating improved cash flow management[39]. - The company completed a share placement on May 25, 2023, raising approximately HKD 13.6 million, with HKD 11 million allocated for repaying part of the group's other borrowings and HKD 2.6 million for operational funding[87][89]. - A second share placement was completed on July 31, 2023, raising approximately HKD 12.9 million, all of which is intended for repaying part of the group's other borrowings by the end of 2023[90][92]. - A third share placement was completed on September 7, 2023, raising approximately HKD 4.1 million, which will also be used for repaying part of the group's other borrowings by the end of 2023[93][94]. - The total net proceeds from the three placements amount to approximately HKD 30.6 million, all designated for debt repayment[89][92][94]. Operational Highlights - Kitchenware segment generated revenue of RMB 64,627,000, while health products contributed RMB 19,742,000 in 2023[25]. - Revenue from health products reached RMB 197 million, contributing 23.4% to total revenue, marking the introduction of new products during the reporting period[47]. - Direct sales from consignment stores decreased by 31.6% to RMB 182 million, reflecting reduced consumer spending amid economic challenges[51]. - Revenue from online platforms increased by 12.5% to RMB 225 million, driven by enhanced marketing through social media[54]. - Revenue from physical sales locations surged by 378.2% to RMB 263 million, largely due to the launch of health products[55]. - The company plans to continue developing new products to meet consumer demand and implement strict cost control measures[44]. - Other income rose by 53.8% to RMB 40 million, mainly due to increased government subsidies and licensing income[59]. - Administrative expenses decreased by 34.0% to RMB 188 million, attributed to effective cost control measures[63]. Compliance and Governance - The company has confirmed compliance with the corporate governance code, except for the provision regarding the separation of the roles of Chairman and CEO[99][101]. - The audit committee reviewed the group's accounting principles and financial reporting systems, confirming that the consolidated financial statements were prepared in accordance with applicable standards[104]. - The independent auditor's report stated that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2023[107]. - There were no significant matters reported by the group after the year ended December 31, 2023, up to the date of this announcement[111].

Financial Performance - For the year ended December 31, 2023, the total revenue was RMB 84,369,000, a decrease of 4.6% from RMB 88,186,000 in 2022[2]. - Gross profit for the same period was RMB 21,217,000, resulting in a gross margin of 25.1%, down from 43.6% in 2022[2][5]. - The net loss for the year was RMB 49,318,000, compared to a net loss of RMB 43,550,000 in 2022, indicating a worsening financial performance[2][5]. - Basic and diluted loss per share was RMB 2.92, slightly higher than RMB 2.88 in the previous year[6]. - The group reported total revenue of RMB 84,369,000 for 2023, a decrease of 4.6% from RMB 88,186,000 in 2022[23]. - The group incurred a total segment loss of RMB 37,522,000, with kitchenware segment loss at RMB 35,618,000 and health products segment loss at RMB 1,904,000[25]. - The company recorded a net loss of RMB 493 million during the reporting period due to reduced gross margin and increased impairment losses and financial costs[44]. - Net loss increased from RMB 43.6 million for the year ended December 31, 2022, to RMB 49.3 million[69]. Assets and Liabilities - Total assets decreased to RMB 165,740,000 from RMB 193,804,000 in 2022, reflecting a decline of approximately 14.5%[8]. - Current liabilities amounted to RMB 102,170,000, while cash and cash equivalents were RMB 33,951,000, indicating potential liquidity challenges[16]. - The group’s total liabilities were RMB 107,533,000, including borrowings of RMB 69,499,000[28]. - Trade receivables increased to RMB 28,315,000 in 2023 from RMB 17,705,000 in 2022, with a provision for losses rising to RMB 9,909,000 from RMB 4,402,000[36]. - Current assets net value decreased from RMB 58.3 million as of December 31, 2022, to RMB 32.9 million[74]. - The current ratio decreased from 1.5 times as of December 31, 2022, to 1.3 times[75]. Revenue Segments - Kitchenware segment generated revenue of RMB 64,627,000, down from RMB 88,186,000 in the previous year[23]. - Health products segment contributed RMB 19,742,000 in revenue, which was newly introduced in 2023[23]. - Revenue from health products reached RMB 197.4 million, contributing 23.4% to total revenue, as the company expanded its product offerings[47]. - Direct sales from consignment stores decreased by 31.6% to RMB 182 million, attributed to reduced consumer spending amid economic challenges[51]. - Revenue from online platforms increased by 12.5% to RMB 225 million, driven by enhanced marketing through social media[54]. - Revenue from physical sales locations surged by 378.2% to RMB 263 million, mainly due to the launch of health products during the reporting period[55]. Cost and Expenses - Total expenses for sales cost, selling and distribution expenses, research and development expenses, and administrative expenses amounted to RMB 123,198,000 in 2023, a decrease of 4.4% from RMB 128,613,000 in 2022[30]. - Administrative expenses decreased by 34.0% to RMB 188 million, mainly due to cost control measures[63]. - Financial revenue decreased by 80.6% from RMB 62 million for the year ended December 31, 2022, to RMB 12 million[65]. - Financial costs increased by 51.0% from RMB 5.1 million for the year ended December 31, 2022, to RMB 7.7 million, primarily due to interest on borrowings being charged for the entire year[66]. Funding and Financing - The company plans to secure additional funding through equity financing and bank revolving loans to meet operational and debt obligations[16]. - The company plans to issue 18,903,000 new shares at a placement price of HKD 1.13 per share, with approximately 97.1% of the net proceeds intended for repaying other borrowings[115]. - The company completed a placement of 171,880,000 shares at a net price of approximately HKD 0.079 per share, raising a net amount of approximately HKD 13.6 million, with HKD 11 million allocated for repaying part of the group's other borrowings and HKD 2.6 million for operational funding[87]. - A subsequent placement raised approximately HKD 12.9 million, all of which is intended for partial repayment of the group's other borrowings by the end of 2023[90]. - A third placement completed raised approximately HKD 4.1 million, also designated for partial repayment of the group's other borrowings by the end of 2023[93]. - The total net amount from the three placements is approximately HKD 30.6 million, all aimed at reducing the company's debt burden[89]. Corporate Governance - The roles of the chairman and CEO are held by the same individual, which the board believes provides strong and consistent leadership for effective business decision-making[101]. - The company has established corporate governance practices that comply with the requirements of the listing rules, with the exception of a specific provision regarding the separation of the chairman and CEO roles[99]. - The company has confirmed compliance with the standard code of conduct for securities trading by all directors during the reporting period[98]. Shareholder Matters - The company did not declare any dividends for the years ended December 31, 2023, and 2022[40]. - The company did not recommend the payment of a final dividend for the reporting period[70]. - The board proposed a share consolidation, merging every 25 existing shares of HKD 0.01 each into one consolidated share of HKD 0.25, subject to shareholder approval on March 27, 2024[109]. - The company plans to conduct a share consolidation, merging every 25 existing shares into one new share, subject to shareholder approval[42]. Audit and Compliance - The audit committee reviewed the group's accounting principles and financial reporting systems, concluding that the consolidated financial statements were prepared in accordance with applicable standards[104]. - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2023[107]. - The company has no significant matters to disclose beyond what has been reported for the year ended December 31, 2023[111]. - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website[112].

Revenue and Sales Performance - For the six months ended June 30, 2023, the company's revenue increased by 20.4% to approximately RMB 517.1 million, compared to RMB 429.4 million for the same period in 2022[10]. - The revenue breakdown by product category shows that health products contributed RMB 191.4 million, accounting for 37.0% of total revenue, while traditional cooking appliances saw a decline in revenue share[14]. - Direct sales from consignment stores decreased by 34.2% to RMB 72.8 million, primarily due to poor economic conditions and reduced consumer spending[18]. - Revenue from television platforms dropped by 57.8% to RMB 79.3 million, reflecting the impact of economic challenges on consumer expenditure[22]. - Online platform sales increased by 25.9% to RMB 106.8 million, driven by enhanced marketing through social media channels[23]. - The company’s revenue from distributors and physical sales locations accounted for 68.6% of total revenue, indicating a shift in sales strategy[17]. - Sales revenue from physical retail locations increased 8.2 times to RMB 24.8 million during the interim period, primarily due to the launch of health products[24]. - Total revenue for the six months ended June 30, 2023, was RMB 51,710,000, an increase from RMB 42,943,000 in the same period of 2022, representing a growth of 20.5%[92]. - Revenue from kitchenware was RMB 32,568,000, while health products generated RMB 19,142,000, indicating a diversification in product offerings[92]. - Approximately RMB 20,651,000 of revenue came from two external customers, each contributing over 10% to total revenue, indicating reliance on key clients[95]. Financial Performance - The company recorded a net loss of RMB 206 million during the interim period, attributed to declining gross margins and increased financial costs[10]. - The group reported a loss before tax of RMB 20,225,000 for the six months ended June 30, 2023, compared to a loss in the previous period, highlighting ongoing financial challenges[94]. - The net loss attributable to the owners of the company for the period was RMB 20,610,000, compared to RMB 18,207,000 in the previous year, reflecting a 13.2% increase in losses[64]. - The company reported a financial cost of RMB 4,607,000 for the period, significantly higher than RMB 621,000 in the previous year, indicating increased borrowing costs[64]. - The company reported a loss of RMB (20,610,000) attributable to owners for the six months ended June 30, 2023, compared to a loss of RMB (18,207,000) in 2022[108]. - The group reported a net cash outflow from operating activities of RMB 14,723,000 for the six months ended June 30, 2023, compared to RMB 5,984,000 for the same period in 2022, indicating a significant increase in cash usage[75]. - The company recorded a loss of RMB 20,610,000 for the six months ended June 30, 2023, compared to a loss of RMB 18,273,000 for the same period in 2022[73]. Cost Management and Expenses - Gross profit margin decreased from 44.7% to 32.3%, attributed to changes in product mix and lower margins on health products compared to kitchenware[25]. - Selling and distribution expenses decreased by 28.3% to RMB 16.2 million, mainly due to reduced agency fees and a lower proportion of sales through television platforms[29]. - Administrative expenses decreased by 10.2% to RMB 11.4 million, primarily due to a reduction in legal and professional fees[30]. - Research and development expenses decreased by 14.3% to RMB 3.6 million, as a result of cost control measures[31]. - Material costs for the six months ended June 30, 2023, increased to RMB 33,316,000 from RMB 21,530,000 in 2022, representing a 54.7% increase[10]. - The total expenses for sales costs, selling and distribution expenses, administrative expenses, and R&D expenses were not detailed but included significant increases in material costs and employee benefits[10]. Strategic Initiatives and Future Plans - The company plans to continue developing new products that meet consumer demand, having launched natural mineral water and eye care products during the interim period[10]. - The company is implementing strict cost control measures to reduce expenses and is considering diversifying its business segments to create value for shareholders[10]. - The company has approved the establishment of a wholly-owned subsidiary with a registered capital of RMB 5 million to develop hydrogen energy business in China[49]. - The company also plans to establish a subsidiary to design and launch an AI chatbot and live streaming platform to enhance customer experience[49]. - The company plans to fully utilize the remaining proceeds from the placement by the end of 2023, ensuring adequate funding for operations[57]. Assets and Liabilities - As of June 30, 2023, the company's current ratio was 1.4 and the debt-to-equity ratio was 1.2[40]. - Total assets as of June 30, 2023, amounted to RMB 192,731,000, a slight decrease from RMB 193,804,000 as of December 31, 2022[69]. - Current liabilities increased to RMB 116,219,000 from RMB 109,193,000, reflecting a rise of approximately 6.5%[70]. - The total equity decreased to RMB 71,236,000 as of June 30, 2023, down from RMB 79,906,000 at the end of 2022, representing a decline of about 10.5%[73]. - The company’s borrowings increased to RMB 79,481,000 from RMB 74,263,000, an increase of about 7.5%[70]. - Total borrowings increased to RMB 84,111,000 as of June 30, 2023, compared to RMB 78,643,000 as of December 31, 2022, marking a rise of approximately 6.3%[132]. - The weighted average interest rate on borrowings rose to 10.32% as of June 30, 2023, up from 9.62% as of December 31, 2022[133]. Governance and Compliance - The company has adopted a set of corporate governance practices that comply with the requirements of the corporate governance code[156]. - The roles of the chairman and CEO are held by the same individual, Ms. Ji, which the board believes provides strong and consistent leadership[156]. - The company has no knowledge of any conflicts of interest involving directors or major shareholders during the interim period[153]. - The company has not established any arrangements for directors to purchase shares or debt securities for profit during the reporting period[145]. - The company has not received any notifications of additional interests or short positions in its shares as of June 30, 2023[148]. Employment and Workforce - As of June 30, 2023, the group had a total of 174 employees, a slight increase from 173 employees at the end of 2022[52]. Shareholder Information - Basic and diluted loss per share for the period was RMB 1.34, compared to RMB 1.21 in the previous year, indicating a decline in shareholder value[66]. - The company issued 171,880,000 shares at a placement price of HKD 0.08 per share, increasing the total issued shares to 1,671,880,000 as of June 30, 2023[128]. - The company completed a placement of 163,120,000 new shares at a price of HKD 0.08 per share, raising approximately HKD 12.9 million for debt repayment[142]. - The net proceeds from the placement will be used for partial repayment of the group's other borrowings by the end of 2023[158].