【五谷磨房品牌年轻化遇挑战，投资风险需关注】在"悦己消费"成主流背景下，品牌年轻化能力成食品 行业增长韧性关键。五谷磨房(1837.HK)虽在传统营养粉领域有认知基础，但近年在品牌调性等方面落 后，渗透Z世代面临压力。 其主力产品面向追求家庭健康管理的消费者，主要用户为31 - 40岁女性，占 比48.6%，Z世代用户占比不足30%。相比minayo，五谷磨房品牌语言和视觉资产保守，产品缺乏创 新，触达新用户能力受限。 传播策略上，五谷磨房强调理性属性，以养生知识科普为主，缺乏情绪价 值和场景化内容。社交平台投放有限，互动性弱，未形成完整内容资产池或品牌人格表达机制。而同类 品牌在包装、故事讲述和场景构建上表现更佳。 线下方面，五谷磨房曾靠"现磨现卖"专柜起家，但线 下专柜成负担，数量从2018年末的3,895家降至2023年上半年的1,966家，预计2025年约210个专柜关闭， 营收或减5,000万元至8,000万元，品牌体验构建受影响。 线上投入增加，但产品溢价策略面临竞争压 力。以黑芝麻糊为例，五谷磨房单位价格高出80%至130%，对性价比敏感型用户吸引力有限。且2023 年和2024年销售费用分别为 ...

| 招金矿业(01818) | 20.950 | 21.200 | 1.68% | | --- | --- | --- | --- | | 中国国航(00753) | 5.680 | 5.770 | 1.58% | | 同程旅行(00780) | 21.400 | 23.350 | 1.52% | | 香港交易所(00388) | 387.200 | 398.600 | 1.45% | | 东方海外国际(00316) | 146.100 | 149.500 | 1.36% | | 五谷磨房(01837) | 0.740 | 0.750 | 1.35% | | 赛迪顾问(02176) | 1.420 | 1.440 | 1.34% | | 中国东方教育(00667) | 6.300 | 6.340 | 1.28% | | ＧＸ日本全球领导 | 71.200 | 71.400 | 1.25% | | (03150) | | | | | 雅各臣科研制药(02633) | 1.270 | 1.350 | 1.12% | | 朝云集团(06601) | 2.740 | 2.780 | 1.09% | | 高力集团(01 ...

智通财经APP获悉，截止5月22日收盘，有88只股票创52周新高，其中名仕快相(08483)、茂盛控股 (00022)、帝王实业控股(01950)创高率位于前3位，分别为67.60%、46.55%、45.71%。 | 南方东英越南３０ | 6.690 | 6.690 | 0.22% | | --- | --- | --- | --- | | (03004) | | | | | 诺诚健华(09969) | 10.960 | 11.320 | 0.18% | | 港灯－ＳＳ(02638) | 5.680 | 5.680 | 0.18% | | ESR(01821) | 12.860 | 12.860 | 0.16% | | 招商局港口(00144) | 14.320 | 14.460 | 0.14% | | 紫金矿业(02899) | 18.580 | 18.980 | 0.12% | | Ａ博时人民币－Ｒ | 1,059.000 | 1,059 | 0.05% | | (83192) | | | | | 工银南方国债(03199) | 115.400 | 115.400 | 0.04% | | Ａ博时港元(03 ...

| 健倍苗苗(02161) | 2.380 | 2.380 | 0.42% | | --- | --- | --- | --- | | 中视金桥(00623) | 2.710 | 2.750 | 0.36% | | 古茗(01364) | 26.600 | 27.550 | 0.36% | | ＴＣＬ电子(01070) | 11.000 | 11.220 | 0.36% | | 建设银行(00939) | 6.970 | 7.000 | 0.29% | | 中国移动(00941) | 88.100 | 88.450 | 0.23% | | ＧＸ日本全球领导 | 70.160 | 70.160 | 0.20% | | (03150) | | | | | ＧＸ０３月债(03440) | 55.360 | 55.360 | 0.18% | | 港灯－ＳＳ(02638) | 5.650 | 5.670 | 0.18% | | 安硕亚洲除日(03010) | 59.880 | 60.100 | 0.17% | | ESR(01821) | 12.840 | 12.840 | 0.16% | | ＧＸＡＩ基础设施 | 5 ...

| 北京控股(00392) | 32.350 | 32.500 | 1.25% | | --- | --- | --- | --- | | 赤子城科技(09911) | 8.180 | 8.300 | 1.22% | | 交通银行(03328) | 6.860 | 7.010 | 1.20% | | 达芙妮国际(00210) | 0.455 | 0.490 | 1.03% | | 置富产业信托(00778) | 4.460 | 4.470 | 0.99% | | 网易－Ｓ(09999) | 166.100 | 173.200 | 0.99% | | 保诚(02378) | 85.000 | 85.650 | 0.94% | | 耀才证券金融(01428) | 7.640 | 8.730 | 0.92% | | 君百延集团(08372) | 0.113 | 0.120 | 0.84% | | 哈尔滨电气(01133) | 4.860 | 4.950 | 0.41% | | 康臣药业(01681) | 9.750 | 9.940 | 0.40% | | 电讯盈科(00008) | 5.320 | 5.400 | ...

Product Performance - The company achieved significant growth in its core product "Walnut Sesame Black Bean Powder," which has been recognized as the top-selling item in the functional grain powder category for several consecutive years[8]. - The "Health Gift Box" product line saw encouraging results, with tailored products developed for different consumer channels, enhancing brand recognition[8]. - The ancient formula product "Moisture-Free Traces" experienced multiple sales growth compared to the same period in 2023, indicating strong consumer demand[8]. Sales and Distribution - In the first three quarters of 2024, offline sales in the fast-moving consumer goods sector grew by 1.8% year-on-year, while e-commerce channels saw a decline of 0.6%[9]. - The company's direct sales strategy focuses on improving operational efficiency and enhancing the shopping experience in its direct-operated counters[10]. - The company is actively expanding its presence on traditional and interest-based e-commerce platforms, establishing flagship and specialty stores to increase market penetration[11]. - The company participated in nine major marketing events throughout the year, including "618" and "Double Eleven," to boost brand awareness and sales[11]. Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 2,060.4 million, an increase of 11.7% compared to RMB 1,845.3 million in 2023[15]. - Offline sales accounted for 55.3% of total revenue in 2024, up from 54.2% in 2023, while online sales decreased slightly to 44.7% from 45.8%[17]. - Gross profit increased from approximately RMB 1,181.5 million in 2023 to about RMB 1,356.3 million in 2024, with the gross margin rising from 64.0% to 65.8%[18]. - The company's net profit for the year ended December 31, 2024, was approximately RMB 187.9 million, representing a growth of about 23.2% from RMB 152.4 million in 2023[27]. - Sales and distribution expenses rose from approximately RMB 897.1 million in 2023 to about RMB 1,043.4 million in 2024, primarily due to increased promotional expenses related to sales growth[20]. Assets and Liabilities - The company’s trade receivables increased to RMB 223.7 million in 2024 from RMB 217.8 million in 2023, with trade receivables turnover days improving to 39 days from 40 days[29]. - The company’s inventory remained stable at approximately RMB 94.6 million in 2024, compared to RMB 93.5 million in 2023, with a slight increase attributed to sales growth[29]. - The company’s current assets net value as of December 31, 2024, was RMB 1,182.7 million, compared to RMB 1,033.5 million as of December 31, 2023[33]. - The company had no contingent liabilities as of December 31, 2024, consistent with the previous year[36]. - The company had no pledged assets as of December 31, 2024, consistent with the previous year[37]. Corporate Governance - The company has adopted the principles and code provisions of the corporate governance code as its own corporate governance code[53]. - The board believes that the company has complied with the applicable code provisions of the corporate governance code for the year ending December 31, 2024[54]. - The company emphasizes the importance of good corporate governance elements in its management structure, internal controls, and risk management procedures[51]. - The company has independent non-executive directors overseeing the board and providing independent opinions and judgments[47]. - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[57]. Risk Management - The company has a risk management and internal control system that includes a clearly defined organizational structure with specified authority and responsibility[101]. - The company has committed to reviewing its risk management and internal control systems annually to ensure their effectiveness[103]. - The board is responsible for evaluating and determining the nature and extent of risks acceptable to the company in achieving its strategic objectives, ensuring the establishment and maintenance of effective risk management and internal control systems[100]. Employee and Shareholder Engagement - The company has a strong team of independent non-executive directors with extensive experience in finance and corporate governance[48]. - The total number of employees as of December 31, 2024, is 670, with a gender ratio of approximately 1:2 (193 male employees and 477 female employees)[68]. - The company emphasizes the importance of a diverse workforce, considering it a key element for maintaining long-term competitive advantage[68]. - The company encourages shareholders to submit inquiries and suggestions via email to enhance engagement and feedback[117]. Stock Options and Incentives - The company has a stock option plan approved on November 19, 2018, aimed at incentivizing eligible participants for their contributions to the group[159]. - The total number of shares available for issuance under the stock option plan is capped at 222,100,000 shares, which is 10% of the total shares issued as of the listing date and the report date[162]. - The stock options granted but not yet exercised are subject to the total issuance cap of 222,100,000 shares[162]. - The stock reward plan was adopted by the board on March 28, 2022, to recognize employee contributions and attract suitable personnel for further development[175][176]. Environmental and Social Responsibility - The company aims to create sustainable value by integrating economic growth, environmental protection, and social responsibility into its business strategy[119]. - The company has a dedicated team to handle environmental compliance and implements strict waste management procedures at its manufacturing bases[136].

向各位介绍公司24财年的主要的财务数据和资料首先是业绩亮点24年的收入是完成了20.6亿同比18.45亿增长了12%毛利是3.56亿同比11.81亿增长了15%净利润1.87亿 1.88亿同比这个1.52亿增长了23%美股的这个基本收益8.7分这个8.7分同比这个7.1分增长了23%美股派息3.69分同比3.23分增长了14%主要的财务比例呢这个毛利率 本期是65.8比同期增加了1.8个PT净利润率本期是9.1比同期8.3增加了0.8PT全年派系率42.4%同比的增加了3.1个PT 第二个部分是集团的收入集团的收入前面已经说了同比增长了11.7%从本年度来看下半年比上半年增长了7.6%收入分布今年的占比发生的变化主要是新渠道从 去年的14.4占比提升到17.3新渠道业务增长比较快相应来讲电商专柜有所下降主要的渠道收入电商同比增长了9%下半年比上半年增长了1.6%左边是趋势图 大家直接看看新学到的这个同比增加了34.4这个上下半年的比较是下半年比上半年增长了38.7专柜同比是增长了6.5下半年比上半年增长了2.7%那就是成本及盈利的分析毛利率 毛利率毛利率的这个都因为我们产品的成本下降啊毛利率上升同比的这个从这 ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 2,060,367 thousand, representing a 12% increase from RMB 1,845,275 thousand in 2023[4] - Gross profit increased by 15% to RMB 1,356,287 thousand in 2024, compared to RMB 1,181,484 thousand in 2023[4] - Profit before tax rose by 18% to RMB 219,561 thousand, up from RMB 185,934 thousand in the previous year[4] - Net profit attributable to owners of the company increased by 23% to RMB 187,858 thousand, compared to RMB 152,375 thousand in 2023[4] - Basic earnings per share for 2024 was RMB 0.087, up from RMB 0.071 in 2023[6] - Revenue from customer contracts for 2024 reached RMB 2,060,367 thousand, an increase of 11.6% compared to RMB 1,845,275 thousand in 2023[18] - Other income and gains totaled RMB 20,274 thousand in 2024, up from RMB 19,494 thousand in 2023, representing a growth of 4.0%[18] - The company reported a pre-tax profit of RMB 219,561,000 for 2024, up from RMB 185,934,000 in 2023, indicating a growth of 18.1%[25] - The company's net profit attributable to equity holders for 2024 is RMB 187,858,000, compared to RMB 152,375,000 in 2023, representing an increase of 23.3%[27] - Net profit for the year ending December 31, 2024, was approximately RMB 187.9 million, representing an increase of about 23.2% from approximately RMB 152.4 million for the year ended December 31, 2023[56] Dividends - The board proposed a final dividend of HKD 0.04 per share, equivalent to approximately RMB 0.0369, compared to RMB 0.0323 in 2023[4] - The proposed final dividend for 2024 is HKD 0.0400 per share, an increase from HKD 0.0356 per share in 2023, totaling RMB 80,398,000[27] - The board proposed a final dividend of HKD 0.04 per ordinary share, totaling approximately RMB 80.4 million, which represents about 42.8% of the net profit for the year ending December 31, 2024[71] - The final dividend is subject to approval at the annual general meeting scheduled for May 30, 2025[71] Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,540,674 thousand as of December 31, 2024, compared to RMB 1,408,986 thousand in 2023[8] - Non-current assets totaled RMB 357,938 thousand, a decrease from RMB 375,506 thousand in the previous year[7] - Current assets increased to RMB 1,479,449 thousand from RMB 1,305,850 thousand in 2023[7] - Trade receivables increased to RMB 224,079,000 in 2024 from RMB 215,877,000 in 2023, reflecting a growth of 3.9%[28] - Trade payables rose to RMB 114,035,000 in 2024, up from RMB 97,346,000 in 2023, marking a 17.0% increase[30] - Cash and unrestricted bank deposits increased by approximately 18.0% to RMB 1,111.6 million as of December 31, 2024, from RMB 942.0 million as of December 31, 2023[59] - The net cash flow from operating activities for 2024 was RMB 271.5 million, compared to RMB 185.9 million for 2023[62] - The group had no interest-bearing borrowings as of December 31, 2024, consistent with the previous year[60] Expenses - Research and development expenses for the year amounted to RMB 19,119 thousand, a significant increase of 60.5% from RMB 11,918 thousand in 2023[19] - The cost of goods sold for 2024 was RMB 704,080 thousand, compared to RMB 663,791 thousand in 2023, reflecting an increase of 6.1%[19] - Sales and distribution expenses rose from approximately RMB 897.1 million for the year ended December 31, 2023, to approximately RMB 1,043.4 million for the year ending December 31, 2024, attributed to increased promotional expenses corresponding to sales growth[48] - Administrative expenses increased from approximately RMB 100.4 million for the year ended December 31, 2023, to approximately RMB 106.1 million for the year ending December 31, 2024, due to higher office and R&D expenses[50] - The group’s employee costs (excluding directors' remuneration and R&D costs) totaled RMB 147.2 million for the year ending December 31, 2024, up approximately 5.0% from RMB 140.2 million in 2023[68] Taxation - The income tax expense for the year ending December 31, 2024, is RMB 31,703,000, a decrease of 5.5% from RMB 33,559,000 in 2023[23] - The effective tax rate for 2024 is 14.4%, compared to 18.0% in 2023, reflecting a reduction in taxable income[25] Business Operations - The company operates primarily in the processing and sales of natural health foods in mainland China[9] - The company focused on product upgrades and development around core categories, achieving significant sales growth in the "Ancient Formula" series, with sales increasing several times compared to the same period in 2023[34] - The company implemented a strategy of "differentiated products" for gift boxes, leading to improved brand recognition and sales performance in the gift segment[33] - The offline direct sales channel generated RMB 782.1 million in revenue, accounting for 38.0% of total revenue, while new channel business contributed RMB 357.4 million, representing 17.3%[43] - Offline channel sales accounted for 55.3% of total revenue in 2024, up from 54.2% in 2023, while online channel sales decreased slightly to 44.7% from 45.8%[45] - The company is leveraging big data to develop customized products for members, enhancing the consumer experience and meeting individual health needs[34] - The company actively expanded its e-commerce presence, participating in major marketing events and optimizing content to enhance brand awareness and product value perception[38] Governance and Compliance - The company has not purchased, sold, or redeemed any of its listed securities during 2024[78] - The company confirmed compliance with the corporate governance code throughout the year ending December 31, 2024[75] - The audit committee, consisting of three independent non-executive directors, reviewed the company's financial statements for the year ending December 31, 2024[84] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[89] Environmental Responsibility - The company has a dedicated team for environmental compliance and has implemented strict waste management procedures at its manufacturing facilities[76] Future Outlook - The company plans to continue building brand assets and enhancing product value, focusing on efficiency and consumer experience to achieve sustainable long-term growth[41] - As of December 31, 2024, the company has utilized a total of HKD 563.5 million from the net proceeds of the global offering, with remaining unutilized funds of HKD 50.3 million expected to be used by the end of 2028[81] - The company maintained sufficient public float throughout the year 2024[79] - The annual performance announcement will be published on the Hong Kong Stock Exchange's website and the company's website, covering all information required by listing rules for the year ending December 31, 2024[87] Miscellaneous - The company has not reported any significant events related to its business or financial performance since December 31, 2024[80]

Business Strategy and Product Development - The company aims to become the leading brand in new Chinese dietary nutrition, focusing on traditional Chinese dietary principles combined with modern nutrition science[7]. - The flagship product "Walnut Sesame Black Bean Powder" has gained significant consumer popularity, emphasizing quality ingredients and health benefits[8]. - The company launched several gift box products for major festivals, achieving strong sales performance during the 2024 Chinese New Year[8]. - The summer product "Moisture-Free Trace" (Probiotic Job's Tears Meal Replacement Powder) received enthusiastic consumer response, achieving impressive sales results[8]. - The company is collaborating with membership-based supermarkets to provide customized products, leveraging brand and supply chain advantages[11]. - The company has upgraded its brand strategy to "Wheat Grinding House, Dietary Nutrition with Method," enhancing consumer communication through various marketing channels[7]. - The company is actively developing high-potential distributors to expand product distribution to a wider consumer base[11]. E-commerce and Retail Channels - E-commerce channels have rapidly developed, with a focus on both traditional platforms like Taobao and social e-commerce platforms like Douyin and Kuaishou[10]. - The offline retail sector is evolving, with a focus on experiential shopping to differentiate from online retail growth[9]. - The company emphasizes precise marketing strategies tailored to diverse consumer needs across various e-commerce platforms[10]. Financial Performance - For the six months ended June 30, 2024, total revenue reached RMB 992.4 million, a 13.6% increase from RMB 873.9 million in the same period of 2023[13]. - Gross profit rose to approximately RMB 650.0 million, up from RMB 558.5 million, with gross margin improving to 65.5% from 63.9%[15]. - Net profit for the period was approximately RMB 90.1 million, reflecting an increase of about 8.3% from RMB 83.2 million in 2023[24]. - Operating profit before tax was approximately RMB 105.8 million, compared to RMB 101.0 million in the same period of 2023[22]. - Selling and distribution expenses increased to approximately RMB 512.2 million from RMB 426.4 million, primarily due to higher advertising and promotion costs[17]. - Other income and gains decreased to approximately RMB 9.1 million from RMB 10.8 million, mainly due to reduced income from bank financial products and government subsidies[16]. Cash Flow and Assets - The net cash flow from operating activities for the reporting period was RMB 142.2 million, compared to RMB 102.7 million in the same period of 2023, reflecting a significant increase[27]. - The net cash flow from investing activities was RMB 89.7 million, a substantial rise from RMB 3.8 million in the same period of 2023[27]. - As of June 30, 2024, the group's cash and bank deposits amounted to RMB 999.1 million, an increase of approximately 5.9% from RMB 943.8 million as of December 31, 2023[27]. - The group's current asset net value as of June 30, 2024, was RMB 1,063.4 million, up from RMB 1,033.5 million as of December 31, 2023[27]. - The company’s total equity as of June 30, 2024, was RMB 1,327,147,000, reflecting a slight increase from RMB 1,238,055,000 as of January 1, 2024[89]. Shareholder Information and Stock Options - As of June 30, 2024, the company’s major shareholders include 恒泰信託（香港）有限公司, holding 930,000,000 shares, representing 42.49% of the total issued share capital[41]. - PepsiCo, Inc. holds 566,506,000 shares, accounting for 25.88% of the total issued share capital[41]. - The company has a stock option plan approved on November 19, 2018, allowing the issuance of up to 222,100,000 shares, which is 10% of the total issued shares as of the report date[46]. - The total number of shares held by the major shareholders represents a significant portion of the company’s equity, with the top two shareholders holding over 68% combined[41]. - The stock option plan aims to incentivize eligible participants for their contributions to the group and align their interests with the company[44]. - The total number of unexercised share options under the company's share option plan as of June 30, 2024, was 61,892,503[127]. Expenses and Liabilities - Administrative expenses slightly decreased to approximately RMB 40.3 million from RMB 41.3 million, attributed to organizational restructuring[18]. - The employee costs for the reporting period totaled RMB 76.5 million, an increase of approximately 4.1% from RMB 73.5 million in the same period of 2023[33]. - The interest-bearing debt ratio as of June 30, 2024, was approximately 0.8%, up from 0.3% as of December 31, 2023[32]. - The company had no interest-bearing borrowings as of June 30, 2024, consistent with the previous reporting period[27]. - The company did not have any supplier financing arrangements, thus the recent accounting standards did not impact the financial statements[99]. Research and Development - Research and development costs for the six months ended June 30, 2024, were RMB 3,473 thousand, an increase of 38.3% compared to RMB 2,511 thousand for the same period in 2023[103]. Dividends and Share Incentive Plans - No interim dividend was recommended for the six months ending June 30, 2024, compared to no dividend for the same period in 2023[73]. - The company adopted a share incentive plan on March 28, 2022, aimed at recognizing employee contributions and retaining talent[58]. - The maximum number of reward shares under the share incentive plan cannot exceed 10% of the company's issued share capital at any time[61]. Compliance and Governance - The audit committee has reviewed the financial statements and confirmed compliance with applicable accounting standards and listing rules[78]. - The interim financial statements for the six months ended June 30, 2024, were approved by the board on August 28, 2024[133].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 992,383,000, representing a 13.56% increase from RMB 873,853,000 in the same period of 2023[1] - Gross profit for the same period was RMB 650,013,000, up 16.39% from RMB 558,493,000 year-on-year[2] - Profit before tax increased by 4.76% to RMB 105,785,000 compared to RMB 100,979,000 in the previous year[2] - Net profit attributable to owners of the company was RMB 90,149,000, an 8.39% increase from RMB 83,170,000 in 2023[2] - Basic and diluted earnings per share were both RMB 0.042, reflecting a 7.69% increase from RMB 0.039 in the prior year[2] - Total comprehensive income for the period was RMB 90,767,000, compared to RMB 86,610,000 in the same period last year[3] - The group's total revenue for the six months ended June 30, 2024, was approximately RMB 992.4 million, an increase from RMB 873.9 million for the same period in 2023, representing a growth of about 13.6%[26] - Net profit for the six months ended June 30, 2024, was approximately RMB 90.1 million, an increase of about 8.3% from RMB 83.2 million in 2023[38] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 375,172,000, slightly down from RMB 375,506,000 at the end of 2023[4] - Current assets amounted to RMB 1,294,289,000, a slight decrease from RMB 1,305,850,000 at the end of 2023[4] - Total equity attributable to owners of the parent was RMB 1,416,980,000, up from RMB 1,395,767,000 at the end of 2023[5] - Trade receivables decreased to RMB 187,322 thousand as of June 30, 2024, down from RMB 215,877 thousand as of December 31, 2023, reflecting a decline of about 13.3%[18] - The net value of trade receivables after impairment was RMB 190,265 thousand as of June 30, 2024, compared to RMB 217,818 thousand as of December 31, 2023, indicating a decrease of approximately 12.7%[18] - Trade payables decreased to RMB 51,553 thousand as of June 30, 2024, down from RMB 75,621 thousand as of December 31, 2023, a reduction of about 31.8%[19] - The group had no interest-bearing borrowings as of June 30, 2024, consistent with December 31, 2023[41] - The interest-bearing debt ratio was approximately 0.8% as of June 30, 2024, compared to 0.3% as of December 31, 2023[45] Cash Flow and Expenses - Cash and bank deposits increased by approximately 5.9% to RMB 999.1 million as of June 30, 2024, from RMB 943.8 million as of December 31, 2023[41] - Net cash flow from operating activities for the period was RMB 142.2 million, up from RMB 102.7 million in the same period of 2023[41] - Employee costs totaled RMB 76.5 million, an increase of approximately 4.1% from RMB 73.5 million in the same period of 2023[46] - The group's selling and distribution expenses rose to approximately RMB 512.2 million from RMB 426.4 million in the previous year, primarily due to increased advertising and promotional costs[31] Taxation and Other Income - The total income tax expense for the six months ended June 30, 2024, was RMB 15,636 thousand, a decrease from RMB 17,809 thousand in the same period of 2023, representing a decline of approximately 12.2%[14] - Other income and gains for the six months ended June 30, 2024, totaled RMB 9,142 thousand, a decrease from RMB 10,784 thousand in the same period of 2023, reflecting a decline of about 15.2%[11] - The company has not been subject to income tax in the British Virgin Islands and the Cayman Islands for the reporting period[14] Product and Market Strategy - The company launched the "Nuts and Sesame Black Bean Powder" as a flagship product, which has gained significant consumer popularity[21] - The company introduced several gift box products for the 2024 Chinese New Year, achieving strong sales performance across online and offline channels[21] - The company is focusing on enhancing its offline retail experience to capture the growing demand for experiential shopping, despite the challenges posed by online retail growth[22] - The company has upgraded its brand strategy in collaboration with a well-known brand strategy firm, emphasizing the core value of "Food Nourishment"[20] - The company reported a significant increase in sales for the "Moisture-Free" product during the summer season, indicating strong consumer demand[21] - The group aims to expand its distribution channels and enhance brand recognition in the health food sector, which is increasingly gaining consumer attention[25] Inventory and Receivables Management - Inventory turnover days improved to 43 days in 2024 from 48 days in 2023, indicating better inventory management[38] - Trade receivables turnover days decreased to 37 days in 2024 from 40 days in 2023, reflecting improved collection efficiency[38] - Trade receivables decreased due to good collection, with a turnover period of 37 days compared to 40 days for the year ended December 31, 2023[40] - Inventory value decreased to approximately RMB 69.1 million as of June 30, 2024, from RMB 93.5 million as of December 31, 2023, reflecting strict inventory control measures[40] Capital and Investments - Capital commitments amounted to approximately RMB 0.6 million related to the purchase of properties and equipment for a new production facility in Nansha, Guangzhou[42] - The net proceeds from the global offering amounted to approximately HKD 636.8 million, with a remaining balance of HKD 66.47 million as of June 30, 2024[52] - The company has utilized HKD 563.5 million of the net proceeds, with HKD 6.83 million used during the reporting period[52] - The planned application of the net proceeds includes strengthening the integrated distribution platform and optimizing channel mix, with a budget of HKD 222.9 million fully utilized[52] - The company has upgraded several existing direct-operated counters to health supplement collection stores and plans to increase the number of direct-operated counters[52] - The company has established a new production base in Nansha, Guangzhou, with a budget of HKD 133.7 million fully utilized for introducing existing and/or new products[52] Corporate Governance - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[1] - The interim financial statements for the reporting period have been reviewed by the audit committee and the external auditor, Ernst & Young[56] - The company has no significant acquisitions, disposals, or investments during the reporting period[47] - The group had no contingent liabilities or asset pledges as of June 30, 2024, consistent with December 31, 2023[44] - The company has no stock holdings as of June 30, 2024, and has not engaged in any purchases, sales, or redemptions of its listed securities during the reporting period[51] - The company has no significant post-balance sheet events or changes related to its business or financial performance since June 30, 2024[51]