香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 截至二零二五年三月三十一日止年度的 年度業績公告 財務摘要 – 1 – • 截至二零二五年三月三十一日止財政年度的收益約為782.3百 萬 港 元， 較二零二四年同期約648.4百萬港元增加約20.7%。 • 同年經營溢利約為246.1百 萬 港 元，較 二 零 二 四 年 同 期 約174.2百萬港元 增加約41.3%。 • 同年本公司權益持有人應佔溢利約為197.3百 萬 港 元，較 二 零 二 四 年 同 期 約130.5百萬港元增加約51.2%。 • 董事會建議就截至二零二五年三月三十一日止年度派付末期股息每股 11.5港仙，總額約為94.5百萬港元（二零二四年末期股息：每股4.05港仙）。 計入中期股息每股5.50港 仙（二 零 二 四 年 中 期 股 息：每 股3.45港 仙），截 至 二零二五年三月三十一日止年度的股息總額為每股17. ...

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Financial Performance - Total revenue for the six months ended September 30, 2024, was HKD 398,953,000, representing a 22.1% increase from HKD 326,828,000 in the same period of 2023[5]. - Gross profit for the period was HKD 205,888,000, up 20.3% from HKD 171,122,000, with a gross margin of 51.6%[5]. - Profit attributable to equity holders increased by 53.5% to HKD 95,881,000, with a profit margin of 24.0%[5]. - Adjusted EBITDA rose by 31.8% to HKD 144,059,000, with an adjusted EBITDA margin of 36.1%[5][7]. - Operating profit surged by HKD 35.8 million or 41.7% to HKD 121.6 million, primarily due to an increase in gross profit[47]. - Net profit attributable to equity holders rose by 53.4% to HKD 95.9 million[19]. - Basic and diluted earnings per share rose to HKD 11.63, compared to HKD 6.87 in the same period last year[110]. Revenue Breakdown - Brand medicine revenue increased by 23.8% to HKD 130,658,000, while brand Chinese medicine revenue rose by 17.9% to HKD 219,701,000[5]. - Health supplements revenue surged by 39.0% to HKD 48,594,000, indicating strong demand in this segment[5]. - The brand pharmaceutical segment saw a growth of 23.9%, attributed to effective brand marketing and sales support for He Ji Gong products[37]. - The brand Chinese medicine segment grew by 17.9%, driven by strong performance of Baoji Pills and the ongoing growth of concentrated Chinese medicine granules[37]. - Oncotype DX, a breast cancer gene expression test, achieved a revenue growth of 38.9%, gaining widespread recognition among hospitals and healthcare professionals in Hong Kong and Macau[24]. Market Strategy and Expansion - The company aims to enhance personal health management through self-care products and solutions, positioning itself as a leading healthcare partner in Asia[11]. - The company is committed to developing new health products and expanding its market presence to meet growing consumer demand[11]. - The company successfully implemented an integrated online and offline sales and marketing strategy, capitalizing on growth opportunities in the consumer healthcare market in Hong Kong, Macau, and the Greater Bay Area[20]. - The company is strategically expanding its brand products in the Greater Bay Area to capture the growing demand for traditional Chinese medicine[29]. - The company is increasing investments in digital marketing to enhance its appeal to younger consumers, particularly on platforms like Xiaohongshu and Douyin[24]. Financial Position - Total assets as of September 30, 2024, were HKD 1,409,493,000, reflecting a 1.5% increase from HKD 1,388,697,000[6]. - Total liabilities decreased by 6.5% to HKD 342,796,000, while total equity increased by 4.4% to HKD 1,066,697,000[6]. - The company has a robust financial position with strong cash reserves, supporting current operations and future development plans[20]. - The company maintained a conservative capital management approach, ensuring a solid foundation for future business development and potential acquisitions[60]. Shareholder Information - The interim dividend declared for the six months ending September 30, 2024, is HKD 0.055 per share, totaling approximately HKD 45.2 million, compared to HKD 0.0345 per share and HKD 31.0 million for the same period last year[81]. - As of September 30, 2024, Mr. Chan holds 62.39% of the company's issued share capital, representing 512,823,346 shares[83]. - The company repurchased a total of 12,148,000 shares at an approximate cost of HKD 11.9 million during the six months ending September 30, 2024[78]. Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes and regulations during the reporting period[76]. - The board of directors consists of three independent non-executive directors, ensuring high standards of corporate governance[79]. - There were no significant regulatory non-compliance issues related to applicable environmental laws and regulations during the reporting period[72]. - The company has implemented various measures to promote environmental sustainability and energy conservation[74]. Employee and Operational Insights - The workforce increased to 279 employees, with total employee costs amounting to approximately HKD 52.9 million[32]. - Employee costs rose by HKD 5.1 million or 30.0%, mainly due to increased production of proprietary brand products to meet market demand[42]. - The company is committed to enhancing operational excellence and growth strategies, focusing on product diversification and expanding sales platforms[31]. Cash Flow and Investments - Cash generated from operating activities increased significantly to HKD 134,598,000, compared to HKD 62,913,000 in the prior year, representing a growth of approximately 114%[118]. - The company reported a net cash outflow from investing activities of HKD 4,667,000, an improvement from HKD 9,045,000 in the previous year, indicating a reduction of about 48%[118]. - Financing activities resulted in a net cash outflow of HKD 111,198,000, compared to HKD 88,816,000 in the previous year, reflecting an increase of approximately 25%[118]. Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[120]. - The company is actively pursuing strategic acquisitions to enhance its product offerings and market reach[120].

Financial Performance - For the six months ended September 30, 2024, revenue was approximately HKD 399.0 million, an increase of about 22.1% compared to HKD 326.8 million in the same period of 2023[2]. - Operating profit for the same period was approximately HKD 121.6 million, up about 41.7% from HKD 85.8 million in 2023[2]. - Profit attributable to equity holders of the company was approximately HKD 95.9 million, representing a 53.4% increase from HKD 62.5 million in the previous year[2]. - The total comprehensive income for the period was HKD 95.0 million, compared to HKD 61.9 million in the same period of 2023[4]. - Basic and diluted earnings per share for the period were HKD 11.63, compared to HKD 6.87 in the previous year[7]. - The group reported external customer revenue of HKD 398,953 thousand for the six months ended September 30, 2024, compared to HKD 326,828 thousand for the same period in 2023, representing a growth of approximately 22%[25]. - The gross profit for the reportable segments was HKD 205,888 thousand for the six months ended September 30, 2024, up from HKD 171,122 thousand in 2023, indicating an increase of about 20%[26]. - The adjusted EBITDA for the group was HKD 144,059 thousand for the six months ended September 30, 2024, compared to HKD 109,288 thousand in 2023, reflecting a growth of approximately 32%[26]. - The health supplement segment reported revenue of HKD 48,594 thousand for the six months ended September 30, 2024, up from HKD 34,967 thousand in 2023, which is an increase of approximately 39%[25]. - The group’s healthcare business recorded revenue of HKD 399.0 million, an increase of 22.1% compared to the previous period[56]. - Gross profit increased to HKD 205.9 million, reflecting a growth of 20.3% year-on-year[56]. - Net profit attributable to equity holders rose by 53.4% to HKD 95.9 million[56]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.055 per share, totaling approximately HKD 45.2 million, a 59.4% increase from HKD 0.0345 per share (totaling HKD 31.0 million) in the same period last year[2]. - The interim dividend declared was HKD 5.50 per share, up from HKD 3.45 per share in the previous year, totaling HKD 45,210,000 compared to HKD 30,959,000[42]. - The board has approved a share buyback program worth HKD 200 million to enhance shareholder value and support stock price stability[144]. Assets and Liabilities - Non-current assets as of September 30, 2024, amounted to HKD 1,006.0 million, a slight decrease from HKD 1,021.2 million as of March 31, 2024[9]. - Current assets totaled HKD 403.4 million, an increase from HKD 367.5 million as of March 31, 2024[9]. - Current liabilities were HKD 243.9 million, compared to HKD 221.6 million in the previous period[9]. - Total equity attributable to equity holders of the company was HKD 1,012.0 million, up from HKD 970.7 million as of March 31, 2024[12]. - The total non-current assets as of September 30, 2024, amounted to HKD 998,546,000, a slight decrease from HKD 1,009,150,000 as of March 31, 2024[30]. - As of September 30, 2024, trade payables amounted to HKD 17,033 million, a decrease of 23.5% from HKD 22,171 million on March 31, 2024[1]. - Other payables and accrued expenses increased to HKD 87,494 million from HKD 80,538 million, reflecting a growth of 8.1%[1]. - As of September 30, 2024, bank loans decreased from HKD 115.0 million on March 31, 2024, to HKD 70.0 million, due to partial repayment of bank loans[114]. - The net capital debt ratio was zero as of September 30, 2024, indicating no bank loans after accounting for cash and cash equivalents[117]. Costs and Expenses - The group’s financing costs decreased to HKD 2,936 thousand for the six months ended September 30, 2024, from HKD 4,138 thousand in 2023, showing a reduction of about 29%[26]. - The net other income for the group was a loss of HKD 56,966 thousand for the six months ended September 30, 2024, compared to a loss of HKD 66,961 thousand in 2023, indicating an improvement[26]. - The group’s administrative and other operating expenses increased to HKD 36,941 thousand for the six months ended September 30, 2024, from HKD 25,273 thousand in 2023, representing an increase of approximately 46%[26]. - Employee costs totaled approximately HKD 52.9 million, with a notable increase of 30.0% in employee costs from the previous year[81][98]. - Material costs accounted for approximately 81% of total sales costs, remaining stable compared to the previous period[98]. Market and Strategic Initiatives - The retail environment remains challenging, but the company achieved significant results due to its rich product portfolio and strong brand management[54]. - The company strategically focuses on core growth plans to strengthen its position in the brand healthcare market[55]. - The company is enhancing its digital marketing investments, particularly on platforms like Xiaohongshu and Douyin, to attract younger consumers[62]. - The company is strategically enhancing its brand presence in mainland China by establishing flagship stores on Tmall International for various products, significantly improving brand image and recognition among Chinese consumers[71]. - The company plans to expand its market presence in the Greater Bay Area, targeting a 25% increase in market share within the next two years[144]. - A strategic acquisition of a local herbal product company is anticipated to enhance the company's product portfolio and is expected to close by Q1 2025[144]. Corporate Governance and Compliance - The company has complied with all applicable laws and regulations in all material aspects during the reporting period[131]. - The board emphasizes the importance of high standards of corporate governance to protect shareholder interests and enhance corporate value[132]. - The company has adopted the corporate governance code as its own governance principles and has complied with all relevant provisions[133]. - The audit committee consists of three independent non-executive directors, responsible for overseeing the integrity of the company's financial statements[137]. - The interim results have been reviewed by an independent auditor, with no reservations noted in the review report[138]. Future Outlook - The company expects to achieve a revenue growth target of 10% for the fiscal year 2025, driven by new product launches and market expansion strategies[144]. - Research and development efforts have led to the introduction of three new herbal medicine products, which are expected to contribute an additional HKD 50 million in revenue by the end of fiscal year 2025[144]. - The company has allocated HKD 100 million for technology upgrades to enhance production efficiency and product quality in the upcoming fiscal year[144]. - The company maintains a positive outlook for long-term growth, supported by increasing health awareness and government policies favoring traditional Chinese medicine[78].

Financial Performance - Total revenue reached HKD 648.4 million, an increase of 24.6% compared to the previous period[4] - Comprehensive profit attributable to equity holders surged to HKD 130.5 million, a significant increase of 128.5%[4] - For the fiscal year 2024, the group's gross profit reached HKD 338.1 million, an increase of 64.5% from fiscal year 2023[19] - The attributable consolidated profit for equity holders in fiscal year 2024 was HKD 130.5 million, representing a remarkable growth of 128.5% compared to fiscal year 2023[19] - Profit attributable to equity holders increased by HKD 130.5 million or 128.5% for the fiscal year 2023 to 2024, driven primarily by increased operating profit[36] - Revenue from the health supplement segment grew significantly by 97.8% for the fiscal year 2024, mainly due to sales from two recently acquired health supplement brands[57] Market Growth and Strategy - The health care products segment witnessed notable growth, reflecting a positive response to post-pandemic market recovery[9] - The company aims to expand its presence in key markets across Asia and Greater China, leveraging the growing demand for health care products[10] - The group aims to expand its product portfolio in the health supplement market to increase revenue, targeting the evolving health needs of the general public[26] - The brand pharmaceutical segment experienced a substantial growth of 53.3% from fiscal year 2023 to fiscal year 2024, attributed to the resurgence of consumer demand and inbound tourism[29] - The group plans to leverage the recovery of visitor numbers between Hong Kong, Macau, and mainland China to capture retail market opportunities[25] - The company is committed to enhancing operational capabilities and expanding sales platforms and regional presence to drive growth[28] Corporate Governance and Board Structure - The board of directors oversees the company's strategic development and sets the group's goals, strategies, and policies[81] - All directors, including independent non-executive directors, contribute valuable business experience and expertise to ensure effective board operations[82] - The audit committee has reviewed the group's annual performance during the reporting period[88] - The audit committee held two meetings during the reporting period to review the independence and objectivity of external auditors[112] - The remuneration committee conducted four meetings to review the remuneration of all directors and assess the effectiveness of the committee[92] - The company organized a training session on the impact of artificial intelligence on the pharmaceutical industry, attended by all directors[85] - The board has established committees, including the audit committee, remuneration committee, and nomination committee, to supervise specific aspects of corporate governance[109] Risk Management - The company has updated its risk management policies, including risk assessment standards and identification of top risks annually[158] - The company has established a risk management framework based on a "three lines of defense" model, ensuring effective risk management and internal control systems[184] - The risk management function, composed of the Vice President of Finance and the Finance Manager, oversees the overall risk management framework and provides advice to the audit committee and board[187] - The company employs a mixed approach to risk identification, categorizing risks into financial, operational, reputational, legal and regulatory, and personnel risks[177] - Identified risks are assessed using a 3x3 risk matrix, with ratings based on the likelihood and impact of occurrence[177] Gender Diversity and Inclusion - The board of directors achieved gender diversity with 12.50% female representation after appointing Dr. Zheng Xiangjun as an executive director, effective March 9, 2024[117] - The company has a gender diversity policy with 75.00% female representation in senior management and 57.19% across all employees[120] - The nomination committee held two meetings during the reporting period to review the board's structure and diversity policy[140] - The company emphasizes the importance of gender diversity across all levels, including the board and senior management[142] - The board's diversity policy includes a goal of having at least 75% of members with over 5 years of experience in their respective fields[142] Community Engagement and Health Initiatives - The company is committed to promoting preventive health care through community outreach and education initiatives, aligning with government health programs[11] - The company plans to launch a patient care program through the Hong Kong Breast Cancer Foundation starting April 2024, allowing eligible registered patients to reimburse testing costs[53] Financial Management - The company has maintained a conservative capital management approach, ensuring a robust capital structure and financial strength for future business development and acquisitions[38] - Bank loans decreased from HKD 155.0 million as of March 31, 2023, to HKD 115.0 million as of March 31, 2024, due to partial repayment of bank loans[66] - Total assets decreased by 1.0% to HKD 1,388,697,000 as of March 31, 2023[197] - Total liabilities decreased by 1.4% to HKD 366,753,000 as of March 31, 2023[197] - Total equity decreased by 0.9% to HKD 1,021,944,000 as of March 31, 2023[197]

Financial Performance - For the fiscal year ending March 31, 2024, the revenue was approximately HKD 648.4 million, an increase of about 24.6% compared to HKD 520.3 million in the same period of 2023[2] - The operating profit for the same year was approximately HKD 174.2 million, representing a significant increase of about 100.2% from HKD 87.0 million in 2023[2] - The profit attributable to equity holders was approximately HKD 130.5 million, up about 149.5% from the adjusted profit of HKD 52.3 million in 2023[2] - The total comprehensive income for the year was HKD 130.9 million, compared to HKD 52.9 million in the previous year[4] - Basic and diluted earnings per share were HKD 14.76, up from HKD 6.41 in the previous year[12] - Total revenue for the year ended March 31, 2024, reached HKD 648,415,000, a significant increase from HKD 520,323,000 in the previous year, representing a growth of approximately 24.6%[41] - Reported segment gross profit for the year ended March 31, 2024, was HKD 338,081,000, compared to HKD 205,509,000 for the previous year, indicating a year-over-year increase of about 64.1%[41] - The adjusted EBITDA for the year ended March 31, 2024, was HKD 215,496,000, compared to HKD 121,500,000 in the previous year, marking an increase of around 77.3%[41] - The company's profit attributable to equity holders for the year ended March 31, 2024, was HKD 130,463,000, compared to HKD 57,093,000 for the previous year, representing an increase of 128.5%[59] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.0405 per share, totaling approximately HKD 33.8 million, compared to HKD 0.025 per share in the previous year[2] - The company declared an interim dividend of HKD 3.45 per share, significantly up from HKD 0.5 per share in the previous year, totaling HKD 29,871,000 compared to HKD 4,468,000[60] Assets and Liabilities - Non-current assets amounted to HKD 1,021.2 million, while current assets totaled HKD 367.5 million as of March 31, 2024[15] - Total liabilities were HKD 145.2 million, with non-current liabilities at HKD 94.3 million[17] - The total equity attributable to equity holders was HKD 970.7 million, down from HKD 985.5 million in the previous year[17] - The total designated non-current assets as of March 31, 2024, were valued at HKD 1,009,150,000, a slight decrease from HKD 1,053,069,000 in the previous year[45] - The company reported a net loss of HKD 4,468,000 from the sale of property, plant, and equipment, compared to a loss of HKD 126,000 in the previous year[47] - The company’s total liabilities increased significantly, reflecting a strategic shift in financial management and operational expansion[65] Revenue Segmentation - The group operates three reportable segments: branded pharmaceuticals, traditional Chinese medicine, and health products, with all business primarily conducted in Hong Kong[34][35] - Revenue from external customers in Hong Kong amounted to HKD 462,829,000 for the year ended March 31, 2024, up from HKD 331,887,000 in the previous year, reflecting a growth of approximately 39.5%[43] - The brand healthcare business recorded total revenue of HKD 648.4 million, a significant increase of 24.6% compared to the previous period[102] - The brand medicine segment achieved a remarkable revenue growth of 53.3%, driven by the strong performance of flagship product He Ji Gong[115] - The health supplement segment has shown remarkable growth, reflecting the company's proactive response to the post-pandemic market recovery, with significant increases in scar removal and health supplement brands[134] Market Strategy and Growth - The company plans to continue expanding its market presence and investing in new product development to drive future growth[41] - The company is strategically expanding its market share in the Greater Bay Area with its brand Chinese medicine products[155] - The company is focusing on developing its cross-border e-commerce platform to ensure sustainable growth[153] - The company is actively expanding the registration scope of its compound brand Chinese medicine pellets and developing new concentrated Chinese medicine products to meet market demand[177] - The company is collaborating with well-known brands to enhance its influence in the traditional Chinese medicine sector[97] Operational Efficiency and Cost Management - Employee costs and other production costs rose by HKD 9.2 million or 31.3% and HKD 2.9 million or 10.1%, respectively, due to increased production to meet market demand[164] - The company maintained a conservative capital management approach, ensuring a solid foundation for future business development and acquisitions[197] - Material costs accounted for approximately 77% of total sales costs in fiscal year 2024, decreasing by HKD 16.6 million or 6.5% from fiscal year 2023[186] Marketing and Brand Development - The company has implemented comprehensive marketing strategies, including sponsorship of the popular TV program "The Voice of Middle Age 2," to increase brand awareness across multiple platforms[120] - The company aims to enhance brand recognition and engage younger consumers through strategic brand building and innovative marketing campaigns[143] - The strong performance is attributed to effective execution of advertising and marketing strategies for key brands, particularly Baiji Pills and He Ji Gong[112] Future Outlook and Strategic Initiatives - The company expresses confidence in its strategy positioning to achieve sustained growth in the evolving market[82] - The company is committed to promoting preventive healthcare through community outreach and education, focusing on traditional Chinese medicine solutions[136] - The company remains vigilant in managing significant risks while preparing to seize growth opportunities amid complex geopolitical and economic conditions[129]

Financial Performance - Total revenue for the six months ended September 30, 2023, was HKD 326.83 million, representing a 38.0% increase compared to HKD 236.85 million for the same period in 2022[4]. - Adjusted EBITDA for the period was HKD 109.29 million, reflecting a 92.8% increase from HKD 56.68 million in the previous year[4]. - Profit attributable to equity holders increased by 189.7% to HKD 62.46 million, with a profit margin of 19.1%[4]. - The company achieved a gross profit margin of 52.4%, up from 36.1% in the prior year[4]. - The total revenue for the brand healthcare business reached HKD 326.8 million, a substantial increase of 38.0% compared to the previous period, with a gross profit of HKD 171.1 million, up 100.1%[33]. - The gross profit margin improved significantly from 36.1% in the mid-2023 fiscal year to 52.4% in the mid-2024 fiscal year[33]. - The company's operating profit increased significantly by HKD 52.7 million or 159.2% to HKD 85.8 million, primarily due to an increase in gross profit[44]. - Net profit for the six months ended September 30, 2023, was HKD 64.53 million, up from HKD 23.10 million in the previous year, reflecting an increase of 179.5%[142]. - Operating profit for the six months was HKD 85.80 million, compared to HKD 33.07 million in the previous year, marking a significant increase[142]. Revenue Growth - Brand drug revenue increased by 85.5% to HKD 105.55 million, while health supplements revenue surged by 107.2% to HKD 34.97 million[4]. - The brand medicine segment recorded an impressive revenue growth of 85.4%, primarily due to the outstanding performance of the Heji Gong product[33]. - The health care products segment achieved a remarkable growth of 107.1%, attributed to proactive responses to the new normal post-pandemic and market recovery[36]. - Revenue from Hong Kong, the main source of income, accounted for 68% of total revenue, with a substantial increase of HKD 71.6 million compared to the previous period[42]. - Revenue from mainland China increased by HKD 16.2 million during the reporting period, driven by growth in cross-border e-commerce platforms[42]. - The retail market's total sales value is estimated to have grown by 19.3% in the first eight months of 2023 compared to the same period in 2022[33]. - The concentrated Chinese medicine granules business maintained double-digit growth, supported by the increasing public acceptance of traditional Chinese medicine services[35]. Market Expansion and Strategy - The company is expanding its Oncotype DX business into Macau to tap into market potential and enhance patient recruitment[16]. - The company plans to expand its product offerings in the cross-border e-commerce market through distributor channels in the second half of the fiscal year[37]. - The company is set to launch its Tmall flagship store in the fourth quarter of 2023 to enhance brand image and expand its consumer base in mainland China[37]. - The company aims to strengthen its market position in the gastrointestinal traditional medicine sector and attract younger consumers through innovative advertising campaigns[170]. - The company is focusing on expanding local and cross-border e-commerce platforms and exploring opportunities in the traditional Chinese medicine sector in Hong Kong and the Greater Bay Area[197]. Product Development and Marketing - The company is actively developing new products in its concentrated Chinese medicine granules portfolio to meet increasing demand[18]. - A new advertising campaign for the Flying Eagle oil product has significantly boosted sales and brand awareness[15]. - The company has invested significant resources in brand marketing and management to enhance brand appeal and recognition[103]. - The company completed the acquisition of two health supplement brands, Seasons and Slimming Expert, to expand its market share in the health supplement retail sector[196]. - The company is preparing to launch a series of new products in the coming year to meet changing health needs and enhance profitability[196]. Financial Position and Management - The total assets increased by 2.1% to HKD 1,433.2 million as of September 30, 2023, compared to HKD 1,403.1 million on March 31, 2023[26]. - Total liabilities rose by 2.9% to HKD 382.9 million from HKD 372.1 million[26]. - The equity attributable to owners increased by 1.9% to HKD 1,050.3 million from HKD 1,031.0 million[26]. - The net capital debt ratio increased from 0.3% to 1.0% due to dividend payments and repayment of bank loans[53]. - The company has maintained a conservative capital management approach, ensuring a solid foundation for future business development and acquisitions[80]. - The company emphasizes the importance of risk management for operational efficiency and effectiveness, with management assisting the board in evaluating significant business risks[104]. Shareholder Information - Major shareholders include Lincoln's Hill with 35.98% and Queenshill with 13.48% of the issued share capital[94]. - The company repurchased a total of 16,314,000 shares at an approximate cost of HKD 19.4 million, which were cancelled during the reporting period[109]. - As of September 30, 2023, the company had 504,523,346 shares held by its directors, representing approximately 56.22% of the total issued share capital[112]. - The share award plan allows the trustee to purchase existing shares from the market, which will be held in trust until the awarded shares vest to selected participants[100]. - The company has a share incentive plan that includes employees, directors, and consultants who contribute to the group[136]. Regulatory and Compliance - The company has not encountered any significant regulatory non-compliance regarding applicable environmental laws and regulations during the reporting period[105]. - The audit committee, consisting of three independent non-executive directors, oversees the integrity and accuracy of the company's financial statements[110]. - The company has implemented the corporate governance code as its own governance guidelines[108]. - The company is subject to the Securities and Futures Ordinance, which governs the ownership and rights of its shares[117].

Financial Performance - For the six months ended September 30, 2023, the revenue was approximately HKD 326.8 million, an increase of about 38.0% compared to HKD 236.8 million for the same period in 2022[24]. - The operating profit for the same period was approximately HKD 85.8 million, representing an increase of about 159.2% from HKD 33.1 million in the previous year[24]. - Profit attributable to equity holders for the period was approximately HKD 62.5 million, up about 189.4% from HKD 21.6 million in the same period last year[24]. - The total comprehensive income for the period was HKD 61.9 million, compared to HKD 16.6 million in the previous year[26]. - The company reported a total profit of HKD 64.5 million for the period, compared to HKD 23.1 million in the previous year[28]. - Basic and diluted earnings per share were HKD 6.87, compared to HKD 2.41 in the same period last year[29]. - Gross profit for the same period was HKD 171,122,000, up from HKD 85,543,000, indicating a significant improvement in profitability[31]. - Profit before tax reached HKD 80,734,000, a substantial rise from HKD 28,657,000, marking an increase of 182%[31]. - Net profit for the period was HKD 64,534,000, compared to HKD 23,101,000 in the prior year, showing an increase of 179%[31]. - Adjusted EBITDA for the six months ended September 30, 2023, was HKD 109,288,000, up from HKD 56,682,000 in the prior year, representing a 93% increase[148]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.0345 per share, totaling approximately HKD 31.0 million, compared to HKD 0.005 per share and HKD 4.5 million in the same period last year[24]. - The interim dividend declared for the six months ending September 30, 2023, is HKD 3.45 per ordinary share, totaling approximately HKD 31.0 million, compared to HKD 0.5 per share and approximately HKD 4.5 million for the same period last year[195]. - The interim dividend will be paid on December 28, 2023, to shareholders on record as of December 12, 2023[195]. - The company will suspend share transfer registration from December 11, 2023, to December 12, 2023, to determine eligibility for the interim dividend[199]. - All transfer documents must be submitted by December 8, 2023, at 4:30 PM[199]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 1,211.3 million, compared to HKD 1,072.0 million as of March 31, 2023[7]. - The net asset value increased to HKD 1,050.3 million from HKD 1,031.0 million year-on-year[12]. - The total equity attributable to the company's equity holders increased to HKD 1,002,773,000 from HKD 985,509,000[36]. - Trade receivables amounted to HKD 175.79 million as of September 30, 2023, compared to HKD 110.66 million as of March 31, 2023[77]. - Trade payables totaled HKD 114.92 million as of September 30, 2023, up from HKD 82.46 million as of March 31, 2023[75]. - The group’s net capital debt ratio increased from 0.3% as of March 31, 2023, to 1.0% as of September 30, 2023, primarily due to dividend payments and bank loan repayments[185]. - Bank loans decreased from HKD 155,000,000 as of March 31, 2023, to HKD 125,000,000 as of September 30, 2023, due to partial repayment[160]. Market and Business Development - The company anticipates continued growth in the Hong Kong retail market driven by the recovery of inbound tourism and government-led economic measures[61]. - The demand for traditional Chinese medicine is expected to grow significantly, supported by government policies and increased consumer awareness[60]. - The company is actively developing new products in the concentrated Chinese medicine granules segment to meet rising demand[65]. - The company completed the acquisition of two health supplement brands, Seasons and Slimming Expert, further expanding its market share in the health supplement retail sector[109]. - The company is preparing to launch a series of new products next year to meet the evolving health needs of consumers, enhancing its product portfolio and profitability[109]. - The company is actively exploring partnerships with clinics in China to facilitate patient referrals and testing options in Macau[110]. - The Tmall flagship store for the proprietary brand is set to launch in Q4 2023, aimed at enhancing brand visibility in mainland China[122]. - The company is adjusting its product mix to meet changing consumer preferences and strengthening its commercial execution to optimize results[111]. Marketing and Sales Performance - The company reported a significant increase in sales of traditional Chinese medicine and cosmetics, with growth rates of 32.5% and 39.3% respectively in the first half of 2023[88]. - The brand healthcare business recorded total revenue of HKD 326.8 million, representing a significant growth of 38.0% year-on-year[89]. - The brand drug segment achieved a remarkable revenue growth of 85.4%, primarily driven by the outstanding performance of the He Ji Gong product line[100]. - The brand Chinese medicine segment recorded an overall revenue increase of 14.3%, mainly due to the significant growth of the Bao Ji Wan product and the sustained strong momentum in the concentrated Chinese medicine granules business[104]. - The health supplement division achieved a remarkable 107.1% growth in sales, attributed to effective marketing and sales efforts post-pandemic[114]. - The company's effective brand management strategy significantly boosted sales revenue and profit margins, benefiting from the recovery of retail markets post-pandemic[98]. - The He Ji Gong brand saw a substantial increase in sales, attributed to successful marketing campaigns and the easing of pandemic-related restrictions[96]. - The company's marketing and promotional activities may not always achieve success, and negative publicity could adversely affect its business[183]. - The brand's marketing efforts, including sponsorship of popular television programs, have significantly increased brand awareness and consumer engagement[97]. - A new television advertisement featuring a popular local actor was launched to enhance the brand image of Eagle Oil, significantly boosting sales[113]. Financial Management and Compliance - The company continues to maintain a conservative financial management approach, ensuring a solid foundation for future business development and acquisitions[181]. - The company has adhered to all provisions of the Corporate Governance Code during the six months ended September 30, 2023[188]. - The company did not engage in any significant acquisitions or disposals during the reporting period, maintaining a stable investment strategy[169]. - The company reported no significant regulatory non-compliance during the reporting period, ensuring adherence to applicable laws and regulations[170]. - The implementation of HKFRS 17 has no significant impact on the financial statements as the group does not have contracts within its scope[116]. Risks and Sustainability - The company faces inherent risks related to product liability, personal injury, or negligence claims due to the nature of its business[178]. - The company has implemented various measures to promote environmental sustainability and energy conservation[174]. - The company has not reported any significant events after September 30, 2023, except for the sale of a 19% stake in Beijing Xinlejia International Health Technology Co., Ltd.[186].

Risk Management and Internal Control - The company has established a robust internal audit system, ensuring the effectiveness of the first and second lines of defense, with independent assurance provided to the audit committee and board[1]. - Risk management measures are assigned to specific risk owners with expected completion dates, ensuring accountability in risk mitigation[2]. - The board, with the assistance of external consultants, has reviewed the effectiveness of the risk management and internal control systems for the fiscal year ending March 31, 2023, and deemed them effective and sufficient[3]. - Significant risks and internal control issues have been discussed in internal audit reports presented to the audit committee and board, reinforcing confidence in the company's risk management systems[4]. - The group believes that risk management is crucial for operational efficiency and effectiveness, with management assisting the board in evaluating significant risks[94]. - The management team is involved in formulating appropriate risk management and internal control measures to be implemented in daily operations[94]. Shareholder Engagement and Communication - The company encourages shareholder participation in annual general meetings and ensures clarity in voting procedures[11]. - The company has implemented various communication channels to maintain ongoing dialogue with shareholders and stakeholders regarding environmental, social, and governance performance[22]. - The company’s website provides regular updates on announcements, annual reports, and other relevant information to shareholders[13]. - The company has established a share award scheme, with an independent third party appointed as the trustee to manage the plan[120]. - The independent non-executive directors have reviewed the continuing connected transactions and confirmed they are conducted on normal commercial terms and in the best interest of shareholders[181]. Environmental, Social, and Governance (ESG) Initiatives - A third-party assessment identified 12 significant environmental, social, and governance issues, which the company is committed to addressing[29]. - The company has adopted an environmental policy aimed at reducing environmental impact through energy conservation and waste reduction initiatives[29]. - The board is responsible for overseeing the company's environmental, social, and governance matters, ensuring alignment with strategic objectives[26]. - The company has not reported any significant regulatory non-compliance regarding applicable environmental laws and regulations during the reporting period[95]. - The company maintains a strong commitment to social responsibility through community service initiatives and partnerships with non-profit organizations[87]. Financial Performance - Total revenue for the fiscal year 2023 was HKD 520.3 million, an increase from HKD 406.1 million in fiscal year 2022, representing a growth of approximately 28%[6]. - The company reported revenue of HKD 520,323,000 for the year ended March 31, 2023, representing a 28.1% increase from HKD 406,139,000 in the previous year[130]. - Gross profit for the year was HKD 205,509,000, with a gross margin of approximately 39.4%, compared to HKD 161,510,000 in the previous year[130]. - Operating profit increased to HKD 87,040,000, up from HKD 38,943,000, reflecting a significant growth in operational efficiency[130]. - Net profit for the year was HKD 63,328,000, which is a 171.5% increase compared to HKD 23,328,000 in the previous year[130]. - Basic and diluted earnings per share rose to HKD 6.41, compared to HKD 2.75 in the previous year, indicating strong profitability growth[130]. - The company achieved a total comprehensive income of HKD 52,905,000 for the year, compared to HKD 23,202,000 in the previous year[130]. - The company reported a profit attributable to equity holders of HKD 57,093,000 for the year, compared to HKD 24,620,000 in the previous year, marking a substantial increase of 131.5%[136]. Operational Efficiency and Resource Management - Water consumption for fiscal year 2023 was 31,593 cubic meters, compared to 29,855 cubic meters in fiscal year 2022, indicating an increase of about 5.2%[35]. - The density of water usage per HKD revenue decreased from 0.00007 cubic meters to 0.00006 cubic meters, reflecting improved efficiency[35]. - The amount of hazardous waste disposed of in fiscal year 2023 was 6,112 kg, slightly up from 6,012 kg in fiscal year 2022, showing a 1.7% increase[37]. - The density of hazardous waste disposed of per HKD revenue decreased from 0.015 grams to 0.012 grams, indicating enhanced waste management efficiency[37]. - The company has established a policy for effective resource use, including energy and water management, although specific data on waste generation was not collected due to its minor impact[57]. Market Position and Competition - The company operates in three competitive market segments: branded pharmaceuticals, health supplements, and traditional Chinese medicine, facing intense competition from existing competitors and new entrants[62]. - The company has a strong focus on research and development in consumer healthcare products, leveraging over 33 years of industry experience[125]. - The company plans to continue expanding its market presence and developing new healthcare products to drive future growth[130]. Corporate Governance - The board of directors has approved the financial statements for publication on June 15, 2023, ensuring transparency and compliance[132]. - The company is committed to enhancing its corporate governance and strategic planning through experienced board members[126]. - The company has received annual confirmations from each independent non-executive director regarding their independence, in compliance with listing rules[102]. Cash Flow and Financial Position - The company reported a net cash generated from operating activities of HKD 157,088,000 for the year ended March 31, 2023, compared to HKD 76,941,000 in the previous year, representing an increase of 104.5%[139]. - The net cash generated from operating activities after tax payments was HKD 145,616,000, up from HKD 59,996,000, indicating a significant improvement in operational efficiency[139]. - The cash and cash equivalents at the end of the year stood at HKD 152,266,000, significantly up from HKD 69,843,000 at the beginning of the year, reflecting strong cash flow management[139]. - The company’s total equity increased to HKD 1,030,990,000 as of March 31, 2023, from HKD 946,943,000 a year earlier, indicating growth in shareholder value[136]. Shareholder Structure and Ownership - Mr. Chan holds 11,600,000 shares of Jacobson Pharmaceutical and has beneficial ownership of 308,404,000 shares through Queenshill, which he wholly owns[149]. - The Kingshill Trust, established by Mr. Chan, holds 850,684,000 shares of Jacobson Pharmaceutical, with Mr. Chan and his family as the sole beneficiaries[149]. - The ownership percentages for Jacobson Pharmaceutical are approximately 43.98% by Kingshill, 15.94% by Queenshill, 0.42% by The Queenshill Trust, and 0.60% by Mr. Chan personally[151]. - The trustee of The Queenshill Trust holds 782,000 shares of the company through a wholly-owned subsidiary[152]. - The company has a significant shareholder structure, with JBM Group BVI owning approximately 53.96% of the shares, and the total equity held by major shareholders including Kingshill and Lincoln's Hill amounts to 70.29%[171][174]. Compliance and Regulatory Matters - The company has complied with applicable laws and regulations that significantly impact its operations during the reporting period[64]. - There were no recorded incidents of data breaches during the reporting period[54]. - The company has not recorded any improper conduct related to bribery, extortion, fraud, or money laundering during the reporting period[55]. - The group has not applied any new standards or interpretations that have not yet come into effect during the accounting period[117].

Financial Performance - For the fiscal year ending March 31, 2023, total revenue reached HKD 520.3 million, representing a growth of 28.1% compared to the previous year[11]. - Adjusted EBITDA increased by 36.2%, while profit attributable to equity holders surged by 132.1%, indicating a strong operational performance[11]. - The brand healthcare business achieved a total revenue of HKD 520.3 million, reflecting a notable growth of 28.1%, with gross profit rising by 27.2% to HKD 205.5 million[30]. - The equity holders' share of consolidated profit surged by 132.1% to HKD 57.1 million, attributed to the gradual recovery of retail consumer sentiment and the easing of COVID-19 restrictions[30]. - Operating profit increased by HKD 48.1 million or 123.7% to HKD 87.0 million, mainly driven by an increase in gross profit and gains from the sale of a stake in a joint venture[51]. - The total comprehensive income for the year was HKD 52.9 million, compared to HKD 23.2 million in 2022[134]. - The basic and diluted earnings per share for the year were HKD 6.41 and HKD 6.41 respectively, compared to HKD 2.75 in the previous year[135]. Revenue Segmentation - The brand's Chinese medicine segment recorded a robust growth of 54.5%, driven by strong demand for concentrated Chinese medicine granules and significant sales increase of Baoji pills[17]. - The brand's pharmaceutical division experienced a slight decline of 7.7%, primarily due to decreased sales of AIM eye drops, offset by strong performance from e-commerce platforms[15]. - The health products division saw a minor decline of 6.2%, mainly due to reduced sales in the Hong Kong retail market, although this was partially mitigated by stable growth from Oncotype DX[19]. - The brand Chinese medicine segment accounted for 69% of total revenue, while the brand pharmaceutical and health supplement segments contributed 24% and 7%, respectively[27]. - Revenue from external customers in Hong Kong reached HKD 331,887,000, an increase of 16.6% from HKD 284,610,000 in the previous year[180]. - Revenue from mainland China surged to HKD 135,253,000, a significant increase of 121.1% from HKD 61,012,000 in the previous year[180]. Dividend and Shareholder Value - The proposed final dividend per share is HKD 2.5, following an interim dividend of HKD 0.5 per share, reflecting a commitment to returning value to shareholders[1]. - The board proposed a final dividend of HKD 0.025 per share, totaling approximately HKD 22.8 million, with a total dividend of HKD 0.030 per share for the fiscal year[129]. E-commerce and Market Strategy - The company plans to enhance brand awareness for Baoji pills through creative advertising and promotional strategies, focusing on gastrointestinal health issues[18]. - The company is expanding its local and cross-border e-commerce platforms to strengthen its competitive position in the Asian healthcare market[20]. - The cross-border e-commerce team achieved strong market share and customer base expansion through flagship stores on Tmall International and JD International[21]. - E-commerce sales in Hong Kong grew by 20.8% year-on-year in 2022, indicating rapid growth in online business, which is expected to continue due to the home economy trend[25]. - The company plans to leverage its strengths to explore new development opportunities, focusing on local and cross-border e-commerce platforms and adjusting product offerings to meet evolving consumer demands[33]. Cost Management and Financial Stability - The company maintains a strong financial position through strict cost management and a healthy cash balance, ensuring ongoing operational capability and future growth[35]. - Employee costs slightly increased by HKD 1.4 million or 5.0% from the previous fiscal year, while other production costs remained stable[50]. - The net capital debt ratio decreased from 10.9% as of March 31, 2022, to 0.3% as of March 31, 2023, due to increased cash generated from operations and repayment of bank loans[60]. - The company reported a net capital debt ratio, indicating stable financial leverage without significant foreign exchange risk[88]. Market Outlook and Challenges - The company is optimistic about market recovery as restrictions are eased, but remains cautious due to ongoing macroeconomic uncertainties[46]. - The company continues to face intense competition in the branded drug, health supplement, and branded traditional Chinese medicine markets[64]. Environmental and Governance Initiatives - The company has implemented measures to encourage environmental sustainability and energy conservation[95]. - The board noted progress in various environmental, social, and governance initiatives during the fiscal year 2023[200]. - The company aims to ensure that environmental, social, and governance considerations are integrated into its strategy[200]. Corporate Governance - The audit committee, composed of three independent non-executive directors, oversees the integrity and accuracy of the company's financial statements[99]. - The company has adhered to all corporate governance codes throughout the reporting period, ensuring shareholder rights and enhancing corporate value[97].