5月14日，截至港股收盘，恒生指数上涨2.3%，报23640.65点。大健康国际（02211.HK）收报0.11港元/ 股，上涨35.8%，成交量4290.41万股，成交额566.94万港元，振幅80.25%。 最近一个月来，大健康国际累计跌幅19%，今年来累计跌幅51.5%，跑输恒生指数15.2%的涨幅。 财务数据显示，截至2024年12月31日，大健康国际实现营业总收入4.41亿元，同比减少25.4%；归母净 利润-801.2万元，同比增长61.72%；毛利率15.95%，资产负债率43.83%。 大事提醒 2025年5月13日，拟配售3.044亿新股份，占扩大后股本27.54%，每股配售价0.08港元，较前一收市日折 价1.23%(预案) （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为6.08倍，行业中值5.56倍。大健康国际市 盈率4.36倍，行业排名第4位；其他精优药业（00858.HK）为0.64倍、金斯瑞生物科技（01548.HK）为 0 ...

Financial Performance - Revenue for the six months ended December 31, 2024, was RMB 441.2 million, a decrease of 25.4% compared to RMB 591.3 million in the same period of 2023[15]. - Gross profit decreased by 26.8% to RMB 70.4 million from RMB 96.2 million year-on-year[15]. - Operating loss improved to RMB (7.9) million from RMB (21.0) million, reflecting a positive change of RMB 13.1 million[15]. - Loss for the period was RMB (7.7) million, an improvement of RMB 13.2 million compared to RMB (20.9) million in the previous year[15]. - Adjusted EBITDA improved to RMB (1.1) million from RMB (13.9) million, showing a positive change of RMB 12.8 million[15]. - Basic loss per share improved to RMB (1.00) cents from RMB (3.14) cents, an increase of 2.14 cents[15]. - The Group recorded overall revenue of RMB 441.2 million for the Period, a decrease of 25.4% compared to RMB 591.3 million for the corresponding period in 2023[54]. - Loss attributable to owners of the Company for the Period was RMB 8.0 million, an improvement from a loss of RMB 20.9 million in the corresponding period in 2023[54]. - Gross profit for the Period was RMB 70.4 million, representing a decrease of 26.8% from RMB 96.2 million in the corresponding period in 2023[65]. - The company reported a total comprehensive loss of RMB 12,459,000 for the period, compared to RMB 19,122,000 in the previous year[150]. - Basic and diluted loss per share for the period was RMB 1.00, an improvement from RMB 3.14 in the same period last year[151]. Liquidity and Financial Position - Current ratio increased to 1.1 from 1.0, indicating improved liquidity[15]. - As of December 31, 2024, the Group's unpledged cash and cash equivalents totaled RMB 50.7 million, an increase from RMB 36.4 million as of 30 June 2024, with net current assets of RMB 39.3 million[81]. - Cash and cash equivalents increased to RMB 50,706,000 from RMB 36,363,000, showing a positive cash flow trend[148]. - Total assets decreased to RMB 606,056,000 as of December 31, 2024, down 12.5% from RMB 692,877,000 as of June 30, 2024[148]. - Current liabilities decreased to RMB 265,630,000 from RMB 299,692,000, a reduction of 11.4%[148]. - The Group had total borrowings from banks of RMB 22.0 million as of December 31, 2024, with interest rates ranging from 4.45% to 4.85% per annum[88]. Operational Efficiency - Trade receivables turnover days increased to 32.2 days from 27.8 days, indicating a longer collection period[15]. - Inventory turnover days decreased slightly to 56.8 days from 57.8 days, showing stable inventory management[15]. - Trade payables turnover days decreased to 99.1 days from 104.2 days, indicating improved payment efficiency[15]. - Selling and marketing expenses decreased by 37.0% to RMB 60.0 million, accounting for 13.6% of the Group's revenue[70]. - Administrative expenses for the period were RMB 18.6 million, representing a decrease of RMB 6.0 million or 24.4% compared to RMB 24.6 million for the corresponding period in 2023, accounting for 4.2% of the Group's revenue[72]. - The Group closed several loss-making retail stores during the Period to minimize operating losses[54]. Market and Industry Trends - The healthcare industry in China is projected to reach a market size of RMB 29.1 trillion by 2030, driven by an aging population and increased health awareness[20]. - In 2024, the Chinese government implemented supportive policies for the healthcare industry, including reforms in the medical system and enhanced supervision over healthcare products[21]. - The application of technologies such as artificial intelligence, big data, and the Internet of Things in healthcare has improved diagnosis efficiency and service quality[24]. - The government promoted joint procurement by medical institutions to reduce drug and medical equipment costs, alleviating financial burdens on patients[25]. - Health management services were standardized and health monitoring centers were established to improve disease detection and prevention[28]. - The demand for nutritious and healthy foods has increased, leading to an expansion in China's healthcare products market[29]. - The healthcare industry is experiencing continuous growth due to rising demand for elderly care services and health management[24]. Strategic Initiatives - The company aims to enhance product quality and service levels through scientific and technological innovation and industrial upgrading[30]. - The Group is focusing on the pharmaceutical healthcare field and exploring new business models such as "Direct to Patient (DTP)" pharmacies[33][36]. - The Group has actively explored digital transformation and strengthened its Online-to-Offline (O2O) platform to increase online orders[35]. - The Group's direct-supply model improved sales efficiency and profitability, covering most provinces in China[39]. - The "Specialization+" strategy aims to enhance service professionalism and improve operational quality, with a focus on training employees and improving pharmacy services[100]. - The "Platform+" strategy will expand value-added services in stores to meet increasing consumer demand for health-related services[101]. - The "Internet+" strategy will strengthen the integration of online and offline services, utilizing mobile internet technologies and third-party e-commerce platforms[103]. - The Group aims to maintain its position as an industry leader in pharmaceutical business and operational channel innovation through digital transformation[104]. Governance and Compliance - The Group has complied with the Corporate Governance Code, with a noted deviation regarding the separation of roles between the chairman and CEO[106]. - All major decisions are made in consultation with the Board, ensuring a balance of power despite the dual role held by the chairman[107]. - The Group has adopted a code of conduct for directors' securities transactions, confirming compliance throughout the period[109]. - The company has complied with all corporate governance codes and standards during the period[111]. Shareholder Information - As of December 31, 2024, the total number of shares issued by the company was 801,059,558[6][2]. - Asia Health Century International Inc. holds 90,701,495 shares, representing an 11.32% ownership stake[129]. - The company has not purchased, sold, or redeemed any of its listed securities during the period[113]. - The company aims to incentivize personnel for future development and expansion through the Share Option Scheme[134]. - A total of 22,470,000 share options are outstanding as of December 31, 2024, with no options exercised or cancelled during the period[137].

Financial Performance - Revenue for the six months ended December 31, 2024, was RMB 441.2 million, a decrease of 25.4% compared to RMB 591.3 million in the same period of 2023[3]. - Gross profit for the same period was RMB 70.4 million, down 26.8% from RMB 96.2 million year-on-year[3]. - Operating loss improved to RMB 7.9 million from a loss of RMB 21.0 million, reflecting a positive change of RMB 13.1 million[3]. - Net loss for the period was RMB 7.7 million, compared to a net loss of RMB 20.9 million in the previous year, an improvement of RMB 13.2 million[3]. - Basic loss per share was RMB 1.00, an improvement of RMB 2.14 compared to RMB 3.14 in the prior year[3]. - The gross margin was 15.9%, a slight decrease of 0.4 percentage points from 16.3%[3]. - The group reported a net loss of RMB 7,680,000 for the six months ended December 31, 2024, compared to a net loss of RMB 20,884,000 for the same period in 2023[25][27]. - The retail segment's revenue was RMB 118.9 million, down 30.9% from RMB 172.0 million, while the distribution segment's revenue was RMB 322.3 million, down 23.1% from RMB 419.3 million[61]. Assets and Liabilities - Total assets decreased to RMB 606.1 million from RMB 692.9 million as of June 30, 2024[9]. - Current liabilities decreased to RMB 265.6 million from RMB 299.7 million, indicating improved liquidity management[11]. - The company’s total equity stood at RMB 340.4 million, down from RMB 352.9 million as of June 30, 2024[11]. - Total assets as of December 31, 2024, amounted to RMB 606,056,000, with total liabilities of RMB 265,630,000[25]. - Trade receivables decreased to RMB 69,480,000 from RMB 85,038,000, a decline of approximately 18.4%[35]. - Trade payables decreased to RMB 188,339,000 from RMB 211,165,000, a reduction of about 10.8%[37]. Financial Income and Expenses - The company reported a net financial income of RMB 1.7 million, compared to a net financial cost of RMB 2.2 million in the previous year[5]. - Financial income for the distribution segment was RMB 246,000, while the retail segment reported RMB 35,000[25]. - Selling and marketing expenses were RMB 60.0 million, a reduction of 37.0% from RMB 95.3 million, representing 13.6% of total revenue[66]. - Administrative expenses decreased to RMB 18.6 million from RMB 24.6 million, a decline of 24.4%, maintaining a ratio of 4.2% of total revenue[67]. - The net financial income for the period was RMB 1.7 million, compared to a net financial cost of RMB 2.2 million in the same period last year, primarily due to increased foreign exchange gains[68]. - Total tax expense increased to RMB 1,793,000 from a tax credit of RMB 1,617,000, indicating a shift in tax obligations[30]. - The effective tax rate for the period was 30.5%, with a tax expense of RMB 1.8 million, compared to a tax credit of RMB 1.6 million in the previous year[69]. Operational Highlights - Revenue from prescription drugs was RMB 84,282,000, while over-the-counter drugs generated RMB 303,436,000, indicating a significant contribution from non-prescription products[19]. - The distribution segment generated external customer revenue of RMB 322,260,000, while the retail segment contributed RMB 118,893,000[25]. - The company operates 182 retail stores as of the end of the period, focusing on enhancing regional influence and competitiveness[47]. - The company has 952 distributors and 3 large-scale distribution logistics centers as of December 31, 2024[48]. - The direct supply model has improved sales efficiency and profitability, covering most provinces in China[50]. - The company recorded a net reduction of 112 brand products, maintaining a total of 426 brand products in operation[51]. - The company had approximately 952 active customers in its national distribution network, down from 1,244 in the previous year[63]. Strategic Initiatives - The company plans to continue focusing on market expansion in Northeast China, leveraging its extensive customer network[23]. - The company plans to enhance its retail chain and distribution system while exploring structural transformation and digital upgrades in the health sector[82]. - The "Professional+" strategy aims to improve service quality and operational standards by focusing on training and integrating healthcare services[82]. - The "Platform+" strategy will expand value-added services in stores to meet increasing consumer health demands[83]. - The "Internet+" strategy will strengthen the connection between physical stores and online platforms, utilizing new marketing ecosystems[83]. - The company is exploring new operational models, including "Direct to Patient (DTP)" pharmacies, to adapt to the aging population and industry trends[46]. Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange, except for a deviation regarding the separation of roles between the Chairman and CEO, which are held by the same individual[87]. - The company has adopted the standard code for securities trading for its directors, confirming compliance during the reporting period[88]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the period[91]. - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website, with a detailed report to be sent to shareholders[92]. Dividend and Stake Sale - The company did not declare an interim dividend for the six months ended December 31, 2024, consistent with the previous year[34]. - The company is in the process of selling a 43.78% stake in a subsidiary for RMB 43,000,000, which is classified as held for sale[38]. - The company is in the process of selling a 43.78% stake in a joint venture for RMB 43.0 million, with the transaction yet to be completed[78].

Business Operations - The Group operates 203 retail pharmacies primarily located in Northeast China, with approximately 1,515 active distributors and 1,286 full-time staff[3]. - The Group has established four large-scale logistics storage centers in Shijiazhuang, Shenyang, Harbin, and Jiamusi, enhancing its distribution system across the country[3]. - The main product categories include prescribed drugs, non-prescribed drugs, traditional Chinese medicine, medical equipment, and health care products, among others[4]. - The Group aims to expand its product mix by introducing more health care products and exploring upstream ecological chains, including the construction of Chinese herbal medicine bases[6]. - The Group is actively exploring online pharmacies, cross-border e-commerce, and influencer marketing as part of its "Internet+" strategy[7]. - The Group emphasizes the concept of "Specialization+" and the development concept of "Platform+" to enhance its market position[8]. - The Group is committed to upgrading and digital transformation to adapt to the "New Norm" in the real economy[8]. - The Group's strategy includes leveraging core advantages of branded products and providing value-added services to employees, customers, and consumers[6]. - The Group is focused on becoming a leading practitioner of the "Internet + Universal Health" strategy and developing an ecological industry chain[2]. - The Group's vision is to be an international brand operator in the universal health industry, capitalizing on significant market opportunities[2]. Financial Performance - Revenue for the year ended June 30, 2024, was RMB 1,089.0 million, a decrease of 16.0% from RMB 1,297.0 million in the previous year[12]. - Gross profit decreased by 15.9% to RMB 179.9 million, down from RMB 213.8 million[12]. - Operating profit improved significantly to RMB 0.1 million, compared to a loss of RMB 98.4 million in the previous year, representing an increase of RMB 98.5 million[12]. - The company reported a profit for the year of RMB 0.6 million, a turnaround from a loss of RMB 106.1 million in the previous year, marking an increase of RMB 106.7 million[12]. - Adjusted EBITDA improved to a loss of RMB 13.3 million, compared to a loss of RMB 71.8 million in the previous year, an increase of RMB 58.5 million[12]. - Basic earnings per share increased to RMB 0.06, up from a loss of RMB 18.07 per share in the previous year, an improvement of RMB 18.13[12]. - The current ratio improved to 1.0 from 0.9, indicating better short-term financial health[12]. - Return on equity increased to 0.1%, up from a negative 33.5% in the previous year, reflecting a significant recovery[12]. - The company achieved a gross margin of 16.5%, maintaining the same level as the previous year[12]. - The inventory turnover days decreased to 57.8 days from 59.8 days, indicating improved inventory management[12]. Market Trends and Industry Outlook - The market size of Chinese medicine increased from nearly RMB 450 billion in 2022 to over RMB 480 billion in 2023, with expectations to exceed RMB 500 billion in 2024[16]. - The healthcare industry in China is projected to reach RMB 17.4 trillion by 2025 and RMB 29.1 trillion by 2030[30][31]. - A series of policies were issued in 2024 to optimize the pharmaceutical and healthcare system, including centralized procurement of medicines and enhancing regulatory innovation[17][32]. - The competition in China's pharmaceutical market is expected to intensify due to the implementation of the "Healthy China" strategy and continuous optimization of medical insurance payment standards[21][24]. - Public demand for medicine consumption has risen, driving continuous growth in relevant domestic industries[37]. Operational Efficiency and Strategy - The Company aims to divest non-primary businesses and optimize store layouts to improve operational efficiency[21][24]. - The Company is focusing on integrated outpatient services for its stores to enhance service offerings[21][24]. - The Group recorded retail sales revenue of RMB332.1 million for the Year, representing a year-on-year decrease of 9.1% compared to RMB365.3 million in 2023[40]. - The distribution business recorded sales revenue of RMB756.9 million, a year-on-year decrease of 18.8% from RMB931.7 million in 2023[42]. - The Group closed a number of loss-making retail stores to minimize operating losses, reducing the total number of retail pharmacies from 251 to 203[65]. - The Group provided follow-up services and promotion benefits for approximately 3.66 million offline members, enhancing member loyalty and promoting a healthy corporate image[55]. - The Group conducted 16 online video internal training sessions to optimize training activities and enhance employee adaptability to business transformation[54]. - The Group actively participated in industry alliance activities to strengthen its influence and promote the development of branded products[58]. Environmental, Social, and Governance (ESG) Initiatives - The Group recognizes the importance of environmental, social, and governance (ESG) factors in its sustainable development strategy[22][25]. - The Group is committed to reducing its environmental impact through various policies, including prioritizing local suppliers to decrease transportation energy consumption[95]. - The Group's operational model does not generate waste gas or greenhouse gas emissions, contributing to its commitment to environmental sustainability[88]. - The Group's corporate social responsibility initiatives focus on maintaining sustainable development in environmental, operational, and community aspects[89]. - The Group's environmental goals include reducing emissions and enhancing overall sustainability practices in response to global concerns[89]. - The Group is committed to promoting environmental protection education among stakeholders, ensuring compliance with national regulations[100]. Employee Management and Development - The total employee benefit expenses for the year amounted to RMB113.4 million, down from RMB183.8 million in 2023, with a reduction in full-time employees from 2,555 to 1,286[79]. - The Group has established a set of human resources management policies aimed at providing an ideal working environment and linking compensation to performance[114]. - The Group provides social insurance for employees, including employment injury insurance, and has implemented safety measures to ensure a safe working environment[119]. - The Group's management policies ensure compliance with local employment laws, including regulations against child and forced labor[112]. - The Group encourages employees to participate in external higher education and professional qualification exams, promoting comprehensive skill enhancement[130]. - The Group provided 16 training sessions through Jintian Institute with a total of 552 participants, aiming to improve staff quality and management performance[128]. Corporate Governance and Compliance - The Group has established communication channels with stakeholders, including annual reports and shareholder meetings, to ensure transparency and protect shareholder interests[91]. - The Group has complied with relevant laws and regulations that significantly impact its business operations[164]. - The Group has established a whistle-blowing policy, with no reported cases of corruption or legal issues related to corrupt practices during the year[139]. - The Group emphasizes the protection of consumer privacy, ensuring that all member and consumer data is encrypted[135]. - The Group has strengthened its procurement procedures to avoid infringement of third-party intellectual property rights, holding suppliers accountable for any violations[137]. - The Group is committed to ethical business practices, prohibiting employee involvement in illegal activities such as bribery and fraud[136]. Shareholder Information - The Board does not recommend any final dividend for the Year, maintaining a dividend of Nil for 2023[154][156]. - The Company raised approximately HKD10.2 million through the subscription of 133,509,926 shares at a price of HKD0.08 per share, with a net subscription price of approximately HKD0.076 per share[157][159]. - The net proceeds from the subscription will be used for general working capital, including daily operations of physical retail chain stores, inventory replenishment, and e-commerce sales[161][162]. - As of June 30, 2024, the net proceeds were allocated as follows: HKD7.5 million for inventory procurement related to new drugs and HKD2.7 million for rental expenses of retail stores, totaling HKD10.2 million[162]. - The Group maintains effective communication and good relationships with stakeholders, including employees, customers, suppliers, banks, regulators, and shareholders[152].

Financial Performance - Revenue for the six months ended December 31, 2023, was RMB 591.3 million, a decrease of 25.8% compared to RMB 797.0 million in the same period of 2022[11]. - Gross profit decreased by 28.0% to RMB 96.2 million from RMB 133.6 million year-on-year[11]. - Operating loss improved to RMB 21.0 million from RMB 41.8 million, reflecting a positive change of RMB 20.8 million[11]. - Loss for the period narrowed to RMB 20.9 million, compared to RMB 44.3 million in the previous year, an improvement of RMB 23.4 million[11]. - Adjusted EBITDA improved to a loss of RMB 13.9 million from a loss of RMB 22.5 million, showing an increase of RMB 8.6 million[11]. - Basic loss per share improved to RMB 3.14 cents from RMB 7.95 cents, an increase of 4.81 cents[11]. - The Group recorded overall revenue of RMB 591.3 million for the Period, a decrease of 25.8% compared to RMB 797.0 million for the corresponding period in 2022[57]. - Loss attributable to owners of the Company for the Period was RMB 20.9 million, an improvement from a loss of RMB 44.3 million in the same period of 2022[57]. - Gross profit for the Period was RMB 96.2 million, representing a decrease of 28.0% from RMB 133.6 million in the corresponding period of 2022, with overall gross margin decreasing from 16.8% to 16.3%[73]. - Retail revenue for the Period was RMB 172.0 million, a decrease of 26.9% compared to RMB 235.2 million in 2022, while distribution revenue was RMB 419.3 million, down 25.4% from RMB 561.8 million[67]. Liquidity and Financial Position - Current ratio decreased to 0.8 from 0.9, indicating a decline in liquidity[11]. - The Group reported a net cash flow used in operating activities of RMB 9.5 million, compared to a net cash flow from operating activities of RMB 13.6 million in the prior year[93]. - As of December 31, 2023, the group had unpledged cash and cash equivalents totaling RMB 35.5 million, down from RMB 43.0 million as of June 30, 2023[93]. - As of December 31, 2023, the group's net current liabilities were RMB 85.2 million, an increase from RMB 31.1 million as of June 30, 2023[93]. - The Group's cash and cash equivalents at the end of the reporting period decreased to RMB 40,953,000 from RMB 60,669,000 at the beginning of the period[153]. - The Group's net current liabilities increased by RMB 54,179,000 to RMB 85,232,000 as of 31 December 2023, primarily due to the reclassification of a loan from an associate[153]. Operational Efficiency - Operating loss narrowed to RMB 20,997,000 from RMB 41,799,000 year-over-year, indicating improved operational efficiency[128]. - The Group actively explored digital transformation and strengthened its O2O platform to increase online orders[36]. - The Group held a total of 11 online and offline internal training sessions during the Period to enhance employee skills and adapt to business transformation[50]. - The Group is adopting a "Specialization+" strategy to enhance service professionalism and improve operational quality, focusing on training licensed pharmacists and enhancing pharmacy service levels[116]. - The Group continues to implement cost control measures to enhance profitability and improve future cash flow from operations[160]. Market and Industry Trends - In 2023, the pharmaceutical industry in China saw an increase in added value of 9.8%, with main business growth of 9.1% and profit growth of 12.2%[17]. - The number of loss-making enterprises in the pharmaceutical sector increased by 12.1% year-on-year, indicating ongoing structural adjustments within the industry[17]. - The PRC's GDP growth is expected to be around 5.2% in 2023, reflecting overall economic pressures and the need for structural adjustments[19]. - The healthcare reform in China is focusing on expanding the availability of quality medical resources and ensuring equitable distribution among regions[23]. - The pharmaceutical circulation sector is experiencing increased standardization and competition, with a focus on combining online and offline services[22]. - The emphasis on health management is growing due to the rising incidence of chronic diseases and an aging population[17]. Distribution and Retail Operations - The Group recorded retail sales revenue of RMB172.0 million for the Period, representing a decrease of 26.9% compared to RMB235.2 million in the previous year[36]. - The distribution business generated sales revenue of RMB419.4 million, down 25.3% from RMB561.8 million in the same period last year[37]. - As of the end of the Period, the Group operated a total of 222 chain stores[36]. - The Group had 1,244 distributors and 4 large-scale distribution logistics centers as of December 31, 2023[37]. - A net decrease of 26 branded products was recorded, resulting in a total of 538 branded products in operation at the end of the Period[42]. - The Group established four large-scale logistics distribution centers, enhancing its distribution system across the northeastern region[43]. Employee and Management Practices - As of December 31, 2023, the Group had 1,617 full-time employees, a decrease from 3,007 in 2022, with total employee benefit expenses amounting to RMB 73.1 million, down from RMB 103.4 million in 2022[110]. - The Group's employee compensation structure is performance-based, with periodic reviews linking compensation to individual and overall Group performance[110]. - The Group's employee benefits include retirement plans, life insurance, and medical insurance, ensuring compliance with local laws in Hong Kong and China[112]. - The Group's management emphasizes maintaining good relationships with stakeholders to achieve long-term growth and sustainable development[111]. Regulatory and Compliance - The implementation of new regulations in 2023 aims to enhance the quality of drug operation and use, impacting wholesalers, retailers, and medical institutions[26]. - The National Health Commission issued several guidelines in 2023 aimed at improving public health systems and promoting health knowledge among various demographics[23]. - The Group's financial risk management policies have not changed[170]. - The accounting policies adopted for the interim financial statements are consistent with those used for the consolidated financial statements for the year ended June 30, 2023[161].

Financial Performance - Revenue for the six months ended December 31, 2023, was RMB 591.3 million, a decrease of 25.8% compared to RMB 797.0 million in the same period of 2022[3]. - Gross profit for the same period was RMB 96.2 million, down 28.0% from RMB 133.6 million year-on-year[3]. - Operating loss improved to RMB 21.0 million from RMB 41.8 million, reflecting a reduction of RMB 20.8 million[3]. - Net loss for the period was RMB 20.9 million, an improvement of RMB 23.4 million compared to a net loss of RMB 44.3 million in the previous year[3]. - Basic loss per share was RMB 3.14, an improvement of RMB 4.81 from RMB 7.95 in the same period last year[3]. - The gross margin slightly decreased to 16.3%, down 0.5 percentage points from 16.8%[3]. - The total revenue from external customers for the six months ended December 31, 2023, was RMB 591.339 million, compared to RMB 796.976 million for the same period in 2022, indicating a decline of approximately 26%[25][26]. - The company recorded a loss attributable to owners of RMB 20.9 million, an improvement from a loss of RMB 44.3 million in the same period last year[59]. Assets and Liabilities - The total assets as of December 31, 2023, amounted to RMB 752.1 million, an increase from RMB 738.9 million as of June 30, 2023[8]. - Current assets totaled RMB 345.0 million, compared to RMB 352.8 million as of June 30, 2023[8]. - The total liabilities as of December 31, 2023, were RMB 430.2 million, slightly up from RMB 424.1 million[10]. - The company reported a total equity of RMB 321.9 million, an increase from RMB 314.7 million as of June 30, 2023[10]. - The total assets as of December 31, 2023, amounted to RMB 752.116 million, compared to RMB 738.864 million as of June 30, 2023, showing a slight increase[25][26]. - The total liabilities as of December 31, 2023, were RMB 430.242 million, a decrease from RMB 424.136 million as of June 30, 2023[25][26]. Cash Flow and Financing - The group has available and undrawn bank financing of RMB 50,000,000 as of December 31, 2023, and has successfully obtained an additional loan of RMB 40,000,000 from a joint venture after this date[16]. - The group recorded a loss of approximately RMB 22,501,000 for the six months ended December 31, 2023, compared to a loss of RMB 44,300,000 for the same period in 2022, primarily due to challenges in the retail market in Northeast China and a decrease in the number of distributors in the distribution network[13]. - The group’s operating cash outflow for the six months ended December 31, 2023, was RMB 9,488,000, and current liabilities increased by RMB 31,053,000 to RMB 85,232,000, mainly due to the reclassification of a loan from a joint venture from non-current to current liabilities[13]. Revenue Breakdown - The revenue breakdown for major products includes RMB 112,025,000 from prescription drugs, RMB 429,913,000 from over-the-counter drugs, and RMB 90,138,000 from health products for the six months ended December 31, 2023[19]. - Distribution segment revenue for the six months ended December 31, 2023, was RMB 488.638 million, a decrease from RMB 658.462 million in the same period of 2022, representing a decline of approximately 26%[25][26]. - Retail segment revenue for the six months ended December 31, 2023, was RMB 171.987 million, down from RMB 235.169 million in the same period of 2022, reflecting a decrease of about 27%[25][26]. - Retail sales revenue was RMB 172.0 million, down 26.9% from RMB 235.2 million year-on-year, accounting for 29.1% of total revenue[48][62]. - Distribution sales revenue was RMB 419.4 million, a decrease of 25.3% from RMB 561.8 million in the previous year, representing 70.9% of total revenue[49][62]. Operational Changes - The company closed multiple loss-making retail stores to minimize cash outflow and is actively exploring opportunities to sell assets to generate additional cash inflow, including the sale of its subsidiary Shenyang Weishi Pharmaceutical Co., Ltd. for RMB 40,000,000[16]. - The company has decided not to declare an interim dividend for the period[88]. - The company has reduced the number of brand products by 26, maintaining a total of 538 brand products[51]. - The company provided follow-up services and promotional offers to approximately 1.2 million offline members, down from 1.46 million in the previous year[56]. - As of December 31, 2023, the total number of retail pharmacies operated by the company reached 222, a decrease from 273 in 2022[63]. - The company has 1,244 distributors and four large-scale distribution logistics centers as of December 31, 2023[49]. - The company operates a total of 222 retail chain stores at the end of the period[48]. Strategic Focus - The company is focusing on optimizing its layout in the pharmaceutical distribution sector, which is experiencing increased competition and a shift towards digital marketing[41]. - The company is adapting to the aging population and increasing chronic disease prevalence by enhancing health management services and integrating online and offline operations[41]. - The company will continue to focus on the healthcare sector and strategically divest non-core businesses to optimize operations[84]. - The "Professional+" strategy aims to enhance service quality and operational standards, with a focus on training new employees and improving pharmacy services[84]. - The "Platform+" strategy will expand value-added services in stores to meet increasing consumer health demands, especially post-pandemic[85]. - The "Internet+" strategy will strengthen the integration of online and offline operations, utilizing new technologies for marketing and customer engagement[85]. Governance and Compliance - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the period[93]. - The company has adhered to the corporate governance code and will continue to enhance governance practices[89]. - The interim results announcement will be published on the stock exchange and the company's website, complying with all regulatory requirements[94]. - No purchases, sales, or redemptions of the company's listed securities were made during the period[92]. Employee and Operational Metrics - Employee benefit expenses for the six months ended December 31, 2023, were RMB 73.126 million, a decrease from RMB 103.370 million in the same period of 2022, indicating a reduction of about 29%[27]. - The total number of full-time employees decreased to 1,617 from 3,007 in 2022, with total employee benefits expenses amounting to RMB 73.1 million[81]. - Sales and marketing expenses were RMB 95.3 million, down RMB 41.9 million or 30.5% from RMB 137.2 million in 2022, representing 16.1% of total revenue[68]. - Administrative expenses decreased to RMB 24.6 million, down RMB 4.1 million or 14.3% from RMB 28.7 million in 2022, accounting for 4.2% of total revenue[69].

Business Operations - The Group operates 251 retail pharmacies primarily located in Northeast China, with approximately 1,656 active distributors and 2,555 full-time staff[9]. - The Group has established five large-scale logistics storage centers in Shijiazhuang, Shenyang, Changchun, Harbin, and Jiamusi, enhancing its distribution system across the country[9]. - The main product categories include prescribed drugs, non-prescribed drugs, traditional Chinese medicine, medical equipment, and health care products, among others[10]. - The Group aims to expand its product mix by introducing more health care products and exploring upstream ecological chains, including the construction of Chinese herbal medicine bases[14]. - The Group is actively exploring online pharmacies, cross-border e-commerce, and influencer marketing as part of its "Internet+" strategy[15]. - The Group emphasizes the concept of "Specialization+" and the development concept of "Platform+" to enhance its market position[15]. - The Group's focus on the universal health industry positions it as a leading practitioner in the "Internet + Universal Health" strategy[8]. - The Group's retail business recorded sales revenue of RMB 365.3 million for the Year, representing a year-on-year decrease of 15.8% compared to RMB 433.7 million in 2022[67]. - The Group's distribution business achieved sales revenue of RMB 931.7 million, reflecting a year-on-year increase of 10.9% from RMB 839.9 million in 2022[71]. Financial Performance - For the year ended June 30, 2023, the revenue was RMB 1,297.0 million, representing a 1.8% increase from RMB 1,273.6 million in 2022[25]. - Gross profit for the same period was RMB 213.8 million, up 4.7% from RMB 204.2 million in 2022[25]. - The operating loss improved significantly to RMB (98.4) million, a reduction of RMB 90.3 million compared to RMB (188.7) million in 2022[25]. - The net loss for the year was RMB (106.1) million, which is an improvement of RMB 81.9 million from RMB (188.0) million in 2022[25]. - Adjusted EBITDA improved to RMB (71.8) million, a positive change of RMB 68.9 million from RMB (140.7) million in 2022[25]. - Basic loss per share improved to RMB (18.07) cents, a positive change of RMB 24.59 cents from RMB (42.66) cents in 2022[25]. - The gross margin increased to 16.5%, up 0.5 percentage points from 16.0% in 2022[25]. - The current ratio decreased to 0.9 times, down from 1.1 times in 2022[25]. - Loss attributable to owners of the Company decreased to RMB105.4 million from RMB187.6 million in the previous year, representing a reduction of about 43.8%[88]. - Loss per share improved to RMB18.07 cents, down from RMB42.66 cents in 2022, indicating a significant enhancement in financial performance[88]. Market Trends and Strategy - The market size of China's pharmaceutical industry was RMB 1,658.6 billion in 2022 and is expected to reach RMB 1,797.7 billion by the end of 2023[34]. - The company observed three major trends in China's new healthcare retail: diversified healthcare service channels, integration of online and offline services, and more diversified healthcare consumption[42]. - The company plans to improve the operation quality of its retail chain stores and increase the categories of pharmaceutical products[42]. - The company aims to develop value-added services in stores to meet diverse consumer needs[42]. - The Chinese pharmaceutical industry continues to face fierce market competition and pressure on drug prices despite maintaining good development momentum[51]. Corporate Governance and Compliance - The Group's corporate governance includes a structured board with various committees to oversee operations and compliance[18]. - The Group has established management policies to ensure compliance with local employment laws, including provisions for labor wages and benefits[183]. - The Group prohibits the employment of child labor and has strict recruitment processes to avoid such practices[185]. Environmental and Social Responsibility - The Group is committed to reducing environmental impact through policies that streamline operations and minimize resource consumption[153]. - The Group's corporate social responsibility efforts focus on sustainable development in environmental, operational, and community aspects[146]. - The Group's environmental, social, and governance (ESG) vision includes ambitious measures to address climate impact and enhance sustainability practices[145]. - The Group actively engages in community participation and public welfare initiatives, reinforcing its commitment to social responsibility[151]. - The Group promotes environmental protection education among stakeholders, ensuring manufacturers comply with national environmental regulations and use eco-friendly materials[160]. Employee Management and Welfare - As of June 30, 2023, the Group had 2,555 employees, with 99.7% located in mainland China[182]. - The total number of employees decreased from 3,396 in June 2022 to 2,555 in June 2023, indicating a reduction of approximately 24.8%[190]. - The employee turnover rate for general staff aged 18-29 was 46.4% for the year ended June 30, 2023, compared to 79.0% for the previous year[193]. - The Group provides social insurance for employees, including employment injury insurance[196]. - The Group emphasizes the importance of occupational health and safety, implementing policies and procedures to create an ideal and safe working environment for employees[197].

Financial Performance - Revenue for the six months ended December 31, 2022, was RMB 797.0 million, representing a 29.2% increase from RMB 616.7 million in the same period of 2021[11]. - Gross profit increased by 48.6% to RMB 133.6 million, up from RMB 89.9 million year-on-year[11]. - Operating loss improved to RMB (41.8) million, a significant reduction of RMB 82.1 million compared to RMB (123.9) million in the previous year[11]. - Loss for the period decreased to RMB (44.3) million, an improvement of RMB 81.5 million from RMB (125.8) million in the prior year[11]. - EBITDA improved by RMB 80.9 million to RMB (22.5) million, compared to RMB (103.4) million in the same period last year[11]. - Basic loss per share improved to RMB (7.95) cents, a positive change of 23.09 cents from RMB (31.04) cents in the previous year[11]. - Total comprehensive loss for the period was RMB 48,598,000, down from RMB 116,399,000, indicating a positive trend[129]. Revenue Breakdown - For the retail business, the Group recorded sales revenue of RMB 235.2 million for the Period, a decrease of 6.6% compared to RMB 251.8 million in 2021[33]. - The Group's distribution business achieved sales revenue of RMB 561.8 million, representing a significant increase of 54.0% compared to RMB 364.9 million in the corresponding period in 2021[34]. - Revenue from prescribed drugs reached RMB 154,049,000, up from RMB 121,224,000 in the previous year, indicating a growth of about 27.1%[194][197]. - Non-prescribed drugs generated revenue of RMB 583,851,000, compared to RMB 475,611,000 in the prior year, reflecting an increase of approximately 22.7%[194][197]. - Healthcare products revenue was RMB 110,472,000, which is a significant increase from RMB 98,267,000, marking a growth of around 12.2%[194][197]. Operational Efficiency - Gross margin increased to 16.8%, up 2.2 percentage points from 14.6% in the prior year[11]. - Inventory turnover days improved significantly to 50.8 days, down from 83.6 days in the previous period, indicating better inventory management[11]. - Trade payables turnover days increased to 96.0 days, up from 93.8 days in the previous year, reflecting changes in payment practices[11]. - Selling and marketing expenses decreased to RMB 137.2 million, down RMB 46.2 million or 25.2% from RMB 183.4 million in the same period of 2021, accounting for 17.2% of the Group's revenue[76]. - Administrative expenses for the period were RMB 28.7 million, a decrease of RMB 2.9 million or 9.2% compared to RMB 31.6 million in the same period of 2021, representing 3.6% of the Group's revenue[77]. Business Strategy and Market Conditions - The Group is actively promoting the development of traditional physical retail chain stores while exploring new business models in response to industry trends and pandemic impacts[27][30]. - The Group's retail operations are facing challenges due to the continuous downturn of the regional real economy in northeastern China and the ongoing impact of the pandemic[33]. - The Group's management emphasizes a strategic operational philosophy known as "The Golden Rules," which focuses on teamwork, multilateral cooperation, and shared development[29][31]. - The "Specialization+" strategy aims to enhance service professionalism and improve operational quality, focusing on training employees and elevating pharmacy service levels[113]. - The "Platform+" strategy will expand value-added services in stores to meet increasing consumer demand for health care and immunity[118]. - The "Internet+" strategy will strengthen the integration of online and offline services, utilizing mobile internet technologies to enhance marketing and customer engagement[119]. Financial Position - As of December 31, 2022, the Group's total assets increased to RMB 861,154,000, compared to RMB 839,076,000 as of June 30, 2022, reflecting a growth of approximately 2.9%[123]. - Total liabilities increased to RMB 501,180,000 as of December 31, 2022, from RMB 430,366,000 as of June 30, 2022[125]. - Current liabilities rose to RMB 459,054,000, compared to RMB 390,366,000 in the previous period, reflecting increased operational commitments[125]. - The Group's equity attributable to owners decreased from RMB 408,131,000 to RMB 359,602,000, a reduction of about 11.9%[123]. - The Group's accumulated losses increased from RMB 1,367,263,000 to RMB 1,411,494,000, indicating a rise in financial challenges[123]. Cash Flow and Financing - Net cash flows from operating activities amounted to RMB 13.6 million during the period, a significant improvement from a net cash outflow of RMB 19.0 million for the six months ended December 31, 2021[88]. - The Group had a borrowing from an associate of RMB 40.0 million at an interest rate of 3% per annum, and a bank borrowing of RMB 1.7 million at an interest rate of 11.88% as of December 31, 2022[97]. - The management believes that the Group will replenish liquidity in a timely manner to fund day-to-day operations and prospective business development projects[90]. - The Directors believe that the Group will have sufficient working capital to finance its operations and meet financial obligations in the coming twelve months from 31 December 2022[154]. - The Group continues to negotiate for external financing, including obtaining further loan facilities and various forms of capital fundraising[156]. Employee and Operational Changes - The Group had 3,007 full-time employees as of December 31, 2022, a decrease from 3,495 employees in the previous year[107]. - Total employee benefit expenses for the period amounted to RMB 103.4 million, down from RMB 138.0 million in the previous year[107]. - The Group has closed several loss-making retail stores to minimize operating cash outflows during the six months ended December 31, 2022[156]. Market Outlook - The Chinese economy showed a year-on-year GDP growth of 2.5% in the first half of 2022, indicating a recovery trend after the pandemic[16][20]. - The pharmaceutical distribution industry in China is rapidly transforming digitally, with B2B business models accounting for over 90% of the market[17][21]. - By 2025, China aims to cultivate 5-10 specialized drug retail chain enterprises with capital exceeding RMB50 billion, targeting a drug retail chain rate close to 70%[18]. - The Group continues to focus on expanding its market presence and enhancing its product offerings in the pharmaceutical sector[200]. - Future outlook includes ongoing investments in new product development and potential market expansion strategies[200].

Business Operations - The Group operates 395 retail pharmacies primarily located in Northeast China, with approximately 1,750 active distributors and 3,396 full-time staff[9]. - The Group has established five large-scale logistics storage centers in Shijiazhuang, Shenyang, Changchun, Harbin, and Jiamusi, creating a high-quality distribution system across the country[9]. - The Group is positioned as a leading pharmaceutical retailer and distributor in Northeast China, aiming to become an international brand operator in the universal health industry[8]. - The Group's direct-supply model improved sales efficiency and profitability, covering all provinces in China[77]. - The Group's retail business recorded sales revenue of RMB 433.7 million for the Year, a year-on-year decrease of 16.6% from RMB 519.8 million in 2021[71]. - The distribution business achieved sales revenue of RMB 839.9 million, representing a year-on-year increase of 26.2% from RMB 665.4 million in 2021[76]. - The Group closed 450 loss-making retail pharmacies, reducing the total from 845 in 2021 to 395 in 2022[100]. - The nationwide distribution network covered approximately 1,750 active customers, a decrease from 2,270 in the previous year, including 1,050 pharmaceutical retailers, hospitals, and clinics[102]. Financial Performance - Revenue for the year ended 30 June 2022 was RMB 1,273.6 million, representing a 7.5% increase from RMB 1,185.2 million in 2021[24]. - Gross profit increased by 30.1% to RMB 204.2 million, up from RMB 156.9 million in the previous year[24]. - Operating loss improved significantly to RMB (188.7) million from RMB (663.4) million, a reduction of RMB 474.7 million[24]. - Loss for the year decreased to RMB (188.0) million, compared to RMB (676.0) million in 2021, an improvement of RMB 488.0 million[24]. - Basic loss per share improved to RMB (42.66) cents from RMB (174.83) cents, an increase of 132.17 RMB cents[24]. - Gross margin increased to 16.0%, up 2.8 percentage points from 13.2% in the previous year[24]. - The current ratio decreased to 1.1 times from 1.3 times in 2021[24]. - Trade receivables turnover days improved to 26.3 days from 30.3 days[24]. - Loss attributable to owners of the Company decreased to RMB 187.6 million, down from RMB 675.4 million in the previous year, resulting in a loss per share of RMB 42.66 cents compared to RMB 174.83 cents[93]. - Retail revenue decreased by 16.6% to RMB 433.7 million, while distribution revenue increased by 26.2% to RMB 839.9 million, reflecting a shift in business performance[99]. Strategic Initiatives - The Group aims to expand its product mix by introducing more health care products and exploring upstream ecological chains, including the construction of Chinese herbal medicine bases[14]. - The Group is actively exploring online pharmacies, cross-border e-commerce, and influencer marketing as part of its "Internet+" strategy[15]. - The Group emphasizes the concept of "Specialization+" and the development concept of "Platform+" to enhance its market position[15]. - The Group is committed to upgrading and digital transformation to adapt to the "New Norm" in the real economy[15]. - The Group's strategy includes leveraging core advantages of branded products and providing value-added services to employees, customers, and consumers[14]. - The Group is focusing on upgrading to new channels and enhancing its market presence amid evolving industry policies[29][35]. - The Group is leveraging an O2O platform to create an interactive online and offline operation system[71]. - The management plans to adopt a "Specialization+" strategy to enhance service professionalism and improve operational quality in the pharmaceutical industry[143]. - The "Platform+" strategy will expand value-added services in stores to meet increasing consumer health demands, particularly in response to the pandemic[144]. - The "Internet+" strategy aims to strengthen the integration of online and offline services, utilizing mobile internet technologies and new marketing ecosystems[147]. Market Trends - The market size of China's pharmaceutical industry is expected to reach RMB 2,231.1 billion by the end of 2022, up from RMB 1,922.0 billion in 2021[33]. - New pharmaceutical retail is rapidly growing due to new medical policies and emerging industry forces[59]. - The pharmaceutical retail business helped mitigate significant declines during the epidemic[40]. - The average price reduction of drugs included in bulk purchases has reached over 50%[57]. - It is expected that 70% of the pharmaceutical market will be covered by bulk purchases within three years[57]. Employee and Corporate Governance - The total employee benefit expenses for the year amounted to RMB 245.5 million, a decrease from RMB 316.5 million in 2021, with full-time employees reduced to 3,396 from 5,586[137]. - The Group conducted 13 online internal training sessions during the Year to enhance employee skills and adapt to business transformation due to the pandemic[88]. - Approximately 1.5 million offline members received follow-up services and promotional benefits, enhancing member loyalty and the Company's positive image[86]. - The Group has implemented a share option scheme to incentivize employee performance and maintain competitiveness[196]. - The company has established and implemented a human resources management policy to provide an ideal working environment for employees[197]. - The compensation structure links part of employee pay to individual and overall company performance to incentivize good performance[197]. - Regular meetings with management are held to review the presence of forced labor within the company[197]. - The company adheres to strict hiring practices to prevent child labor and forced labor, ensuring compliance with relevant laws and regulations[197]. Environmental Sustainability - The Group aims to reduce greenhouse gas emissions by minimizing business trips and promoting teleconferencing as an alternative to in-person meetings[169]. - The Group emphasizes environmental protection by engaging manufacturers to comply with national environmental regulations and use eco-friendly packaging materials[171]. - The Group's commitment to corporate social responsibility includes initiatives in environmental sustainability, workplace safety, operational management, and community engagement[158]. - The Group actively promotes a "green office" initiative, encouraging energy-saving practices among employees[175]. - The Company supports the transition to a low-carbon economy by implementing energy and water conservation policies[184]. - The Group's overall strategy aligns with sustainable development goals, focusing on enhancing transparency and accountability in its operations[162].

Financial Performance - Revenue for the six months ended December 31, 2021, was RMB 616.7 million, representing a 5.0% increase from RMB 587.4 million in the same period of 2020[12]. - Gross profit increased by 35.0% to RMB 89.9 million, up from RMB 66.6 million year-on-year[12]. - Operating loss improved to RMB (123.9) million, a significant reduction of RMB 125.3 million compared to RMB (249.2) million in the previous year[12]. - Loss for the period decreased to RMB (125.8) million, improving by RMB 131.7 million from RMB (257.5) million in the prior year[12]. - EBITDA improved by RMB 87.6 million to RMB (103.4) million, compared to RMB (191.0) million in the same period last year[12]. - Basic loss per share improved to RMB (31.04) cents, a positive change of 35.54 cents from RMB (66.58) cents in the previous year[12]. - Gross margin increased to 14.6%, up 3.3 percentage points from 11.3% in the prior year[12]. - The Group recorded overall revenue of RMB 616.7 million, an increase of 5.0% compared to RMB 587.4 million for the corresponding period in 2020[60]. - Loss attributable to owners of the Company was RMB 125.5 million, a significant reduction from RMB 257.2 million in the same period of 2020[60]. - Total comprehensive loss for the period was RMB 116,399,000, compared to RMB 251,665,000 in the same period last year, reflecting a positive trend[128]. Operational Efficiency - Selling and marketing expenses decreased by 35.1% to RMB 183.4 million, accounting for 29.7% of the Group's revenue[79]. - The number of active customers in the distribution network decreased to approximately 1,410 from 2,400 in 2020, primarily due to increased government supervision and the impact of the Pandemic[73]. - Retail pharmacies decreased to 406 from 849 in 2020, with significant closures in Heilongjiang and Liaoning provinces[68]. - Distribution revenue increased by 9.6% to RMB 364.9 million, while retail revenue decreased by 1.0% to RMB 251.8 million[67]. - Selling and marketing expenses were reduced by 35% to RMB 183,385,000 from RMB 282,486,000, showcasing effective cost management strategies[128]. Market Dynamics - The average price reduction of drugs included in bulk purchases has reached more than 50%, significantly impacting oral solid preparations, which are the most widely sold in pharmacies[28]. - The pharmacy chain rate in China was about 56% in 2020, compared to approximately 87% in the United States in 2019, indicating substantial room for improvement in China's pharmacy chain rate[30]. - The rapid growth of "Internet + medical health" has provided consumers with more choices and greater decision-making power, marking the transition to a new pharmaceutical retail era[18]. - Approximately half of the global research and development pipelines for COVID-19 vaccines are located in China, reflecting the country's significant role in the pharmaceutical industry[23]. - The implementation of new medical policies, such as "bulk purchases," is expected to cover 70% of the pharmaceutical market within three years, indicating a shift in industry dynamics[28]. Strategic Initiatives - The Group has been actively promoting the development of traditional physical retail chain stores and distribution networks while exploring new business models in response to industry trends[34]. - The Group's operational philosophy, "The Golden Rules," emphasizes teamwork, multilateral cooperation, and a win-win strategy for common development[36]. - The "Specialization+" strategy aims to enhance service professionalism and improve operational quality, focusing on training employees and enhancing pharmacy service levels[114]. - The "Platform+" strategy will expand value-added services in stores to meet increasing consumer demand for health care and prevention[118]. - The "Internet+" strategy will strengthen the integration of online and offline services, utilizing mobile internet technologies to enhance marketing and customer engagement[119]. Financial Position - As of December 31, 2021, the Group's unpledged cash and cash equivalents totaled RMB 68.3 million, up from RMB 33.1 million as of June 30, 2021[90]. - The Group had borrowings of RMB 40.0 million with an annual interest rate of 3%[104]. - The Group's total employee benefit expenses amounted to RMB 138.0 million for the period, down from RMB 149.9 million in the same period of 2020, with a reduction in full-time employees from 5,612 to 3,495[108]. - The Group's non-current assets totaled RMB 454.5 million as of December 31, 2021, a decrease from RMB 472.2 million as of June 30, 2021[123]. - The total assets of the Group were RMB 904.4 million as of December 31, 2021, compared to RMB 957.8 million as of June 30, 2021[123]. Community Engagement - The Group participated in public charity activities, including free distribution of anti-epidemic supplies during the Pandemic[52]. - The Group provided follow-up services and promotion benefits for approximately 1.6 million offline members, enhancing member loyalty[54]. Risk Management - The Group's financial risk exposure includes foreign exchange risk, credit risk, liquidity risk, and interest rate risk, with no changes in risk management policies[159][163]. - The financial statements do not include all financial risk management information required in the annual financial statements[160]. - The Group's activities are subject to various financial risks, which are continuously monitored and managed[159].