行业主要上市公司：孩子王(301078)、润本股份(603193)、爱婴室(603214)、梦洁股份(002397)、金发拉 比(002762)、贝因美(002570)、可靠股份(301009)、中国飞鹤(06186.HK)、宝宝树集团(01761.HK)、好孩 子国际(01086.HK)、纽曼思(02530.HK)等 行业发展历程："线上+线下"全渠道发展阶段 回顾我国母婴行业发展历程，可大致将其分为几个阶段： 探索期(20世纪90年代)：随着改革开放的持续推进，国外育儿文化逐步引入国内。与此同时国外母婴品 牌和产品开始进入国内，消费者开始接受奶粉、纸尿裤等现代母婴用品。购买渠道主要是商超及百货商 店，市场上仅存在少量的母婴用品专卖店。 发展期(2000-2010年)：母婴产品逐渐被国内消费者接受，产品品牌和品类逐渐丰富，线下母婴店开始初 具规模，逐渐形成了区域性连锁市场。与此同时，线上母婴社区及购物平台开始广泛运用，行业发展驶 入快车道。 爆发期(2011-2018年)：随着网购的普及，线上母婴平台迎来了爆发式增长。与此同时，线下母婴店形成 一定规模，逐渐取代商超成为线下母婴消费第一大渠道。 整合期(20 ...

Financial Performance - In 2024, the company's total revenue decreased by approximately 34.9% to RMB 277.5 million, primarily due to consumer hoarding behavior and changes in purchasing power [8]. - The gross profit margin for 2024 was 76.1%, an increase from 75.2% in 2023, indicating a strong market position and premium branding [8]. - The company's revenue from DHA algae oil products contributed approximately 96.1% in 2024, compared to 94.7% in 2023, highlighting the product's significance in the revenue stream [15]. - The sales volume of DHA algae oil products in 2024 was 1,276 thousand units, with an average selling price of RMB 209.0 per unit [15]. - The sales volume of DHA algae oil products decreased from 1,918 thousand units in 2023 to 1,276 thousand units in 2024, reflecting market challenges [15]. - In the fiscal year 2024, the company's total revenue was approximately RMB 277.5 million, a decrease of 34.9% from RMB 426.5 million in fiscal year 2023 [16]. - Gross profit for fiscal year 2024 was approximately RMB 211.1 million, a decline of 34.2% year-over-year, with a gross margin of 76.1% compared to 75.2% in fiscal year 2023 [19]. - Other income increased to approximately RMB 17.5 million in fiscal year 2024 from RMB 13.5 million in fiscal year 2023 [20]. - Selling and distribution expenses were approximately RMB 90.6 million in fiscal year 2024, down from RMB 102.6 million in fiscal year 2023 [21]. - Profit attributable to owners decreased by 53.0% to approximately RMB 74.9 million in fiscal year 2024 from RMB 159.3 million in fiscal year 2023 [24]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency to create value for shareholders and the community [9]. - The company has a focus on corporate governance and compliance, as evidenced by the qualifications of its board members [46][49]. - The company is expanding its board with experienced professionals to enhance its governance structure [48]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests [130]. - The board consists of six members, including two executive directors and three independent non-executive directors, ensuring diverse governance [71]. - The company has established three committees: the audit committee, the remuneration committee, and the nomination committee, each with defined responsibilities [158]. - Independent non-executive directors confirm their independence in writing, ensuring the board's independence is maintained [156]. - The audit committee, composed entirely of independent non-executive directors, is responsible for reviewing the integrity of the group's financial reporting and internal control systems [160]. - The company has adopted a board diversity policy, ensuring at least one female director is included, with two female directors currently serving [149]. - The company has established a remuneration committee to review the remuneration structure for directors and senior management [108]. Market Strategy and Growth - The company plans to enhance marketing efforts and brand awareness through online and offline channels to expand market coverage in the Chinese nutrition industry [9]. - The company is optimistic about the growth potential of the nutrition industry in China, particularly in the maternal and infant sector, driven by increasing health awareness and disposable income [14]. - The company aims to strengthen its sales and distribution network, particularly in regions with lower penetration rates in China [14]. - The company plans to enhance marketing efforts and expand its sales network into Hong Kong [137]. - The company is committed to expanding its business into new regions, although this expansion carries inherent risks and uncertainties [74]. - The company is strategically positioned for future growth with a focus on expanding its market presence and enhancing its operational efficiency [52]. Employee and Management Changes - The group employed 44 employees as of December 31, 2024, down from 46 in 2023, with employee costs approximately RMB 11.7 million compared to RMB 16.6 million in 2023 [34]. - The company has seen significant management changes, with Mr. An Yong currently serving as the general manager, bringing over 17 years of experience in the food industry [56]. - The financial management team includes Ms. Sun Mei, who has over 15 years of experience in accounting and financial management, currently serving as the financial manager since February 2014 [60]. - The company has appointed a new financial director and company secretary effective February 1, 2025, indicating a change in leadership [63]. - The company has confirmed that there are no major transactions, agreements, or contracts involving significant interests held by directors or related entities [118]. Risk Management - The company faces risks related to brand reputation, supplier concentration, and reliance on online sales channels, which could impact future performance [74]. - The company believes that its risk management and internal control systems are effective and adequate during the reporting period [174]. - The audit committee is responsible for overseeing the internal control procedures and ensuring compliance with regulatory requirements [173]. Shareholder Information - The board recommends a final dividend of RMB 0.05 per ordinary share for the year ended December 31, 2024, subject to approval at the 2025 Annual General Meeting [36]. - The company has approximately RMB 376.5 million available for distribution to shareholders as of December 31, 2023, down from RMB 410.1 million in 2022 [96]. - The company’s dividend declarations are subject to approval by shareholders at the annual general meeting and cannot exceed the amount recommended by the board [181]. - The company will hold its annual general meeting on May 30, 2025 [120]. Environmental, Social, and Governance (ESG) - The company is committed to implementing comprehensive ESG principles and practices [199]. - A sustainability working group has been established at the management level, consisting of senior management members to handle environmental, social, and governance matters [200]. - The company has conducted a materiality assessment to identify significant environmental and social issues impacting investors and stakeholders [197]. - The company’s environmental, social, and governance (ESG) report covers its performance in these areas during the reporting period from January 1, 2024, to December 31, 2024 [194]. - The report includes the overall environmental and social performance of the company’s DHA product series sold in mainland China, with operations conducted from four offices and warehouses totaling 3,917.88 square meters [195].

Financial Performance - Revenue decreased by approximately 34.9% to about RMB 277.5 million (FY2023: RMB 426.5 million) [3] - Profit before tax decreased by approximately 48.9% to about RMB 99.5 million (FY2023: RMB 194.6 million) [3] - Net profit for the year decreased by approximately 53.0% to about RMB 74.9 million (FY2023: RMB 159.3 million) [3] - Adjusted net profit (excluding non-recurring IPO expenses) decreased by approximately 49.5% to about RMB 87.0 million (FY2023: RMB 172.3 million) [3] - Earnings per share attributable to owners of the company was RMB 0.0999 (FY2023: RMB 0.2125) [3] - The company's total comprehensive income for the year was RMB 76.44 million (FY2023: RMB 162.84 million) [4] - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 99,467,000, a decrease from RMB 194,621,000 in 2023, indicating a decline of approximately 48.9% [27] - The company's pre-tax profit for 2024 was RMB 99,467,000, significantly lower than RMB 194,621,000 in 2023, indicating a decrease of about 48.9% [27] - Basic earnings per share for 2024 were RMB 74,900,000, compared to RMB 159,344,000 in 2023, marking a decline of about 53% [27] Dividends - The board proposed a final dividend of RMB 0.0500 per ordinary share (equivalent to HKD 0.0537) for the year ending December 31, 2024 [3] - The company declared a dividend of RMB 550,000 per share for the fiscal year 2024 [9] - The board recommended a final dividend of RMB 0.050 per share for the year ended December 31, 2024, subject to approval at the upcoming annual general meeting [61] Assets and Liabilities - Total assets less current liabilities amounted to RMB 378.35 million (FY2023: RMB 413.50 million) [5] - Cash and cash equivalents decreased to RMB 235.82 million (FY2023: RMB 262.56 million) [5] - The company recognized contract liabilities of approximately RMB 308,000,000 as of December 31, 2024, compared to RMB 221,000,000 in 2023, showing an increase of about 39.4% [20] - As of December 31, 2024, the group's current assets net value was approximately RMB 358.6 million, compared to RMB 382.7 million as of December 31, 2023, with a current ratio of 10.6 times [46] - The group had no bank loans as of December 31, 2024, and completed a global offering of 250 million shares at HKD 0.80 per share, which is expected to support future business development [47] Operational Highlights - The company primarily operates in China, generating significant revenue from the sale of nutritional products, with external customer revenue being the main source [15] - The company's revenue for the fiscal year 2024 decreased by approximately RMB 149 million or 34.9%, primarily due to reduced demand in the maternal and infant nutrition market following a surge in 2023 and a temporary economic downturn in China during the first half of 2024 [33] - Online sales channels contributed approximately 80.5% of total revenue in fiscal year 2024, amounting to RMB 277.5 million, down from RMB 426.5 million in fiscal year 2023 [36] - The sales volume of DHA products in fiscal year 2024 was 1,276 thousand units, with an average selling price of RMB 209.0 per unit, compared to 1,918 thousand units and RMB 210.7 per unit in fiscal year 2023 [35] Expenses - The company incurred a loss of RMB 1,235,000 from foreign exchange in 2024, contrasting with a gain of RMB 1,163,000 in 2023 [22] - Employee costs decreased to RMB 12,077,000 in 2024 from RMB 16,600,000 in 2023, a reduction of approximately 27.5% [24] - Sales and distribution expenses for fiscal year 2024 were approximately RMB 90.6 million, a decrease from RMB 102.6 million in fiscal year 2023 [40] - The total tax expense for the year was RMB 24,567,000, down from RMB 35,277,000 in 2023, reflecting a reduction of approximately 30.5% [27] Corporate Governance - The company has adopted high standards of corporate governance practices, with the roles of Chairman and CEO currently held by the same individual, Mr. Wang Ping [65] - The audit committee was established on December 5, 2024, and consists of three independent non-executive directors, ensuring oversight of the audit process and risk management [69] - The company will continue to review and monitor its corporate governance practices to ensure compliance with the corporate governance code [66] - The company has confirmed compliance with the standard code for securities trading by directors since the listing date [68] Future Outlook - The company plans to increase marketing efforts in 2025 to enhance brand awareness and expand market coverage, particularly in underpenetrated regions of China [32] - The company has a strong confidence in the growth prospects of the nutrition industry in China, especially in the maternal and infant sector, driven by increasing health awareness and disposable income [32] Miscellaneous - The company's auditors confirmed that the financial statements for the year ending December 31, 2024, were prepared in accordance with applicable accounting standards [71] - As of December 31, 2024, the company's shares were not listed on the stock exchange, and no securities were purchased, sold, or redeemed during this period [72] - The annual performance announcement and annual report will be published on the company's website and the stock exchange website [73] - The board expresses gratitude to shareholders, management, employees, and business partners for their support and contributions [74] - The net proceeds from the share offering on January 10, 2025, are approximately HKD 124.0 million, with no changes planned for the intended use of proceeds as outlined in the prospectus [62] - The company will suspend share transfer registration from May 27, 2025, to May 30, 2025, to determine shareholder eligibility for the annual general meeting [63] - The company will also suspend share transfer registration from June 5, 2025, to June 6, 2025, to determine eligibility for the proposed final dividend [63]