Financial Performance - Revenue decreased by approximately RMB 150.2 million or 18.8% to about RMB 646.9 million for the year ended December 31, 2020[10]. - Gross profit decreased by approximately RMB 122.9 million or 20.5% to about RMB 475.6 million for the year ended December 31, 2020[10]. - Profit attributable to equity holders decreased by approximately RMB 13.5 million or 8.1% to about RMB 154.1 million for the year ended December 31, 2020[10]. - The decrease in net profit was primarily due to reduced customer traffic in pharmacies and supermarkets caused by the pandemic[14]. - The group's revenue for the year ended December 31, 2020, was approximately RMB 646.9 million, a decrease of about RMB 150.2 million or 18.8% compared to RMB 797.1 million for the year ended December 31, 2019[60]. - Revenue from the sale of Jin Sang Zi throat lozenges (OTC) was approximately RMB 581.8 million, down RMB 139.4 million or 19.3% from RMB 721.2 million in the previous year, primarily due to reduced customer traffic caused by the COVID-19 pandemic[60]. - The group's gross profit decreased to approximately RMB 475.6 million, down RMB 122.9 million or 20.5% from RMB 598.5 million in the previous year, with a gross margin of 73.5% compared to 75.1% in 2019[65]. - Net profit decreased to RMB 154.1 million, down RMB 13.5 million or 8.1% from RMB 167.6 million in the previous year, mainly due to the decrease in revenue[73]. COVID-19 Impact - In 2020, the company faced challenges due to the COVID-19 pandemic, impacting offline sales channels[46]. - The COVID-19 pandemic impacted offline sales, leading to a decline in customer traffic in pharmacies and supermarkets[56]. - The company actively engaged in pandemic response efforts, utilizing resources for donations[46]. - The company donated over RMB 1.6 million in anti-epidemic materials during the COVID-19 pandemic[14]. Product Development and Market Strategy - A new pharmaceutical production and R&D base in Liuzhou, Guangxi, covering approximately 60,000 square meters, has been completed and is in trial production phase[15]. - The new automated production line is expected to enhance production efficiency and improve product quality and competitiveness[15]. - The company plans to continue expanding in the pharmaceutical and fast-moving consumer goods sectors in 2021[15]. - The company plans to continue optimizing its product system and enhancing organizational capabilities in 2021[47]. - The company plans to expand into new regional markets, including Qinghai, Jilin, and Inner Mongolia, while enhancing online sales channels[58]. - The company aims to strengthen its brand recognition and market presence through targeted advertising and collaboration with distributors[59]. - The company has successfully developed 31 new products since 1994, obtaining production licenses for these products[51]. Distribution and Sales - As of December 31, 2020, the distribution network consists of over 630 distributors covering all provinces, autonomous regions, and municipalities in China[54]. - The company has established an online flagship store on Tmall, offering six new products in the Golden Throat series, enhancing its distribution system[55]. - Revenue from the top five customers accounted for approximately 30.0% of total sales, with the largest customer contributing 8.9%[107]. - Procurement from the top five suppliers represented about 65.4% of total purchases, with the largest supplier accounting for 22.5%[107]. Corporate Governance - The company has established a solid framework for independent oversight through its independent non-executive directors[94]. - The board consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with relevant listing rules[170]. - The independent non-executive directors have confirmed their independence according to the Listing Rules, contributing valuable business experience and expertise to the board[170]. - The company has adopted high standards of corporate governance to protect shareholder interests and enhance corporate value and accountability[168]. - The company provides relevant training to directors to ensure they understand their responsibilities and comply with listing rules[173]. Financial Position and Capital Management - As of December 31, 2020, the group's current assets net value was approximately RMB 696.4 million, compared to RMB 677.0 million as of December 31, 2019, maintaining a current ratio of 2.5[74]. - Interest-bearing bank loans and other borrowings totaled approximately RMB 152.5 million, an increase of RMB 56.4 million from RMB 96.1 million as of December 31, 2019[75]. - As of December 31, 2020, the group's debt-to-equity ratio increased from approximately 8.3% in 2019 to about 12.5%[77]. - The company's distributable reserves as of December 31, 2020, were approximately RMB 712.3 million, an increase from RMB 668.5 million as of December 31, 2019[109]. Employee and Management - The total employee cost for the year ended December 31, 2020, was approximately RMB 742 million, compared to RMB 691 million in 2019, reflecting an increase of about 7.4%[79]. - The group employed a total of 938 full-time employees as of December 31, 2020, up from 903 employees in the previous year, indicating a growth of approximately 3.9%[79]. - The company reported a significant increase in sales management experience, with over 18 years accumulated by the General Manager, Mr. Zeng Yong[91]. - The company has a strong leadership team with extensive experience in the pharmaceutical industry, with executives like Mr. Huang Jianping and Mr. Zeng Kexiong each having over 20 years of experience[92]. Stock Options and Shareholder Matters - The group had no outstanding stock options granted, exercised, canceled, or expired since the adoption of the stock option plan on June 8, 2017[118]. - The stock option plan aims to reward participants for their contributions to the group's development and growth[119]. - The total number of shares that can be issued under the stock option plan is capped at 10% of the total issued shares as of the approval date, which amounts to 73,930,200 shares[124]. - The company’s management trust holds 7.97% of the issued share capital, with specific individuals having defined shareholdings[133]. - The family trust holds 453,025,800 shares, representing approximately 61.28% of the total issued shares[137]. Related Party Transactions - The company had a continuous related party transaction with Changbao, procuring raw materials amounting to RMB 3,754,000 for the year ended December 31, 2020, against an annual cap of RMB 15,016,000[147]. - The company confirmed compliance with the non-competition agreement by the controlling shareholders for the year ended December 31, 2020[142]. - The procurement framework agreement with Changbao for sugar substitutes has been renewed for the period from January 1, 2021, to December 31, 2023[154]. Audit and Compliance - The audit committee has reviewed the accounting principles and policies adopted by the group for the year ended December 31, 2020, ensuring compliance with applicable accounting standards[162]. - Ernst & Young has been appointed as the auditor for the year ended December 31, 2020, and has not been changed since the company's listing on July 15, 2015[164]. - The company has established an internal audit department to review its financial condition, operational status, risk management, compliance monitoring, and internal controls[199]. - The board has confirmed that there are no significant uncertainties that may cast doubt on the group's ability to continue as a going concern[196].

Financial Performance - Revenue for the six months ended June 30, 2020, decreased by approximately RMB 150.7 million or 42.5% to approximately RMB 203.9 million compared to the same period in 2019[19] - Gross profit for the same period decreased by approximately RMB 109.2 million or 41.8% to approximately RMB 152.3 million[19] - EBITDA for the six months ended June 30, 2020, decreased by approximately RMB 33.0 million or 48.7% to approximately RMB 34.8 million compared to the same period in 2019[19] - Profit attributable to equity holders of the company decreased by approximately RMB 29.6 million or 65.2% to approximately RMB 15.8 million for the six months ended June 30, 2020[19] - For the six months ended June 30, 2020, the group's revenue was approximately RMB 203.9 million, a decrease of about RMB 150.7 million or 42.5% compared to RMB 354.6 million for the same period in 2019[37] - Sales revenue from the OTC throat lozenges was approximately RMB 185.2 million, down RMB 132.4 million or 41.7% from RMB 317.6 million in the same period of 2019[38] - Sales revenue from the throat treasure series products was approximately RMB 15.1 million, a decrease of RMB 16.8 million or 52.7% compared to RMB 31.9 million for the same period in 2019[38] - Net profit for the six months ended June 30, 2020, was approximately RMB 15.8 million, a decrease of approximately RMB 29.6 million or 65.2% compared to approximately RMB 45.4 million for the same period in 2019, primarily due to a decrease in revenue[49] - Basic and diluted earnings per share were RMB 0.02, compared to RMB 0.06 in the previous year[77] - The company reported a total comprehensive income of RMB 20,136,000 for the period, compared to RMB 47,557,000 in 2019[78] - The company reported a profit of RMB 15,838,000 for the six months ended June 30, 2020, compared to RMB 45,435,000 for the same period in 2019, reflecting a decrease of approximately 65.1%[81] Operational Highlights - The company is a leading manufacturer of throat lozenges in China, with a history dating back to 1956[13] - The flagship product, Jinsongzi throat lozenges (OTC), accounted for approximately 90.8% of total revenue as of June 30, 2020[27] - The Jinsongzi throat treasure series products contributed about 7.4% to total revenue as of June 30, 2020[28] - Other products, including ginkgo biloba tablets and herbal drinks, represented approximately 1.8% of total revenue as of June 30, 2020[28] - The company has successfully developed 31 new products since 1994, with 8 classified as pharmaceuticals and 21 as food products[29] - The distribution network consists of over 600 distributors covering all provinces, autonomous regions, and municipalities in China as of June 30, 2020[31] - The company has established a flagship store on Tmall for online sales, enhancing its distribution system[31] - The company has exported its products to 17 countries and regions as of June 30, 2020[28] Strategic Initiatives - The group plans to enhance its product offerings and expand its market share in the Chinese pharmaceutical and food markets[35] - The new production and R&D base in Liuzhou, Guangxi, is expected to increase the annual production capacity of OTC throat lozenges by approximately 57% after expansion[36] - The group aims to strengthen its brand recognition and image through increased advertising on broader internet media platforms[36] - The group has initiated the launch of its WeChat mini-program mall to enhance online sales channels[35] - The group is strategically expanding into new regional markets such as Qinghai, Jilin, and Inner Mongolia[35] Financial Position - Current assets net value decreased to approximately RMB 585.2 million as of June 30, 2020, from approximately RMB 677.0 million as of December 31, 2019, with a current ratio decrease from 2.5 to approximately 2.4[50] - Total interest-bearing bank borrowings increased to approximately RMB 199.7 million as of June 30, 2020, from approximately RMB 96.1 million as of December 31, 2019, to supplement the group's working capital needs[51] - The debt-to-equity ratio increased from approximately 8.3% as of December 31, 2019, to approximately 18.3% as of June 30, 2020, primarily due to the increase in bank borrowings[53] - Total assets as of June 30, 2020, were RMB 1,095,576,000, a decrease from RMB 1,164,109,000 at the end of 2019[79] - Current assets totaled RMB 1,017,604,000, down from RMB 1,139,803,000 at the end of 2019[79] - Cash and cash equivalents increased to RMB 684,587,000 from RMB 577,333,000 at the end of 2019[79] - The company’s total equity as of June 30, 2020, was RMB 1,094,011 thousand, down from RMB 1,154,129 thousand as of January 1, 2020, indicating a decrease of approximately 5.2%[81] Expenses and Costs - Selling and distribution expenses decreased to approximately RMB 106.6 million for the six months ended June 30, 2020, down by approximately RMB 67.1 million or 38.6% from approximately RMB 173.7 million for the same period in 2019, primarily due to reduced marketing expenses caused by the COVID-19 pandemic[44] - Administrative expenses increased to approximately RMB 29.0 million for the six months ended June 30, 2020, up by approximately RMB 1.8 million or 6.6% from approximately RMB 27.2 million for the same period in 2019, mainly due to depreciation from the completion of new drug production R&D facilities[45] - Financial costs increased to approximately RMB 6.3 million for the six months ended June 30, 2020, up by approximately RMB 2.6 million or 70.3% from approximately RMB 3.7 million for the same period in 2019, due to an increase in bank borrowings[47] - The group's sales cost decreased from approximately RMB 931.3 million for the six months ended June 30, 2019, to approximately RMB 516.1 million for the six months ended June 30, 2020, accounting for about 25.3% of total revenue during the same period[40] Employee and Management - As of June 30, 2020, the group employed a total of 902 full-time employees, an increase from 839 full-time employees as of June 30, 2019[56] - Employee costs for the six months ended June 30, 2020, were approximately RMB 32.2 million, compared to RMB 26.9 million for the same period in 2019, reflecting a year-on-year increase of about 19.6%[56] - The total compensation paid to key management personnel was RMB 5,988,000 for the six months ended June 30, 2020, an increase of 50.9% from RMB 3,968,000 in the same period of 2019[109] - The group’s short-term employee benefits increased to RMB 5,842,000 for the six months ended June 30, 2020, compared to RMB 3,679,000 in the same period of 2019, reflecting a growth of 58.8%[109] Dividends and Shareholder Information - The board did not declare any interim dividend for the six months ended June 30, 2020[62] - The company declared a final dividend of HKD 0.12 per ordinary share for the six months ended June 30, 2020, unchanged from 2019[96] - Major shareholder, Mr. Zeng Yong, holds 516,013,700 shares, representing approximately 69.79% of the total issued shares[67] - The family trust controlled by Mr. Zeng Yong holds 453,025,800 shares, accounting for 61.28% of the total issued shares[73] - The senior management trust holds 58,937,400 shares, which is 7.97% of the total issued shares[73] - Jin Chen Global holds 41,837,400 shares, representing 5.66% of the total issued shares[73] Research and Development - Research and development costs for the six months ended June 30, 2020, were RMB 912 thousand, a decrease of 38.2% from RMB 1,475 thousand in the same period of 2019[93] - The company committed to invest approximately RMB 63.2 million to build a new pharmaceutical production and R&D base in Liuzhou, Guangxi Zhuang Autonomous Region[58] - The company plans to relocate to a new pharmaceutical production and R&D base, which will enhance manufacturing quality and technical content, thereby improving overall competitiveness[59] COVID-19 Response - The company actively responded to the COVID-19 pandemic by organizing anti-epidemic materials and fundraising efforts[24] - The company purchased over 700 new energy electric vehicles to address employee transportation issues[24]

金嗓子控股集團有限公司 GOLDEN THROAT HOLDINGS GROUP COMPANY LIMITED (根據開曼群島法律註冊成立的成員責任有限公司) 股份代號 : 06896 年度報告 2019 OLDEN THROAT CANDY - 2011 KENSE 展镇品有限公司 Golden Throat Lozenge 228节 FSC 混合產品 您自负责任的 麻辣買部的概張 F8C® C008061 13 35 GOLDEN THROAT CANDY Cden Gol Golden Throat OTC KPHI 0 le 都乐 于保健品折散な可 SC 0 0 0 11 2 登录 22.8克 目錄 2 公司簡介 3 公司資料 5 財務摘要 6 主席報告 9 釋義 13 管理層討論及分析 29 董事及高級管理層 34 董事會報告 56 企業管治報告 73 獨立核數師報告 79 綜合損益表 80 綜合全面收益表 81 綜合財務狀況表 83 綜合權益變動表 85 綜合現金流表 87 財務報表附註 164 五年財務概要 公司簡介 | --- | --- | |----------------------- ...

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Financial Performance - Revenue increased by RMB 70.1 million or 11.2% to RMB 694.2 million compared to the year ended December 31, 2017[10] - Gross profit rose by RMB 80.9 million or 18.6% to RMB 516.5 million, with a gross margin of 74.4%[10] - EBITDA increased by RMB 54.7 million or 51.5% to RMB 160.9 million compared to the previous year[10] - Profit attributable to equity holders increased by RMB 40.8 million or 66.4% to RMB 102.2 million[10] - The company's revenue for the year ended December 31, 2018, was approximately RMB 694.2 million, an increase of about RMB 70.1 million or 11.2% compared to RMB 624.1 million for the year ended December 31, 2017[60] - The group's gross profit increased to RMB 516.5 million for the year ended December 31, 2018, up approximately RMB 80.9 million or 18.6% from RMB 435.6 million for the year ended December 31, 2017, with a gross margin rising from 69.8% to 74.4%[66] - Net profit for the year ended December 31, 2018, was approximately RMB 102.2 million, an increase of about RMB 40.8 million or 66.4% from RMB 61.4 million for the year ended December 31, 2017, mainly due to increased revenue[74] Market Expansion and Product Development - The company expanded its export markets, adding six new countries, bringing the total to 42 countries[16] - New export markets developed in 2018 include Vietnam, Kazakhstan, Kyrgyzstan, Maldives, and Brazil, covering five continents[43] - The company established a flagship store on Tmall in October 2018, launching a new online product series[17] - The group plans to enhance marketing strategies for OTC products and increase market share for Golden Throat lozenges in 2019[18] - The group aims to expand both international and domestic markets through increased investment in marketing channels and promotional efforts[18] - The company has successfully exported products to 42 countries, with six new export countries added in 2018, including Vietnam and Poland[53] - The group launched an online flagship store for Golden Throat lozenges on Tmall in 2018, introducing new product variants[44] - The company aims to transform its headquarters into a food production plant and R&D center to strengthen its food business and attract more customers[58] Research and Development - A new R&D base is in the equipment installation phase, with plans for trial production by the end of 2019[17] - The company plans to invest approximately RMB 57.8 million in R&D activities, having already spent RMB 2.2 million by December 31, 2018[48] - The group is focused on achieving breakthroughs in both pharmaceutical and fast-moving consumer goods sectors in 2019[18] - The annual production capacity of Jin Sangzi throat lozenges (OTC) is expected to increase by approximately 57% following the establishment of a new production and R&D base in Guangxi, which is currently in the equipment installation and decoration phase[58] Shareholder Information and Dividends - The company proposed a final dividend of HKD 0.12 per share for the year ended December 31, 2018, subject to shareholder approval[10] - The company reported a final dividend of HKD 0.12 per share for the year ended December 31, 2018, subject to shareholder approval at the annual general meeting on May 15, 2019[98] - As of December 31, 2018, the total issued shares were 739,302,000, with significant holdings by key individuals, including 69.79% held by a trust associated with Mr. Zeng Yong[131] Governance and Compliance - The company has complied with the corporate governance code and has adopted its own governance practices to protect shareholder interests[170] - The board of directors confirmed the independence of all independent non-executive directors according to the listing rules[112] - The company emphasizes compliance with relevant laws and regulations, as well as its environmental policies, detailed in the corporate governance report[101] - The company has established appropriate arrangements for employees to raise concerns regarding financial reporting and internal controls[197] Risks and Challenges - The company is facing risks related to maintaining relationships with distributors and changes in consumer preferences, which could adversely affect its reputation and profitability[59] - The management discussion and analysis section provides insights into the group’s future business development and potential risks, located on pages 14 to 28 of the report[101] Financial Management and Audit - The company has a financial risk management policy outlined in note 34 of the financial statements[101] - Ernst & Young has been appointed as the auditor for the year ending December 31, 2018, and has not been changed since the company's listing on July 15, 2015[167] - The Audit Committee is responsible for reviewing the company's financial information before submission to the board, ensuring the independence of external auditors, and monitoring the effectiveness of the audit process[196] Related Party Transactions - The company engaged in related party transactions, including procurement of raw materials from Guangxi Changbao Biotechnology Co., Ltd. for a total of 10,130[149] - The company has a trademark licensing agreement with Peizhen Investment, which is a related party[149] - The controlling shareholders have committed not to engage in any competing business activities directly or indirectly[143]