在环境问题日益严峻、追求绿色低碳转型的浪潮之下，ESG与碳中和目标、可持续发展目标具有高度一 致性，已然成为衡量一家公司长期价值的标准之一。 随着国民生活水平的提高以及消费观念的转变，市场诉求正在从产品的基本功能向多元化特质跃迁，消 费者更加追求品质、环保、个性化等特性。与此同时，日化行业也在顺应着这些变化，呈现出绿色环 保、创新循环、多样化等新趋势。 深耕日化行业33年，蓝月亮始终立足于消费者需求，秉持"为用户，更卓越"的价值观，以科技创新为核 心驱动力，突破重重难关，持续推动自身产品矩阵升级迭代，以助力消费者实现更洁净、更环保、更舒 适的洗涤生活。 回望蓝月亮的洁净之旅，不管是2008年开创性地推出深层洁净护理洗衣液，2015年推广浓缩型洗衣液， 还是2018年重磅发售至尊生物科技洗衣液，每个阶段都印证着蓝月亮作为行业领军者的责任与担当。 2024年，蓝月亮更是全新推出集"去污、去味、除菌、护理"多效合一于一体的至尊生物科技洗衣液（全 效洁净），引领行业走进"浓缩+"时代。 据公开资料显示，蓝月亮至尊生物科技洗衣液（全效洁净）的活性物浓度高达47%，添加多重活性酶， 具有强效洁净力，能够全面帮助消费者解决 ...

年度報告 2024 公司資料及財務資料時間表 董事會 執行董事 潘東女士 （主席） 羅秋平先生 （首席執行官） 羅東女士 潘國樑先生 肖海珊女士 獨立非執行董事 Bruno Robert MERCIER先生 顏文玲女士 胡野碧先生 目錄 | 公司資料及財務資料時間表 | 2 | | --- | --- | | 公司摘要 | 4 | | 致股東的函件 | 10 | | 管理層討論及分析 | 12 | | 董事會報告 | 26 | | 董事會及高級管理層 | 60 | | 企業管治報告 | 65 | | 獨立核數師報告 | 87 | | 綜合全面收入表 | 93 | | 綜合資產負債表 | 94 | | 綜合權益變動表 | 96 | | 綜合現金流量表 | 98 | | 綜合財務報表附註 | 99 | | 財務概要 | 184 | 薪酬委員會 胡野碧先生 （主席） 潘東女士 肖海珊女士 Bruno Robert MERCIER先生 顏文玲女士 提名委員會 潘東女士 （主席） Bruno Robert MERCIER先生 胡野碧先生 公司秘書 潘國樑先生， CPA 核數師 授權代表 潘東女士 潘國樑先生 審核委員會 ...

智通财经APP讯，蓝月亮集团(06993)发布公告，公司透过一间全资附属公司成功投得一幅位于广州黄埔 区，总地盘面积约40,785平方米的地块的土地使用权，年期为50年，以发展成为一幢多用途综合大楼。 项目公司已与广州市规划和自然资源局就土地订立国有建设用地出让合同，以取得土地使用权。 近年来，集团积极开发及推广科学洗衣方法及清洁知识，帮助消费者解决清洁的难题，使洗涤方式变得 更高效、更方便。此项目为集团提供业务拓展的机会，不但可以建立长远的发展基础，而且可以整合集 团不同的职能部门，加强运营管理能力以及提高管理效率。项目完成后，预期可以实现集团的发展战略 目标，完善全链条洁净生态，加强集团在洗衣产品及洗衣服务领域的影响力。 就该土地的发展而言，项目公司亦已与广州开发区经济和信息化局订立投入产出监管协议，据此，集团 已同意根据"洁净之都"的概念，将土地发展为集智能洗涤服务、研发、总部营运及集团其他教育及配套 功能于一体的洗涤服务及总部综合大楼。项目的估计投资金额不低于人民币8.9亿元，预计将于四年期 间分阶段投入，包括土地收购成本、建筑成本及其他资本开支、营运资金及其他开支，惟须视乎将与不 同订约方订立的进一 ...

公告称，收益增长主要是由于所有产品类别及除直接销售予大客户渠道外的所有销售渠道的销售额增 加。尤其是，于新兴电商渠道取得的销售额大幅增加。于2024年，在"618购物节"、"双11 购物节"期 间，该集团持续维持领先地位，在多个主要电商平台的累计销售额排名第一。 蓝月亮集团(06993)稳居清洁护理龙头 2024年收益突 破85亿港元 同比增长16.82% 线上渠道销售额同比增加34.1%至51.04亿港元，乃主要得益于集团于电商平台成功的市场营销和产品组 合。线下分销商的销售额同比上升13.6%至31.29亿港元，主要受益于年内全品类产品销售的上升及经销 商渠道的深耕及精细化管理。 智通财经APP讯，蓝月亮集团(06993)公布2024年业绩，实现收益约85.556亿港元，同比增长16.82%。毛 利51.83亿港元，同比增长14.16%，毛利率达60.6%。董事会建议派发每股6.0港仙的末期股息。 通过集团努力不懈为消费者提供优质的衣物清洁护理产品、个人清洁护理产品及家居清洁护理产品，集 团的产品获得客户的认可及肯定。集团的洗衣液及洗手液连续14 年(2011年至2024年)在中国品牌力指数 中排名第一。 ...

Financial Performance - Revenue for the year ended December 31, 2024, increased to HKD 8,555,601 thousand, up 16.8% from HKD 7,323,532 thousand in 2023[2] - Gross profit rose to HKD 5,183,436 thousand, with a gross margin of 60.6%, down from 62.0% in the previous year[2] - The company reported a loss attributable to equity holders of HKD 749,312 thousand, compared to a profit of HKD 325,309 thousand in 2023[3] - Total comprehensive loss for the year was HKD 853,410 thousand, compared to a total comprehensive income of HKD 231,797 thousand in 2023[4] - The company reported a net loss attributable to equity holders of approximately HKD 749.3 million for the year ended December 31, 2024, compared to a profit of approximately HKD 325.3 million for the year ended December 31, 2023[52] - Basic loss per share for 2024 was HKD (13.74), compared to earnings per share of HKD 5.84 in 2023[22] - The operating loss for the year ended December 31, 2024, was approximately HKD 1,004.2 million, compared to an operating profit of approximately HKD 130.4 million for the year ended December 31, 2023[48] Assets and Equity - Cash and cash equivalents increased to HKD 5,216,379 thousand from HKD 4,342,528 thousand in 2023[5] - Total assets decreased to HKD 10,305,598 thousand from HKD 12,052,641 thousand in 2023[6] - Total equity attributable to equity holders decreased to HKD 8,664,599 thousand from HKD 10,379,043 thousand in 2023[6] - Non-current assets in Hong Kong increased to HKD 28,121,000 in 2024 from HKD 18,728,000 in 2023[15] Dividends - The company proposed a final dividend of HKD 0.06 per share[2] - The company declared an interim dividend of 4.0 HK cents per share for 2024, totaling 219,972,000 HKD, while no interim dividend was declared in 2023[24] - The proposed final dividend for the year ending December 31, 2023, is 6.0 HK cents per share, amounting to 329,466,000 HKD, consistent with the previous year[24] Sales and Revenue Breakdown - Revenue from clothing care products was HKD 7,627,243,000, up 17.3% from HKD 6,500,671,000 in 2023[15] - The company achieved a significant increase in online sales, with revenue reaching HKD 5,103.7 million, a 34.1% increase from HKD 3,805.2 million in 2023, accounting for 59.7% of total revenue[41] - Sales from offline distributors increased to HKD 3,129.0 million, a rise of 13.6% from HKD 2,754.9 million in the previous year, representing 36.5% of total revenue[41] Expenses - The cost of goods sold increased to HKD 3,020,885,000 in 2024, compared to HKD 2,465,826,000 in 2023, reflecting a rise of 22.5%[17] - Promotion expenses surged to HKD 2,597,637,000, a significant increase of 101.2% from HKD 1,290,058,000 in 2023[17] - Selling and distribution expenses increased significantly from approximately HKD 3,244.1 million for the year ended December 31, 2023, to approximately HKD 5,048.5 million for the year ended December 31, 2024, an increase of about 55.6%[45] Trade Receivables and Payables - Trade receivables decreased to HKD 1,208,123 thousand from HKD 1,404,647 thousand in 2023[5] - Trade payables increased to 659,681,000 HKD in 2024 from 578,074,000 HKD in 2023, representing a growth of approximately 14.1%[29] - Trade receivables decreased to 1,063,481,000 HKD in 2024 from 1,465,597,000 HKD in 2023, reflecting a reduction of approximately 27.4%[26] Strategic Initiatives - The company continues to focus on consumer experience and brand trust as core strategies for business development in 2024[31] - The company has been actively recruiting distributors in China, focusing on expanding its presence in county and township markets, which remains a core mission[32] - The company’s sales strategy includes a focus on emerging sales platforms such as community stores and convenience stores, aiming to capture new growth opportunities[34] - The company has invested significantly in digital infrastructure to enhance operational capabilities and respond quickly to consumer demands[36] Future Plans - The company plans to enhance its product offerings by developing advanced technology for various household cleaning products and services[66] - The company aims to improve its omnichannel sales and distribution networks to increase product penetration and responsiveness to consumer shopping habits[66] Corporate Governance - The board of directors includes executive directors Pan Dong, Luo Qiuping, Luo Dong, Pan Guoliang, and Xiao Haishan, as well as independent non-executive directors Bruno Robert Mercier, Yan Wenling, and Hu Yebi[86]

股票研究 /[Table_Date] 2025.03.16 2024 年收入稳健增长，至尊浓缩引领行业变革 蓝月亮集团(6993) ——蓝月亮集团更新报告 [Table_Industry] 耐用消费品 毛利率显著提升，推广开支增加拖累净利 2024.03.28 渠道改革成效渐显，有望重回增长轨道 2023.12.03 | 财务摘要（百万港元） | 2021 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 7,597 | 7,947 | 7,324 | 8,503 | 9,389 | 10,381 | | (+/-)% | 8.6% | 4.6% | -7.8% | 16.1% | 10.4% | 10.6% | | 毛利润 | 4,439 | 4,595 | 4,540 | 5,187 | 5,727 | 6,332 | | 净利润 | 1,014 | 611 | 325 | -706.6 | 406.0 | 587.7 | | (+/-)% | -22.5% | -39. ...

市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） -10.62 -0.44 -33.19 相对涨幅（%） -20.40 -26.33 -53.06 资料来源：海通证券研究所 收入增速修复，短期费用投放影响利润率 [Table_Summary] 投资要点： 风险提示：原材料价格上涨，新品推广不及预期，费用投放超预期。 [Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 蓝月亮集团（6993）公司研究报告 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 0[3Table_StockInfo 月 17 日收盘价 ] | 3.11 港元 | | --- | --- | | 52 周股价波动 | 1.73~4.44 港元 | | 总股本/流通港股 | 58.63 亿/58.63 亿 | | 总市值/流通市值 | 182 亿/182 亿港元 | | 相关研究 | | 主要财务数据及预测 | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 202 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Blue Moon Group, has experienced a significant decline in market value since its IPO, with a market cap evaporating by nearly 100 billion HKD, leaving it with a remaining market cap of 13 billion HKD [6][8] - The company's revenue for the first half of 2024 reached 3.13 billion HKD, marking a 41% year-on-year increase, the highest growth rate in its history [4] - Despite the revenue growth, the company has been heavily reliant on high marketing expenses, with a sales expense ratio of 70.3% in the first half of 2024, up from 47.6% the previous year [10][13] - The company's net profit has deteriorated significantly, with a net loss of 660 million HKD in the first half of 2024, compared to a loss of 170 million HKD in the same period last year [15] Summary by Sections Revenue and Profitability - The company reported a revenue of 3.13 billion HKD for the first half of 2024, a 41% increase year-on-year, achieving its highest growth rate [4] - The gross margin improved to 58.7%, up from 55.2% year-on-year, but the net profit margin fell to -21.2% [8][15] Marketing and Sales Strategy - The company has shifted its sales strategy towards online channels, with online sales accounting for 73% of revenue in the first half of 2024, up from 52% in 2023 [22][27] - The company has recently adopted live streaming as a sales strategy, resulting in a 57% year-on-year increase in online channel revenue to 2.3 billion HKD in the first half of 2024 [27][28] Financial Health and Cash Flow - The company has seen a decline in cash flow from operating activities, with net cash flow dropping from 1.42 billion HKD in 2021 to 560 million HKD in 2022 [32] - Despite a decrease in capital expenditures, the company has maintained a high dividend payout, distributing 2.64 billion HKD in dividends since its IPO, exceeding its net profit during the same period [37]

Financial Performance - Revenue for the first half of 2024 increased to HKD 3,131 million, up from HKD 2,223 million in the same period of 2023[8] - Gross profit for the first half of 2024 rose to HKD 1,836 million, compared to HKD 1,228 million in the first half of 2023[8] - Revenue for the six months ended June 30, 2024, increased to 3,131,155 thousand HKD, up from 2,222,727 thousand HKD in the same period in 2023, representing a 40.9% growth[64] - Gross profit rose to 1,836,435 thousand HKD in 2024, compared to 1,227,596 thousand HKD in 2023, a 49.6% increase[64] - Operating loss widened to 938,535 thousand HKD in 2024 from 431,355 thousand HKD in 2023, reflecting a 117.6% increase in losses[64] - Net loss attributable to equity holders of the company increased to 663,745 thousand HKD in 2024, up from 167,462 thousand HKD in 2023, a 296.4% rise[64] - Total comprehensive loss for the period amounted to 698,391 thousand HKD in 2024, compared to 347,042 thousand HKD in 2023, a 101.2% increase[65] Revenue Breakdown - Revenue from online sales accounted for 23.2% of total revenue in the first half of 2024, up from 5.5% in the same period of 2023[9] - Revenue from direct sales to major clients represented 4.2% of total revenue in the first half of 2024, compared to 6.1% in the first half of 2023[9] - Revenue from offline distributors accounted for 72.6% of total revenue in the first half of 2024, down from 88.4% in the same period of 2023[9] Production and Operations - The company operates four production bases in Guangzhou, Tianjin, Kunshan, and Chongqing as of June 30, 2024[10] - The Tianjin production base, established in 2011, covers the North China, Northeast China, and Northwest China regions[10] Market Position and Brand Strength - The company's laundry detergent and hand wash products have ranked first in the China Brand Power Index for 14 consecutive years (2011-2024)[7] - The company's laundry detergent has held the top market share in its category for 15 consecutive years (2009-2023)[7] - The company's hand wash products have maintained the leading market share in their category for 12 consecutive years (2012-2023)[7] - The company's laundry detergent and hand sanitizer have ranked first in the China Brand Power Index for 14 consecutive years (2011-2024)[15] - The company's laundry detergent and hand sanitizer have ranked first in market share for 15 and 12 consecutive years respectively (2009-2023 and 2012-2023)[15] - The company ranked first in cumulative sales on JD.com's self-operated brand list and laundry care merchant store list during the 618 shopping festival[15] - The company ranked first in the cumulative sales list of the laundry care industry on Douyin during the 618 shopping festival[15] Strategic Plans and Initiatives - The company plans to enrich and launch new products in its three major product categories to meet consumer demand[16] - The company aims to strengthen cooperation with major e-commerce platforms and increase its influence on emerging online sales and distribution platforms[16] - The company will continue to deepen its offline sales channels and focus on different sales points to promote sales[16] - The company plans to promote cleaning knowledge and scientific cleaning methods to improve customer experience[16] - The company will accelerate digitalization and upgrade its manufacturing network to improve operational efficiency[16] - The company is committed to maintaining a stable dividend policy to provide sustainable returns to shareholders[16] Shareholding Structure - ZED Group Limited holds 4,326,400,000 shares, representing 73.79% of the total issued shares[44] - HHLR Advisors, Ltd. holds 527,422,500 shares, representing 9.00% of the total issued shares[44] - HHLR Fund, L.P. holds 526,542,800 shares, representing 8.98% of the total issued shares[44] - HCM BM Holdings, Ltd. holds 500,000,000 shares, representing 8.53% of the total issued shares[44] - Tricor Trust (Hong Kong) Limited holds 293,742,986 shares, representing 5.01% of the total issued shares[44] - BMGH T Limited holds 293,742,986 shares, representing 5.01% of the total issued shares[44] - As of June 30, 2024, the total number of issued shares is 5,862,993,406[44] - HCM BM Holdings, Ltd. is 95.32% owned by HHLR Fund, L.P.[45] - As of June 30, 2024, there are 46,308,473 unexercised pre-IPO share options, representing approximately 0.79% of the total issued shares[49] - Under the 2021 Share Award Plan, 21,690,999 shares were awarded to 371 employees, with 9,750,314 shares already vested as of the reporting date[50] - The company has approved a 2022 Share Award Plan, granting 119,600,000 shares to three executive directors and three individuals as directors of subsidiaries, with 41,800,000 shares already vested[51] - The board has proposed an interim dividend of HK$0.04 per share for the six months ended June 30, 2024[52] - The company maintains a public float of 24.06% of its issued share capital, in compliance with the Hong Kong Stock Exchange's requirements[59] Financial Utilization and Future Plans - The company has utilized HK$1,409 million of the net proceeds from its global offering in the first half of 2024, with HK$3,721 million remaining unutilized as of June 30, 2024[62] - The company expects to fully utilize the remaining funds for business expansion, brand enhancement, and R&D by the end of 2025[63] Asset and Liability Changes - Property, plant, and equipment decreased slightly to 1,437,497 thousand HKD in 2024 from 1,455,289 thousand HKD in 2023, a 1.2% decline[66] - Inventory increased to 409,895 thousand HKD in 2024, up from 258,160 thousand HKD in 2023, a 58.8% rise[66] - Trade receivables and bills decreased to 932,003 thousand HKD in 2024 from 1,404,647 thousand HKD in 2023, a 33.6% decline[66] - Total assets decreased to 10,785,998 thousand HKD in 2024 from 12,052,641 thousand HKD in 2023, a 10.5% decline[67] - Total liabilities decreased to 1,425,476 thousand HKD in 2024 from 1,673,598 thousand HKD in 2023, a 14.8% decline[67]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 3,131,155, an increase of 41% compared to HKD 2,222,727 for the same period in 2023[2] - Gross profit for the same period was HKD 1,836,435, representing a gross margin of 58.7%, up from 55.2% in 2023[2] - The company reported a loss attributable to equity holders of HKD (663,745), compared to a loss of HKD (167,462) in the previous year[2] - The total comprehensive loss for the period was HKD (698,391), compared to HKD (347,042) in 2023[5] - Basic and diluted loss per share for the period was HKD (12.00), compared to HKD (3.01) in the same period last year[5] - The net loss attributable to equity holders for the six months ended June 30, 2024, was approximately HKD 663,745,000, compared to HKD 167,462,000 in the same period of 2023[21] - The company recorded an operating loss of approximately HKD 938.5 million for the six months ended June 30, 2024, compared to a loss of HKD 431.4 million in the previous year[44] Assets and Equity - Total assets as of June 30, 2024, were HKD 10,785,998, down from HKD 12,052,641 as of December 31, 2023[7] - Total equity attributable to equity holders was HKD 9,360,522, a decrease from HKD 10,379,043 at the end of 2023[6] - As of June 30, 2024, trade receivables and bills receivable amounted to HKD 1,050,142 thousand, down from HKD 1,580,131 thousand as of December 31, 2023[26] - The net trade receivables after loss provisions were HKD 932,003 thousand as of June 30, 2024, compared to HKD 1,404,647 thousand as of December 31, 2023[26] - The company’s total property, plant, and equipment net book value as of June 30, 2024, was HKD 1,437,497 thousand, a decrease from HKD 1,455,289 thousand at the beginning of the period[25] Revenue Breakdown - The sales revenue from clothing care products reached HKD 2,767,339,000, up from HKD 1,957,974,000, representing a 41% growth[15] - Revenue from laundry care products increased by 41.3% to HKD 2,767,339,000, while personal care products saw a 59.6% increase to HKD 191,870,000[37] - Online sales channels contributed HKD 2,271,654,000, a 56.9% increase from HKD 1,448,048,000 in the previous year, accounting for 72.6% of total revenue[38] Expenses and Costs - The cost of goods sold for the six months ended June 30, 2024, was HKD 1,131,471,000, compared to HKD 850,993,000 in the previous year, indicating a 33% increase[17] - Promotional expenses surged to HKD 1,094,646,000, a significant rise from HKD 266,048,000, reflecting a 311% increase[17] - Selling and distribution expenses surged by 107.9% to approximately HKD 2,201.4 million, primarily due to increased sales activities and new product promotions[42] - The cost of sales for the six months ended June 30, 2024, was approximately HKD 1,294.7 million, up 30.1% from HKD 995.1 million in the prior period[39] Dividends - The board recommended an interim dividend of HKD 0.04 per share[2] - The board proposed a final dividend of HKD 0.06 per share for the year ended December 31, 2023, amounting to approximately HKD 329,127,000, which was approved by shareholders[24] - The company plans to distribute an interim dividend of HKD 0.04 per share for the six months ended June 30, 2024, amounting to HKD 218,295,000[24] Government Grants and Taxation - The company received government grants totaling HKD 5,192,000, down from HKD 18,772,000 in the previous year[16] - The company has not recognized any taxable profits in Hong Kong, resulting in no provisions for Hong Kong profits tax[19] - The effective corporate income tax rate for the company’s subsidiaries in China is 15%, benefiting from preferential tax treatment until 2030[20] Corporate Governance and Compliance - The board regularly reviews and enhances corporate governance practices to ensure compliance with the Corporate Governance Code[54] - The company has maintained a public float of 24.06% of its issued share capital, in compliance with the exchange's requirements[55] - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2024[55] Strategic Focus and Future Plans - The company continues to focus on product development across all categories, particularly in laundry care, personal care, and home care, with a strong emphasis on targeted and functional new products[32] - The company aims to enhance its sales and distribution network, with a systematic expansion into counties and towns across China, and has set specific business targets for distributor coverage and brand penetration[32] - The company plans to accelerate digitalization and upgrade its manufacturing network to improve operational efficiency[34] - The company is committed to sustainable development principles, focusing on green low-carbon strategies in product development, manufacturing, and packaging processes[34] Employee and Shareholder Information - As of June 30, 2024, the company had approximately 7,459 employees, with competitive salary levels maintained[50] - A total of 21,690,999 shares were granted to 371 employees under the 2021 Share Award Scheme, with 9,750,314 shares already vested[51] - Under the 2022 Share Award Scheme, 119,600,000 shares were granted to 3 executive directors and 3 subsidiary directors, with 41,800,000 shares vested[52] IPO and Fund Utilization - The net proceeds from the IPO in December 2020 amounted to HKD 11,004 million, with specific allocations for business expansion and R&D[57] - As of June 30, 2024, approximately HKD 3,380 million was utilized for business expansion, with HKD 31 million remaining unutilized[58] - The company has no significant future plans for major investments or acquisitions beyond disclosed capital expenditures[49] - The expansion and upgrading of the group's production bases are ongoing, with unutilized funds expected to be fully utilized by the end of 2025 for business expansion, including capacity expansion plans, equipment purchases, and development of laundry services[59] - Unutilized funds aimed at enhancing brand awareness, further strengthening the sales and distribution network, and increasing product penetration are also expected to be fully utilized by the end of 2025[59] - Funds allocated for enhancing research and development capabilities are anticipated to be fully utilized by the end of 2025[59]