Core Viewpoint - Blue Moon Group Holdings Limited emphasizes its commitment to sustainable development through its 2024 ESG report, highlighting the integration of corporate value and ecological value as a foundation for long-term growth [1] Group 1: Product Innovation and R&D - Blue Moon has a strong focus on developing green and environmentally friendly products, responding to the increasing consumer demand for diverse washing product functionalities [2] - The company has a clear product iteration path, having introduced various innovations over the years, such as concentrated laundry liquids and bio-tech laundry liquids, which significantly reduce packaging waste [2] - As of the end of 2024, Blue Moon holds a total of 265 effective patents, including 48 effective invention patents, showcasing its commitment to R&D investment [2] Group 2: Industry Standards and Recognition - Blue Moon actively participates in the establishment of industry standards, having contributed to the formulation of 3 international standards, 21 national standards, and 12 industry standards by the end of 2024 [3] - The company has received multiple product honors in 2024, including recognition for its Supreme Bio-Tech Laundry Liquid and other products in various innovation directories [3] Group 3: Green Development Practices - Blue Moon integrates green development principles into its operations, establishing a comprehensive green product system with numerous certifications, including 49 products certified by the China Environmental Labeling [4] - The company is expanding its renewable energy initiatives, with solar power projects implemented across its factories, including a 20% capacity increase at its Tianjin factory in 2024 [4][5] - Blue Moon's factories have been recognized as national "green factories," reflecting its commitment to sustainable manufacturing practices [5] Group 4: Financial Performance - In 2024, Blue Moon reported a revenue of approximately HKD 8.556 billion, marking a historical high with a year-on-year growth of 16.8%, and a gross profit of HKD 5.183 billion, up 14.2% year-on-year [5] - The company's financial results demonstrate resilience and a steady growth trajectory, attributed to ongoing product innovation and brand enhancement [5]

Core Insights - Blue Moon has maintained the leading market share in laundry liquid and hand soap in China for 16 and 13 consecutive years respectively, from 2009 to 2024 and 2012 to 2024 [1][4] - The company has focused on continuous technological innovation for 33 years, driving the upgrade of the Chinese laundry industry [4][5] Group 1: Product Innovation - Blue Moon pioneered the "liquid" era in laundry products, successfully transitioning consumer habits from powder to liquid laundry detergent [5][6] - The introduction of the "Concentrated+" laundry liquid in 2015 marked a significant shift, with a 47% active ingredient concentration, three times the national standard, aligning with international benchmarks [5][8] - The company has expanded its product matrix to meet diverse consumer needs, launching various bio-tech series products, including the Supreme Bio-Tech Laundry Liquid in 2024 [6][11] Group 2: Market Strategy - Blue Moon has developed a scientific washing solution called "Washing Three Treasures" to address specific consumer pain points, enhancing user experience and promoting scientific washing knowledge [10][11] - The penetration rate of concentrated laundry liquids in China was only 9.2% in 2023, with a compound annual growth rate of 24.7%, indicating significant growth potential [10][11] - The company is positioned as a leader in the concentrated washing sector, with a strategic focus on technological breakthroughs and market cultivation [11][12] Group 3: Corporate Responsibility and Vision - Blue Moon demonstrates a commitment to long-term development and social responsibility, aligning with China's "dual carbon" strategy while investing heavily in product innovation [12][13] - The company aims to create sustainable value across the entire industry chain through technological advancements and by enhancing industry standards [11][13] - The Supreme series received high ratings in consumer evaluations, reflecting the company's dedication to quality and innovation [13]

Core Insights - The article highlights the challenges faced by brands in the fast-moving consumer goods sector, particularly in the Chinese daily chemical market, where brand loyalty is diminishing due to high product turnover rates and a shortened product lifecycle of 18 months [1] - Blue Moon has emerged as a leader in this competitive landscape, maintaining its market dominance in laundry and handwashing liquid categories for 16 and 13 consecutive years, respectively [1] Group 1: Market Dynamics - The average annual product elimination rate in the Chinese daily chemical market exceeds 65%, indicating a highly competitive environment [1] - The shift in consumer demand from basic cleaning to more specialized and experience-driven products is reshaping the market, pushing companies to innovate and create new demands [4] Group 2: Blue Moon's Strategy - Blue Moon has consistently positioned itself as an industry pioneer by focusing on consumer needs and leveraging technological innovations to enhance cleaning experiences [4][8] - The company has successfully transitioned the market from powder to liquid laundry detergents, achieving a penetration rate increase from less than 3% to 44% over a decade [4] Group 3: Product Innovation - Blue Moon has expanded its product line to include specialized laundry liquids for various scenarios, such as handwashing, baby care, and travel, promoting the concept of "specialized products for specific uses" [6] - The introduction of concentrated laundry liquids has revolutionized the market, with Blue Moon launching the first "concentrated+" laundry liquid in 2015, which has since led to a significant market shift [6][9] Group 4: Market Education and Consumer Engagement - Blue Moon is actively educating consumers about the benefits and usage of concentrated laundry liquids through various marketing strategies, including live demonstrations and online tutorials [10] - The company has initiated programs like the "Supreme Clean Journey" to allow consumers to witness the effectiveness of its products firsthand [10] Group 5: Environmental Impact - The promotion of concentrated laundry liquids aligns with broader environmental goals, as these products are designed to reduce water and energy consumption, with a 60% reduction in product volume compared to traditional options [12] - If all Chinese consumers switched to concentrated detergents, it could lead to significant reductions in energy consumption and carbon emissions, highlighting the societal benefits of this product shift [12] Group 6: Future Outlook - Blue Moon's commitment to innovation and sustainability positions it as a leader in the industry, with a focus on long-term growth rather than short-term gains [13][14] - The company's proactive approach to circular economy practices, such as promoting refillable packaging, reflects its dedication to reducing waste and enhancing environmental responsibility [13]

Core Viewpoint - The company emphasizes its commitment to ESG principles and sustainable development, highlighting its ongoing efforts in green transformation and social responsibility as key components of its long-term value assessment [1][5][8]. Group 1: ESG Report and Commitment - The company released its 2024 ESG report, marking the fifth consecutive year of such disclosures, showcasing its dedication to environmental, social, and governance standards [1]. - The company aims to integrate green development into all operational aspects, optimizing energy structure, improving water efficiency, and managing emissions [5][6]. Group 2: Product Innovation and Market Trends - The company has focused on consumer needs, driving product innovation and upgrades, including the launch of the new "Supreme Biological Technology Laundry Liquid" with a high active ingredient concentration of 47% [2][3]. - The company is responding to market demands for quality, environmental friendliness, and personalization, aligning with trends in the daily chemical industry [2]. Group 3: Environmental Initiatives - The company has implemented various measures to enhance renewable energy use, including solar power projects across its factories, with a projected annual generation of over 2800 MWh by 2025 [6]. - In 2024, the company completed 45 water-saving initiatives, saving 21,476 tons of water and reducing wastewater emissions by 6,403 tons [6]. Group 4: Social Responsibility and Community Engagement - The company prioritizes social responsibility, focusing on equal employment opportunities and creating a supportive work environment, with women making up 51% of its workforce [8]. - The company has engaged in various community initiatives, including partnerships with organizations to promote health awareness among women and children, benefiting over 750,000 individuals in 2024 [9][10]. Group 5: Recognition and Future Goals - The company has received multiple awards for its ESG efforts, including the "Company Governance Excellence Award" and the "BDO ESG Award" [10]. - Looking ahead, the company aims to continue its commitment to technological innovation and green transformation, supporting the achievement of carbon neutrality goals [10].

Financial Performance - The company's revenue for 2024 reached HKD 8,555,601 thousand, representing a 16.8% increase from HKD 7,323,532 thousand in 2023[16] - Gross profit for 2024 was HKD 5,183,436 thousand, with a gross margin of 60.6%, down from 62.0% in 2023[16] - The company reported a loss before tax of HKD 785,008 thousand for 2024, compared to a profit of HKD 395,909 thousand in 2023[16] - The net loss attributable to equity holders for 2024 was HKD 749,312 thousand, compared to a profit of HKD 325,309 thousand in 2023[16] - For the fiscal year ending December 31, 2024, the company recorded revenue of approximately HKD 8,555.6 million, representing a year-on-year increase of about 16.8% compared to HKD 7,323.5 million for the fiscal year ending December 31, 2023[47] - The gross profit for the fiscal year ending December 31, 2024, was HKD 5,183.4 million, up approximately 14.2% from HKD 4,540.4 million for the previous year, with a stable gross margin of around 60.6%[58] - The sales cost for the fiscal year ending December 31, 2024, was approximately HKD 3,372.2 million, an increase of about 21.2% compared to HKD 2,783.1 million in the previous year[57] - The group recorded an operating loss of approximately HKD 1,004.2 million for the year ended December 31, 2024, compared to an operating profit of approximately HKD 130.4 million for the year ended December 31, 2023[64] - The group recorded a pre-tax loss of approximately HKD 785.0 million for the year ended December 31, 2024, compared to a pre-tax profit of approximately HKD 395.9 million for the year ended December 31, 2023[67] - The group 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[69] Sales and Distribution - Online sales accounted for 59.7% of total revenue in 2024, up from 52.0% in 2023, indicating a significant shift towards digital channels[19] - Revenue from laundry care products was HKD 7,627,243 thousand, making up 89.1% of total revenue, compared to 88.8% in 2023[18] - The company plans to increase its online sales and distribution spending in 2024 to strengthen its market position on e-commerce platforms[44] - The sales of all three product categories increased, driven by successful investments in new e-commerce channels and brand building strategies[53] - The company has focused on expanding its distribution network in China, particularly in lower-tier cities, to enhance brand exposure and operational efficiency[43] - The company is committed to a full-channel growth strategy, enhancing its presence in both existing and emerging channels, and maintaining a leading position on major e-commerce platforms in 2024[32] Product Innovation - The company launched a new "Concentrated+" supreme biotechnology laundry detergent in 2024, enhancing its product lineup[13] - In 2024, the company achieved significant sales growth, driven by the introduction of the "Supreme" new product series, which enhanced the overall sales of the laundry care category[31] - The company maintained a leading position in the laundry care category, with a focus on product innovation and upgrades, including the launch of the upgraded "Supreme" all-purpose cleaning laundry liquid in August 2024[41] - The company emphasized the transition from liquid to concentrated laundry products, promoting environmental sustainability and efficiency in the cleaning industry[31] - The company reported a strong performance in its diversified product offerings, including specialized laundry liquids for sportswear and antibacterial purposes, catering to various consumer cleaning needs[36] Operational Efficiency - The current ratio decreased to 5.5 in 2024 from 6.7 in 2023, indicating a decline in short-term liquidity[16] - The group aims to accelerate digitalization and upgrade its manufacturing network to improve operational efficiency[84] - The company continues to focus on optimizing its business operations through multiple core strategies, including product innovation, sales, distribution networks, and digital marketing[39] - The group is actively engaging in knowledge marketing and digital infrastructure enhancement to better understand consumer needs and improve operational efficiency[48] Corporate Governance and ESG - The company integrates ESG principles into its development strategy, promoting environmentally friendly practices and social responsibility, and has received recognition for its corporate governance efforts[33] - The group plans to maintain its industry leadership by leveraging brand advantages and providing high-quality products and services in a changing market environment[84] - The group will continue to focus on sustainable development principles, promoting green and low-carbon strategies in product development, manufacturing, and packaging[84] Employee and Shareholder Information - As of December 31, 2024, the company had 5,863,103,406 issued shares[115] - The board proposed a final dividend of HKD 0.06 per ordinary share, totaling HKD 329.5 million, subject to shareholder approval[108] - The group has approximately 7,406 employees, with competitive salary levels maintained[83] - The company has a significant concentration of ownership, with the top five shareholders holding over 50% of the total shares[144] - The board of directors consists of seven members, including three executive directors and three independent non-executive directors[127] Share Options and Awards - The company has granted stock options under the pre-IPO stock option plan, with specific allocations to directors, including 975,000 shares to Mr. Pan Guoliang[141] - The total number of share options granted under the Pre-IPO Share Option Scheme was awarded to 684 grantees, including three directors and existing employees[159] - The purpose of the Pre-IPO Share Option Scheme is to encourage key employees to contribute to the long-term interests of the company and its shareholders[152] - A total of 81,900,999 reward shares have been granted to 429 employees under the 2021 Share Incentive Plan, and 119,600,000 reward shares have been granted to three executive directors and three directors of the company's subsidiaries under the 2022 Share Incentive Plan[148] - The maximum number of shares that can be granted under the 2021 Share Award Scheme is capped at 1% of the total issued shares, equivalent to 58,629,934 shares[169]

Core Viewpoint - Blue Moon's 2024 financial report reveals a significant contradiction between revenue growth and profit loss, marking the company's first loss since its IPO and the first in eight years [1][2][3] Revenue and Profit - The company reported a revenue increase of 16.8% year-on-year, reaching 85.56 billion HKD, while simultaneously incurring a loss of 749.31 million HKD, a decline of 330.3% in profit [1][3][4] - Historical data shows a downward trend in net profit from a peak of 1.31 billion HKD in 2020 to the current loss, despite revenue generally trending upwards [3][4] Marketing Expenditure - Sales expenses surged to 50.49 billion HKD in 2024, a 55.6% increase, which is nearly equivalent to four years of the company's peak net profit [5][7] - The marketing expense growth rate has accelerated significantly, with the ratio of marketing expenses to revenue rising from 28.8% in 2020 to 59% in 2024 [7][8] Online and Offline Channels - Blue Moon has heavily invested in online channels, achieving a 34.1% increase in online revenue, which now constitutes 59.7% of total revenue [12][13] - However, the company faces challenges in offline channels, with revenue from offline distributors dropping from 50.1% in 2021 to 36.57% in 2024 [15][16] Product Development and Strategy - The company has focused on marketing rather than product development, with a research and development expense ratio of only 0.51% compared to 59.7% for marketing [16][18] - Blue Moon is attempting to expand its product categories, with notable growth in its cleaning product matrix, but it may take time to establish a second growth curve [18] Future Investments - The company plans to invest at least 890 million HKD in a new multifunctional building in Guangzhou, indicating a commitment to enhancing its "clean ecosystem" despite current losses [18]

Group 1 - The company has successfully acquired land use rights for a site in Guangzhou Huangpu District, covering an area of approximately 40,785 square meters, for a term of 50 years to develop a multi-purpose complex building [1] - The estimated investment for the project is no less than RMB 890 million, which will be phased over four years and includes land acquisition costs, construction costs, and other capital expenditures [1] - The project aims to integrate smart laundry services, research and development, headquarters operations, and other educational and supporting functions under the concept of a "clean city" [1] Group 2 - The project provides an opportunity for business expansion, establishing a long-term development foundation, and enhancing operational management capabilities and efficiency [2] - Upon completion, the project is expected to achieve the company's strategic development goals and strengthen its influence in the laundry products and services sector [2]

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. ...