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]

Core Viewpoint - Blue Moon Group (06993) maintains its leading position in the cleaning and personal care industry, achieving a revenue of approximately HKD 8.556 billion in 2024, representing a year-on-year growth of 16.82% [1] Financial Performance - The company reported a gross profit of HKD 5.183 billion, with a year-on-year increase of 14.16%, resulting in a gross margin of 60.6% [1] - The board proposed a final dividend of HKD 0.06 per share [1] Revenue Growth Drivers - Revenue growth was attributed to increased sales across all product categories and channels, excluding direct sales to major clients [1] - Significant sales growth was noted in emerging e-commerce channels, with online sales increasing by 34.1% to HKD 5.104 billion, driven by successful marketing and product mix strategies [1] - Offline distributor sales rose by 13.6% to HKD 3.129 billion, benefiting from overall product sales growth and refined management of distributor channels [1] Market Position - The company's laundry detergent and hand wash products have ranked first in the China Brand Power Index for 14 consecutive years (2011-2024) [2] - The laundry detergent and hand wash products have maintained the highest market share in their respective categories for 15 years (2009-2023) and 12 years (2012-2023) [2]

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. ...

Investment Rating - The report gives an "Outperform the Market" rating for both Blue Moon Group and CATL, indicating expected performance above the market average [6][27][31]. Core Insights - The jewelry sector is transitioning from channel-driven to brand-driven, with a focus on product structure upgrades leading to improved gross margins [8][9]. - The pet consumption market is expanding, driven by an increase in pet ownership and a demand for higher quality products [21]. - CATL is expected to maintain strong performance with a projected net profit growth from 645 billion to 932 billion CNY over the next three years [31]. Summary by Sections Jewelry Sector - The jewelry industry is seeing a shift towards brand-driven strategies, enhancing product offerings and improving profitability [8][9]. - The report highlights that the retail sales of gold and silver jewelry have shown a year-on-year increase of 5.4% in early 2025, indicating a recovery in demand [10]. - Companies like Chow Tai Fook and Zhou Dasheng are focusing on high-quality expansion and product structure improvements to capture market share [11][12]. Pet Consumption - The pet food sector is recommended due to the growing consumer interest and spending on pet-related products, with leading companies expected to outperform the market [21]. - The report notes a significant increase in online sales and engagement in the pet product category, with a 71% year-on-year growth in pet-related live commerce [21]. Blue Moon Group - The company is projected to recover from losses in 2024, with expected net profits turning positive by 2025, supported by a strong brand presence in the cleaning products market [27]. - The report anticipates a revenue growth of 16% in 2024, driven by increased sales across all product categories [25]. CATL - CATL is projected to maintain its leadership in the global battery market, with a significant increase in production capacity and a strong pipeline of new products [31]. - The company is expected to achieve a net profit of 645 billion CNY in 2025, with a favorable valuation range of 337.12 to 366.43 CNY per share [31].

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]