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汤臣倍健(300146) - 2022 Q2 - 季度财报
2022-08-05 16:00
Financial Performance - The company's revenue for the reporting period reached CNY 4,220,918,971.74, representing a slight increase of 0.55% compared to the same period last year [22]. - Net profit attributable to shareholders decreased by 23.55% to CNY 1,048,279,574.14 from CNY 1,371,139,629.45 in the previous year [22]. - The net profit after deducting non-recurring gains and losses was CNY 1,069,415,860.46, down 14.19% year-on-year [22]. - The net cash flow from operating activities fell by 53.12% to CNY 343,326,385.63 compared to CNY 732,399,164.64 in the same period last year [22]. - Basic earnings per share decreased by 27.06% to CNY 0.62 from CNY 0.85 in the previous year [22]. - Total assets at the end of the reporting period were CNY 12,148,421,014.42, a decrease of 6.31% from the previous year [22]. - Net assets attributable to shareholders decreased by 1.14% to CNY 10,374,112,941.03 from CNY 10,493,948,552.08 at the end of the previous year [22]. - The company reported a significant loss of CNY 70,425,246.91 from fair value changes of financial assets, primarily due to investments in the EVER ALPHA FUND L.P [25]. - Government subsidies recognized during the period amounted to CNY 38,593,308.90, contributing positively to the financial results [25]. - The weighted average return on net assets decreased by 7.00 percentage points to 10.05% compared to 17.05% in the previous year [22]. Market and Competitive Position - The company plans to actively participate in the formulation and revision of industry regulations to strengthen its core competitiveness and innovation capabilities [5]. - The company has significantly increased its distributor network since 2020, which raises the complexity of market management and requires enhanced sales management capabilities [7]. - The company aims to continuously enhance its R&D capabilities and collaborate with academic institutions to maintain market leadership [9]. - In 2021, the company held a 10.3% market share in China's vitamin and dietary supplement industry, maintaining the leading position [29]. - The company is exploring new brands and business models in the consumer health sector, which carries inherent uncertainties [10]. - The company is focusing on integrating online and offline marketing strategies to enhance consumer engagement and optimize product experience [37]. Research and Development - The company established a Nutrition and Health Research Institute to enhance innovation and core technology competitiveness, focusing on proprietary ingredient and product development [32]. - The company has a total of 324 patents, with 38 new patents added during the reporting period [57]. - The company has introduced several new patents related to health products, including a probiotic composition and methods for detecting vitamins D and K [58][59]. - The company has a range of new products in development, including probiotic drinks and various health supplements [60]. - Research and development expenses increased by 29.98% to approximately CNY 65.29 million, indicating a focus on innovation and product development [68]. Sales and Distribution - Domestic business revenue from the main brand "汤臣倍健" was 2.361 billion RMB, down 7.91% year-on-year, while "Life-Space" domestic products saw a revenue increase of 49.69% to 177 million RMB [30]. - The company's overseas LSG business generated revenue of 377 million RMB, a year-on-year growth of 23.79% [30]. - The company reported a total revenue of CNY 5,456,103,103.30 from online sales, with a gross margin of 68.98%, reflecting a year-on-year decrease of 17.76% in revenue [45]. - The offline sales revenue reached CNY 2,551,725,108.27, with a gross margin of 69.16%, showing a year-on-year decrease of 6.96% in revenue [45]. - The company's main product categories include tablets, powders, and capsules, with tablet sales generating CNY 1,083,248,167.64 and a gross margin of 76.62% [45]. Operational Challenges - The company acknowledges the ongoing risks from the pandemic, which may impact production and operations, and is preparing contingency plans [2]. - The company has implemented a differentiated strategy for raw material procurement, which may face risks from price increases and supply shortages [6]. - The company emphasizes quality management and has invested in precision inspection equipment to mitigate product quality risks [4]. - The number of domestic distributors decreased from 1,070 to 947, while the total number of distributors dropped from 1,171 to 1,041 during the reporting period [47]. - The sales volume of tablets decreased by 19.39% year-on-year, from 339,369.12 million pieces in 2021 to 273,551.14 million pieces in 2022 [54]. Environmental and Social Responsibility - The company has established a wastewater treatment station to ensure compliance with discharge standards, with a total discharge of 4.3 tons of COD and 0.007 tons of ammonia nitrogen [103]. - The company has received various environmental honors, including "National Green Factory" and "Environmental Friendly Enterprise" [105]. - The company has implemented measures to reduce carbon emissions, including photovoltaic power generation and wastewater recycling [105]. - The company has conducted over 6,900 activities under the "Health Express Nutrition China Tour" since 2011, promoting public nutrition education [115]. - The company has donated over 10 million RMB to UNICEF for projects related to infant nutrition from 2020 to 2022 [115]. Legal and Compliance - The company reported a total of 13,219.78 thousand yuan involved in non-material lawsuits, with 1,940.05 thousand yuan cases concluded and 11,279.73 thousand yuan cases still pending [123]. - The company has recognized a provision of 50 thousand yuan for ongoing lawsuits where it is a defendant, with 37.47 thousand yuan cases concluded and 1,095.51 thousand yuan cases still pending [123]. - The company has not engaged in any major related party transactions during the reporting period [127]. - The company has not reported any significant litigation or arbitration matters during the reporting period [122]. Investment and Financial Management - The company made significant equity investments totaling 134.88 million CNY during the reporting period, with a notable investment of 120 million CNY in Xiamen Weilai Zhuoshi Equity Investment Fund, holding a 34.08% stake [79]. - The total amount of entrusted financial management and cash management during the reporting period reached RMB 673,000,000, with an outstanding balance of RMB 360,000,000 [87]. - The company has not encountered any issues or problems in the use and disclosure of raised funds [85]. - The company has not reported any expected inability to recover principal or other impairment risks related to entrusted financial management [89]. Corporate Governance - The total number of ordinary shareholders at the end of the reporting period was 60,090, with a significant shareholder holding 41.79% of the shares [146]. - The total number of shares outstanding is 1,700,308,763, with 40.26% being restricted shares and 59.74% being unrestricted shares [144]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period [150]. - The company has not reported any significant changes in major contracts or other major matters during the reporting period [142].
汤臣倍健(300146) - 2022 Q1 - 季度财报
2022-04-28 16:00
Revenue and Profit - Revenue for Q1 2022 was CNY 2,280,271,630.40, an increase of 2.60% compared to CNY 2,222,500,945.10 in Q1 2021[3] - Net profit attributable to shareholders decreased by 18.78% to CNY 663,007,234.38 from CNY 816,301,215.48 year-on-year[3] - Basic earnings per share fell by 25.00% to CNY 0.39 from CNY 0.52 in the same period last year[3] - In Q1 2022, the company achieved a revenue of 2.28 billion RMB, a year-on-year increase of 2.60%, while the net profit attributable to shareholders was 663 million RMB, a decrease of 18.78%[12] - The revenue from the joint care brand "健力多" was 419 million RMB, a year-on-year decrease of 14.20%[12] - Total operating revenue for the current period reached ¥2,280,271,630.40, an increase from ¥2,222,500,945.10 in the previous period, representing a growth of approximately 2.6%[19] Cash Flow and Investments - Operating cash flow turned negative at CNY -45,114,075.46, a decline of 185.17% compared to CNY 52,971,907.24 in Q1 2021[3] - The net cash flow from investing activities was -310.89 million RMB, primarily due to increased purchases of large certificates of deposit and bank wealth management products[9] - The net cash flow from financing activities was 4.88 million RMB, mainly from bank borrowings during the reporting period[9] - The company reported a net profit margin decline, with undistributed profits at ¥1,505,139,162.43 compared to ¥2,037,285,483.27, a decrease of about 26%[18] - The net cash flow from operating activities is CNY -45,114,075.46, compared to CNY 52,971,907.24 in the previous period, indicating a significant decline[23] Assets and Liabilities - Total assets increased by 0.28% to CNY 13,001,869,436.10 from CNY 12,965,926,741.50 at the end of the previous year[3] - Current assets totaled ¥7,830,278,116.34, compared to ¥7,338,713,552.95 in the previous period, marking an increase of about 6.7%[15] - Total liabilities rose to ¥2,932,102,202.38 from ¥2,429,411,332.90, representing an increase of about 20.6%[17] - The total equity attributable to shareholders decreased to ¥10,025,482,965.84 from ¥10,493,948,552.08, a decline of about 4.5%[18] - The company’s total assets decreased from CNY 2,900,259,350.33 at the beginning of the period to CNY 2,551,326,587.08 at the end of the period, reflecting a decrease of 12%[24] Expenses - Research and development expenses increased by 101.23% to CNY 31,489,377.91, reflecting higher investment in R&D[8] - Sales expenses increased by 46.30% to CNY 589,892,571.31, mainly due to higher platform and brand promotion costs[8] - Total operating costs amounted to ¥1,433,031,690.49, up from ¥1,232,481,594.32, indicating a rise of about 16.3%[19] - The company incurred interest expenses of CNY 832,021.19, a significant decrease from CNY 3,052,947.15 in the previous period, indicating a reduction of 72.7%[20] Business Performance - Domestic business revenue for the main brand "汤臣倍健" was 1.29 billion RMB, a year-on-year decrease of 6.50%, while the "Life-Space" domestic products saw a revenue increase of 46.49% to 97 million RMB[12] - The overseas LSG business generated a revenue of 168 million RMB, a year-on-year increase of 25.28%, with a growth of 37.56% when measured in Australian dollars[12] - The company is focusing on enhancing operational quality and has initiated offline sales reforms and integrated online and offline operations[12] - The company is committed to advancing major projects across various operational aspects, including R&D, production, branding, and service[12] Investment Income - Investment income surged by 125.08% to CNY 32,502,622.36, primarily from large time deposits[8] - The company reported investment income of CNY 32,502,622.36, which is a substantial increase from CNY 14,440,254.18 in the previous period, representing an increase of 125.1%[20]
汤臣倍健(300146) - 2021 Q4 - 年度财报
2022-03-04 16:00
Financial Performance - In 2021, the company achieved a sales revenue of 7.431 billion yuan, a year-on-year increase of 21.93%, with a comparable growth rate of 15.38% after excluding the consolidation of Maiyou Company[2]. - The net profit attributable to shareholders was 1.754 billion yuan, reflecting a year-on-year growth of 15.07%, slightly exceeding the initial budget[2]. - The company's operating revenue for 2021 was ¥7,431,278,129.59, representing a 21.93% increase compared to ¥6,094,900,943.70 in 2020[28]. - The net profit attributable to shareholders for 2021 was ¥1,753,979,273.19, a 15.07% increase from ¥1,524,251,245.95 in 2020[28]. - The net cash flow from operating activities for 2021 was ¥1,818,978,027.97, an increase of 16.13% compared to ¥1,566,364,373.94 in 2020[28]. - The total assets at the end of 2021 were ¥12,965,926,741.50, a 34.50% increase from ¥9,640,262,595.41 at the end of 2020[28]. - The net assets attributable to shareholders at the end of 2021 were ¥10,493,948,552.08, reflecting a 51.35% increase from ¥6,933,550,029.76 at the end of 2020[28]. - The company reported a basic earnings per share of ¥1.06 for 2021, up 10.42% from ¥0.96 in 2020[28]. - The total revenue for 2021 reached ¥7,431,278,129.59, representing a year-over-year increase of 21.93% compared to ¥6,094,900,943.70 in 2020[70]. - The main business revenue was ¥7,375,353,771.02, with a year-over-year growth of 21.40% from ¥6,075,121,061.29[70]. Market Position and Strategy - The company's market share in the Chinese vitamin and dietary supplement industry reached 10.3%, maintaining the leading position, with the second and third competitors holding 6.0% and 5.0% market shares respectively[2]. - The total market size of the vitamin and dietary supplement industry in China was ¥189.2 billion in 2021, growing by 6.60% compared to the previous year[35]. - The company operates in the dietary supplement industry, which has significant growth potential due to increasing health awareness and an aging population in China[35]. - The company has implemented a strategy focused on creating value for users' health, establishing a comprehensive dietary supplement system through research and acquisitions[37]. - The company recognizes the aging population as a significant market opportunity for the VDS industry, emphasizing the potential of the "silver economy"[6]. Research and Development - The company plans to transform into a strong technology enterprise, aiming to launch a unique high-tech functional product every two to three years, contributing incremental value to consumer health[5]. - In December 2021, the company collaborated with global experts to extract anti-aging substances from specific grape seeds, with results published in the journal Nature Metabolism[4]. - The company established the Shanghai Research Center and AI Research Center in 2022 to enhance its technological capabilities[6]. - The company is focused on expanding its scientific nutrition strategy to meet the growing health needs of consumers in the post-pandemic era[38]. - The company has established partnerships with leading research institutions to enhance its nutritional science research and product innovation[38]. - The company is actively pursuing research and development initiatives to innovate in the health and nutrition space[60]. Operational Challenges and Risks - The company acknowledges risks related to recurring COVID-19 outbreaks, which may impact production and operations, and plans to implement proactive measures[10]. - The company faces product quality and food safety risks due to the diverse range of dietary supplements, and it is committed to enhancing quality management and safety protocols[11]. - The company is adapting to stricter industry regulations and policies, which may increase operational challenges and pressures[12]. - Rising raw material costs and potential shortages could affect product gross margins, prompting the company to diversify suppliers and manage procurement strategically[13]. - The expansion of the distributor network increases market control risks, necessitating improved sales management and regional coordination[14]. - The integration of LSG, acquired in a cross-border transaction, presents challenges due to differences in operational practices and cultures, requiring careful management[17]. Corporate Governance and Compliance - The company established a governance structure comprising a shareholders' meeting, board of directors, supervisory board, and management team, ensuring compliance with relevant regulations[119]. - The board of directors consists of 7 members, including 3 independent directors, meeting legal and regulatory requirements[120]. - The company has implemented regular self-assessments of its governance practices and conducted training for its directors and supervisors to enhance compliance awareness[119]. - The company has maintained independence from its controlling shareholder, ensuring no interference in decision-making or operational activities[119]. - The company has committed to transparency in its shareholder meetings, ensuring equal rights for all shareholders, particularly minority shareholders[119]. Environmental Responsibility - The company has established a wastewater treatment station to ensure compliance with discharge standards, with a chemical oxygen demand (COD) concentration of 47.5 mg/L, well below the standard of 165 mg/L[159]. - The total wastewater discharge was 5.347 tons, with no instances of exceeding the permitted discharge limits[159]. - The company has received multiple environmental honors, including "National Green Factory" and "Environmental Friendly Enterprise"[164]. - The company has implemented various environmental protection projects, such as photovoltaic power generation and wastewater recycling, achieving significant results[164]. - The company emphasizes environmental responsibility by promoting energy conservation, greenhouse gas emission reduction, and recycling initiatives[172]. Investor Relations and Shareholder Engagement - The company emphasizes investor relations management, providing dedicated communication channels including a hotline and email for investor inquiries[123]. - The company has a dedicated investor relations section on its official website to publish timely information disclosure documents[123]. - The company has committed to ensuring timely and efficient decision-making to protect the rights of shareholders[140]. - The company has established a sound investor return mechanism, including a profit distribution plan for 2017-2019, ensuring compliance with profit distribution conditions[180]. - The company has distributed a total cash dividend of 470,212.81 million RMB since its listing, accounting for 84.11% of the net profit attributable to shareholders from 2010 to 2020[171]. Social Responsibility - The company has established 18 Hope Primary Schools as part of its 1+1+Hope Project, with the 18th school expected to be inaugurated in the first half of 2022[173]. - The company has conducted over 6,100 health-related public welfare activities as part of its "Health Express Nutrition China Tour" initiative[173]. - The company has donated over 10 million RMB to support UNICEF's projects on infant feeding practices and social policy environments from 2020 to 2022[174]. - The company has provided nutritional products and medical supplies worth over 25 million RMB to frontline workers and Hope Primary Schools during the COVID-19 pandemic[174]. - The company has actively participated in the "Guangdong Poverty Alleviation Day" event, donating a total of 600,000 RMB to support poverty alleviation and rural revitalization efforts in Guangdong[175].
汤臣倍健(300146) - 2021 Q3 - 季度财报
2021-10-25 16:00
Financial Performance - The company's revenue for Q3 2021 was ¥1,830,663,138.13, a decrease of 4.03% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥291,729,153.98, down 42.23% year-on-year[3]. - The net profit excluding non-recurring gains and losses was ¥321,195,760.60, a decrease of 34.23% compared to the same period last year[3]. - The company achieved a revenue of 6.029 billion RMB in the first three quarters of 2021, representing a year-on-year growth of 19.79%[13]. - The net profit attributable to shareholders for the same period was 1.045 billion RMB, an increase of 13.37% year-on-year[13]. - Total operating revenue for the current period reached ¥6,028,519,168.54, an increase of 19.7% compared to ¥5,032,723,923.20 in the previous period[17]. - Net profit for the current period was ¥1,680,691,949.48, representing a growth of 13.0% from ¥1,486,430,716.40 in the previous period[18]. Assets and Liabilities - The total assets at the end of the reporting period were ¥12,064,640,326.50, an increase of 25.15% from the end of the previous year[3]. - The company's total assets increased to ¥12,064,640,326.50, compared to ¥9,640,262,595.41 in the previous period, indicating robust asset growth[16]. - Total liabilities decreased to ¥1,629,892,836.19 from ¥2,697,885,822.00, showing a reduction in financial obligations[16]. - Total assets amounted to approximately ¥9.64 billion, a decrease of ¥55.41 million compared to the previous period[27]. - Current assets totaled approximately ¥4.85 billion, with a slight decrease of ¥2.30 million from the previous period[25]. - Non-current assets totaled approximately ¥4.79 billion, reflecting a decrease of ¥57.72 million compared to the previous period[25]. Shareholder Equity - The equity attributable to shareholders increased to ¥10,389,309,270.73, up 49.84% from the end of the previous year[3]. - The equity attributable to shareholders of the parent company rose to ¥10,389,309,270.73, up from ¥6,933,550,029.76, highlighting strong retained earnings[16]. - Total equity attributable to shareholders of the parent company was approximately ¥6.93 billion, remaining stable compared to the previous period[27]. Earnings Per Share - The basic earnings per share for the reporting period was ¥0.16, a decrease of 50.00% year-on-year[3]. - The diluted earnings per share was also ¥0.16, reflecting a 50.00% decline compared to the same period last year[3]. - Basic earnings per share increased to CNY 1.01 from CNY 0.93, while diluted earnings per share also rose to CNY 1.00 from CNY 0.93[19]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥960,274,139.28, down 23.78% year-on-year[3]. - Cash inflow from operating activities reached CNY 6,037,268,606.03, compared to CNY 4,933,815,131.19 in the prior period, marking an increase of approximately 22.4%[20]. - The net cash flow from financing activities was 1,626.03 million yuan, an increase of 347.29% year-on-year, mainly due to funds raised from issuing shares to specific targets[8]. - The net cash flow from financing activities was CNY 1,626,024,955.50, a significant improvement from a net outflow of CNY 657,532,056.28 in the previous year[22]. Expenses - The sales expenses for the first nine months amounted to 1,638.92 million yuan, an increase of 64.53% year-on-year, mainly due to the consolidation of Guangzhou Maiyou and increased brand promotion and platform costs[8]. - The R&D expenses for the first nine months were 97.45 million yuan, up 31.07% year-on-year, primarily due to increased R&D investment[8]. - Research and development expenses for the current period were ¥97,450,849.94, an increase from ¥74,351,339.54, reflecting the company's commitment to innovation[18]. Other Financial Metrics - The weighted average return on equity was 2.18%, a decrease of 5.35 percentage points compared to the same period last year[3]. - The total comprehensive income attributable to shareholders of the parent company was negatively impacted, with other comprehensive income showing a loss of ¥214,796,877.62[18]. - The total comprehensive income amounted to CNY 1,465,895,071.86, slightly down from CNY 1,475,715,537.63 in the previous period[19]. - The company adjusted its financial statements due to the first-time implementation of new leasing standards, affecting the beginning balance sheet items[23].
汤臣倍健(300146) - 2021 Q2 - 季度财报
2021-08-05 16:00
Financial Performance - The company's revenue for the reporting period reached ¥4,197,856,030.41, representing a 34.32% increase compared to ¥3,125,173,654.84 in the same period last year[23]. - Net profit attributable to shareholders was ¥1,371,139,629.45, up 42.55% from ¥961,836,858.91 year-on-year[23]. - The net profit after deducting non-recurring gains and losses was ¥1,246,198,406.28, reflecting a 24.71% increase from ¥999,281,701.48 in the previous year[23]. - Basic earnings per share increased to ¥0.85, a rise of 39.34% compared to ¥0.61 in the same period last year[23]. - Total assets at the end of the reporting period were ¥11,886,998,891.98, marking a 23.31% increase from ¥9,640,262,595.41 at the end of the previous year[23]. - The net assets attributable to shareholders reached ¥10,184,305,142.89, which is a 46.88% increase from ¥6,933,550,029.76 year-on-year[24]. - The weighted average return on equity rose to 17.05%, an increase of 1.57 percentage points from 15.48% in the previous year[23]. - The net cash flow from operating activities was ¥732,399,164.64, down 4.21% from ¥764,575,063.69 in the same period last year[23]. - The company achieved a profit before tax of ¥348,186,586.27, an increase of 48.76% compared to ¥234,064,196.15 in the previous year[63]. - The company reported a total comprehensive income of ¥1,267,917,207.00 for the first half of 2021, compared to ¥964,380,816.61 in the previous year[136]. Investment and Financing - The company completed a private placement of 119,288,209 shares, increasing total shares from 1,581,020,554 to 1,700,308,763[21]. - The company raised a net amount of RMB 3.091 billion by issuing 119,288,209 shares to 13 specific investors, enhancing its capital structure and funding capabilities for core business growth[40]. - The company raised a total of CNY 3,125,351,075.80 through the issuance of 119,288,209 shares at a price of CNY 26.20 per share[109]. - The total amount of shares locked up after the initial public offering was 688,590,321 CNY[120]. - The company has not changed the use of raised funds, maintaining the original investment commitments[76]. - The company has not reported any overdue amounts from financial products, indicating effective cash management[77]. Research and Development - The company is committed to a strategy of scientific nutrition and continuous R&D collaboration with academic institutions to enhance its market position[8]. - The company is investing in research and development, with plans to fund over 10 projects through its nutrition science research fund this year[33]. - Research and development expenses increased by 7.96% to ¥50,232,671.46, indicating a continued focus on innovation[63]. - The company has established a scientific nutrition research center in collaboration with leading global research institutions, focusing on innovative product development[95]. - The company emphasizes the development of new functions, new raw materials, and new technologies in its product innovation strategy[96]. Market and Sales - The company holds a 10.3% market share in China's vitamin and dietary supplement industry, maintaining the leading position[31]. - The main brand "汤臣倍健" generated revenue of 2.563 billion yuan, up 40.69% year-on-year[32]. - The joint care brand "健力多" reported revenue of 850 million yuan, a growth of 29.25%[32]. - Online channel revenue increased by 79.72% year-on-year, while offline channel revenue grew by 24.18%[32]. - The company is focusing on digital transformation across the entire marketing chain, aiming for full coverage of major channels by the end of the year[34]. Risk Management - The company is facing risks related to raw material procurement, with potential price increases impacting gross margins and supply shortages affecting production[6]. - The company acknowledges the ongoing risks from the pandemic and is prepared to implement contingency plans to mitigate potential impacts on operations[3]. - The company has identified risks associated with new business models and brands, which may have uncertain profitability and operational challenges[9]. Corporate Social Responsibility - The company actively engages in corporate social responsibility, focusing on community support and environmental protection initiatives[93]. - The company has donated over 10 million yuan to support UNICEF's projects on infant nutrition from 2020 to 2022[101]. - The company has conducted over 4,400 public welfare activities under the "Health Express Nutrition China Tour" initiative since 2011[101]. - The company has built and completed 16 Hope Primary Schools as part of its 1+1+Hope Project since 2005[101]. Environmental Responsibility - The company is recognized as a key pollutant discharge unit by the Zhuhai Environmental Protection Bureau, with a total COD discharge of 4.3 tons and ammonia nitrogen discharge of 0.009 tons[87]. - The company has implemented a wastewater treatment system that ensures compliance with discharge standards, with a COD concentration of 79 mg/L against a standard of 165 mg/L[88]. - The company has received multiple environmental honors, including "National Green Factory" and "Outstanding Clean Production Enterprise" in Guangdong Province[92]. - The company emphasizes environmental responsibility through energy conservation and greenhouse gas emission reduction initiatives[100]. Subsidiaries and Expansion - The company established several new subsidiaries, including Pentavite USA Inc. and Pentavite Vietnam Company Limited, aimed at expanding overseas markets[81]. - The company has expanded its distributor network significantly, increasing the number of distributors to support the operation of multiple major products[7]. - The company is expanding its international market presence, particularly in Australia, despite facing challenges from pandemic-related declines in local sales[37]. Governance and Compliance - The financial statements are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately[153]. - The company has not reported any major litigation or arbitration matters during the reporting period[104]. - The company has not faced any significant risks that could impact its future plans[81].