Group 1 - Jamieson Wellness Inc. announced the election of all nominee directors at the annual meeting, with high approval rates for each director [1] - Heather Allen received 99.86% of votes for her election, while Dr. Louis Aronne received 99.92%, and Tania Clarke received 99.99% [1] - The final results of all matters voted at the meeting will be filed with Canadian securities regulatory authorities and available on the Company's SEDAR+ profile [1] Group 2 - Jamieson Wellness is Canada's 1 vitamins, minerals, and supplements brand, established in 1922 [2] - The Company offers a variety of innovative VMS products and sports nutrition products under multiple brands, including youtheory, Progressive, Smart Solutions, Iron Vegan, and Precision [2] - Jamieson Wellness is committed to responsible business practices and is a participant in the United Nations Global Compact [2]

Financial Performance - For the year ended December 31, 2024, the company reported a net loss of $8.0 million and an operating cash inflow of $790 thousand, primarily due to the negative impact of the economic downturn [508]. - The company incurred a net loss of $8,002,644 for the financial year ended December 31, 2024, leading to an accumulated deficit of $34,003,726 [509]. - The company reported a net cash increase of $934 thousand for the year ended December 31, 2024, compared to a decrease of $15.5 million in 2023 [512]. Cash and Working Capital - As of December 31, 2024, the company had cash of approximately $2.2 million and working capital of $10.2 million, with $2.1 million held by the VIE in China [510]. - The company believes that its current cash on hand and bank borrowing will provide sufficient liquidity for at least the next twelve months [511]. Accounts Receivable - Approximately $704 thousand, or 28%, of the accounts receivable balance as of December 31, 2024, was collected by March 31, 2025 [510]. - The allowance for credit losses for accounts receivable was $438,864 as of December 31, 2024, down from $559,382 in 2023 [516]. Inventory and Reserves - The company recorded a provision for inventory adjustments of $235,674 for the year ended December 31, 2024 [517]. - The company is required to set aside at least 10% of its after-tax profits each year to fund certain statutory reserve funds until these reach 50% of its registered capital [507]. Foreign Currency Risk - The company has not entered into any hedging transactions to reduce exposure to foreign currency exchange risk, as its operating transactions are mainly denominated in RMB [500].

Core Viewpoint - Jamieson Wellness Inc. has received approval from the Toronto Stock Exchange to renew its normal course issuer bid, allowing the company to repurchase up to 3,502,925 common shares, representing approximately 10% of its public float as of January 20, 2025 [1] Group 1: Normal Course Issuer Bid (NCIB) - The NCIB will commence on February 3, 2025, and will expire on February 2, 2026, or when the maximum number of shares is acquired [1] - As of January 20, 2025, there were 41,950,837 common shares issued and outstanding [1] - The average daily trading volume for the six months ended December 31, 2024, was 46,979 common shares, allowing Jamieson to repurchase up to 25% of this volume daily, equating to 11,744 common shares [2] Group 2: Share Repurchase Mechanism - Purchases will be conducted through open market transactions on the TSX and alternative trading systems in Canada, with the repurchase price being the market price at the time of acquisition [3] - All repurchased shares under the NCIB will be cancelled [3] Group 3: Automatic Share Purchase Plan (ASPP) - The company has established an automatic share purchase plan with a designated broker to facilitate share purchases during predetermined blackout periods, effective February 3, 2025 [4] Group 4: Company Overview - Jamieson Wellness, established in 1922, is Canada's leading brand in vitamins, minerals, and supplements, with its products available in over 50 countries [5] - The company also offers a variety of innovative VMS products and sports nutrition products under various brands, including Progressive, Smart Solutions, Iron Vegan, and Precision [5]

Core Viewpoint - Jowell Global Ltd. reported a modest revenue increase of 1.5% year-over-year for the first half of 2024, despite a decline in Gross Merchandise Value (GMV) by 7.0%, indicating challenges in the e-commerce market in China. Financial Performance - Total revenues for the first half of 2024 were $85.7 million, up from $84.4 million in the same period of 2023, reflecting a 1.5% increase [2][3]. - The net loss for the first half of 2024 was $3.8 million, a significant reduction of 47.1% compared to a net loss of $7.1 million in the same period of 2023 [2][8]. - The operating loss decreased to $4.0 million from $6.6 million year-over-year, primarily due to reduced marketing and operating expenses [7]. Revenue Breakdown - Revenue from health and nutritional supplements surged by approximately $11.1 million, or 182.1%, compared to the same period in 2023, driven by increased sales of premium products [3][4]. - Conversely, revenue from cosmetic products fell by 33.0% to $19.8 million, while household products remained relatively stable with a slight decrease of 0.1% [4]. Membership and Store Growth - The total number of VIP members as of June 30, 2024, reached approximately 2.7 million, marking an 8.5% increase from about 2.5 million a year earlier [2]. - The number of LHH stores increased by 1.0% to 26,795 as of June 30, 2024, compared to 26,528 in the same period of 2023 [2]. Cost Management - Total cost and operating expenses decreased by 1.5% to $89.6 million in the first half of 2024 from $91.0 million in the same period of 2023 [5]. - Fulfillment expenses dropped significantly by 56.8% to $0.8 million, attributed to cost reduction measures in logistics [6]. - Marketing expenses also saw a decline of 15.8% to $2.8 million, reflecting a decrease in promotional activities [6]. Cash Flow and Liquidity - The company reported a negative operating cash flow of $41,012 for the first half of 2024, with cash and cash equivalents at approximately $0.8 million as of June 30, 2024 [11][19]. - The working capital as of June 30, 2024, was $13.4 million, indicating a need for careful management of receivables and operational decisions in the current market environment [11].

Core Points - Jamieson Wellness Inc. announced the election of all nominee directors at the annual meeting held on May 23, 2024 [1] - The voting results showed high approval rates for each director, with Heather Allen receiving 99.81% of votes for and Tania Clarke receiving 99.98% [2] Company Overview - Jamieson Wellness is a leading natural health brand in Canada, established in 1922, and is recognized as the 1 brand in vitamins, minerals, and supplements (VMS) [3] - The company also owns the youtheory brand, acquired in 2022, which is a growing lifestyle brand in the U.S. [3] - Jamieson Wellness products are available in over 50 countries and include various innovative VMS and sports nutrition products under multiple brands [3] - The company is committed to responsible business practices and is a participant in the United Nations Global Compact [3]

Financial Performance - For the year ended December 31, 2023, the company reported a net loss of $11.5 million and negative operating cash flows of $13.5 million, primarily due to the economic downturn's impact on business operations [496]. - For the year ended December 31, 2023, the net cash used in operating activities was $(13.5 million), while net cash provided by financing activities was $(1.6 million) [500]. - The provision for inventory adjustments for the year ended December 31, 2023, was $(438,949), indicating a reduction in the carrying value of obsolete or excess inventory [506]. Liquidity and Cash Management - As of December 31, 2023, the company had cash and restricted cash of approximately $1.3 million and working capital of $17.6 million, with $1.2 million of cash held by the VIE in China [497]. - The company expects that cash on hand of approximately $1.2 million and bank borrowing will collectively provide sufficient liquidity for at least the next twelve months [498]. Accounts Receivable and Credit Losses - Approximately $1.2 million, or 47%, of accounts receivable as of December 31, 2023, were collected by March 31, 2024, and approximately $10.9 million, or 81%, of advances to suppliers were utilized [497]. - The allowance for credit losses for accounts receivable was $559,382 as of December 31, 2023, compared to $84,400 in 2022 [505]. Regulatory and Accounting Considerations - The company is required to set aside at least 10% of after-tax profits to fund statutory reserve funds until they reach 50% of registered capital, which may restrict dividend payments [495]. - The company does not expect the adoption of recently issued accounting pronouncements to have a material impact on its financial position or results of operations [494]. Foreign Currency and Risk Management - The company has not entered into any hedging transactions to reduce exposure to foreign currency exchange risk, as its operations are primarily denominated in RMB [491].

Financial Performance - Total revenues for the first half of 2023 were $84.4 million, a decrease of 15.9% from $100.4 million in the same period of 2022[2] - Net loss for the first half of 2023 was $7.1 million, a decrease of 11.4% compared to a net loss of $8.0 million in the same period of 2022[16] - Total GMV (Gross Merchandise Value) was $115.5 million, down 20.6% year-over-year from $145.5 million[2] - Net revenues for the six months ended June 30, 2023, were $84,406,244, a decrease of 16% compared to $100,407,042 for the same period in 2022[26] - Loss from operations for the six months ended June 30, 2023, was $6,588,483, an improvement from a loss of $8,517,181 in the same period of 2022[26] - Net loss attributable to ordinary shareholders for the six months ended June 30, 2023, was $7,089,881, compared to $8,034,970 in the prior year, indicating a reduction of approximately 11.7%[26] - The company reported a loss per share of $3.33 for the six months ended June 30, 2023, improved from a loss per share of $4.87 in the same period of 2022[26] - For the six months ended June 30, 2023, Jowell Global Ltd. reported a net loss of $7,115,964, compared to a net loss of $8,034,970 for the same period in 2022, indicating a 11.4% improvement in net loss year-over-year[28] Revenue Sources - Household products revenue increased by about $17.4 million or 56.1% year-over-year, becoming the largest revenue producer for the company[7] Expenses and Costs - Operating loss was $6.6 million, an improvement from an operating loss of $8.5 million in the same period of 2022[14] - Total cost and operating expenses were $91.0 million, a decrease of 16.5% from $108.9 million in the same period of 2022[8] - Marketing expenses decreased by 46.7% to $3.3 million in the first half of 2023, down from $6.2 million in the same period of 2022[12] - The total cost and operating expenses for the six months ended June 30, 2023, were $90,994,727, down from $108,924,223 in the prior year, reflecting a reduction of approximately 16.5%[26] Assets and Liabilities - Total assets as of June 30, 2023, were $41,752,296, a significant decrease from $71,202,486 as of December 31, 2022[25] - Total liabilities as of June 30, 2023, were $12,770,594, down from $33,736,579 at the end of 2022[25] - The company had cash and cash equivalents of $1,983,830 as of June 30, 2023, compared to $13,718,102 at the end of 2022[25] - Cash and restricted cash at the end of the period was $1,983,830, down from $10,294,808 at the end of June 30, 2022, representing an 80.7% decrease[28] - Total stockholders' equity as of June 30, 2023, was $28,981,702, a decrease from $37,485,314 as of June 30, 2022, reflecting a 22.8% decline[27] Inventory and Receivables - Inventories increased to $17,179,507 as of June 30, 2023, from $13,278,205 at the end of 2022, reflecting a growth of approximately 29.5%[25] - The company experienced a significant increase in accounts receivable, totaling $1,670,275 for the six months ended June 30, 2023, compared to a decrease of $442,472 in the same period of 2022[28] - The balance of inventories decreased significantly, with a total of $(4,785,784) for the six months ended June 30, 2023, compared to $(1,731,202) in the same period of 2022[28] Shareholder Information - The company consolidated its ordinary shares at a ratio of one-for-sixteen on October 25, 2023, and increased authorized share capital to $800,000[26] - Jowell Global Ltd. had a total of 2,135,879 common shares outstanding as of June 30, 2023, an increase from 1,966,138 shares as of June 30, 2022[27] - The company reported a capital contribution from minority shareholders of $36,105 for the six months ended June 30, 2023[27] Foreign Currency and Cash Flow - Jowell Global Ltd. recorded a foreign currency translation loss of $1,534,482 for the six months ended June 30, 2023, compared to a loss of $1,597,147 in the same period of 2022[27] - The company reported a net cash used in operating activities of $9,918,157 for the six months ended June 30, 2023, compared to $16,186,979 for the same period in 2022, showing a 38.5% reduction in cash outflow[28] - The company issued 3,094 common shares as share-based compensation, amounting to $129,690 for the six months ended June 30, 2023, compared to $1,157,980 for the same period in 2022[28]

Financial Performance - For the year ended December 31, 2022, the company reported a net loss of $11.5 million and negative operating cash flows of $12.0 million, primarily due to its strategy to increase leading brands on its platform [500]. - The company's revenue increased by approximately $39.1 million in 2022 from 2021, while the cost of revenues increased by approximately $44.5 million during the same period [501]. - The company experienced a net cash outflow of $4.5 million in 2022, compared to a net cash inflow of $3.0 million in 2021 [506]. Liquidity and Cash Position - As of December 31, 2022, the company had cash and restricted cash of approximately $16.7 million and working capital of $28.3 million [502]. - The company believes that its current cash and bank borrowing will provide sufficient liquidity for at least the next twelve months [503]. - The principal sources of liquidity include proceeds from public offerings and private placements, with $9.9 million raised from issuing ordinary shares in 2022 [501]. Accounts Receivable and Credit Losses - Approximately $4.4 million, or 66%, of the accounts receivable balance as of December 31, 2022, was collected by March 31, 2023 [502]. - The allowance for credit losses for accounts receivable was $84,400 as of December 31, 2022, down from $103,805 in 2021 [511]. Inventory Management - The company recorded inventory write-downs of $1,102,119, $329,639, and $24,172 for the years ended December 31, 2022, 2021, and 2020, respectively [512]. Foreign Currency Risk - The company has not entered into any hedging transactions to reduce exposure to foreign currency exchange risk [497].

Financial Performance - For the year ended December 31, 2021, the company reported a net loss of $6.4 million and negative operating cash flows of $18.0 million, primarily due to aggressive business strategies aimed at increasing traffic to its online platform [497]. - The company raised net proceeds of approximately $25.7 million from its initial public offering, which were used to expand business operations, resulting in a revenue increase of approximately $74.0 million in 2021 compared to 2020 [498]. - The company has not identified any trends or uncertainties that could materially affect its financial position or operating results for the period from January 1, 2021, to December 31, 2021 [505]. Cash and Liquidity - As of December 31, 2021, the company had cash and restricted cash of approximately $21.2 million and working capital of approximately $31.3 million [501]. - Approximately $18.2 million of the cash was held by the VIE with banks and financial institutions in China, highlighting the company's reliance on its consolidated VIE for operations [501]. - As of March 31, 2022, approximately $3.9 million, or 70%, of the accounts receivable balance as of December 31, 2021, had been collected [501]. - The company had a short-term bank loan of approximately $2.7 million as of December 31, 2021, which was renewed to March 2023, indicating a stable credit history [502]. Obligations and Reserves - The company's operating lease contractual obligations as of December 31, 2021, totaled approximately $5.9 million [509]. - The company is required to set aside at least 10% of its after-tax profits each year for statutory reserve funds, which are not distributable as cash dividends [496]. - The company has not entered into any financial guarantees or derivative contracts that could impact its financial position [506].

Financial Position - As of December 31, 2020, the company had cash of approximately $18.2 million and current assets of approximately $30.0 million, with current liabilities of approximately $12.2 million, resulting in a current ratio of 2.47:1[497] - As of December 31, 2020, approximately $13.6 million cash was held by the company's VIE with banks and financial institutions in China[499] - The company's operating lease contractual obligations as of December 31, 2020, totaled $4.055 million[507] Fundraising Activities - The company completed a private placement on October 21, 2020, issuing 1,149,425 ordinary shares and receiving aggregated proceeds of $10 million[498] - The company's initial public offering (IPO) on March 19, 2021, raised approximately $29.9 million, including proceeds from the over-allotment option[498] Cash Flow - For the year 2020, net cash provided by operating activities was $6.339 million, while net cash used in investing activities was $117, and net cash provided by financing activities was $11.345 million[503] Risk Management - The company does not believe that inflation has had a material impact on its financial position or results of operations to date, but acknowledges potential future risks[489] - The company has not entered into any hedging transactions to reduce exposure to foreign currency exchange risk, as its operations are primarily denominated in RMB[491] Future Outlook - The company expects that existing resources, including cash generated from operations, will be sufficient to meet working capital requirements over the next twelve months[499] - The company has no material impact from Covid-19 on its liquidity[496]