Financial Performance - Revenue for the first half of 2024 reached RMB 2.54 billion, a year-on-year increase of 58.2%[7] - Adjusted profit for the first half of 2024 was RMB 1.03 billion, a year-on-year increase of 51.8%[9] - Total revenue for the first half of 2024 reached RMB 2,540.4 million, a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[23] - Total revenue for the first half of 2024 reached RMB 2,540.4 million, a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[24] - Revenue from professional skincare products accounted for 99.7% of total revenue, with functional skincare contributing RMB 1,939.6 million (76.4%) and medical dressings contributing RMB 592.2 million (23.3%)[24] - Revenue for the first half of 2024 reached RMB 2,540.4 million, a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[70] - Gross profit for the first half of 2024 was RMB 2,093.2 million, up 54.9% from RMB 1,351.0 million in the first half of 2023[70] - Net profit attributable to owners of the company for the first half of 2024 was RMB 983.2 million, a 47.4% increase from RMB 666.9 million in the same period of 2023[70] - Revenue from customer contracts increased to RMB 2,540,432 thousand in the first half of 2024, up from RMB 1,605,698 thousand in the same period of 2023, representing a growth of 58.2%[85] - Basic earnings per share for 2024 were RMB 983,164 thousand, up from RMB 666,940 thousand in 2023, a 47.4% increase[97] R&D and Innovation - R&D expenditure for the first half of 2024 was RMB 49 million, a year-on-year increase of 43.2%, accounting for 1.9% of revenue[10] - The company has over 100 ongoing R&D projects as of the end of the reporting period[10] - The company has been granted and applied for 133 patents, with 40 new patents added during the reporting period[10] - The company participated in multiple academic conferences to promote the development of recombinant collagen technology[14] - R&D expenses increased by 43.2% YoY to RMB 48.7 million, representing 1.9% of revenue[34] - R&D costs surged to RMB 13,469 thousand in 2024 from RMB 1,290 thousand in 2023, a 944.1% increase[91] - 11% of the net proceeds from the global offering are allocated for R&D investment, including expanding the R&D team and facilities[64] Brand Performance - Reborn Beauty brand achieved revenue of RMB 2.071 billion, a year-on-year increase of 68.6%[12] - Reborn Beauty's Human-like Recombinant Collagen Essence became the company's top star product, ranking No.1 in multiple categories during the 618 promotion[12] - Reborn Beauty launched the new Focus Series, with the Focus Cream ranking No.1 in Tmall's new cream list and Douyin's collagen cream popularity list during 618[12] - Reborn Beauty's Order Spot Stick ranked No.1 in Tmall's new repair essence list during 618, completing the oil-control and acne-treatment product portfolio[12] - Kelisheng brand achieved revenue of RMB 396 million, a year-on-year increase of 23.6%[13] - Kelisheng's new Vitality Series products, including eye cream and face cream, received a 99% positive rating and a score of 4.64 in consumer trials[13] - The Kefumei brand contributed RMB 2,070.9 million (81.5%) to total revenue, a 68.6% increase compared to the same period in 2023[32] - The Kelijin brand generated RMB 396.1 million (15.6%) in revenue, a 23.6% increase year-over-year[32] - Other brands contributed RMB 64.9 million (2.6%) to total revenue, a 40.8% increase compared to the same period in 2023[32] - Revenue from the professional skincare product "Kefumei" increased by 68.6% YoY to RMB 2,070.9 million, accounting for 81.5% of total revenue[33] - Revenue from the skincare product "Keling" rose by 23.6% YoY to RMB 396.1 million, contributing 15.6% of total revenue[33] Marketing and Sales - The company launched new products and continued to optimize its product matrix to reach a broader customer base[11] - The company strengthened public domain marketing, with Reborn Beauty's Focus Cream campaign generating over 200 million topic exposures on Xiaohongshu[15] - Reborn Beauty appointed Olympic swimming champion Ye Shiwen as its brand ambassador to enhance consumer emotional connection[15] - Reborn Beauty launched a special 520 campaign with limited edition "Lucky Stick" products to strengthen brand-consumer interaction[15] - Direct sales channel revenue accounted for 72.4% of total revenue at RMB 1,838 million, while distribution channel revenue was RMB 702 million, representing 27.6% of total revenue[18] - The company expanded its offline presence with approximately 10 offline stores in key cities, including the flagship store in Chongqing opened on June 16, 2024[17] - The company's products are available in approximately 1,500 public hospitals, 2,700 private hospitals and clinics, 650 chain pharmacies, and 6,000 CS/KA stores[17] - Online GMV growth for the Keruimei and Kelijing brands exceeded 60% and 100% respectively during the 618 shopping festival in 2024[17] - Direct-to-consumer (DTC) online sales through the company's own stores reached RMB 1,603.2 million, a 64.1% year-over-year increase, accounting for 63.1% of total revenue[26][27] - Online sales through e-commerce platforms grew 143.3% year-over-year to RMB 167.4 million, representing 6.6% of total revenue[29] - Offline direct sales increased by 82.2% year-over-year to RMB 67.6 million, accounting for 2.7% of total revenue[30] - Sales to distributors grew 34.4% year-over-year to RMB 702.3 million, representing 27.6% of total revenue[31] - The company's offline advertising campaigns covered major transportation hubs and commercial centers in cities like Xi'an, Chongqing, and Wuhan[17] - Marketing and promotion expenses rose to RMB 811,642 thousand in 2024 from RMB 521,705 thousand in 2023, a 55.6% increase[90] Production and Operations - The company added 1 new cosmetics production line and 1 medical device production line, with a new medical device factory expected to be operational within the year[19] - The company's capital commitments primarily consist of plant, machinery, and buildings, amounting to RMB 239.8 million as of June 30, 2024[39] - The company recorded capital expenditures of RMB 164.7 million in the six months ended June 30, 2024, mainly for the construction of new factories and the purchase of production line equipment[39] - The company has 1,512 full-time employees as of June 30, 2024, with 39.9% in production, 11.6% in R&D, 30.0% in sales and marketing, and 18.5% in general and administrative functions[40][41] - Inventory grew by 66.5% to RMB 333.7 million as of June 30, 2024, from RMB 200.4 million as of December 31, 2023[71] - Inventory increased by RMB 133,274 thousand, reflecting higher stock levels compared to the previous year[76] - Inventory, consumables, and custom product costs increased to RMB 314,231 thousand in 2024 from RMB 199,527 thousand in 2023, a 57.4% increase[90] - The company's investment in property, plant, and equipment decreased to RMB 165,417 thousand in 2024, down from RMB 186,961 thousand in 2023[77] - The company's net cash used in investing activities decreased to RMB 343,498 thousand in 2024, compared to RMB 472,404 thousand in 2023[77] - The company acquired assets worth RMB 284,042 thousand in 2024, compared to RMB 111,910 thousand in 2023, a 153.8% increase[98] Financial Position and Capital - Total assets as of June 30, 2024, were RMB 7.78 billion, a 56.5% increase compared to the end of 2023[8] - Total liabilities as of June 30, 2024, were RMB 1.81 billion, a 200% increase compared to the end of 2023[8] - Net current assets as of June 30, 2024, were RMB 4.93 billion, a 36.8% increase compared to the end of 2023[8] - The company's cash and cash equivalents increased by 82.3% to RMB 4,564.4 million as of June 30, 2024, compared to RMB 2,504.0 million as of December 31, 2023[39] - Cash and cash equivalents as of June 30, 2024, stood at RMB 4,564.4 million, an 82.3% increase from RMB 2,504.0 million as of December 31, 2023[71] - The company's cash and cash equivalents increased significantly to RMB 4,564,386 thousand as of June 30, 2024, up from RMB 1,557,509 thousand in the same period of 2023[77] - Net asset value increased to RMB 5,974,848 thousand as of June 30, 2024, up from RMB 4,371,050 thousand at the end of 2023[73] - The company issued shares worth RMB 1,498,500 thousand, resulting in a total equity increase of RMB 1,498,502 thousand[74] - The company declared dividends of RMB 908,437 thousand for the 2023 final and special dividends[74] - The company declared a total dividend of RMB 908,437 thousand for 2023, including a final dividend of RMB 449,536 thousand and a special dividend of RMB 458,901 thousand[94] - The company completed a share placement and subscription, raising approximately HKD 1,627 million (net of commissions and estimated expenses), with 90% (HKD 1,464.3 million) allocated for core business development and ecosystem layout, and 10% (HKD 162.7 million) for working capital and general corporate purposes[67] - The company issued 33,220,000 ordinary shares at a subscription price of HKD 49.40 per share (equivalent to RMB 45.11 per share), raising a total of HKD 1,641,065,000 (RMB 1,498,500,000 before deducting share issuance costs)[104] Corporate Governance and Shareholding - The company has adopted a Restricted Stock Unit (RSU) plan, with a maximum of 19,000,000 shares, representing approximately 1.85% of the total issued share capital as of the reporting date[41] - The company has adopted the 2023 Share Option Plan and the 2023 Share Award Plan, with a maximum of 99,500,000 shares, representing 9.68% of the total issued share capital as of the reporting date[42] - The company has decided not to declare an interim dividend for the six months ended June 30, 2024[43] - The company has not separated the roles of Chairman and CEO, with Mr. Yan Jianya holding both positions, which the company believes is beneficial for consistent leadership and effective execution of business strategies[43] - Mr. Yan Jianya holds 589,350,972 shares, representing 57.32% of the company's total issued shares as of June 30, 2024[46] - Ms. Ye Juan holds 1,049,800 shares, representing 0.10% of the company's total issued shares as of June 30, 2024[46] - Ms. Fang Juan holds 1,157,601 shares, representing 0.11% of the company's total issued shares as of June 30, 2024[46] - Ms. Zhang Huijuan holds 1,240,000 shares, representing 0.12% of the company's total issued shares as of June 30, 2024[46] - Dr. Fan holds 581,104,935 shares through controlled corporations, representing 56.52% of the company's total issued shares as of June 30, 2024[50] - Healing Holding, wholly owned by Dr. Fan, holds 900,000 shares, representing 0.09% of the company's total issued shares as of June 30, 2024[50] - E Fund Management Co., Ltd. holds 50,067,000 shares, representing 4.87% of the company's total issued shares as of June 30, 2024[51] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[52] - The restricted share unit plan has a remaining term of 7 years, with a total duration of 10 years from the date of adoption by the board[53] - The maximum number of shares under the restricted share unit plan is 19,000,000, representing approximately 1.85% of the company's total issued share capital as of the report date[54] - The restricted share units are granted at prices of RMB 4.74 per share (granted on December 8, 2021) and RMB 20 per share (granted on September 26, 2022)[53] - The restricted share units are expected to vest in five equal installments, with 20% of the total shares vesting every 12 months from the grant date[54] - As of June 30, 2024, the company's chairman, executive director, and CEO holds 10,459,502 restricted shares, representing 1.02% of the total issued shares[55] - A total of 13,361,601 restricted shares remain unvested and subject to lock-up conditions as of June 30, 2024[55] - The restricted share unit plan aims to align the interests of shareholders and employees, and to attract and retain senior management and core talent[53] - The company adopted a fourth amended and restated memorandum and articles of association on June 13, 2024, to comply with the Listing Rules regarding electronic dissemination of corporate communications[53] - No further restricted share units will be granted under the plan after the company's listing[54] - The restricted share unit plan was fully granted before the company's listing, with no additional units to be issued post-listing[54] - The maximum number of shares that can be issued under the 2023 Plan is 99,500,000 shares, representing 9.68% of the total issued shares (excluding treasury shares) as of the report date[57] - The maximum number of shares that can be issued to service provider participants under the 2023 Plan is 19,900,000 shares, representing 1.94% of the total issued shares (excluding treasury shares) as of the report date[57] - The 2023 Plan aims to provide participants with personal equity interests in the company to recognize, incentivize, and reward them, attract and retain the most qualified personnel, and drive the group's business success[57] - The minimum vesting period for options or award shares is generally 12 months, but the board may grant shorter vesting periods under certain circumstances[58] - The 2023 Plan has a remaining validity period of 9 years from the adoption date[60] - The company granted a total of 20,000,000 options to 128 eligible participants on December 28, 2023, to subscribe for ordinary shares with a par value of 35.05 per share, with a fair value of HK125 million[62] - The company approved a Restricted Share Unit Plan on December 8, 2021[122] - The company's shares have a par value of $0.00001 per share[123] - The company operates under the Securities and Futures Ordinance (Chapter 571 of Hong Kong Law)[122] - The company's shares are held by shareholders[123] - The company has subsidiaries as defined under Section 15 of the Companies Ordinance[123] - The company's operations are subject to the jurisdiction of the United States, its territories, and all areas under its jurisdiction[123] - The company's financial reporting is in US dollars, the legal currency of the United States[124] Social Responsibility and Donations - The company donated over RMB 5 million worth of products to frontline educators and medical workers during the "March 8th Warm Spring Love Action"[20] - The company launched the "Giant 315 Transparency Commitment" on March 15, 2024, to promote transparency in the recombinant collagen industry[21] Industry Recognition and Achievements - The company was recognized as the global leader in recombinant collagen by Euromonitor International[9] Strategic Investments and Future Plans - The company plans to continue R&D investment, enrich raw material reserves, and expand product lines in the second half of 2024[20
巨子生物(02367) - 2024 - 中期财报