GMV and Revenue Growth - Total GMV reached RMB 22,041 million, a year-on-year increase of 34.4%[5] - Platform business GMV reached RMB 13,541 million, accounting for 61.4% of total GMV, a year-on-year increase of 46.6%[6] - The self-operated business GMV reached RMB 7,973 million, up 18.8% year-over-year[10] - The company's revenue for the six months ended June 30, 2023, was RMB 7,968.7 million, with a gross profit of RMB 817.2 million and a gross margin of 10.3%, up from 9.3% in the same period last year[21] - The company's self-operated business revenue increased from RMB 6,408.3 million in the first half of 2022 to RMB 7,521.8 million in the first half of 2023, driven by an expanded buyer base and increased buyer engagement[21] - The company's platform business revenue increased by 50.6% from RMB 276.6 million in the first half of 2022 to RMB 416.6 million in the first half of 2023, with GMV growing from RMB 9.2 billion to RMB 13.5 billion[21] - Total revenue for the first half of 2023 reached RMB 7,968,747 thousand, a 18.6% increase compared to RMB 6,719,500 thousand in the same period of 2022[72] - Self-operated business revenue grew to RMB 7,521,784 thousand in H1 2023, up 17.4% from RMB 6,408,347 thousand in H1 2022[72] - Platform business revenue increased to RMB 416,624 thousand in H1 2023, a 50.6% rise from RMB 276,565 thousand in H1 2022[72] Buyer and Seller Metrics - Registered buyers exceeded 589,000, including approximately 379,000 pharmacies and 211,000 primary medical institutions[5] - Monthly active buyers reached 353,000, a year-on-year increase of 17.6%[5] - Monthly paying buyers reached 331,000, a year-on-year increase of 22.5%[5] - The paying rate increased from 89.9% to 93.6% year-on-year[5] - Average monthly orders per paying buyer increased by 12.7% to 28.4 orders[5] - The platform attracted approximately 7,100 sellers and over 589,000 buyers[6] - Buyers could choose from approximately 3.3 million SKUs, including prescription drugs, over-the-counter drugs, and healthcare products[6] - The number of sellers on the company's platform increased from 6,072 as of December 31, 2022, to 7,144 as of June 30, 2023[21] Platform and Self-Operated Business Performance - The average commission rate for the platform business was 3.1% in H1 2022 and 3.2% in H1 2023, with the subsidy rate decreasing from 0.7% to 0.5% over the same period[7] - The company's self-operated business provided an average of 347,000 SKUs per month, representing a 37.6% year-over-year increase[8] - The company's supplier base for self-operated business exceeded 9,500, an increase of over 1,000 compared to the same period last year[10] - The company's brand-first business GMV reached RMB 527 million, a 17.3% year-over-year increase, with over 500 pharmaceutical companies and 1,000 SKUs involved[11] - The company completed spot delivery for 15 product varieties under its own brand "Le Yaoshi," covering over 25,000 customers[11] Supply Chain and Logistics - The company has established a nationwide network of 20 smart warehouses across 19 cities, achieving average delivery times of 40 hours to cities and 50 hours to townships[9] - The smart supply chain system ensures an average order processing time of 3 hours, with inventory turnover days at 28.5 and accounts receivable turnover days at 2.1[17] - The company's micro-warehouse solution, including the new "Lark" model, has been deployed in 23 provincial-level regions, enabling 24-hour unmanned pharmacy services[14] Financial Performance and Metrics - Gross profit rose by 31.3% from RMB 622.3 million in H1 2022 to RMB 817.2 million in H1 2023, with gross margin improving from 9.3% to 10.3%[23] - Platform business gross margin slightly decreased from 83.3% in H1 2022 to 81.8% in H1 2023 due to higher transaction channel fees[23] - Other business gross margin improved from 37.0% in H1 2022 to 49.4% in H1 2023, driven by higher-margin SaaS business growth[23] - Net loss widened significantly from RMB 644.3 million in H1 2022 to RMB 3,176.6 million in H1 2023[31] - Adjusted net profit for the first half of 2023 was RMB 70.2 million, a significant improvement from the adjusted net loss of RMB 94.8 million in the same period of 2022, representing a reduction in loss of RMB 165.0 million[33] - The company recorded its first adjusted net profit in the first half of 2023[33] - The company's adjusted net profit margin for the first half of 2023 was 0.9%, compared to an adjusted net loss margin of 1.4% in the same period of 2022[34] - Net loss for the six months ended June 30, 2023, was RMB 3,176,580 thousand, compared to a net loss of RMB 644,330 thousand in the same period in 2022[60] Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2023, were RMB 985.6 million, compared to RMB 835.4 million as of December 31, 2022[35] - Net cash generated from operating activities in the first half of 2023 was RMB 365.6 million, compared to a net cash outflow of RMB 113.6 million in the same period of 2022[36] - Net cash used in investing activities in the first half of 2023 was RMB 434.0 million, compared to net cash generated of RMB 352.6 million in the same period of 2022[36] - Net cash generated from financing activities in the first half of 2023 was RMB 217.5 million, compared to RMB 312.4 million in the same period of 2022[36] - The cash conversion cycle improved to -6.3 days in H1 2023, compared to 1.4 days in the same period last year, enhancing liquidity and profitability[17] Business Expansion and Market Penetration - The company's business expansion team consists of over 2,800 members as of June 30, 2023, with each member managing an average of over 130 pharmacies, an increase of 13 pharmacies compared to the same period last year[18] - The company has covered approximately 211,000 users in primary healthcare as of June 30, 2023, with 38,000 new users added during the reporting period, compared to 21,000 new users in the first half of 2022[18] - The company's registered buyers have penetrated 97.6% of counties and 85.2% of townships nationwide[18] - The company plans to leverage its platform advantages to systematically enhance the scale, breadth, and depth of its pharmaceutical distribution business, while continuously expanding new users and product categories[20] - The company aims to accelerate the connection between upstream pharmaceutical companies and downstream pharmacies and clinics through improved warehousing layout and enhanced smart supply chain services[20] Technology and Innovation - SaaS solutions have been provided to over 6,000 sellers (950 new in H1 2023) and approximately 44,000 buyers (4,000 new in H1 2023), improving operational efficiency[15] - Online training programs have been offered to over 240,000 pharmacists and candidates, enhancing service capabilities and brand reputation[16] - R&D expenses increased by 11.3% from RMB 35.9 million in H1 2022 to RMB 39.9 million in H1 2023, driven by system optimization and technology upgrades[26] - The company will continue to innovate and strengthen its technical capabilities and digital solutions, combining online and offline approaches to improve service quality[20] Costs and Expenses - Sales cost increased by 17.3% from RMB 6,097.2 million in H1 2022 to RMB 7,151.6 million in H1 2023, driven by revenue growth and business expansion[22] - Platform business sales cost surged by 64.2% from RMB 46.3 million in H1 2022 to RMB 76.0 million in H1 2023 due to expanded transaction volume[22] - Other business sales cost decreased by 29.5% from RMB 21.8 million in H1 2022 to RMB 15.4 million in H1 2023, mainly due to reduced costs in spectral cloud inspection[22] - Sales and marketing expenses increased by 1.4% from RMB 626.2 million in H1 2022 to RMB 634.9 million in H1 2023, mainly due to expanded business operations[24] - General and administrative expenses rose by 12.6% from RMB 130.1 million in H1 2022 to RMB 146.5 million in H1 2023, primarily due to increased staffing costs[25] - The company's total employee costs for the six months ended June 30, 2023, were RMB 477,579 thousand, up from RMB 457,116 thousand in the same period in 2022[80] Capital and Funding - The company raised additional capital through the partial exercise of the over-allotment option on July 20, 2023[44] - Global offering net proceeds of HKD 242.2 million remain unused as of June 30, 2023, with no changes to the intended use disclosed in the prospectus, and the company expects to fully utilize the remaining funds by December 2025[57] - The company plans to allocate HKD 109.0 million to diversify SKU products and attract more qualified upstream participants in the pharmaceutical distribution business by December 2025[58] - HKD 48.4 million will be used to enhance the company's business development capabilities and efficiency through dedicated digital tools by December 2025[58] - HKD 12.2 million is allocated to strengthen the company's supply chain capabilities by December 2025[58] - HKD 60.5 million will be used to further develop other businesses, including expanding the geographical coverage of the spectral cloud inspection service and increasing the market awareness of micro-warehouses by December 2025[58] - HKD 53.3 million is allocated for research and development, with full utilization expected by December 2025[58] - HKD 19.4 million is reserved for working capital and general corporate purposes, with full utilization expected by December 2025[58] Employee and Organizational Structure - The company had 6,108 employees as of June 30, 2023, with 2,935 in sales and marketing, 2,096 in operations, and 320 in R&D[45] - Total employee compensation costs for the six months ended June 30, 2023, were RMB 477.6 million, compared to RMB 457.1 million in the same period in 2022[46] - The board of directors includes executive directors Mr. Zhang Buzhen and Mr. Chen Fei, non-executive directors Mr. Lin Xinhe and Mr. Zhu Ziyang, and independent non-executive directors Ms. Shao Rong, Mr. Sun Hanhui, and Mr. Zhao Hongqiang[90] Other Financial and Operational Metrics - Downstream order financing products saw a 53.9% YoY increase in cumulative loan issuance to RMB 22 billion, with 5,429 active users and 1.7 million financing orders[17] - The company's cost of inventory recognized as an expense for the six months ended June 30, 2023, was RMB 7,058,555 thousand, an increase from RMB 6,031,007 thousand in the same period in 2022[80] - The company's basic and diluted loss per share for the six months ended June 30, 2023, was calculated based on a weighted average number of ordinary shares of 133,720,060, compared to 125,316,184 in the same period in 2022[82] - The company's trade and other receivables as of June 30, 2023, were RMB 281,511 thousand, a decrease from RMB 503,460 thousand as of December 31, 2022[84] - The company's trade payables as of June 30, 2023, were RMB 1,504,710 thousand, an increase from RMB 1,433,487 thousand as of December 31, 2022[87] - The company issued 1,426,600 ordinary shares at a price of HKD 20 per share on July 25, 2023, due to the partial exercise of the over-allotment option[89] Regulatory and Compliance - The company's subsidiaries in China are subject to a corporate income tax rate of 25%, with Guangzhou Sudao Yi Information Technology Co., Ltd. enjoying a preferential tax rate of 15% as a high-tech enterprise[79] - The company's current tax expense for the six months ended June 30, 2023, was RMB 1,972 thousand, compared to a deferred tax benefit of RMB 165 thousand in the same period in 2022[78] - The company had no significant investments, acquisitions, or disposals during the six months ended June 30, 2023[40][41] - The company had no asset pledges as of June 30, 2023, and no specific future plans for significant investments or capital assets[42] - The capital gearing ratio was zero as of June 30, 2023, due to the absence of interest-bearing borrowings[43] Market and Geographic Presence - The company operates exclusively in China, with all revenue and non-current assets located within the country[75] - Spectrum Cloud Testing has partnered with over 10,700 primary medical institutions as of June 30, 2023, enhancing diagnostic capabilities and service efficiency[13] Foreign Exchange and Risk Management - The company faces foreign exchange risk primarily from bank balances and financial assets denominated in foreign currencies but has not implemented a foreign currency hedging policy[47] - Foreign exchange gains netted RMB 1,110 thousand in H1 2023, significantly lower than RMB 12,399 thousand in H1 2022[77] Dividend and Shareholder Information - The company did not recommend an interim dividend for the six months ended June 30, 2023, consistent with the same period in 2022[59] - The interim results announcement and interim report are published on the HKEX website (www.hkexnews.hk) and the company's website (www.ysbang.cn)[90] - The interim report for the six months ended June 30, 2023, will be published on the HKEX and company websites and will be sent to shareholders in due course[90] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 4,266,313 thousand, an increase from RMB 3,684,991 thousand as of December 31, 2022[61] - Total liabilities as of June 30, 2023, were RMB 2,817,227 thousand, a decrease from RMB 8,375,732 thousand as of December 31, 2022[61] - Net current assets as of June 30, 2023, were RMB 1,449,086 thousand, compared to net current liabilities of RMB 4,690,741 thousand as of December 31, 2022[61] - Non-current assets as of June 30, 2023, were RMB 437,465 thousand, up from RMB 423,749 thousand as of December 31, 2022[61] - The company's equity (deficit) as of June 30, 2023, was RMB 1,780,873 thousand, compared to a deficit of RMB 4,369,710 thousand as of December 31, 2022[62] - The company's deferred tax assets and liabilities related to lease transactions were recognized at RMB 39,760,000 each, with no significant impact on the financial position[70] Other Income and Expenses - Other income, including government subsidies and bank interest, totaled RMB 45,382 thousand in H1 2023, a decrease from RMB 49,745 thousand in H1 2022[76] - Financial expenses for H1 2023 amounted to RMB 4,953 thousand, slightly down from RMB 5,108 thousand in H1 2022[77]
药师帮(09885) - 2023 - 中期业绩