Revenue and Profit Growth - Revenue increased by 25.7% to RMB 1,586.8 million in the first half of 2023 compared to RMB 1,262.4 million in the same period of 2022[2] - Gross profit rose by 33.7% to RMB 1,095.5 million in the first half of 2023 from RMB 819.5 million in the first half of 2022[2] - Net profit surged by 60.7% to RMB 100.9 million in the first half of 2023 compared to RMB 62.8 million in the same period of 2022[2] - Revenue increased by 25.7% from RMB 1,262.4 million in H1 2022 to RMB 1,586.8 million in H1 2023, driven by growth in emerging e-commerce platforms like Douyin[21] - Gross profit increased by 33.7% from RMB 819.5 million in H1 2022 to RMB 1,095.5 million in H1 2023, with gross margin improving from 64.9% to 69.0%[27] - Profit for the first half of 2023 was RMB 100.9 million, compared to RMB 62.8 million in the first half of 2022[34] - Revenue for the first half of 2023 was RMB 1,586.8 million, up from RMB 1,262.4 million in the first half of 2022, with gross profit increasing to RMB 1,095.5 million from RMB 819.5 million[38] - Total revenue for the six months ended June 30, 2023, was RMB 1,586,826 thousand, an increase from RMB 1,262,394 thousand in the same period in 2022[45][47][48][49] - Basic earnings per share for the six months ended June 30, 2023, were RMB 0.25, up from RMB 0.18 for the same period in 2022[54] Brand Performance - HanShu brand revenue grew by 70.3% to RMB 1,028.0 million in the first half of 2023, accounting for 64.8% of total revenue[7] - One Leaf brand revenue decreased by 23.1% to RMB 203.6 million in the first half of 2023, representing 12.8% of total revenue[9] - Red Elephant's revenue in the first half of 2023 was RMB 189.1 million, a decrease of 38.2% compared to the same period in 2022, accounting for 11.9% of the company's total revenue[10] - Newpage's revenue in the first half of 2023 was RMB 59.0 million, a significant increase of 209.1 times compared to the same period in 2022, contributing 3.7% of the company's total revenue[11] - The company's total revenue from its three main brands in the first half of 2023 was RMB 1,420.7 million, an increase of 21.0% year-on-year, accounting for 89.5% of total revenue[10] - HanShu brand revenue grew from RMB 603.6 million in H1 2022 to RMB 1,028.0 million in H1 2023, accounting for 64.8% of total revenue[22][23] - Skincare category revenue rose from RMB 929.7 million in H1 2022 to RMB 1,282.9 million in H1 2023, driven by HanShu[26] Product Launches and Innovations - HanShu launched new product lines including "White Waist Series" and "Blue Waist Series" in the first half of 2023[7] - One Leaf introduced a new product, the Light Repair Water Essence, featuring 10% panthenol and olive leaf extract in the first half of 2023[8] - The company launched new products such as the "Soothing Special Care Essence" and "Chardonnay Grape Essence Cream" under the Red Elephant brand in the first half of 2023[10] - Newpage introduced the "Baby Soothing Special Care Essence Lotion" in the first half of 2023, featuring natural organic bisabolol and glycyrrhetinic acid for skin barrier strengthening[11] Marketing and Distribution - Online channel revenue increased to RMB 1,291.2 million in H1 2023, representing 81.4% of total revenue, up from 73.8% in H1 2022[24] - Online self-operated sales revenue surged from RMB 485.7 million in H1 2022 to RMB 983.8 million in H1 2023, primarily due to Douyin[25] - Sales and distribution expenses increased by RMB 242.7 million to RMB 850.6 million in H1 2023, accounting for 53.6% of revenue, up from 48.2% in H1 2022[29] - Marketing and promotion expenses rose by RMB 220.0 million to RMB 629.7 million in H1 2023, reflecting increased brand exposure and channel investment[29] - Marketing and promotion expenses increased significantly to RMB 630,208 thousand in 2023, compared to RMB 407,633 thousand in 2022[51] R&D and Innovation - R&D expenditure in the first half of 2023 was RMB 54.4 million, accounting for 3.4% of total revenue, compared to RMB 51.9 million (4.1% of total revenue) in the same period in 2022[14] - The company applied for 40 new patents in the first half of 2023, including 24 invention patents, and was granted 7 new patents, including 2 invention patents[14] - The company plans to strengthen its R&D focus on anti-aging and skin barrier repair technologies to drive product innovation[19] - R&D costs rose by 4.8% from RMB 51.9 million in the first half of 2022 to RMB 54.4 million in the first half of 2023, driven by increased R&D activities[31] - 12.2% of the net proceeds (HKD 104.9 million) were allocated to enhance R&D capabilities, with HKD 24.8 million used and HKD 80.1 million remaining[65] Financial Position and Capital Expenditure - Capital expenditure in the first half of 2023 was RMB 35.6 million, primarily for new machinery, equipment, vehicles, factory expansion, and construction payments[16] - The company's right-of-use assets as of June 30, 2023, were RMB 135.1 million, with lease liabilities of RMB 70.0 million[17] - Total payroll costs in the first half of 2023 were RMB 238.4 million, an increase from RMB 217.5 million in the same period in 2022[15] - Cash and cash equivalents stood at RMB 581.0 million as of June 30, 2023, down from RMB 1,147.7 million as of December 31, 2022, while external bank borrowings decreased by 60.1% to RMB 259.4 million[34] - The company's debt-to-asset ratio improved to 38.4% as of June 30, 2023, from 61.6% in the same period last year, and the current ratio increased to 1.8x from 1.1x[35] - The company's cash and bank balances were predominantly denominated in RMB (97.2%) as of June 30, 2023, compared to 28.5% as of December 31, 2022, reflecting a shift in currency exposure[37] - Total assets as of June 30, 2023, were RMB 1,996,060 thousand, up from RMB 1,893,501 thousand as of December 31, 2022[41] - Total liabilities decreased to RMB 1,082,608 thousand as of June 30, 2023, from RMB 1,439,022 thousand as of December 31, 2022[41][42] - Net current assets stood at RMB 803,290 thousand as of June 30, 2023, down from RMB 938,436 thousand as of December 31, 2022[41] - The company's equity attributable to owners of the parent company increased to RMB 1,726,917 thousand as of June 30, 2023, from RMB 1,705,086 thousand as of December 31, 2022[42] - The company's investment in associates increased significantly to RMB 16,264 thousand as of June 30, 2023, from RMB 1,797 thousand as of December 31, 2022[41] - Inventory as of June 30, 2023, was RMB 472,456 thousand, down from RMB 518,113 thousand as of December 31, 2022[56] - Trade receivables and bills receivable net of impairment were RMB 289,895 thousand as of June 30, 2023, compared to RMB 373,985 thousand as of December 31, 2022[57] - Trade payables as of June 30, 2023, were RMB 359,446 thousand, down from RMB 424,150 thousand as of December 31, 2022[60] Dividends and Shareholder Returns - The company proposed an interim dividend of RMB 0.2 per share for the first half of 2023, subject to shareholder approval[2] - The company declared an interim dividend of RMB 0.20 per ordinary share for the six months ended June 30, 2023, totaling approximately RMB 79,591,580[55] - The board has proposed an interim dividend of RMB 0.2 per share for the first half of 2023, subject to approval at the extraordinary general meeting on October 16, 2023[69] Regulatory and Corporate Governance - The company plans to revise its articles of association in accordance with recent regulatory changes, with the proposed amendments to be voted on at the extraordinary general meeting on October 16, 2023[70] Other Income and Expenses - Other income and gains increased by 13.2% from RMB 59.3 million in H1 2022 to RMB 67.1 million in H1 2023, mainly due to foreign exchange and financial asset gains[28] - Administrative expenses increased by 9.1% from RMB 102.6 million in the first half of 2022 to RMB 111.9 million in the first half of 2023, primarily due to employee benefits and office-related costs[30] - Net impairment loss on financial assets reversed from a loss of RMB 0.7 million in the first half of 2022 to a recovery of RMB 14.7 million in the first half of 2023, mainly due to reduced expected credit losses on trade receivables[31] - Other expenses decreased by 20.7% from RMB 27.1 million in the first half of 2022 to RMB 21.5 million in the first half of 2023, primarily due to reduced inventory impairment losses and no foreign exchange losses[32] - Finance costs increased by 19.4% from RMB 9.8 million in the first half of 2022 to RMB 11.7 million in the first half of 2023, mainly due to higher interest on bank and other borrowings[33] - Total tax expense for the six months ended June 30, 2023, was RMB 23,481 thousand, compared to RMB 15,586 thousand for the same period in 2022[53] Capital Market Activities - The company's H shares were listed on the Hong Kong Stock Exchange on December 22, 2022, with net proceeds from the global offering amounting to approximately HKD 859.7 million[64] - The total net proceeds from the global offering amounted to approximately HKD 859.7 million, including HKD 835.1 million from the December 2022 global offering and HKD 24.6 million from the partial exercise of the over-allotment option in January 2023[66] - As of June 30, 2023, the company has utilized HKD 335.7 million of the net proceeds, with HKD 524.0 million remaining, expected to be fully utilized by December 31, 2026[65] - The company allocated 32.0% of the net proceeds (HKD 275.5 million) for brand-building activities, with HKD 69.9 million already used and HKD 205.6 million remaining[65] - 19.8% of the net proceeds (HKD 170.6 million) were allocated to strengthen production and supply chain capabilities, with only HKD 1.4 million used and HKD 169.2 million remaining[65] - The company allocated 18.0% of the net proceeds (HKD 154.5 million) to expand its sales network, with the entire amount already utilized[65] Brand Experience and Collaborations - HanShu established its first "Scientific Anti-Aging" brand experience center at Shanghai Hongqiao Airport in the first half of 2023[7] - One Leaf collaborated with TMall Innovation Center and Kantar to release China's first "Clean Beauty Industry White Paper" in the first half of 2023[8]
上美股份(02145) - 2023 - 中期业绩