Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 5,037,242 thousand, a decrease of approximately 1.7% compared to RMB 5,122,862 thousand in the same period last year[5]. - Gross profit for the same period was RMB 1,914,597 thousand, reflecting a growth of 3.2% year-on-year, with a gross margin of 38.0%, up 1.8 percentage points from 36.2%[5]. - The company achieved a profit before tax of RMB 811,555 thousand, an increase of 1.9% compared to RMB 796,170 thousand in the previous year[5]. - Net profit for the period was RMB 683,198 thousand, down 4.8% from RMB 717,342 thousand year-on-year, resulting in a net profit margin of 13.6%[5]. - The total revenue for the group during the review period was approximately RMB 5,037,242 thousand, a decrease of about 1.7% compared to RMB 5,122,862 thousand in the same period last year[39]. - The comprehensive income for the period was approximately RMB 724,597 thousand, a decrease of about 1.3% compared to RMB 734,356 thousand in the same period last year[39]. - The group reported a segment profit of RMB 820,065 thousand, a slight increase of 2.47% from RMB 802,075 thousand in the previous year[100]. - The company reported a net profit of RMB 683,198 thousand for the period, down 4.8% from RMB 717,342 thousand in the same period last year[84]. Assets and Liabilities - The total assets increased by 4.0% to RMB 26,540,994 thousand as of June 30, 2024, compared to RMB 25,508,284 thousand at the end of 2023[5]. - As of June 30, 2024, the group's current assets net value was approximately RMB 13,861,870 thousand, down from RMB 16,004,419 thousand as of December 31, 2023[65]. - The group's asset-liability ratio was approximately 24.5% as of June 30, 2024, compared to 19.1% as of December 31, 2023[68]. - The group had no bank or other financial institution borrowings as of June 30, 2024, consistent with the previous year[67]. Cash Flow and Expenditures - Cash and cash equivalents rose by 22.6% to RMB 6,534,871 thousand, up from RMB 5,332,076 thousand[5]. - Operating cash flow for the six months ended June 30, 2024, was RMB 602,829 thousand, a decline of 43.7% from RMB 1,072,440 thousand in 2023[89]. - Capital expenditures for the six months ended June 30, 2024, totaled approximately RMB 282,315 thousand, significantly lower than RMB 560,670 thousand in the same period of 2023[15]. - The group had capital commitments of approximately RMB 395,328 thousand, down from RMB 494,304 thousand as of December 31, 2023[78]. Revenue Breakdown - Revenue from the self-owned brand business was approximately RMB 1,115,607 thousand, representing a growth of about 71.9% compared to RMB 648,852 thousand in the same period last year[41]. - Revenue from enterprise customer sales was approximately RMB 3,921,635 thousand, a decrease of about 12.3% from RMB 4,474,010 thousand in the same period last year[43]. - Revenue from the European and other markets reached approximately RMB 928,687 thousand, with a year-on-year growth of about 88.0%[13]. - In the U.S. market, revenue was approximately RMB 1,858,160 thousand, a decrease of about 9.8% year-on-year, accounting for approximately 36.9% of total revenue[15]. - Revenue from the company's disposable electronic vapor products decreased by approximately 18.9% year-on-year to about RMB 1,217,423 thousand[16]. - Revenue from electronic vapor products and components (excluding APV) was RMB 3,921,635 thousand, down 12.34% from RMB 4,474,010 thousand in 2023[98]. - APV revenue increased significantly to RMB 1,115,607 thousand, up 71.93% from RMB 648,852 thousand in 2023[98]. Research and Development - The company has over 1,400 R&D personnel and significantly higher R&D investment compared to peers, ensuring long-term healthy growth[19]. - Research and development expenditure for the first half of 2024 totaled approximately RMB 760.1 million, representing a year-on-year increase of 23.7%, and accounting for about 15.1% of revenue, up from 12.0% in the same period last year[25]. - Research and development expenses grew by approximately 23.7% to RMB 760,112 thousand, increasing from 12.0% to 15.1% of total revenue, reflecting increased investment in nebulization medical and heat-not-burn product areas[56]. - The company’s employee compensation and benefits in R&D rose by approximately 23.6% to RMB 477,901 thousand, accounting for 9.5% of total revenue, due to increased salaries for R&D personnel in the nebulization medical field[56]. Market Expansion and Product Development - The company launched several new products during the review period, including the world's first 20,000 puff high-explosion dual-core disposable solution, enhancing user experience and nicotine delivery efficiency[8]. - The company is expanding its international market presence, operating six distribution centers in Europe and the United States as of June 30, 2024, to enhance global operational capabilities[10]. - The company is actively expanding its international market presence and localizing its product and sales systems to meet diverse consumer needs[13]. - The company plans to launch the MOYAL brand and its first generation of aerosol beauty products in Q1 2024, which will be the industry's first to achieve high-viscosity skincare essence aerosolization[22]. - In the medical field, the company has developed several drug delivery devices for asthma and COPD, with products receiving recognition from European and American regulatory authorities[23]. Compliance and Regulatory - The company is focusing on compliance and safety in the U.S. market, with a gradual recovery expected in its performance due to strengthened regulatory enforcement[15]. - The company aims to enhance its compliance operations to support customer market expansion amid increasing regulatory scrutiny in the electronic vapor market[29]. - The company has implemented cost reduction and efficiency improvement measures, resulting in a significant decrease in administrative expenses during the review period[10]. Other Financial Metrics - The group's financing costs were approximately RMB 18,512 thousand, representing an increase of about 68.6% from RMB 10,980 thousand in the same period last year[61]. - Income tax expenses for the group were approximately RMB 128,357 thousand, an increase of about 62.8% from RMB 78,828 thousand in the same period last year[62]. - The group recognized government grants amounting to RMB 57,955 thousand, an increase from RMB 35,096 thousand in 2023[107]. - The interim dividend declared for the six months ended June 30, 2024, is HKD 0.05 per share, totaling approximately HKD 308,888,000[122].
思摩尔国际(06969) - 2024 - 中期业绩