Financial Performance - Revenue increased by 11.36% from RMB 951.20 million for the six months ended June 30, 2023, to RMB 1,059.30 million for the six months ended June 30, 2024[7]. - Gross profit increased by 5.41% from RMB 487.43 million for the six months ended June 30, 2023, to RMB 513.80 million for the six months ended June 30, 2024[7]. - Net profit decreased by 44.07% from RMB 107.37 million for the six months ended June 30, 2023[7]. - Profit before taxation decreased to RMB 78,006,000 from RMB 138,873,000, reflecting a decline of approximately 43.7% year-over-year[100]. - Profit and total comprehensive income for the period was RMB 60,045,000, down from RMB 107,365,000 in 2023, a decrease of about 44.1%[100]. - Basic and diluted earnings per share for the period were RMB 0.12, compared to RMB 0.23 in the previous year, showing a decline of approximately 47.8%[100]. - The consolidated profit before taxation for the six months ended June 30, 2024, was RMB 78,006,000, down from RMB 138,873,000 in 2023, indicating a decline of approximately 43.5%[130]. Revenue Sources - Yan Palace's e-commerce channel revenue amounted to RMB640.73 million, accounting for 60.49% of total revenue, representing a 21.89% increase compared to the first half of 2023[10]. - The total revenue from offline channels was RMB418.57 million, making up 39.51% of total revenue, which is a decrease of 1.64% from the first half of 2023[11]. - Revenue from pure EBN products increased by 3.52% from RMB894.86 million for the six months ended June 30, 2023, to RMB926.32 million for the six months ended June 30, 2024[29]. - Revenue from EBN+ and +EBN products surged by 164.4% from RMB47.16 million to RMB124.7 million during the same period, driven by increased sales of EBN porridge and newly launched skincare products[29]. - Revenue from other products decreased by 9.79% from RMB9.19 million to RMB8.29 million, attributed to a focus on EBN+ and +EBN products[29]. Expenses and Costs - Cost of sales rose by 17.63% from RMB463.77 million to RMB545.51 million, in line with overall revenue growth[29]. - Selling and distribution expenses increased by 38.45% from RMB263.82 million to RMB365.27 million, primarily due to higher advertising expenses[31]. - Administrative expenses decreased by 18.20% from RMB76.53 million to RMB62.60 million, mainly due to reduced professional party expenses related to the listing[31]. - Research and development expenses increased by 3.60% from RMB11.93 million for the six months ended June 30, 2023 to RMB12.36 million for the six months ended June 30, 2024[32]. - Finance costs increased by 246.27% from RMB1.02 million for the six months ended June 30, 2023 to RMB3.53 million for the six months ended June 30, 2024, mainly due to increased interest expenses for lease liabilities[32]. Assets and Liabilities - Current assets decreased from approximately RMB1,154.5 million as of December 31, 2023 to approximately RMB939.56 million as of June 30, 2024, primarily due to the use of proceeds from the Global Offering and payment of dividends[33]. - Cash and cash equivalents decreased by 23.74% from RMB537.1 million as of December 31, 2023 to RMB409.59 million as of June 30, 2024, mainly due to the use of proceeds from the Global Offering and payment of dividends[33]. - Total indebtedness as of June 30, 2024, was RMB 138.93 million, with current lease liabilities at RMB 19.06 million and non-current lease liabilities at RMB 119.87 million[44]. - The current ratio as of June 30, 2024, was 1.9, down from 2.1 as of December 31, 2023[47]. - The gearing ratio increased to 18.76% as of June 30, 2024, from 17.3% at the end of 2023[47]. Shareholding and Governance - The Company is listed under stock code 1497 on the Hong Kong Stock Exchange[6]. - The Employee Incentive Scheme was adopted on December 26, 2020, to attract and retain talent, representing approximately 1.76% of the total issued share capital[71]. - The H Share Incentive Scheme was approved on March 25, 2024, aiming to promote long-term sustainable development and align the interests of grantees with those of shareholders[81]. - The Company has appointed a third-party trustee to manage the H Share Incentive Scheme[179]. - The Company has established significant partnerships, such as Guangyao Tianxiang LP, which is one of its substantial shareholders[199]. Market and Product Development - The Company established a cultural tourism development division in June 2024 to enhance consumer understanding of EBN culture and create new revenue growth points[12]. - The company launched several new products in the first half of 2024, including Raw Coconut Peach Gum EBN and Bird's Nest Peptides Natural Soda, with sales revenue from bird's nest peptides-related products reaching RMB 19.47 million[16][17]. - The company is focused on enhancing its product offerings through research and development of new technologies and ingredients[197]. - The company aims to boost its overall wellness product line, leveraging the traditional health benefits attributed to edible bird's nests[197]. Compliance and Audit - The audit was conducted by KPMG, a registered public interest entity auditor[5]. - The interim financial report for the six months ended June 30, 2024 has been reviewed by the Audit Committee[85]. - The Company has complied with all applicable code provisions as set out in the CG Code during the reporting period[84]. - Specific enquiry confirmed that all directors and supervisors have complied with the Model Code during the six months ended June 30, 2024[84].
燕之屋(01497) - 2024 - 中期业绩