Financial Performance - The group's revenue increased by 40.1% to RMB 1,526.9 million for the six months ended June 30, 2024, compared to RMB 1,090.1 million for the same period in 2023[1]. - Gross profit rose by RMB 20.7 million to RMB 173.2 million, while the gross profit margin decreased from 14.0% to 11.3% due to increased procurement costs from RMB depreciation[1]. - Net profit attributable to the company increased by RMB 4.3 million to RMB 23.9 million for the reporting period, compared to RMB 19.6 million for the same period in 2023[1]. - Basic and diluted earnings per share for the period were RMB 1.17, up from RMB 0.965 for the six months ended June 30, 2023[1]. - The company reported a pre-tax profit of RMB 67.994 million for the reporting period, compared to RMB 42.769 million for the same period in 2023[2]. - The pharmaceutical sales revenue for the reporting period reached RMB 1,515.8 million, an increase of RMB 439.7 million or 40.9% compared to the same period last year[28]. - The group’s gross profit was RMB 173.2 million, an increase of RMB 20.7 million compared to RMB 152.5 million in the same period of 2023, with a gross margin decrease from 14.0% to 11.3%[38]. - The cost of goods sold for the six months ended June 30, 2024, was RMB 1,349,568,000, compared to RMB 932,718,000 for the same period in 2023, reflecting an increase of approximately 44.5%[21]. - Income tax expense for the six months ended June 30, 2024, was RMB 44,124,000, compared to RMB 23,174,000 for the same period in 2023, indicating an increase of approximately 90.2%[22]. Revenue Segmentation - For the six months ended June 30, 2024, the total revenue from the import pharmaceutical sales segment was RMB 1,515,758 thousand, while the total revenue from the aesthetic medicine research and manufacturing segment was RMB 11,093 thousand, and the aesthetic services segment contributed RMB 1,526,851 thousand[10]. - The total revenue from customer contracts for the six months ended June 30, 2024, was RMB 1,090,126,000, compared to RMB 1,526,851,000 for the same period in 2023, representing a decrease of approximately 28.6%[16]. - Pharmaceutical sales accounted for RMB 1,076,097,000 of the total revenue for the six months ended June 30, 2024, while aesthetic medical services contributed RMB 14,029,000[16]. - The major customer contributed approximately RMB 257,142,000, representing over 10% of the total revenue for the six months ended June 30, 2024, compared to RMB 204,155,000 for the same period in 2023[18]. Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 1,819,354 thousand, with total liabilities of RMB 1,174,650 thousand, resulting in a net asset position[13]. - Total current assets decreased to RMB 1,349.093 million from RMB 1,433.283 million as of December 31, 2023[4]. - Total non-current assets increased to RMB 470.261 million from RMB 457.395 million as of December 31, 2023[4]. - The total liabilities as of December 31, 2023, were RMB 1,262,626 thousand, with total assets of RMB 1,890,678 thousand, indicating a stable financial position[14]. - The debt ratio increased to 52.6% as of June 30, 2024, from 47.2% on December 31, 2023, reflecting a rise in net liabilities to RMB 716.8 million against total equity of RMB 644.7 million[51]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 268.0 million, compared to a net cash inflow of RMB 425.8 million for the same period in 2023, primarily due to increases in trade receivables and decreases in trade payables[52]. - The net cash used in investing activities was RMB 21.5 million for the reporting period, a decrease of RMB 26.1 million from RMB 47.6 million in the same period of 2023, mainly due to reduced payments for right-of-use assets[53]. - The net cash generated from financing activities was RMB 115.6 million for the reporting period, compared to a net cash outflow of RMB 188.5 million for the same period in 2023, primarily due to net bank borrowings[53]. - As of June 30, 2024, cash and cash equivalents totaled RMB 282.0 million, down from RMB 520.8 million on December 31, 2023, reflecting a net decrease of RMB 173.9 million[54]. Dividends and Shareholder Returns - The company did not declare any interim dividend for the reporting period, consistent with the previous period[1]. - The company declared a final dividend of HKD 0.39 per share for the year ended December 31, 2023, totaling RMB 7,218,000, compared to RMB 18,112,000 for the same period in 2022[23]. - The company has not declared any interim dividends for the reporting period ending June 30, 2023[70]. Operational Developments - The group has completed over 50% of the clinical trial enrollment for the "Girl's Needle" project, with completion expected in July 2024, one month ahead of schedule[30]. - The group is actively developing new medical aesthetic products, with ongoing research on new materials and medical devices aimed at wrinkle improvement[30]. - The group aims to enhance market expansion and optimize product structure to improve customer satisfaction and reduce costs and risks[29]. - The group plans to continue expanding its marketing network and enhance the management of its sales team to drive growth in the second half of 2024[32]. Employee and Human Resources - Employee costs totaled RMB 24.2 million for the reporting period, slightly down from RMB 24.4 million for the six months ended June 30, 2023[61]. - The group employed 303 employees as of June 30, 2024, maintaining stable staffing levels without significant turnover or labor disputes[61]. - The group emphasizes the importance of human resources as a key asset, providing competitive compensation and professional training programs to motivate employees[64]. Risk Management - The company identified key risks including reliance on a limited number of suppliers and potential currency fluctuations affecting costs and revenues[62]. - The management is actively involved in assessing significant business risks and implementing appropriate risk management measures[63]. Compliance and Governance - The audit committee is responsible for reviewing and monitoring the financial reporting system and internal control procedures of the group[72]. - The interim results announcement and the 2024 interim report will be published on the Hong Kong Stock Exchange and the company's website[72]. - The company has adhered to all applicable laws and regulations in the Cayman Islands, British Virgin Islands, Hong Kong, and China during the reporting period[66].
兴科蓉医药(06833) - 2024 - 中期业绩