叮当健康(09886) - 2024 - 中期财报

Management Discussion and Analysis Business Review and Outlook In the first half of 2024, the company maintained stable operations, driven by policies such as national medical insurance online payment pilots, achieving a slight 0.9% increase in total revenue to 2,268 million RMB and a 23.5% reduction in net loss year-over-year | Metric | 2024 H1 | 2023 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 2,268 million RMB | 2,247 million RMB | +0.9% | | Net Loss | 90 million RMB | 117 million RMB | -23.5% | | Cumulative Registered Users | 43.6 million people | - | - | | Health Consultations & Inquiries | 3.5 million times | - | - | - The company actively responded to national medical insurance digitalization policies, enabling online national medical insurance payments in smart pharmacies across Beijing, Shanghai, Shenzhen, and other cities, viewing this as a milestone and new growth opportunity[12][15] - The company plans to continue consolidating its instant health-to-home business in megacities, focusing on core urban layouts, and strengthening product and sales capabilities to expand into more markets[15][25] Express Pharmacy Business Analysis As a core revenue source, the express pharmacy business generated 2,210 million RMB in the first half of 2024, growing by 1.2% year-over-year, with business distribution channels showing the strongest growth | Channel | 2024 H1 Revenue (million RMB) | YoY Change | | :--- | :--- | :--- | | Online Direct Sales | 1,613 | +0.4% | | Business Distribution | 274 | +11.5% | | Offline Retail | 323 | -2.9% | | Other Businesses | 58 | -7.8% | | Total Express Pharmacy Business | 2,210 | +1.2% | Online Consultation and Chronic Disease Management During the reporting period, the company provided over 3.5 million online consultation services through its internet hospital and a team of over 800 internal and external doctors, while also expanding chronic disease management services - Over 3.5 million online consultations completed during the reporting period, with a medical team including over 800 doctors and over 400 pharmacists[22] - The company utilizes AI technology and health profiles for chronic disease management, establishing specialized departmental operations for respiratory, dermatological, and cardiovascular diseases, collaborating with experts from renowned hospitals to provide services[23] Financial Review In the first half of 2024, the company's financial position significantly improved, with gross profit increasing by 10.1% to 752 million RMB and gross margin rising to 33.1% | Financial Metric (million RMB) | 2024 H1 | 2023 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 2,267.9 | 2,247.3 | +0.9% | | Gross Profit | 751.7 | 682.9 | +10.1% | | Gross Margin | 33.1% | 30.4% | +2.7pp | | Fulfillment Expenses | 223.3 | 212.4 | +5.1% | | Sales & Marketing Expenses | 485.9 | 465.2 | +4.4% | | R&D Expenses | 24.4 | 30.7 | -20.5% | | Loss for the Period | 89.8 | 117.4 | -23.5% | | Adjusted Net Loss | 38.5 | 44.1 | -12.7% | - The improvement in gross margin is primarily attributed to increased cost control efficiency in procurement processes and changes in the product sales mix[29] - As of June 30, 2024, the company held 1,234 million RMB in cash and cash equivalents, with net cash generated from operating activities of 75 million RMB, indicating a stable financial position[40][41] Use of Net Proceeds from Global Offering As of June 30, 2024, approximately 317.8 million HKD of the 341.6 million HKD net proceeds from the global offering had been utilized, with 60.9 million HKD deployed during the reporting period | Purpose | Utilized Amount (million HKD) | Unutilized Amount (million HKD) | Expected Full Utilization Time | | :--- | :--- | :--- | :--- | | Business Expansion | 153.7 | 0 | Not Applicable | | Technology Optimization | 51.2 | 0 | Not Applicable | | Service Enhancement | 34.2 | 0 | Not Applicable | | Potential Investments & Acquisitions | 44.5 | 23.8 | December 31, 2024 | | Working Capital | 34.2 | 0 | Not Applicable | Corporate Governance and Other Information Corporate Governance During the reporting period, the company complied with most provisions of the Corporate Governance Code, with one deviation where the roles of Chairman and CEO are not separated - The company has one corporate governance deviation: the roles of Chairman and CEO are not separated, both held by Mr. Yang Wenlong, which the Board believes facilitates efficient decision-making and will be continuously reviewed[57] Shareholders and Shareholding Structure As of June 30, 2024, the controlling shareholder group (Mr. Yang Wenlong and parties acting in concert) collectively held approximately 49.21% of the company's shares | Major Shareholder | Shareholding Percentage (Approx.) | | :--- | :--- | | Controlling Shareholder Group (Mr. Yang Wenlong et al.) | 49.21% | | China Merchants Bank Co., Ltd. (and its affiliates) | 7.10% | | TPG Asia VII SF Pte. Ltd. (TPG) | 6.18% | - Executive Directors Xu Ning, Yu Lei, and Yu Qinglong hold 0.41%, 0.81%, and 0.64% interests in the company, respectively, through restricted shares and restricted share unit schemes[65] Share Incentive Schemes (ESOP) The company has implemented multiple equity incentive schemes to motivate core employees, including the 2020 Share Incentive Scheme and the newly adopted 2023 Restricted Share Unit (RSU) Scheme - All 87,993,330 shares involved in the 2020 Share Incentive Scheme (including pre-IPO share options, restricted shares, etc.) have been issued, with no new shares to be granted under this scheme post-listing[71] - The company adopted a new 2023 Restricted Share Unit (RSU) Scheme on June 27, 2023, with a cap of 26,829,457 shares (2.0% of issued shares at adoption date), funded by secondary market repurchases[92][101] - During the reporting period, under the 2023 RSU Scheme, the company instructed the trustee to purchase 12.45 million shares and granted 13.40 million shares to eligible participants, including executive directors[105] Dividends and Other Matters The Board does not recommend an interim dividend for the six months ended June 30, 2024, and no listed securities were purchased, sold, or redeemed by the company - The Board does not recommend an interim dividend for 2024[111] - During the reporting period, the company did not purchase, sell, or redeem any of its listed securities[108] Financial Statements and Notes Financial Statement Summary The Group's condensed consolidated financial statements for the six months ended June 30, 2024, have been reviewed by Deloitte Touche Tohmatsu, showing total assets of 2,990 million RMB and total liabilities of 1,048 million RMB | Item (thousand RMB) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Balance Sheet | | | | Non-current Assets | 662,388 | 692,758 | | Current Assets | 2,328,005 | 2,372,010 | | Total Assets | 2,990,393 | 3,064,768 | | Non-current Liabilities | 132,294 | 115,329 | | Current Liabilities | 915,498 | 912,544 | | Total Liabilities | 1,047,792 | 1,027,873 | | Total Equity | 1,942,601 | 2,036,895 | | Item (thousand RMB) | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Income Statement | | | | Revenue | 2,267,894 | 2,247,282 | | Gross Profit | 751,736 | 682,913 | | Loss Before Income Tax | (83,664) | (113,632) | | Loss for the Period | (89,801) | (117,351) | | Loss Per Share (RMB) | (0.06) | (0.08) | | Cash Flow Statement | | | | Net Cash from Operating Activities | 75,009 | 210,102 | | Net Cash from Investing Activities | 32,245 | 95,755 | | Net Cash Used in Financing Activities | (62,620) | (48,243) | Summary of Notes to Financial Statements The notes to the financial statements disclose key accounting policies and detailed financial information, indicating that the company operates as a single reporting segment with all revenue and major non-current assets located in China - The Group has only one reporting segment, with all revenue generated from China[134] - Total share-based payment expenses for the reporting period amounted to 51.28 million RMB, with restricted shares accounting for 48.817 million RMB, representing a significant non-cash item impacting administrative expenses and net profit[153] - The company engages in significant transactions with related parties (primarily Renhe Pharmaceutical and its subsidiaries), with purchases of goods amounting to 89.555 million RMB in the first half of 2024[174] - Total remuneration for key management personnel (directors and other senior executives) was 51.445 million RMB, of which 48.298 million RMB was share-based payments[179]