Financial Performance - The group's revenue increased by approximately RMB 223.6 million or 23.3% to approximately RMB 1,185.0 million for the year ended December 31, 2024[12]. - Gross profit rose by approximately RMB 196.5 million or 28.2% to approximately RMB 894.2 million for the same period[12]. - Profit attributable to equity holders increased by approximately RMB 68.4 million or 27.3% to approximately RMB 318.6 million[12]. - The group's revenue for the year ended December 31, 2024, was approximately RMB 1,185.0 million, an increase of about RMB 223.6 million or 23.3% compared to RMB 961.4 million for the year ended December 31, 2023, primarily due to significant sales growth of the flagship product, Jinsongzi throat lozenges (OTC)[57]. - Revenue from the sales of Jinsongzi throat lozenges (OTC) for the year ended December 31, 2024, was approximately RMB 1,095.3 million, an increase of about RMB 230.4 million or 26.6% compared to RMB 864.9 million for the year ended December 31, 2023, driven by increased advertising and promotional activities[57]. - Net profit for the year ended December 31, 2024, was approximately RMB 318.6 million, an increase of approximately RMB 68.4 million or 27.3% compared to approximately RMB 250.2 million for the year ended December 31, 2023[70]. Product Development and Innovation - The company is advancing three major innovation tracks, including sugar-free solutions and patented probiotics lozenges[14]. - The group launched a new product, Jinsongzi compound probiotic lozenges, developed in collaboration with a research team, utilizing proprietary strains and advanced technologies[52]. - The company has developed a modern integrated group primarily engaged in the production and sales of lozenges, other pharmaceuticals, and biotechnology foods[27]. - Since 1994, the company has successfully developed 32 new products, including 8 pharmaceuticals and 22 food items, enhancing its R&D capabilities[41]. - The new product Jin Sang Zi compound probiotic lozenges, developed in collaboration with Beijing Agricultural University, utilizes advanced technologies and has obtained six patents[40]. Market Expansion and Strategy - The company expanded its international marketing network to cover over 60 countries and regions across six continents[18]. - The company officially entered the South Korean market in early 2025, launching customized product combinations[18]. - The company is focused on enhancing its core competitiveness and optimizing its product system based on consumer demand[85]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $30 million set aside for potential deals[7]. - The company aims to increase its market share by 3% in the next fiscal year through targeted marketing strategies[10]. Sales and Distribution - The flagship product, Golden Throat Lozenges (OTC), accounted for approximately 92.4% of the total revenue for the year ending December 31, 2024[31]. - The sales volume of Jinsongzi throat lozenges (OTC) reached 145,560 thousand boxes with a gross margin of 76.6% for the year ended December 31, 2024, compared to a sales volume of 118,133 thousand boxes and a gross margin of 74.8% for the previous year[59]. - The company has established a comprehensive national sales and distribution network, covering all provinces and regions in China, with significant revenue coming from distributors[45]. - As of December 31, 2024, Jin Sang Zi throat treasure products have been exported to 23 countries and regions, with new markets including India and South Korea[44]. Expenses and Financial Management - Selling and distribution expenses rose to approximately RMB 355.9 million for the year ended December 31, 2024, an increase of approximately RMB 89.5 million or 33.6% from approximately RMB 266.4 million for the year ended December 31, 2023, mainly due to increased promotional expenses[65]. - Administrative expenses increased to approximately RMB 117.1 million for the year ended December 31, 2024, up by approximately RMB 22.5 million or 23.8% from approximately RMB 94.6 million for the year ended December 31, 2023, primarily due to increased investment in R&D activities[66]. - The group's sales cost increased from approximately RMB 263.7 million for the year ended December 31, 2023, to approximately RMB 290.8 million for the year ended December 31, 2024, primarily due to the rise in sales volume of the OTC product Jinshanzui throat lozenges[60]. Corporate Governance and Shareholder Information - The board proposed a final dividend of HKD 0.5 per share, subject to shareholder approval[12]. - The company has adopted a stable dividend policy, prioritizing cash dividend distribution as a profit allocation goal[117]. - The company has confirmed the independence of all independent non-executive directors according to the criteria set out in Listing Rule 3.13[135]. - The company has established a compensation committee to develop its compensation policy based on operational performance and market practices[151]. - The company has confirmed compliance with the non-competition agreement with its controlling shareholders for the year ended December 31, 2024[171]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue increase of 10%[3]. - New product launches are expected to contribute an additional $50 million in revenue next quarter[4]. - The company aims to strengthen its leading position in the throat lozenge market and expand its market share in China's pharmaceutical and food sectors by 2025[85]. Related Party Transactions - The company has established related party transactions with its non-executive director, Jiang Peizhen, involving procurement and licensing agreements[172]. - The company has confirmed that all related party transactions comply with the disclosure requirements of the Listing Rules[196].
金嗓子(06896) - 2024 - 年度财报