碧生源(00926) - 2025 - 中期业绩

Financial Summary and Interim Dividend Summary of Operating Results The Group achieved steady growth in the first half of 2025, with revenue slightly increasing by 1.8% to RMB 259 million, and gross profit margin modestly rising to 68.6%, while total comprehensive income increased by 45.9% to RMB 12.4 million due to effective operating expense control, with basic earnings per share rising to RMB 10.14 cents Key Financial Indicators for H1 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 258.9 million | RMB 254.3 million | +1.8% | | Gross Profit | RMB 177.6 million | RMB 173.4 million | +2.4% | | Gross Profit Margin | 68.6% | 68.2% | +0.4pp | | Operating Expenses | RMB 164.6 million | RMB 169.3 million | -2.8% | | Total Comprehensive Income | RMB 12.4 million | RMB 8.5 million | +45.9% | | Basic and Diluted Earnings Per Share | RMB 10.14 cents | RMB 6.39 cents | +58.7% | Interim Dividend The Board proposes an interim dividend of HKD 0.15 per share for the six months ended June 30, 2025, totaling approximately HKD 18.3 million, subject to shareholder approval at a special general meeting - The Board proposes an interim dividend of HKD 0.15 per share, totaling HKD 18,339,837.75, subject to shareholder approval[5] Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the Group recorded revenue of RMB 259 million, a 1.8% year-on-year increase, achieving a profit for the period of RMB 12.402 million, up 58.7% from RMB 7.813 million in the prior period, despite increased sales and marketing expenses partially offset by reduced administrative and R&D costs Interim Condensed Consolidated Statement of Comprehensive Income | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 258,913 | 254,286 | | Gross Profit | 177,551 | 173,435 | | Operating Profit | 15,682 | 11,655 | | Profit Before Income Tax | 20,544 | 13,125 | | Profit for the Period | 12,402 | 7,813 | | Total Comprehensive Income for the Period | 12,402 | 8,465 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were RMB 592 million, a 5.6% increase from the end of 2024, with total liabilities at RMB 104 million, and the debt-to-asset ratio rising from 15.2% to 17.6%, while total equity increased to RMB 488 million Summary of Interim Condensed Consolidated Statement of Financial Position | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 312,394 | 325,331 | | Total Current Assets | 279,872 | 235,362 | | Total Assets | 592,266 | 560,693 | | Total Equity | 487,778 | 475,376 | | Total Liabilities | 104,488 | 85,317 | | Total Equity and Liabilities | 592,266 | 560,693 | Notes to the Financial Statements The notes detail the company's basic information, accounting policies, segment information, tax status, and financial data composition, including its primary business of producing and selling functional health teas and weight-loss drugs, segmenting operations into tea products and weight-loss and other pharmaceuticals, and disclosing key customer, tax rate, EPS calculation, and dividend details - The Group's principal activities are the manufacturing and sale of functional health tea products and the sale of weight-loss and other pharmaceutical products[11] Segment Results for H1 2025 | Segment | Revenue (RMB in thousands) | Segment Results (RMB in thousands) | | :--- | :--- | :--- | | Tea Products Segment | 159,668 | 46,470 | | Weight-Loss and Other Pharmaceutical Products Segment | 99,245 | 1,443 | | Total | 258,913 | 47,913 | - In H1 2025, revenue from Customer B and Customer C (both e-commerce platforms) each accounted for over 10% of the Group's total revenue, at RMB 30.28 million and RMB 30.01 million respectively[22] - Basic and diluted earnings per share for H1 2025 were RMB 10.14 cents, higher than RMB 6.39 cents in the same period last year[31] Management Discussion and Analysis Performance Review In the first half of 2025, the Group maintained a profit-centric, stable operating strategy, achieving smooth transition in offline OTC business and maturing online agency operation models through optimized channel management, significantly enhancing overall operational quality, and making progress in marketing, channel expansion, international business, and R&D innovation, laying a foundation for H2 development Channel Strategy and Operations The Group solidified its market position in offline channels by deepening cooperation with chain pharmacies, multi-platform promotion, and maintaining price systems, while significantly boosting online performance through refined agency operations, platform differentiation, price optimization, AI digital human live streaming, and new media marketing like Xiaohongshu, particularly focusing on core best-selling products on Douyin and leveraging digital marketing systems for efficiency - Offline channels ensured market share and sales scale through deepened cooperation with chain pharmacies, multi-platform promotion, and price control[41][42][43] - E-commerce agency operation models were refined, improving operating results across platforms through differentiated strategies, targeted price optimization initiatives, and content operation innovations, such as AI digital human live streaming[44][45][46][48] - The Xiaohongshu platform was relaunched and strategically focused, driving brand awareness and sales growth through a 'three-dimensional content seeding model' and content loop[49] - On new business platforms like Douyin, the focus was on core best-selling products in the weight management category, applying AI technology (e.g., 'Kouzi workflow') to enhance content production efficiency and compliance, saving 40% in labor costs[50][52] International Business and R&D International business made substantial progress with trial orders from Southeast Asian e-commerce platforms and an OEM agreement with a Vietnamese company, alongside packaging upgrades and compliance modifications for US market products; R&D expanded health efficacy research for core products through industry-academia collaboration, actively maintained health food approvals, and strengthened intellectual property by applying for 6 new patents in H1 - International business focused on the Southeast Asian market, securing trial orders with local e-commerce platforms and signing an OEM agreement with a Vietnamese company, while also completing product upgrades for the US market[53][54][55] - Through collaboration with Beijing Technology and Business University, industry-academia integration was promoted, with research indicating significant efficacy of Changrun Tea and Changjing Tea in uric acid reduction and liver damage protection, leading to 2 invention patent applications[56] - In H1, 3 invention patents and 3 utility model patents were applied for, and 1 invention patent was granted, deepening the intellectual property layout[58] Business Outlook In the second half of 2025, the Group will leverage the 'Weight Management Year' initiative to deepen reforms, integrate online and offline sales advantages, and focus on the 'weight management' and 'bowel regularity and gastrointestinal health' sectors, continuing to promote brand rejuvenation, increase investment in new media and new retail, and continuously develop new products to meet market demand - In the second half, the focus will be on the two core areas of 'weight management' and 'gastrointestinal health,' deepening reforms, integrating online and offline channels, and leveraging new media and new retail to enhance competitiveness[60] Financial Review This financial review details the Group's H1 financial performance, with revenue slightly up 1.8% driven by strong online channel growth, a modest increase in gross profit margin, higher sales and marketing expenses due to increased e-commerce platform fees, but significantly lower administrative and R&D costs, resulting in healthy operating cash flow, a stable financial position, and a low debt-to-asset ratio Revenue Analysis Total revenue for H1 2025 was RMB 259 million, a 1.8% year-on-year increase, primarily driven by weight-loss pharmaceuticals (+15.0%) and online channel products 'Orlistat' and 'Xianxian Tea' (growing 41.6% and 53.5% respectively), offsetting declines in the Four Teas series (-4.7%) and offline channels H1 2025 Revenue Composition (by Product) | Product Category | Revenue (RMB in thousands) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Bishengyuan Changrun Tea | 30,352 | 11.7% | -35.2% | | Bishengyuan Changjing Tea | 50,290 | 19.4% | -7.5% | | Bishengyuan Xianxian Tea | 45,732 | 17.7% | +47.5% | | Bishengyuan Qingyuan Tea | 2,753 | 1.1% | -15.8% | | Weight-Loss Pharmaceuticals | 94,368 | 36.4% | +15.0% | | Other Health Foods | 30,541 | 11.8% | -5.0% | | Other Pharmaceuticals | 4,877 | 1.9% | +6.5% | | Total | 258,913 | 100.0% | +1.8% | - Online channel products 'Bishengyuan Orlistat' and 'Bishengyuan Xianxian Tea' achieved significant year-on-year sales growth of 41.6% and 53.5% respectively[62] Cost, Gross Profit, and Expense Analysis Gross profit margin for H1 was 68.6%, a slight increase of 0.4 percentage points year-on-year; sales and marketing expenses rose 13.3% to RMB 125 million, primarily due to increased e-commerce platform service and traffic acquisition fees, while administrative and R&D costs significantly decreased by 19.6% and 68.4% respectively, effectively controlling overall expenses - Gross profit margin slightly increased from 68.2% to 68.6%, primarily due to changes in product mix and higher gross profit margins for certain products[63] - Sales and marketing expenses increased by 13.3% year-on-year, mainly due to higher e-commerce platform agency operation service fees and platform traffic acquisition costs[64][65] - Administrative expenses decreased by 19.6% year-on-year, primarily due to a reduction in non-recurring expenditures[66] - Research and development costs significantly decreased by 68.4% year-on-year to RMB 5.0 million, mainly due to reduced investment in outsourced R&D activities[67] Liquidity, Capital Resources, and Investments The Group's working capital primarily originates from operating activities, with net cash inflow from operating activities significantly increasing to RMB 31.8 million in H1; period-end cash and cash equivalents rose to RMB 165 million, with no bank borrowings and a debt-to-asset ratio of 17.6%, while financial assets measured at fair value were approximately RMB 78.3 million, mainly equity investments in various funds and companies Summary of Net Cash Flows (For the Six Months Ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 31,801 | 12,354 | | Net Cash Inflow from Investing Activities | 389 | 5,574 | | Net Cash Outflow from Financing Activities | (1,803) | (2,414) | | Cash and Cash Equivalents at End of Period | 164,542 | 184,518 | - As of June 30, 2025, the Group had no bank borrowings, and its debt-to-asset ratio was 17.6%[79][87] - The Group held financial assets measured at fair value through profit or loss of RMB 78.3 million, and through the consolidated 'Fund No. 6,' held loans receivable of approximately RMB 69.8 million and restricted bank deposits of approximately RMB 13.5 million[73][75] Other Information Compliance, Human Resources, and Corporate Governance The Group strictly adheres to all laws and regulations, with no significant compliance incidents, maintaining good relationships with employees, suppliers, and customers; as of period-end, the Group had 129 employees, and in corporate governance, it complies with the Corporate Governance Code, having completed the separation of CEO and Chairman functions in June 2025, with the Audit Committee reviewing the current financial information - The Group's operations comply with relevant laws and regulations, with no significant non-compliance issues identified, and maintains good stakeholder relationships[90][91] - As of June 30, 2025, the Group had 129 employees, with staff costs of RMB 22.5 million in H1[92] - In June 2025, Mr. Zhao Yihong was re-designated from Chief Executive Officer to Chief Strategy Officer, and Mr. Feng Bing was appointed Chief Executive Officer, with the company subsequently complying with the Corporate Governance Code's requirement for separation of Chairman and CEO functions[94] Dividends, Share Repurchases, and Other Disclosures The Board proposes an interim dividend of HKD 0.15 per share and announced the specific timetable for dividend payment; during the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company is discussing arrangements for full redemption of its participating shares in 'Fund No. 6' with the fund manager - During the first half, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[96] - The company is discussing arrangements and a timetable for the full cash redemption of its participating shares in 'Zhongzhou Longteng Global Opportunity Fund No. 6' with the fund manager[99] - Other than the disclosed dividend proposal, no other post-balance sheet events with significant impact on the Group have occurred from the end of the period to the date of this announcement[100]