IFBH(06603) - 2025 - 中期业绩

Financial Summary For the six months ended June 30, 2025, the company's revenue grew by 31.5% year-over-year to $94.5 million, but basic earnings per share decreased by 9.5% due to increased listing expenses; adjusted net profit, excluding non-recurring items, rose by 13.9% to $18.9 million, indicating core business profitability growth Financial Summary For the six months ended June 30, 2025, the company's revenue grew by 31.5% year-over-year to $94.5 million, but basic earnings per share decreased by 9.5% due to increased listing expenses; adjusted net profit, excluding non-recurring items, rose by 13.9% to $18.9 million, indicating core business profitability growth Key Financial Indicators for H1 2025 | Indicator | For the Six Months Ended June 30, 2025 | Year-over-Year Change | | :--- | :--- | :--- | | Revenue | $94.5 million | +31.5% | | Basic Earnings Per Share | $0.067 | -9.5% | | Adjusted Net Profit | $18.9 million | +13.9% | | Adjusted Basic Earnings Per Share | $0.084 | +7.7% | - During the reporting period, listing expenses significantly increased from $0.9 million in the prior year to $4.0 million, a primary factor in the decline of basic earnings per share[4] Consolidated Financial Statements This section presents the company's interim condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position, reflecting revenue growth, changes in profitability, and a strengthened balance sheet due to listing proceeds Interim Condensed Consolidated Statement of Profit or Loss During the reporting period, the company's revenue increased by 31.5% to $94.46 million, and gross profit rose by 15.3% to $31.83 million; however, due to a significant increase in administrative expenses, profit before tax slightly decreased by 1.7% to $18.62 million, and profit for the period declined by 4.8% to $14.98 million Interim Condensed Consolidated Statement of Profit or Loss (USD Thousands) | Item | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 94,464 | 71,839 | | Gross Profit | 31,830 | 27,604 | | Profit Before Tax | 18,621 | 18,934 | | Profit for the Period | 14,976 | 15,734 | | Basic Earnings Per Share (US Cents) | 6.7 | 7.4 | Interim Condensed Consolidated Statement of Comprehensive Income For the reporting period, the company's total comprehensive income, including other comprehensive income from foreign currency translation, was $14.98 million, slightly lower than $15.73 million in the prior year Interim Condensed Consolidated Statement of Comprehensive Income (USD Thousands) | Item | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the Period | 14,976 | 15,734 | | Other Comprehensive Income for the Period | 7 | (6) | | Total Comprehensive Income for the Period | 14,983 | 15,728 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets significantly increased to $198 million, primarily due to listing proceeds boosting cash and cash equivalents to $164 million; net assets also grew from $48.09 million to $163 million, reflecting a substantially strengthened financial position Key Balance Sheet Items (USD Thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and Cash Equivalents | 164,117 | 54,818 | | Total Assets | 198,422 | 74,136 | | Liabilities | | | | Total Current Liabilities | 34,495 | 25,396 | | Equity | | | | Net Assets | 163,078 | 48,089 | | Total Equity | 163,078 | 48,089 | Notes to the Interim Condensed Consolidated Financial Information This section provides detailed notes to the interim condensed consolidated financial information, covering operating segment data, dividends, and changes in share capital, offering further insights into the company's financial structure and performance 3. Operating Segment Information The company manages and evaluates its business as a single operating segment (beverage and snack sales), with Mainland China being its primary market, contributing the vast majority of revenue and achieving significant growth during the reporting period - Management views the Group's business as a single operating segment for resource allocation and performance assessment[14] Revenue by Geographical Region (USD Thousands) | Region | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Mainland China | 87,511 | 67,424 | | Hong Kong | 3,997 | 2,496 | | Taiwan | 1,334 | 578 | | Other | 1,622 | 1,341 | | Total | 94,464 | 71,839 | 6. Dividends During the reporting period, company shareholders approved and paid multiple dividends, including a 2024 final dividend of $28 million and 2025 interim dividends totaling $14 million Dividends Declared and Paid During the Reporting Period (USD Thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | 2024 Final Dividend | 28,000 | - | | 2023 Final Dividend | - | 8,500 | | 2025 Interim Dividend | 12,000 | - | | 2024 Interim Dividend | - | 3,000 | | Dividends Paid from Retained Earnings | 2,000 | - | 12. Share Capital During the reporting period, the company's share capital underwent significant changes, including a 1-for-200 share split and a successful listing on the Hong Kong Stock Exchange on June 30, 2025, issuing approximately 41.67 million new ordinary shares and raising approximately $147.6 million in total proceeds - The company effected a 1-for-200 share split on June 17, 2025[37] - On June 30, 2025, the company listed on the Main Board of the Hong Kong Stock Exchange, issuing 41,666,800 new shares and raising approximately $147.6 million in total proceeds, with related transaction costs of approximately $5.6 million[38] Management Discussion and Analysis This section provides an in-depth analysis of the company's operational and financial performance, covering business overview, review of operations, future outlook, and detailed financial review, offering management's perspective on key drivers and strategies 1. Business Overview The company is a Thailand-based ready-to-drink beverage and ready-to-eat food company with core brands if and Innococo, a leader in introducing natural coconut water to Mainland China, expanding across Asia and other global markets, and launched six new products during the reporting period to meet market demand - The company's core brands are if (focused on natural healthy Thai beverages) and Innococo (a healthy alternative to traditional sports drinks)[51] - Mainland China is the company's largest market, with products also popular in Asian markets such as Hong Kong, Singapore, and Taiwan[50] - During the reporting period, the company launched six new products, including the if tea series, Thai street drinks, and a limited-edition coconut water to celebrate the 50th anniversary of China-Thailand diplomatic relations[51] 2. Business Review In H1 2025, total revenue grew by 31.5% year-over-year to $94.5 million, primarily driven by coconut water products which saw a 33.3% revenue increase and accounted for 96.9% of total revenue; the if brand was a key growth driver, increasing its revenue contribution from 82.4% to 89.0%, but gross margin declined by 4.7 percentage points to 33.7% due to adverse Thai Baht appreciation Revenue by Brand (USD Thousands) | Brand | H1 2025 | % of Total | H1 2024 | % of Total | | :--- | :--- | :--- | :--- | :--- | | if | 84,083 | 89.0% | 59,174 | 82.4% | | Innococo | 10,381 | 11.0% | 12,594 | 17.5% | | Total | 94,464 | 100% | 71,839 | 100% | Revenue by Product (USD Thousands) | Product | H1 2025 | % of Total | H1 2024 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Coconut Water | 91,506 | 96.9% | 68,664 | 95.6% | | Other Coconut Water Related | 701 | 0.7% | 1,352 | 1.9% | | Other Beverages | 2,257 | 2.4% | 1,436 | 2.0% | | Plant-Based Snacks | – | – | 387 | 0.5% | | Total | 94,464 | 100% | 71,839 | 100% | - Gross margin decreased from 38.4% to 33.7%, primarily due to adverse foreign exchange impacts from the appreciation of the Thai Baht against the US Dollar during the reporting period[56] - Adjusted net profit (excluding listing expenses) was $18.9 million, a 13.9% year-over-year increase, demonstrating robust core business profitability[56] 3. Outlook The company maintains an optimistic outlook on future market prospects, anticipating continued high growth in the ready-to-drink soft beverage market, especially the coconut water segment, across Greater China and globally; to capitalize on opportunities, five key business strategies include strengthening procurement, enhancing innovation, consolidating the China market while expanding overseas, reinforcing brand building, and pursuing strategic collaborations and M&A - The Greater China coconut water beverage market is projected to grow from $1.09 billion in 2024 to $2.65 billion by 2029, at a CAGR of 19.4%[61] - The company's future growth strategies include strengthening procurement capabilities, enhancing innovation, consolidating the China market while expanding overseas (Australia, Americas, Southeast Asia), continuous investment in brand building, and pursuing strategic collaborations and mergers and acquisitions[62] 4. Financial Review This section details the company's H1 financial performance, with revenue up 31.5% driven by Mainland China, gross profit up 15.3% but gross margin down due to exchange rates, sales and distribution expenses increasing with revenue, marketing expenses decreasing due to timing, and administrative expenses surging 122.9% due to listing fees, which was the primary cause of net profit decline; listing proceeds significantly boosted cash and bank balances to $164 million A. Revenue Revenue for the reporting period increased by 31.5% year-over-year to $94.5 million, primarily driven by continued penetration in the Mainland China market and increased coconut water sales; revenue in Mainland China, Hong Kong, Taiwan, and Australia grew by 29.8%, 60.1%, 130.8%, and 215.3% respectively - Revenue increased from $71.8 million to $94.5 million, a 31.5% year-over-year growth, primarily attributable to increased coconut water sales in Mainland China[63] B. Gross Profit and Gross Margin Gross profit increased by 15.3% year-over-year to $31.8 million; however, gross margin decreased from 38.4% in the prior year to 33.7%, primarily due to adverse foreign exchange movements from the appreciation of the Thai Baht against the US Dollar - Gross margin decreased by 4.7 percentage points to 33.7%, primarily due to adverse currency movements from the appreciation of the Thai Baht against the US Dollar[64] E. Administrative Expenses Administrative expenses surged by 122.9% year-over-year to $6.1 million, primarily due to a $4.0 million increase in non-recurring professional fees related to the listing on the Hong Kong Stock Exchange - Administrative expenses increased from $2.7 million to $6.1 million, primarily attributable to a $4.0 million increase in non-recurring professional fees related to the listing on the Stock Exchange during the reporting period[68] I. Profit for the Period Affected by a significant increase in listing-related professional fees, profit for the period decreased by 4.8% from $15.7 million to $15.0 million, with net margin falling from 21.9% to 15.9%; excluding listing fees, adjusted net profit was $18.9 million, a 13.9% year-over-year increase - Profit for the period decreased by 4.8% year-over-year to $15.0 million, primarily due to increased listing-related professional fees[72] J. Cash and Bank Balances As of the end of the reporting period, cash and bank balances were $164.1 million, a significant 199.4% increase from $54.8 million at the end of 2024, primarily due to $147.6 million in proceeds from the listing and issuance of ordinary shares, partially offset by $42.0 million in dividends paid - Cash and bank balances increased from $54.8 million to $164.1 million, primarily due to net proceeds from the listing[73] 6. Cash Flows During the reporting period, net cash inflow from operating activities was $9.6 million, a year-over-year decrease; net cash outflow from investing activities was $0.3 million; net cash inflow from financing activities surged to $100 million, primarily from listing proceeds, net of dividend payments and issuance costs; ultimately, cash and cash equivalents at period-end significantly increased to $164 million Cash Flow Statement Summary (USD Thousands) | Item | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 9,596 | 15,345 | | Net Cash Flow Used in Investing Activities | (263) | (10) | | Net Cash Flow from Financing Activities | 99,951 | 5,188 | | Net Increase in Cash and Cash Equivalents | 109,284 | 20,523 | - Net cash inflow from financing activities primarily stemmed from $147.6 million in proceeds from the issuance of ordinary shares, offset by $42.0 million in dividends paid and $5.6 million in transaction costs[86] Use of Listing Proceeds The company listed on June 30, 2025, raising net proceeds of approximately $138 million, all of which remained unutilized as of the reporting period end; funds are planned for strengthening warehousing and distribution capabilities (30%), brand building (22%), market expansion (13%), product development (5%), strategic alliances and acquisitions (20%), and working capital (10%) Planned Use of Listing Proceeds (USD Millions) | Purpose | % of Total | Planned Amount | Amount Utilized | Unutilized Amount | | :--- | :--- | :--- | :--- | :--- | | Strengthening Warehousing and Distribution Capabilities | 30 | 41.4 | 0 | 41.4 | | Brand Building | 22 | 30.4 | 0 | 30.4 | | Market Consolidation and Expansion | 13 | 17.9 | 0 | 17.9 | | Enhancing Product Development Capabilities | 5 | 6.9 | 0 | 6.9 | | Strategic Alliances and Acquisitions | 20 | 27.6 | 0 | 27.6 | | Working Capital and Other | 10 | 13.8 | 0 | 13.8 | | Total | 100 | 138.0 | 0 | 138.0 |