Financial Performance - The company recorded revenue of approximately RMB 1,292.64 million for the six months ended June 30, 2025, a decrease of about RMB 104.47 million or 7.48% compared to RMB 1,397.11 million in the same period of 2024[2]. - Profit attributable to equity holders of the company was approximately RMB 211.07 million, a decline of 10.29% from RMB 235.28 million in the same period of 2024[2][6]. - Basic earnings per share for the period were RMB 0.91, compared to RMB 1.01 in 2024[2][6]. - Gross profit for the period was RMB 906.28 million, down from RMB 983.30 million in 2024, reflecting a decrease in gross margin[4]. - Total comprehensive income for the period was RMB 251.81 million, compared to RMB 196.74 million in 2024, indicating an increase in overall profitability[6]. - The group's profit before tax for the six months ended June 30, 2025, was RMB 211,065,000, a decrease of 10.3% compared to RMB 235,283,000 for the same period in 2024[33]. - The total tax expense for the period was RMB 33,965,000, a decrease of 24.4% compared to RMB 44,834,000 for the same period in 2024[28]. - The overall gross profit margin for the reporting period was 70.11%, remaining stable compared to 70.38% in the same period of 2024[82]. Research and Development - Research and development expenses amounted to approximately RMB 98.40 million, down by RMB 27.00 million or 21.53% from RMB 125.40 million in 2024, representing 7.61% of revenue[2][4]. - The company received government subsidies amounting to RMB 7,907,000 for R&D activities, an increase from RMB 6,963,000 in 2024[23]. - Research and development costs for the six months ended June 30, 2025, were RMB 98,401,000, down 21.5% from RMB 125,400,000 in 2024[24]. - The group has several key R&D projects progressing, including the registration phase for multiple new products expected to enhance future revenue streams[46]. - The group will promote high-end hyaluronic acid products and continue clinical trials for important R&D projects, including painless cross-linked hyaluronic acid[77]. Assets and Liabilities - Non-current assets totaled RMB 3,483.08 million as of June 30, 2025, slightly up from RMB 3,463.12 million at the end of 2024[7]. - Current assets increased to RMB 3,702.72 million from RMB 3,658.27 million at the end of 2024, driven by higher trade receivables and cash balances[8]. - The company's total equity was RMB 5,882.26 million, a slight decrease from RMB 5,917.04 million at the end of 2024[8]. - The total liabilities as of June 30, 2025, were approximately RMB 1,303.54 million, with a debt-to-asset ratio of 18.14%, an increase of 1.23 percentage points from 16.91% on December 31, 2024[92]. - Cash and cash equivalents as of June 30, 2025, were approximately RMB 614.29 million, a decrease of about RMB 498.62 million compared to RMB 1,112.91 million on December 31, 2024[93]. Share Repurchase and Dividends - The company repurchased a total of 12,938,800 H-shares from March 2020 to December 2024, with 12,742,900 shares canceled by December 31, 2024[10]. - For A-shares, the company completed the first round of repurchases totaling 2,015,674 shares from August 2023 to August 2024, followed by a second round of 1,832,421 shares from November 2024 to June 2025[11]. - The board declared an interim dividend of RMB 0.40 per share (tax inclusive), unchanged from the same period in 2024[2]. - The board approved an interim dividend of RMB 0.40 per share (tax included), amounting to a total of RMB 91,493,200.00 (tax included) based on 232,581,095 shares issued[103]. Market Performance - Revenue from customer contracts for the six months ended June 30, 2025, was RMB 1,292,636,000, a decrease of 7.5% compared to RMB 1,397,112,000 for the same period in 2024[19]. - Revenue from medical beauty and wound care products was RMB 573,270,000, down from RMB 631,817,000 in 2024, representing a decline of 9.2%[19]. - Revenue from ophthalmic products decreased to RMB 366,148,000 from RMB 449,659,000, a decline of 18.5%[19]. - The company's product lines showed varied performance, with the ophthalmic products segment declining by 18.57% year-on-year[44]. - The medical beauty market is shifting from rapid expansion to a focus on quality and value, amidst challenges such as regulatory tightening and slowing growth of end institutions[50]. Regulatory and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code under the Hong Kong Listing Rules[104]. - The company has adopted the standard code of conduct for securities trading by directors and supervisors, confirming compliance during the reporting period[105]. - The audit committee held four meetings during the reporting period to review financial statements and internal controls[106]. Future Outlook - The group plans to continue focusing on the four rapidly developing treatment areas: medical beauty, ophthalmology, orthopedics, and surgery, while enhancing research and development and operational efficiency[75]. - The group aims to integrate acquired companies effectively to maximize synergy, improve operational efficiency, and enhance core competitiveness by the second half of 2025[76]. - The group anticipates multiple high-end products, including hydrophobic non-spherical artificial lenses, to be approved within the year, enhancing the overall product line[78].
昊海生物科技(06826) - 2025 - 中期业绩