Financial Performance - The group's revenue decreased by approximately RMB 205.3 million or 39.1% to about RMB 319.2 million for the six months ended June 30, 2025, compared to the same period in 2024[3]. - Gross profit fell by approximately RMB 145.5 million or 37.1% to about RMB 246.3 million for the same period[3]. - Profit before tax decreased by approximately RMB 69.7 million or 35.6% to about RMB 125.9 million[3]. - Profit attributable to equity holders of the company decreased by approximately RMB 50.5 million or 37.6% to about RMB 83.7 million[3]. - Total comprehensive income for the period was RMB 80.1 million, down from RMB 135.6 million in the previous year[5]. - The group's profit before tax for the six months ended June 30, 2025, was RMB 72,926,000, a decrease of 45% compared to RMB 132,687,000 for the same period in 2024[13]. - Net profit for the six months ended June 30, 2025, was approximately RMB 83.7 million, a decrease of about RMB 50.5 million or 37.6% from RMB 134.2 million in the same period of 2024, attributed to a decline in product sales[69]. Dividend and Shareholder Returns - The board of directors did not recommend the declaration of any interim dividend for the six months ended June 30, 2025[3]. - The group declared a final dividend of HKD 0.5 per ordinary share for the six months ended June 30, 2025, down from HKD 0.6 in 2024, totaling RMB 338,663,000 compared to RMB 403,765,000[18]. - The company did not declare any interim dividends for the six months ended June 30, 2025, consistent with the previous year[18]. - The board does not recommend declaring any interim dividend for the six months ended June 30, 2025[87]. Assets and Liabilities - Cash and cash equivalents decreased to RMB 1,042.4 million from RMB 1,130.6 million as of December 31, 2024[6]. - Trade receivables decreased significantly to RMB 243.2 million from RMB 420.6 million[6]. - The total assets less current liabilities amounted to RMB 1,258.4 million, down from RMB 1,550.7 million[7]. - The company's equity attributable to equity holders decreased to RMB 1,207.8 million from RMB 1,466.3 million[7]. - As of June 30, 2025, the company's current assets net value was approximately RMB 748.8 million, down from RMB 1,055.7 million as of December 31, 2024[70]. - Total interest-bearing bank loans and other borrowings increased to approximately RMB 684.0 million, up about RMB 257.1 million or 60.2% from RMB 426.9 million at the end of 2024[71]. - The debt-to-equity ratio increased from approximately 29.1% as of December 31, 2024, to about 56.6% as of June 30, 2025[73]. Revenue Sources - The group's flagship product, Jin Sangzi throat lozenges (OTC), accounted for approximately 90.6% of total revenue for the six months ended June 30, 2025[38]. - Revenue from the sales of Jin Sangzi throat lozenges (OTC) was approximately RMB 289.1 million, down by RMB 189.3 million or 39.6% from RMB 478.4 million in the previous year[55]. - The Jin Sangzi throat treasure series products contributed about 8.9% to total revenue for the same period, with new export markets including South Korea and Peru[40]. - Other products, including Ginkgo biloba tablets and the new Jin Sangzi intestinal treasure, represented about 0.5% of total revenue[41]. Research and Development - The group has developed 35 new products since 1994, obtaining production licenses for 8 pharmaceutical products, 21 food products, 1 health food product, and 1 medical device[42]. - The group is collaborating with Beijing Agricultural University on the development of a new composite probiotic lozenge, which has obtained six patents[41]. - The company launched the Jin Sang Zi compound probiotic lozenges in collaboration with Beijing Agricultural University, utilizing proprietary strains and securing six patents[43]. - By 2025, the Jin Sang Zi compound probiotic series will be upgraded to include nine patented strains, significantly enhancing its efficacy in areas such as immune regulation and blood sugar control[43]. - The group has a strong focus on R&D, collaborating with hospitals and research institutions to enhance product development[42]. Market Position and Strategy - The company aims to strengthen its brand recognition and image in China through increased advertising and targeted marketing strategies[53]. - The company aims to strengthen its market position in the throat lozenge market and expand its market share in the pharmaceutical and food sectors in the second half of 2025[82]. - The company has successfully exported products to over 60 countries and regions, with new markets including South Korea and Peru added in early 2025[46]. - The company has established a flagship store on Tmall, introducing various new products including six flavors of Jin Sang Zi throat lozenges[48]. - The company has signed promotional agreements with 11 promoters to enhance local market penetration and feedback[49]. Operational Updates - The company plans to enhance its production capacity by constructing a new production base in Liuzhou, Guangxi, covering an area of approximately 60,000 square meters, which includes a research and development center and automated production lines[53]. - The company has selected a 48-acre site for the second phase of the Jin Sangzi new base, which is expected to have a built-up area of approximately 50,000 square meters, focusing on the development of health products[54]. - The construction of the food production plant and R&D center has completed above-ground construction and has commenced internal construction as of June 30, 2025[85]. - The total amount allocated for the construction of the food production plant and R&D center is HKD 177.4 million, with an unutilized balance of HKD 151.4 million as of June 30, 2025[84]. - The company has reallocated approximately HKD 37.997 million originally intended for establishing a Chinese herbal processing base to the construction of the food production plant and R&D center[84]. Governance and Compliance - The audit committee has reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2025, and found the existing risk management and internal control systems to be effective and adequate[92]. - The company has adopted a corporate governance code to ensure high standards of corporate governance and protect shareholder interests[88].
金嗓子(06896) - 2025 - 中期业绩