IFBH(06603) - 2025 - 中期财报

Corporate Information This section provides IFBH Limited's basic corporate information, including board members, committee compositions, company secretary, registered office, principal places of business, and details of its professional advisors - Board members include Executive Directors Mr. Pongsakorn Pongsak, Ms. Metaphon Pornanektana, Ms. Vipada Kanchanasorn, Non-executive Director Mr. Tawat Kitkungvan, and Independent Non-executive Directors Mr. Thavee Thaveesangsakulthai (Chairman), Ms. Songvilai Jiraphothong, Ms. Pathamakorn Buranasin, and Ms. Supansa Kusonpattana Piriyaporn[5][6] - The Audit Committee Chair is Ms. Songvilai Jiraphothong, the Remuneration and Nomination Committee Chair is Ms. Pathamakorn Buranasin, and the Nomination Committee Chair is Mr. Thavee Thaveesangsakulthai[5][7] - The Company's registered office and headquarters are in Singapore, with its principal place of business in Thailand located in Bangkok, and its Hong Kong office in Lee Garden One, Causeway Bay[3][8][11] Management Discussion and Analysis 1. Business Overview IFBH Limited is a Thailand-rooted ready-to-drink beverage and ready-to-eat food company with two core brands, if and Innococo, leading in China's natural coconut water market and launching six new products during the period - The Company is a Thailand-rooted ready-to-drink beverage and ready-to-eat food company, with core brands if and Innococo[14][17] - The if brand is a leader in China's ready-to-drink natural coconut water market, with products popular in Asia and expanding globally[14][16] - Six new products were launched during the reporting period, including if tea series new flavors, if Thai street drink (pink milk), and if local-flavored jasmine rice coconut water[14][17] 2. Business Review For the six months ended June 30, 2025, the Group's revenue grew 31.5% to $94.5 million, with coconut water revenue up 33.3%, while gross profit margin declined to 33.7% due to Thai Baht appreciation, and adjusted net profit (excluding listing fees) increased by 13.9% 2025年上半年关键财务表现 | Indicator | H1 2025 (thousand USD) | H1 2024 (thousand USD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 94,500 | 71,800 | 31.5% | | Gross Profit | 31,800 | 27,600 | 15.3% | | Profit Before Tax | 18,600 | 18,900 | -1.7% | | Net Profit After Tax | 15,000 | 15,700 | -4.8% | | Adjusted Net Profit (excluding listing fees) | 18,900 | N/A | 13.9% | - Gross profit margin decreased from 38.4% in H1 2024 to 33.7% in H1 2025, primarily impacted by unfavorable exchange rate movements due to the Thai Baht's appreciation against the USD[28][31] 按产品收益构成及变化 | Product Category | H1 2025 (thousand USD) | Proportion (%) | H1 2024 (thousand USD) | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Coconut Water | 91,506 | 96.9 | 68,664 | 95.6 | 33.3% | | Other Coconut Water Related Beverages | 701 | 0.7 | 1,352 | 1.9 | -48.2% | | Other Beverages | 2,257 | 2.4 | 1,436 | 2.0 | 57.2% | | Plant-based Snacks | – | – | 387 | 0.5 | -100% | - Coconut water revenue increased by 33.3%, primarily benefiting from mainland China market penetration and the introduction of more size options like 500ml[29][33] - Plant-based snack revenue decreased by 100%, as the Group focused more on flagship products while continuing R&D[36][39] 3. Outlook The Group anticipates continued growth in the Greater China ready-to-drink soft beverage market, especially coconut water, and will sustain future growth by strengthening procurement, innovation, market position, global expansion, brand building, and strategic M&A - The Greater China ready-to-drink soft beverage market is projected to grow at a CAGR of 7.1% to $194.7 billion by 2029[37][40] - The coconut water beverage sub-segment is expected to grow at a CAGR of 19.4% to $2,651.8 million by 2029, being the fastest-growing sub-segment[37][40] - Group business strategies include strengthening procurement capabilities, continuous investment in innovation, consolidating market position in China while expanding into Australia, the Americas, and Southeast Asia, continuous brand building, and pursuing strategic collaborations and M&A[43][44] - Positive industry outlook factors include increased health awareness, popularity of plant-based diets, rising disposable income, new market growth opportunities, authentic Thai flavor brand building, and improved distribution channels[43][44] 4. Financial Review This section reviews the Group's financial performance for the six months ended June 30, 2025, highlighting a 31.5% revenue increase to $94.5 million, a gross margin decline to 33.7% due to Thai Baht appreciation, a 122.9% rise in administrative expenses from listing fees, a 4.8% profit decrease, but a 13.9% adjusted net profit growth, and a 199.4% surge in cash and bank balances due to listing proceeds A. Revenue During the period, the Group's revenue increased by 31.5% to $94.5 million, driven primarily by increased coconut water sales in mainland China and significant growth in Hong Kong, Taiwan, and Australia - Total revenue increased by 31.5% to $94.5 million, primarily driven by increased coconut water sales in mainland China[45][47] - Sales in mainland China, Hong Kong, Taiwan, and Australia increased by 29.8%, 60.1%, 130.8%, and 215.3% respectively[45][47] B. Gross Profit and Gross Profit Margin The Group's gross profit increased by 15.3% to $31.8 million, but the gross profit margin decreased from 38.4% to 33.7%, primarily due to unfavorable currency movements from the Thai Baht's appreciation against the USD - Gross profit increased by 15.3% to $31.8 million[46][48] - Gross profit margin decreased from 38.4% to 33.7%, primarily impacted by unfavorable exchange rate movements due to the Thai Baht's appreciation against the USD[46][48] C. Selling and Distribution Expenses Selling and distribution expenses increased by 48.4% to $3.4 million, representing 3.6% of total revenue, primarily due to higher logistics and shipping costs and increased delivery personnel, aligning with revenue growth - Selling and distribution expenses increased by 48.4% to $3.4 million[46][50] - The proportion of total revenue increased from 3.2% to 3.6%, primarily due to increased logistics and shipping costs and more delivery personnel[46][50] D. Marketing Expenses Marketing expenses decreased by 8.1% to $3.5 million, accounting for 3.8% of total revenue, mainly due to different timing of marketing expenditures, with more outdoor advertising in the prior period - Marketing expenses decreased by 8.1% to $3.5 million[51][53] - The proportion of total revenue decreased from 5.4% to 3.8%, primarily due to different timing of marketing expenditures[51][53]