Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 429,644,000, representing a 7.7% increase from HKD 398,953,000 in the same period of 2024[9]. - Gross profit rose by 23.2% to HKD 253,601,000, with a gross margin of 59.0%, up from 51.6%[9]. - Profit attributable to equity holders increased by 20.0% to HKD 115,011,000, with a profit margin of 26.8%[9]. - Adjusted EBITDA for the period was HKD 175,315,000, reflecting a 21.7% increase, with an adjusted EBITDA margin of 40.8%[9][10]. - Operating profit rose by HKD 29.0 million or 23.8% to HKD 150.6 million, mainly due to increased gross profit[56]. - Net profit for the period was HKD 120,659,000, up 21.6% from HKD 99,276,000 in the same period last year[117]. - Basic and diluted earnings per share increased to HKD 14.12, compared to HKD 11.63 in the previous year, reflecting a growth of 21.4%[117]. - The company reported a total comprehensive income of HKD 120,962,000, an increase of 27.3% from HKD 95,027,000 in the prior year[117]. Revenue Breakdown - Brand medicine revenue increased by 15.5% to HKD 150,908,000, while health supplements revenue decreased by 13.2% to HKD 42,178,000[9]. - The brand health business recorded a revenue increase of 7.7% year-on-year to HKD 429.6 million, with gross profit rising by 23.2% to HKD 253.6 million, and profit attributable to equity holders increasing by 20.0% to HKD 115.0 million[24]. - The brand pharmaceutical segment, particularly the product He Ji Gong, achieved a revenue growth of 15.5% to HKD 150.9 million, driven by effective market strategies and promotional activities[27]. - Revenue from the traditional Chinese medicine segment increased by HKD 16.8 million, representing a growth of 7.6%, supported by strong sales of specific products[46]. - Revenue from external customers in Hong Kong increased significantly to HKD 367,443,000 in 2025 from HKD 264,631,000 in 2024, marking a growth of approximately 38.9%[138]. Assets and Liabilities - Total assets as of September 30, 2025, were HKD 1,771,878,000, a 14.7% increase from the previous period[9]. - Total liabilities increased by 67.9% to HKD 640,098,000, indicating a significant rise in financial obligations[9]. - Total equity decreased by 2.8% to HKD 1,131,780,000, suggesting a slight reduction in shareholder value[9]. - The net capital debt ratio as of September 30, 2025, was 13.8%, up from zero on March 31, 2025[71]. - Cash and cash equivalents decreased to HKD 194,197,000 as of September 30, 2025, from HKD 205,847,000 as of March 31, 2025, a decline of about 5.4%[120]. Strategic Initiatives - The company aims to enhance its brand management and product portfolio to strengthen its position in the Asian healthcare market[15]. - The company is committed to maintaining high-quality standards and is one of the few GMP-certified manufacturers of traditional Chinese medicine in Hong Kong[18]. - The company is leveraging its strong product portfolio and brand management expertise to navigate market challenges and enhance its position in the health product sector in Hong Kong and the Greater Bay Area[23]. - The company plans to expand its product portfolio by launching new concentrated Chinese medicine granules and health supplements, while also enhancing the registration scope of its compound granules[39]. - The company is set to launch an upgraded Chinese medicine e-commerce platform designed for practitioners and clinics to improve service efficiency and deepen customer interaction[39]. Marketing and Brand Development - The introduction of a new convenient packaging for Bao Ji Wan, designed for on-the-go consumption, is part of a comprehensive advertising campaign to boost brand visibility[30]. - The company is actively engaging in multi-channel marketing strategies to strengthen brand awareness and consumer interaction across different age groups[31]. - The brand's innovative marketing strategy won two industry awards in 2025, further solidifying its image in the pain relief category[33]. Acquisitions and Investments - The company completed the acquisition of 90% of Tianxi Tang's issued shares for a total consideration of HKD 171 million on April 3, 2025[75]. - The company also agreed to acquire all issued shares of Jianfu Tang Chinese Medicine Group for HKD 38 million on June 16, 2025[75]. - Tianxi Tang contributed revenue of HKD 12,800,000 and profit of HKD 5,335,000 from April 3, 2025, to September 30, 2025[160]. - Jianfu Tang contributed revenue of HKD 11,151,000 and profit of HKD 708,000 from June 30, 2025, to September 30, 2025[165]. Shareholder Information - The interim dividend declared for the six months ending September 30, 2025, is HKD 0.0975 per share, totaling approximately HKD 80.1 million, compared to HKD 0.055 per share and HKD 45.2 million for the same period last year[90]. - The major shareholder, Mr. Chan, holds approximately 71.96% of the issued share capital, equating to 591,523,346 shares[92]. - Lincoln's Hill holds 322,834,578 shares, representing 39.27% of the issued share capital[97]. - The company will suspend the transfer of shares from December 2 to December 3, 2025, to determine the eligibility of shareholders for the interim dividend[91]. Management and Governance - The audit committee consists of three independent non-executive directors, responsible for overseeing the integrity and accuracy of the company's financial statements[87]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[88]. - The company has no significant changes in the interests of directors and key executives in shares or related securities as of September 30, 2025[96].
健倍苗苗(02161) - 2026 - 中期财报