Financial Performance - The group's revenue decreased by approximately RMB 61.2 million or 16.4% to about RMB 312.1 million for the six months ended June 30, 2022[16]. - The group's gross profit decreased by approximately RMB 48.5 million or 17.6% to about RMB 227.1 million for the same period[16]. - The group's EBITDA decreased by approximately RMB 19.4 million or 16.4% to about RMB 99.1 million for the six months ended June 30, 2022[16]. - The profit attributable to equity holders of the company decreased by approximately RMB 24.8 million or 30.4% to about RMB 56.7 million for the six months ended June 30, 2022[16]. - For the six months ended June 30, 2022, the group's revenue was approximately RMB 312.1 million, a decrease of about RMB 61.2 million or 16.4% compared to RMB 373.3 million for the same period in 2021[37]. - Gross profit decreased to approximately RMB 227.1 million, down RMB 48.5 million or 17.6% from RMB 275.6 million in the same period last year, with a gross margin of 72.8% compared to 73.8% in 2021[42]. - Net profit for the six months ended June 30, 2022, was approximately RMB 56.7 million, a decrease of RMB 24.8 million or 30.4% from RMB 81.5 million in the same period last year, primarily due to decreased product sales[50]. - The company reported a total comprehensive income of RMB 58,768 thousand for the period, down from RMB 77,440 thousand in 2021[81]. - The company experienced a foreign exchange loss of RMB 4,071 thousand during the reporting period, impacting the overall financial results[85]. Market Position and Product Development - Golden Throat Holdings Group is recognized as a leading manufacturer of throat lozenges in China, ranking first in the "Traditional Chinese Medicine - Throat Category" in 2021[6]. - The company aims to expand its market presence and enhance its product offerings in the OTC segment[6]. - The flagship product, Jinsongzi throat lozenges (OTC), accounted for approximately 89.4% of total revenue for the six months ended June 30, 2022[25]. - The Jinsongzi throat treasure series products contributed about 9.7% to total revenue for the same period[26]. - The company has successfully developed 31 new products since 1994, obtaining production licenses for 8 pharmaceutical products and 21 food products[27]. - In June 2022, the company launched a new product, Jinsongzi composite probiotic lozenges, developed in collaboration with Beijing Agricultural University[26]. - The company plans to continue optimizing its product system based on consumer demand[24]. - The company continues to focus on the manufacturing and sales of pharmaceuticals and health products, with ongoing investments in new product development and market expansion strategies[88]. Sales and Distribution - As of June 30, 2022, the group has established a comprehensive national sales and distribution network covering all provinces, autonomous regions, and municipalities in China, with most revenue derived from sales to distributors[29]. - The group has successfully signed agency agreements with all 10 ASEAN countries, exporting products to nine countries excluding Laos, in response to the Belt and Road Initiative[30]. - The group has launched a flagship store on Tmall, introducing six new flavors of its throat lozenges, contributing to a dual development in retail pharmacies and online sales[30]. - Revenue from the sale of OTC Jin Sang Zi throat lozenges was approximately RMB 279.1 million, down RMB 54.2 million or 16.3% from RMB 333.3 million in the prior year, primarily due to the resurgence of COVID-19 in certain regions of China[37]. Operational Efficiency and Future Plans - The company aims to enhance organizational capabilities and digital marketing to drive future growth[24]. - A new production and R&D base in Liuzhou, Guangxi, covering approximately 60,000 square meters, has completed trial production, aimed at increasing production efficiency and product quality[34]. - The group is in the early construction phase of a second new base, expected to cover about 50,000 square meters, which will include a food production plant and R&D center[36]. - The new base will facilitate the development of innovative health products, including gene drugs and traditional Chinese medicine, enhancing the group's competitive edge in the health industry[36]. - The company plans to enhance its core competitiveness and expand its market share in the throat lozenge market while increasing production capacity and product offerings[60]. Financial Position and Assets - As of June 30, 2022, the group's current assets net value was approximately RMB 809.8 million, down from RMB 855.7 million as of December 31, 2021[51]. - Interest-bearing bank loans and other borrowings totaled approximately RMB 305.8 million as of June 30, 2022, an increase from RMB 235.0 million as of December 31, 2021, to supplement the group's working capital needs[52]. - As of June 30, 2022, the company's debt-to-equity ratio increased from approximately 17.2% to 23.3% compared to December 31, 2021[54]. - The total employee cost for the six months ended June 30, 2022, was approximately RMB 361 million, compared to RMB 353 million for the same period in 2021[57]. - The company has a total of RMB 20,579,000 in pledged receivables and RMB 64,863,000 in pledged deposits as of June 30, 2022[53]. - The company has no significant contingent liabilities as of June 30, 2022[54]. - The total assets as of June 30, 2022, were RMB 1,824,627 thousand, compared to RMB 1,953,179 thousand as of December 31, 2021[82]. - Current assets totaled RMB 1,319,196 thousand, a decrease from RMB 1,434,898 thousand at the end of 2021[82]. - Trade receivables and notes receivable totaled RMB 188,648,000 as of June 30, 2022, compared to RMB 415,971,000 at the end of 2021, indicating a significant reduction in receivables[104]. Governance and Compliance - The company confirmed that all directors complied with the standard code of conduct regarding securities trading for the six months ending June 30, 2022[66]. - The audit committee reviewed the unaudited interim consolidated financial statements for the six months ending June 30, 2022, and found the existing risk management and internal control systems to be effective and adequate[67]. - The group has applied the revised Hong Kong Financial Reporting Standards retrospectively from January 1, 2022, with no significant impact on its financial position or performance[93]. - The group has not identified any onerous contracts under the revised accounting standards, indicating no impact on its financial condition or performance[93].
金嗓子(06896) - 2022 - 中期财报