新荷花再递表港交所：14年厚积薄发，营收稳健增长 毛利率回升显韧性

Core Insights - The company has demonstrated significant improvements in profitability, with revenue and net profit showing consistent growth over the past three years, indicating effective cost control and operational efficiency [2][10] - The company is advancing its production capacity and efficiency through the implementation of smart manufacturing and digital management systems, which have led to a substantial increase in production output [4][6] - The company has established a robust quality management system in compliance with updated GMP standards, enhancing its brand competitiveness in the context of rising consumer quality expectations [7][10] Financial Performance - Revenue for the years ending December 31, 2024, and the first half of 2025 reached approximately 7.80 billion, 11.46 billion, 12.49 billion, 5.99 billion, and 6.34 billion, with a year-on-year growth of 5.82% in the first half of 2025 [2] - Gross profit figures were approximately 1.65 billion, 2.12 billion, 2.13 billion, 0.99 billion, and 1.26 billion, reflecting a year-on-year increase of 27.02% [2] - Net profit for the same periods was approximately 0.77 billion, 1.04 billion, 0.89 billion, 0.43 billion, and 0.51 billion, with a year-on-year growth of 19.90% [2] Operational Efficiency - The net cash flow from operating activities for the first half of 2025 was approximately 75.43 million, indicating stable cash flow performance amidst industry fluctuations [3] - The company has increased its production capacity from approximately 5,887 tons in 2022 to 8,576 tons in 2024, representing over a 40% growth [4] Quality Management - The company has implemented a comprehensive quality management system and a systematic quality traceability mechanism across all production stages, which is crucial for maintaining high standards in the industry [7] - The company has not faced any administrative penalties during its IPO preparation process, reflecting its commitment to compliance and governance [8][9] Governance and Market Position - The actual controlling family holds approximately 65.2% of the company's shares, contributing to a stable governance structure that enhances decision-making efficiency [9] - The company is well-positioned to leverage the unique advantages of the Hong Kong capital market for its growth and internationalization, aligning with national policies on traditional Chinese medicine [8][10]