Financial Data and Key Metrics Changes - The company's full-year revenue grew by 10.3% year-on-year, with significant increases in adjusted net profit and EBITDA [1][10] - The leverage ratio decreased from 4x in 2024 to 3.045x in 2025, indicating improved financial health [1][45] - The adjusted EBITDA margin was reported at 14.3%, with a net profit growth rate of 22.7% [10][12] Business Segment Data and Key Metrics Changes - Swisse's revenue exceeded HKD 1 billion, achieving number one position in both Mainland China and Australia [2] - The BNC business saw a 20% growth, with the super premium infant formula segment growing by 17.12% [3][12] - The PNC business accounted for 15% of total revenue, marking a new milestone, with pet supplements achieving double-digit growth [3][12] Market Data and Key Metrics Changes - China remains the largest market, contributing over 70% of revenue with a growth of 17.5% [13] - North America accounted for 12.1% of revenue, growing by 7.5%, while the ANZ market decreased by 20.2% due to strategic adjustments [14][15] - Other markets grew by 14.7% year-on-year, indicating new growth momentum [15] Company Strategy and Development Direction - The company plans to continue investing in its three business segments to enhance shareholder value and maintain a strong cash flow [4][29] - Focus on systematic innovation and consumer insights to drive product development and market expansion [6][9] - The strategy includes localization of supply chains and expansion into high-growth channels, particularly in Southeast Asia [29][30] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2026, emphasizing the importance of innovation and market adaptation [28][31] - The company aims to maintain a stable SG&A ratio while continuing to invest in new channels and product categories [65] - Management acknowledged challenges from tariffs and market adjustments but remains optimistic about future performance [22][75] Other Important Information - The company maintained a dividend payout ratio of 30%, with a total dividend of HKD 0.35 per share [4][11] - The company has made significant strides in sustainability, achieving high rankings in ESG metrics [28] Q&A Session Summary Question: What has contributed to the strong growth of IMF? - Management highlighted the strong formula of the upgraded IMF and the effective market launch strategies as key factors for growth [49][50] Question: What is the expansion plan for the Southeast Asian market? - The company is focusing on Thailand, Indonesia, Singapore, and Vietnam, leveraging product innovation and local consumer insights [54][55] Question: What is the outlook for the Douyin channel and marketing expenses? - Management views Douyin as a critical channel for consumer education and sales, with plans to maintain a stable SG&A ratio while investing in new channels [60][65]

Financial Data and Key Metrics Changes - The company's full-year revenue grew by 10.3% year-on-year, with significant increases in adjusted net profit and EBITDA [1] - The leverage ratio has been reduced from 4x in 2024 to 3.045x in 2025 [1][45] - Adjusted EBITDA margin is reported at 14.3%, with adjusted net profit margin at 4.6% and net profit growth rate at 22.7% [10][32] Business Segment Data and Key Metrics Changes - Swisse revenue sales exceeded HKD 1 billion, achieving number one position in both Mainland China and Australia [2] - The BNC business saw a 20% growth, with the super premium infant formula segment achieving 17.12% growth [3] - The PNC business accounted for 15% of total revenue, marking a new milestone [3] Market Data and Key Metrics Changes - China remains the largest market, accounting for over 70% of revenue with a growth of 17.5% [13] - North America is the second largest market, contributing 12.1% of revenue with a 7.5% year-on-year growth [14] - The ANZ market accounted for 11% of revenue but saw a decrease of 20.2% due to strategic adjustments [14] Company Strategy and Development Direction - The company plans to continue investing in its three business segments to return value to shareholders and consumers [4] - Focus on systematic innovation and consumer insights to drive growth, with new product launches across various segments [6][9] - Emphasis on expanding presence in high-growth channels, including Douyin and new retail [29] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth momentum for 2026, with a focus on sustainable growth and healthy profitability [28][31] - The company aims to strengthen its leadership in core markets while expanding into new territories [29][30] - Management acknowledged challenges from tariffs and market adjustments but remains optimistic about future performance [19][22] Other Important Information - The company maintained a dividend payout ratio of 30%, with a total dividend of HKD 0.35 per share [4][11] - The company has made significant strides in sustainability efforts, achieving high rankings in ESG metrics [28] Q&A Session Summary Question: What has been done right for IMF growth and market share? - Management highlighted strong product formulation and effective market strategies, leading to over 25% growth in IMF [50] - The company has gained market share from competitors, particularly in the super premium segment, increasing from 17.1% to 19.5% [53] Question: What are the expansion plans for the Southeast Asian market? - The company is focusing on Thailand, Indonesia, Singapore, and Vietnam, leveraging product innovation and local consumer insights [55] Question: Insights on Douyin channel profitability and marketing expenses? - Management views Douyin as a crucial channel for consumer education and sales, balancing investments across various channels [61][62] - Marketing expenses are expected to remain stable while continuing to invest in new channels and product categories [66]

Financial Data and Key Metrics Changes - The company's full-year revenue grew by 10.3% year-on-year, with significant increases in adjusted net profit and EBITDA [1] - The leverage ratio decreased from 4x in 2024 to 3.045x in 2025, indicating improved financial health [1][41] - Adjusted EBITDA margin was reported at 14.3%, while adjusted net profit margin was 4.6%, with net profit growth at 22.7% [8][10] Business Segment Data and Key Metrics Changes - Swisse revenue exceeded HKD 1 billion, achieving number one position in both Mainland China and Australia, with double-digit growth in China [2] - The BNC business segment saw a 20% growth, with super premium infant formula segment growing by 17.12% [3][10] - The PNC business accounted for 15% of total revenue, marking a new milestone, with pet supplements achieving double-digit growth [3][10] Market Data and Key Metrics Changes - China remains the largest market, contributing over 70% of revenue with a growth rate of 17.5% [11] - North America accounted for 12.1% of revenue, growing by 7.5%, while the ANZ market decreased by 20.2% due to strategic adjustments [12][11] - Other markets grew by 14.7% year-on-year, contributing to overall revenue growth [13] Company Strategy and Development Direction - The company plans to continue investing in its three business segments to enhance shareholder value and maintain a strong cash flow [4] - Focus on systematic innovation and consumer insights to drive growth, with new product launches across various segments [5][6] - The strategy includes expanding into high-growth channels and markets, particularly in Southeast Asia [49][26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth momentum for 2026, emphasizing the importance of innovation and market adaptation [25][28] - The company aims to maintain its leadership position in the Chinese market while expanding its presence in international markets [26][27] - Management acknowledged challenges from tariffs and market adjustments but remains optimistic about future profitability [20][21] Other Important Information - The company maintained a dividend payout ratio of 30%, with a total dividend of HKD 0.35 per share [4][9] - Significant improvements in cash flow conversion, with 88% of operating cash flow converted from adjusted EBITDA [9][38] - The company is committed to sustainability and ESG efforts, achieving high rankings in relevant indices [25] Q&A Session Summary Question: What has contributed to the strong growth in IMF? - Management highlighted the strong formula of the product and effective market strategies, with a focus on early-stage education and e-commerce expansion [43][44] Question: What is the expansion plan for the Southeast Asian market? - The company plans to leverage product innovation from the Chinese market and adapt to local consumer demands in Thailand, Indonesia, Singapore, and Vietnam [48][49] Question: How does the company view the profitability of the Douyin channel? - Management sees Douyin as a crucial channel for consumer education and sales, emphasizing a balanced approach to investment in various channels [52][53]