By-health(SZ:300146)2024-08-07 09:37Performance Overview - The company's revenue in the first half of the year decreased by 17.56% compared to the same period last year [2] - The overall gross margin declined due to intensified industry competition and rising raw material costs [2] - Offline channel revenue performance was consistent with industry trends, while online growth showed a double-digit increase, primarily driven by interest e-commerce [2] Strategic Adjustments - The company plans to control the annual sales expense ratio at around 45%, despite uncertainties in the rapidly changing online environment [3] - Adjustments to the overall business strategy and expense allocation model are expected to exert greater pressure on operations in the second half of the year [3] - Key strategies for the second half include enhancing brand focus, optimizing product lines, and revitalizing distributor teams [3] Market Trends - Interest e-commerce's revenue share remained stable compared to the previous year, while traditional e-commerce faced growth challenges [3] - The VDS industry saw single-digit growth offline and over 20% growth online in the first half of the year [4] - Top-performing categories in the online channel included DHA/fish oil and calcium, indicating strong market demand [4] Talent and Incentives - The company emphasizes employee motivation through diverse incentive mechanisms, ensuring high retention rates for newly recruited talent [4] - New product iterations may exert pressure on gross margins due to increased costs associated with higher effective ingredient content [4] Financial Policies - The cumulative cash dividend amount since the company's listing exceeds 70% of the net profit attributable to shareholders [3] - The company plans to use 100-200 million yuan for share repurchases, which will be executed after shareholder approval [3]