By-health(SZ:300146)2024-01-11 14:28Group 1: Equity Incentive Plan - The company has introduced a new equity incentive plan with performance assessment indicators that balance challenge and achievability to motivate participants and drive business goals [2] - Company-level performance indicators are based on revenue, which is a key measure of operational status and market share [2] - Individual performance indicators include revenue, profit, and market share metrics specific to the business unit [2] Group 2: Financial Performance and Projections - The company anticipates a slight decline in Q4 2023 revenue compared to the previous year due to high base effects from increased demand for immune-boosting products [3] - The sales expense ratio is expected to remain high due to significant brand-building investments, with a goal to transition to a sales expense ratio of 35%-40% over the next 3-5 years [3] - The company aims for the "Jianliduo" brand revenue to recover growth in the upcoming year [3] Group 3: Market and Channel Strategy - Douyin has surpassed JD.com to become the second-largest platform in the industry, with a growth rate exceeding 100% in 2023 [4] - The company’s online revenue distribution shows Alibaba and JD.com accounting for over 60%, while Douyin represents about 20% [4] - The company plans to enhance its offline strategy by expanding product variety, improving store performance, and increasing sales points [5] Group 4: R&D and Innovation - The company has raised base salaries for core R&D personnel and implemented special incentives to focus on product and technological innovation [3] - Future product development will prioritize diverse formulations based on consumer needs within specific market segments [5] Group 5: Dividend Policy - The company has maintained an average dividend payout ratio of 60%-70% since its listing [5]