中生联合2025中期报告

CONTENTS目錄 2Corporate Information4Financial Highlights5Product Information10Management Discussion and Analysis18Other Information24Interim Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income25Interim Condensed Consolidated Statement of Financial Position26Interim Condensed Consolidated Statement of Changes in Equity27InterimCondensed Consolidated Statement of Cash Flows28Notes to the Interim Condensed Consolidated Financial Statements 公司資料CORPORATE INFORMATION 董事 DIRECTORS 執行董事 Executive DirectorsMr. Gui Pinghu(Chairman)Ms. Zhang Yuan(Chief Executive Officer)Ms. Zhu Feifei 獨立非執行董事 Independent Non-executive DirectorsMr. Yu BoMr. Ye BangyinMr. Cheng Jianming 審核委員會 AUDIT COMMITTEE Mr. Ye Bangyin(Chairman)Mr. Yu BoMr. Cheng Jianming 薪酬委員會 REMUNERATION COMMITTEE Mr. Cheng Jianming(Chairman)Mr. Ye BangyinMs. Zhu Feifei 提名委員會 NOMINATION COMMITTEE Mr. Yu Bo(Chairman)Mr. Cheng JianmingMs. Zhang Yuan 戰略及發展委員會 STRATEGY AND DEVELOPMENT COMMITTEE Mr. Gui Pinghu(Chairman)Mr. Yu BoMr. Ye Bangyin 聯席公司秘書 JOINT COMPANY SECRETARIES Ms. Zhi HuiMr. Yau Tsz Lun 註冊辦事處及總部 REGISTERED OFFICE AND HEADQUARTERS 中國334 4/F, Building 33 Qingma RoadQixia DistrictNanjing, Jiangsu ProvinceThe People’s Republic of China (the“PRC”) 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 140 40th Floor, Jardine House1 Connaught PlaceHong Kong 授權代表 AUTHORISED REPRESENTATIVES Mr. Gui PinghuMr. Yau Tsz Lun 法律顧問 LEGAL ADVISERS 140 As to Hong Kong lawChiu & Partners40th Floor, Jardine House1 Connaught PlaceHong Kong 34732 As to PRC lawKing & Wood Mallesons32/F, One IFCNo. 347 Jiangdong Middle RoadNanjing, Jiangsu ProvinceThe PRC H股證券登記處 H SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong 主要往來銀行 PRINCIPAL BANKERS 137 Shanghai Pudong Development Bank Cheng Dong Branch137 Daguang RoadNanjing, Jiangsu ProvinceThe PRC 99 Agricultural Bank of China Ma Qun Branch99 Huanling RoadQixia DistrictNanjing, Jiangsu ProvinceThe PRC 核數師 AUDITOR 979127 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 股份代號3332 STOCK CODE 3332 公司網站www.zs-united.com COMPANY’S WEBSITE www.zs-united.com 財務摘要FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS FOR THE FIRST HALF OF 2025 10.2%332.42024370.2 •Revenue decreased by approximately 10.2% to approximatelyRMB332.4 million (First half of 2024: approximately RMB370.2million) 9.4%243.42024268.7 •Gross profit decreased by approximately 9.4% to approximatelyRMB243.4 million (First half of 2024: approximately RMB268.7million) 15.3202433.4 •Profit for the period was approximately RMB15.3 million (First halfof 2024: profit of approximately RMB33.4 million) •Basic earnings per share was approximately RMB1.62 cents (Firsthalf of 2024: earnings per share approximately RMB3.53 cents) 產品資料PRODUCT INFORMATION GOOD HEALTH好健康系列 產品資料PRODUCT INFORMATION GOOD HEALTH好健康系列 產品資料PRODUCT INFORMATION GOOD HEALTH好健康系列 產品資料PRODUCT INFORMATION GOOD HEALTH好健康系列 產品資料PRODUCT INFORMATION GOOD HEALTH好健康系列 管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSIS 業務回顧 BUSINESS REVIEW 20252025332.42024370.237.810.2%202573.2%202472.6%202557.4%202450.3%7.1%202511.0%202410.1%202515.3202433.418.154.2% Due to the impact of slow global economic growth, trade policyuncertainties and intensified industry competition, the Group’sperformance declined in the first half of 2025. The Group’s revenue forthe first half of 2025 amounted to approximately RMB332.4 million, anddecreased by approximately RMB37.8 million as compared toapproximately RMB370.2 million in the first half of 2024, representing adecrease of approximately 10.2%. The gross profit margin in the first halfof 2025 was approximately 73.2%, and remained stable as compared toapproximately 72.6% in the first half of 2024. The selling and distributionexpenses as a percentage of sales revenue was approximately 57.4% forthe first half of 2025, and the selling and distribution expenses as apercentage of sales revenue was approximately 50.3% for the first half of2024, representing an increase of approximately 7.1%. The administrativeexpenses as a percentage of sales revenue was approximately 11.0% forthe first half of 2025, and remained stable as compared to approximately10.1% for the first half of 2024. For the first half of 2025, the Grouprecorded profit of approximately RMB15.3 million, which decreased byapproximately RMB18.1 million as compared to approximately RMB33.4million for the first half of 2024, representing a decrease of approximately54.2%. 2025 In the first half of 2025, the Group continued focusing its resources on itscross-border e-commerce business, the Good Health brand, andcontinuously enhanced the influence of its core products in the industry.In terms of e-commerce promotion, the Group has deployed a morecomprehensive infl