Numans Health Food Holdings (2530) H2 2024 earnings summary

Executive summary

• FY2024 revenue fell 34.9% YoY to RMB277.5 million; profit for the year decreased 53.0% to RMB74.9 million.

• Adjusted net profit, excluding non-recurring Initial Listing expenses, declined 49.5% to RMB87.0 million; EPS was RMB9.99 cents.

Financial highlights

• Gross profit was RMB211.1 million, down 34.2% YoY; gross margin increased to 76.1% from 75.2%.

• Profit before tax decreased 48.9% to RMB99.5 million; income tax expense fell 30.3% to RMB24.6 million.

• Initial Listing expenses were RMB12.1 million in FY2024 versus RMB13.0 million in FY2023; adjusted net profit excludes these non-recurring costs.

• Other income rose to RMB17.5 million from RMB13.5 million, including RMB13.5 million of government grants in FY2024.

Outlook and guidance

• 2025 priorities include stronger online and offline marketing, wider brand reach, expanded distribution, and entry into less-penetrated PRC regions.

• Marketing initiatives are intended to build awareness and sales, including brand promotion and traffic-generation solutions through e-commerce platforms.

• Management expects opportunities in PRC nutritional products, particularly maternal and children’s nutrition, supported by health awareness and rising disposable income.