农夫山泉去年营收净利增速急降 钟睒睒：品牌形象遭受历史性考验，饮 用水收益下滑两成 农夫山泉2024年营收和净利润增速大幅放缓。 3月25日，农夫山泉股份有限公司（农夫山泉，9633.HK）发布截至2024年12月31日止年度的全年业绩公告，公告显示，农夫山泉去年营收 428.96亿元，同比增长0.5%；公司净利润为121.23亿元，同比增加0.4%；每股基本盈利为1.078元；同比增长0.4%；建议派发期末股息每股普通股 0.76元，共计派发股息约85.47亿元。 | | | 2024年 | 2023年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 收益 | 3 | 42,895,992 | 42,667,221 | | 銷售成本 | | (17,980,277) | (17,260,392) | | 毛利 | | 24,915,715 | 25,406,829 | | 其他收入及收益 | 4 | 2,128,940 | 1,841,454 | | 銷售 及分銷 開 支 | | (9,173,297) | (9,283,999) | | 行政開 ...

从产品结构来看，即饮茶类产品成为农夫山泉2024年第一大营收来源。据了解，农夫山泉旗下即饮茶类 产品包括东方树叶、茶兀等。 农夫山泉2024年营收429亿元 茶饮反超水类产品成 第一大收入来源 每经记者 叶晓丹 每经编辑 张海妮 3月25日晚间，农夫山泉（HK09633）披露2024年业绩公告：2024年总营收为429亿元，同比增长 0.5%；净利润为121.23亿元，同比增长0.4%；每股基本盈利1.078元；建议派发期末股息每股普通股0.76 元。 值得注意的是，农夫山泉的产品贡献结构出现了一些新变化：2023年，农夫山泉第一大营收产品为旗下 水类产品，营收为202.62亿元。而2024年农夫山泉旗下即饮茶类产品成为公司第一大收入来源——2024 年实现营收167.45亿元，营收占比为39%；水类产品2024年营收为159.52亿元，营收占比37.2%，为农夫 山泉第二大收入来源。 农夫山泉董事长钟睒睒在财报中表示，2024年，公司在网络上受到了有组织、长时间的连续抹黑和攻 击，农夫山泉在品牌形象上遭受了历史性的考验。这一场翻箱倒柜式的舆论攻击，反而证明了农夫山泉 优质的水源和产品品质。公司的包装饮用水产 ...

农夫山泉发布2024年财报：营收428亿元 净利润超 121亿元 财报显示，2024年农夫山泉总收入为428.96亿元；公司净利润为121.23亿元；每股基本盈利为1.078 元；建议派发期末股息每股普通股0.76元。 好的水源是公司最强劲的护城河。农夫山泉在优质水源地上的优势不可撼动。钟睒睒表示，农夫山 泉在2024年新增黄山水源地投入使用。此外，2024年，农夫山泉在全国同步推进6个水源地项目。 官方信息显示，2023年11月，农夫山泉正式落户西藏林芝，公司拟投资2亿元；2023年11月，农夫 山泉轿子雪山（云南）饮用水有限公司成立，该项目预估总投资10亿元；2024年1月，农夫山泉发布公 告称将在建德扩建产能，总投资额50亿元；2024年1月，总投资13.5亿元的农夫山泉青城山饮用水与饮 料生产基地正式在都江堰开工，这也是农夫山泉在四川布局的第二个水源地；2024年7月，农夫山泉黄 山水源地正式投产，预计实现产值15亿元；2024年11月，农夫山泉海口生产项目迎来签约仪式，计划总 投资15亿元。 一直以来，农夫山泉坚持"水源地建厂、水源地灌装"。据统计，农夫山泉工厂到消费市场所在地平 均距离为500公里 ...

农夫山泉(09633)发布年度业绩，股东应占溢利 121.23亿元 稳居中国包装饮用水市场占有率第一 此外，我们将继续在农业合作建设领域持续深耕，把集团在赣南脐橙、新疆苹果、广西横州茉莉花等项 目上开创的以合作产业化促进乡村振兴和农业现代化转型的成功经验，推广到茶业种植基地等更多农业 合作项目中。 放眼未来，我们将以成为国际化的世界一流企业为目标，继续积极探索海外市场发展机会，依托中国生 物的多样性优势，将更多健康产品带向全世界。 智通财经APP讯，农夫山泉(09633)发布截至2024年12月31日止年度业绩，该集团取得收益人民币428.96 亿元(单位下同)，同比增加0.54%;母公司拥有人应占溢利121.23亿元，同比增加0.36%;每股盈利1.078 元，拟派发现金股息每股0.76元。 2024年，公司在网络上受到了有组织、长时间的连续抹黑和攻击，农夫山泉在品牌形象上遭受了历史性 的考验。这一场翻箱倒柜式的舆论攻击，反而证明了农夫山泉优质的水源和产品品质。我们的包装饮用 水产品的市占率经历了三个月的持续下滑，全年包装饮用水产品收益下滑了21.3%，但仍然稳居中国包 装饮用水市场占有率第一的位置。报告期 ...

農夫山泉股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：9633） 截 至2024年12月31日止年度之 全年業績公告 2024年全年業績摘要 農夫山泉股份有限公司（「本公司」或「農夫山泉」）董事會（「董事會」）欣然公佈本 公司及其附屬公司（「本集團」）截 至2024年12月31日止年度（「報告期」）之按國際 財 務 報 告 會 計 準 則 編 製 的 綜 合 業 績，連 同2023年 同 期 的 比 較 數 字。 – 1 – 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 NONGFU SPRING CO., LTD. • 總收益為人民幣42,896百 萬 元，同 比 增 加0.5%； • 母公司擁有人應佔溢利為人民幣12,123百 萬 元，同 比 增 加0.4%； • 每股基本盈利為人民幣1.078元，同 比 增 加0.4%； ...

Core Viewpoint - The chairman of Nongfu Spring, Zhong Shanshan, stated that the production of the green bottle water was a hasty decision and expressed concerns about the long-term consumption of pure water by families [1][2]. Group 1: Company Statements - Zhong Shanshan indicated that the green bottle pure water is not suitable for long-term consumption, raising questions about its safety and quality control [2]. - The company has not issued any health warnings on the packaging of the green bottle water, despite the chairman's admission regarding its unsuitability for prolonged use [2]. Group 2: Public Response and Actions - A science popularization blogger, Xiang Dongliang, reported Nongfu Spring to the Hangzhou West Lake District Market Supervision Bureau, citing potential public health risks associated with the green bottle water [1][2]. - The blogger emphasized that the essential minerals and trace elements for the human body are primarily obtained from food, and that the cleanliness of drinking water is paramount, suggesting that the brand's admission of safety issues warrants scrutiny [2].

Group 1 - The Securities Times is a key information disclosure platform for the Chinese capital market, providing comprehensive financial and securities news 24/7 [1] - It offers a wide range of content including market news, financial information, fund net values, bonds, futures, and announcements from listed companies [1] - The platform is managed by the People's Daily, ensuring authoritative and reliable information dissemination [1] Group 2 - The "Xinpi 168" comprehensive service area has been established to enhance information disclosure in the capital market [2] - The "Spark Plan" for investor education aims to provide authoritative and comprehensive services in the capital market [2]

Investment Rating - Buy (First-time rating) with a target price of HKD 40.53 [2][4] Core Investment Thesis - The company is a leader in the packaged water and sugar-free tea industries, benefiting from rising health consciousness among consumers. Its flagship products, natural water and Oriental Leaf, have driven strong financial performance, with revenue and profit CAGR of 23% and 32% respectively from 2020 to 2023 [3] - The launch of "Green Water" has mitigated the impact of negative publicity on the company's core water business, with short-term pressure on gross margins expected to ease over the medium to long term [3] - The sugar-free tea market, led by Oriental Leaf, has significant growth potential, with penetration rates expected to rise to 50%-60% in the future [3] - The company is well-positioned to capture opportunities in emerging categories such as sports drinks and ready-to-drink coffee, leveraging its platform advantages [3] Financial Projections - Revenue is expected to grow from CNY 44.98 billion in 2024 to CNY 60.53 billion in 2026, with a CAGR of 14.9% [6] - Net profit attributable to shareholders is projected to increase from CNY 11.88 billion in 2024 to CNY 16.54 billion in 2026, with a CAGR of 18% [6] - The company's PE ratio is forecasted to decline from 27x in 2024 to 20x in 2026, reflecting strong earnings growth [4] Packaged Water Business - The packaged water industry is driven by health-conscious trends and expanding consumption scenarios, with long-term growth potential [12] - The company holds a leading market share in packaged water, with a 17.4% volume share and 23.6% value share in 2023 [21] - The launch of "Green Water" has impacted gross margins, but the company's strong brand and channel advantages are expected to stabilize market share and margins over time [36][37] Tea Beverage Business - The sugar-free tea market is poised for significant growth, with Oriental Leaf expected to double in size due to rising health awareness and favorable industry trends [3] - The company's tea beverage business has a strong competitive edge, with a leading gross margin and a well-established brand and supply chain [49][50] - Oriental Leaf's market share is expected to remain stable, supported by product innovation and competitive pricing [55] Other Beverage Categories - The company is focusing on high-growth segments such as sports drinks and ready-to-drink coffee, leveraging its platform advantages to capture market share [3] - The functional beverage and juice categories have shown steady growth, with the company outperforming industry averages [56] - The company is streamlining its product portfolio to improve efficiency and profitability, with a focus on zero-sugar and natural products [57][58] Industry Trends - The packaged water industry is expected to continue growing, driven by increasing per capita consumption and health-conscious trends [12][13] - The sugar-free tea market is projected to expand significantly, with penetration rates expected to rise to 50%-60% in the coming years [3][46] - Emerging categories such as ready-to-drink coffee and functional beverages present new growth opportunities for the company [57][58]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - The company is a leading player in the soft drink industry, driven by its dual business segments of packaged water and beverages [1] - The company's revenue in 2023 reached 42.667 billion yuan, a year-on-year increase of 28.36%, with net profit attributable to shareholders reaching 12.079 billion yuan, up 42.19% year-on-year [1] - The beverage segment surpassed packaged water in revenue for the first time in 2023, contributing 49% of total revenue, with a growth rate of 55% [1] - The company's strong brand positioning and nationwide water source strategy have built a significant moat, supporting its premium brand image [1] Industry Overview Packaged Water Market - The Chinese packaged water market reached 215 billion yuan in 2023, with a CAGR of 7.1% from 2018 to 2023 [1] - The top five players in the market account for 58.6% of the market share, with the company holding a leading 23.6% share [1] - The market is expected to grow to 314.3 billion yuan by 2028, with a CAGR of 7.9% [32] Beverage Market - The Chinese beverage market reached 694.2 billion yuan in 2023, with a CAGR of 4.0% from 2018 to 2023 [47] - Tea beverages, functional beverages, and juice beverages are the key growth drivers, with tea beverages contributing 21% of the market share [47] - The market is expected to grow to 888.8 billion yuan by 2028, with a CAGR of 5.1% [47] Company Performance Revenue and Profit - In 2023, the company's revenue was 42.667 billion yuan, up 28.36% year-on-year, with net profit attributable to shareholders reaching 12.079 billion yuan, up 42.19% year-on-year [1] - The company's revenue is expected to grow to 49.254 billion yuan in 2024, 58.756 billion yuan in 2025, and 66.854 billion yuan in 2026 [5] - Net profit attributable to shareholders is expected to reach 12.754 billion yuan in 2024, 15.655 billion yuan in 2025, and 18.113 billion yuan in 2026 [5] Product Segments - Packaged water contributed 47% of revenue in 2023, with a growth rate of 11% [1] - Tea beverages contributed 30% of revenue, with a growth rate of 83%, driven by the success of the "Oriental Leaf" brand [2] - Functional beverages contributed 11% of revenue, with a growth rate of 28%, led by the "Scream" brand [2] - Juice beverages contributed 8% of revenue, with a growth rate of 23%, driven by products like "Farmer's Orchard" [2] Brand and Marketing - The company has built a strong brand image around "natural and healthy" through long-term multi-dimensional marketing campaigns [1] - The company's advertising campaigns, such as "A Little Sweet" and "We Don't Produce Water, We Just Deliver Nature," have deeply resonated with consumers [16][41] - The company has also leveraged sports marketing, sponsoring events like the Olympics and partnering with international sports organizations [43] Supply Chain and Production - The company has established 12 major water sources across China, ensuring high-quality supply and supporting its premium brand image [45] - The company's production facilities are highly automated, with 144 production lines for packaged water and beverages, capable of producing 81,000 bottles per hour [45] - The company uses a combination of road, rail, and water transport to ensure efficient distribution across the country [45] Future Outlook - The company is expected to maintain strong growth in both packaged water and beverage segments, driven by its strong brand and product innovation [2] - The company's net profit is expected to grow at a CAGR of 16% from 2024 to 2026, reaching 18.113 billion yuan by 2026 [5] - The company's focus on health-conscious products, such as sugar-free tea and functional beverages, positions it well to capitalize on the growing health trend in China [47]

Economic Performance and Market Trends - China's GDP for the first half of 2024 reached RMB 61.7 trillion, a year-on-year increase of 5.0%[15] - Total retail sales of consumer goods in China for the first half of 2024 reached RMB 23.6 trillion, a year-on-year increase of 3.7%[15] - The soft beverage market in China is shifting towards healthier and more natural products, with sugar-free tea experiencing rapid growth[17] Revenue and Product Performance - Revenue for the first half of 2024 was RMB 22,173 million, an increase of 8.4% compared to the same period last year[20] - Revenue from packaged drinking water products decreased by 18.3% to RMB 8,531 million, accounting for 38.5% of total revenue[20][23] - Revenue from beverage products increased by 36.7% to RMB 13,542 million, accounting for 61.1% of total revenue[20] - Tea beverage products revenue grew by 59.5% to RMB 8,430 million, representing 38.0% of total revenue[21][34] - Functional beverage products revenue increased by 3.8% to RMB 2,550 million, accounting for 11.5% of total revenue[21] - Juice beverage products revenue rose by 25.4% to RMB 2,114 million, representing 9.5% of total revenue[21] - The company's tea beverage products recorded a revenue of RMB8,430 million, representing a 59.5% increase compared to the same period last year, accounting for 38.0% of total revenue[37] - Functional beverage products generated a revenue of RMB2,550 million, a 3.8% increase year-over-year, contributing 11.5% to total revenue[42][45] - Juice beverage products achieved a revenue of RMB2,114 million, a 25.4% increase compared to the previous year, making up 9.5% of total revenue[43][48] - Other products, including soda water and coffee beverages, recorded a revenue of RMB548 million, a 7.3% decrease year-over-year, accounting for 2.5% of total revenue[54][55] New Product Launches and Marketing - The company launched a new 19-liter PET barreled natural drinking water product in January 2024, derived from high-quality natural water sources[27][31] - In April 2024, the company introduced a purified drinking water product, marking its return to the purified water market after 24 years[26][29] - From April to May 2024, over 200 video clips were posted by top vloggers about the company's water sources, with nearly 500 million exposures and more than 10 million interactions[30] - The company launched a new product, "Nongfu Spring" edible ice, which has been introduced in multiple convenience store chains across 14 cities[33] - The "Oriental Leaf" product sold out 50,000 cases in 17 hours for its first batch and the second batch sold out in just 1 hour[38] - The "Tea π" new flavor launch and themed exhibition reached over 5 million people across nine cities[41][44] - The "Scream" brand launched two new flavors and conducted campus activities to enhance its sports image[46] - The "Victory" Vitamin Water collaborated with Color Run 2024 and organized the "V-Break Dance Battle" for the third year[47] - The "Farmer's Orchard" upgraded its classic products to meet cleaner and healthier trends, gaining consumer attention[50][51] - The "TANBING" coffee launched a 900ml sugar-free black coffee at RMB9.9, expanding its product matrix and reinforcing its brand image[54][56] - The company launched a new blood orange flavor of "Water Soluble C100" after a decade, with each 445ml bottle containing ≥100mg of vitamin C[152][154] - The company introduced a 900ml large-sized sugar-free classic black coffee under the "TANBING" brand, made from dark roasted Arabica coffee beans[152][154] - The company upgraded its 100% tomato and carrot mixed fruit and vegetable juices, ensuring no added sugar or food additives while preserving freshness[152][154] Financial Performance and Expenses - Revenue increased by 8.4% to RMB22,173 million compared to RMB20,462 million in the first half of last year[60][62] - Gross profit grew by 5.9% to RMB13,032 million, with gross profit margin decreasing by 1.4 percentage points to 58.8%[60][62] - Profit for the period rose by 8.0% to RMB6,240 million from RMB5,775 million in the first half of last year[69][73] - Selling and distribution expenses increased by 5.9% to RMB4,971 million, accounting for 22.4% of total revenue[64][65] - Administrative expenses decreased by 4.8% to RMB913 million, representing 4.1% of total revenue[66][70] - Other income and gains increased by 15.4% to RMB1,040 million, mainly due to higher interest income from term deposits[67][71] - Inventory increased to RMB3,337 million, with inventory turnover days rising from 55.0 to 64.2 days[78] - Trade receivables and bills increased to RMB703 million, with turnover days rising from 4.4 to 5.1 days[79] - Long-term bank deposits, pledged deposits, cash, and bank balances totaled RMB27,136 million, up 5.8% from the end of 2023[77] - The company did not declare an interim dividend for the six months ended June 30, 2024[76][80] - The Group's long-term bank deposits, pledged deposits, cash, and bank balances increased by 5.8% to RMB27,136 million as of June 30, 2024, compared to RMB25,639 million as of December 31, 2023[81] - Interest-bearing borrowings increased by 23.6% to RMB3,857 million as of June 30, 2024, compared to RMB3,121 million as of December 31, 2023[81] - Inventories increased to RMB3,337 million as of June 30, 2024, up from RMB3,092 million as of December 31, 2023, with inventory turnover days rising from 55.0 days to 64.2 days[82] - Trade and bills receivables increased to RMB703 million as of June 30, 2024, up from RMB547 million as of December 31, 2023, with turnover days increasing from 4.4 days to 5.1 days[83] - Trade and bills payables increased to RMB1,859 million as of June 30, 2024, up from RMB1,770 million as of December 31, 2023, with turnover days increasing from 33.8 days to 36.2 days[85][88] - The Group's gearing ratio increased to 14.9% as of June 30, 2024, compared to 11.2% as of December 31, 2023, mainly due to increased use of bills receivable financing[86][89] - The Group recorded net current liabilities of RMB4,950 million as of June 30, 2024, primarily due to an increase in long-term time deposit arrangements[86][90] - The Group held HK$1,553 million, US$475 million, and a small amount of other foreign currencies as of June 30, 2024, with exchange rates for USD and HKD against RMB increasing[95][100] - Capital commitments amounted to approximately RMB5,708 million as of June 30, 2024, mainly for the construction of production plants and purchase of production equipment[97][102] - The Company plans to invest RMB5 billion in the "Nongfu Spring Jiande Drinking Water and Beverage Comprehensive Industrial Base Project," with a wholly-owned subsidiary established during the reporting period[105][107] Employee and Shareholder Information - Total number of employees exceeded 20,000 as of June 30, 2024, with total employee benefit expenses amounting to RMB1,983 million[112][114] - Employee share incentive scheme granted 6,636,400 H shares in March 2022, accounting for 0.059% of total issued shares and 0.1318% of issued H shares[117][119] - Grant price for employee share incentive scheme was HK$13.22 per share, 30% of the average closing price of H shares in the 120 trading days before the grant date[117][119] - 108 scheme participants were granted shares, including 4 directors and 1 employee from Yangshengtang Group[117][119] - 1,837,234 shares met the third vesting condition in April 2024, while 19,692 shares were forfeited due to unmet conditions and 29,282 shares were forfeited due to employee exits[122] - Employee share incentive scheme has a validity period of 10 years, with approximately 7 years remaining as of the report date[117][119] - Maximum number of H shares that can be acquired under the employee share incentive scheme is 5% of total issued share capital, with no single participant exceeding 1%[116][118] - 2,610,000 shares met the first vesting condition in April 2022, while 44,184 shares were forfeited[122] - 1,708,200 shares met the second vesting condition in April 2023, while 285,048 shares were forfeited due to unmet conditions and 102,760 shares were forfeited due to employee exits[122] - 6,636,400 shares were granted under the 2022 employee share incentive scheme, with 6,155,434 shares vested and 480,966 shares forfeited[123][127] - In April 2022, 2,610,000 awards met the first tranche vesting conditions, while 44,184 awards were forfeited[124] - In April 2023, 1,708,200 awards met the second tranche vesting conditions, while 285,048 awards were forfeited due to unmet conditions and 102,760 awards were forfeited due to employee resignations and demotions[125] - In April 2024, 1,837,234 awards met the third tranche vesting conditions, while 19,692 awards were forfeited due to unmet conditions and 29,282 awards were forfeited due to employee resignations and demotions[126] - The weighted average closing price prior to vesting date during the reporting period was HKD 45.080[130][133] - As of January 1, 2024, 1,886,208 awards were unvested, and by June 30, 2024, all unvested awards had been vested or forfeited[133] - The total number of awards granted to other employee participants was 6,067,400, with 1,666,424 vested and 48,974 forfeited during the reporting period[133] - Total number of awards unvested as at January 1, 2023 was 3,982,216 shares, with 1,708,200 shares vested during 2023 at a weighted average closing price of HKD45.080[135] - The company did not grant any awards during the reporting period[135] Sustainability and Corporate Responsibility - The company aims to reduce carbon emission intensity and comprehensive energy consumption intensity by 20% by 2030 against the 2019 baseline[139] - The company targets to make plastic packaging for water and beverage 100% recyclable/reusable/compostable by 2025[139] - The company released the 2023 Sustainability Report (ESG Report) in April 2024, showcasing its commitments and achievements in sustainable development[138] - The company focuses on sustainable water use, paying attention to water resource risks in operation locations[141] - The company is dedicated to reducing food waste and promoting the reuse of food residues as part of its circular economy initiatives[141] - The company has conducted biodiversity risk assessments and protection efforts, promoting sustainable agriculture[141] - The company is committed to energy conservation and emission reduction, promoting the use of clean energy[141] - The company has intensified monitoring emission efforts and solidified environmental audit processes to minimize negative environmental impacts[141] - The company continued its classic public welfare project, providing free water to outdoor workers during high temperatures for the ninth consecutive year[143][145] - The company visited multiple tea-producing regions to conduct on-site audits of tea leaf harvesting and processing, ensuring tea leaves meet raw material standards[144][146] - The company established a closed-loop quality assurance system covering raw materials, research and development, manufacturing, and sales channels[152][154] - The company implemented a three-tier sustainable development governance structure led by the Board, ensuring compliance with laws and regulations[153][155] - The company conducted a series of special audits to control risks comprehensively and safeguard the interests of shareholders and stakeholders[153][155] - The company continued to invest in rich learning resources and customized high-quality training programs for employees[149][150] - The company enforced policies related to employee occupational health and safety, conducting regular safety emergency drills and strengthening safety culture[149][150] Shareholder and Ownership Structure - Mr. Zhong Shanshan holds 6,211,800,000 domestic shares, representing 100% of the relevant class and 55.2333% of the total issued share capital[167] - Mr. Zhong Shanshan holds 1,303,252,410 H shares through controlled corporations, representing 25.8856% of the relevant class and 11.5881% of the total issued share capital[167] - Mr. Zhong Shanshan is the beneficial owner of 1,929,249,240 H shares, representing 38.3193% of the relevant class and 17.1543% of the total issued share capital[167] - Mr. Xiang Xiansong holds 32,400 H shares as a beneficial owner, representing 0.0006% of the relevant class and 0.0003% of the total issued share capital[167] - Mr. Rao Minghong holds 59,400 H shares as a beneficial owner, representing 0.0012% of the relevant class and 0.0005% of the total issued share capital[167] - Mr. Jiang Xiaodong holds 471,250 H shares as a beneficial owner, representing 0.0094% of the relevant class and 0.0042% of the total issued share capital[167] - The total issued share capital of the company as of June 30, 2024, is 11,246,466,400 shares[170] - Mr. Zhong Shanshan directly holds 98.38% equity interest in Yangshengtang and indirectly holds 1.62% through Hangzhou Youfu, wholly owned by him[171] - Yangshengtang, wholly-owned by Mr. Zhong Shanshan, purchased 7,000,000 H Shares of the Company from July 9 to July 26, 2024, increasing his indirect holdings to 1,310,252,410 H Shares, representing 26.02% of H Shares and 11.65% of total share capital[171] - Mr. Xiang Xiansong owns a beneficial interest in 32,400 H Shares of the Company, corresponding to vested incentive shares under the Employee Share Incentive Scheme[171] - Mr. Rao Minghong owns a beneficial interest in 59,400 H Shares of the Company, corresponding to vested incentive shares under the Employee Share Incentive Scheme[171] - Mr. Zhong Shanshan holds a 17.66% beneficial interest in Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with controlled corporations holding an additional 55.65%[172] - Mr. Zhong Shanshan holds a 63.50% interest in Xiamen Youmaike Medical Instruments Co., Ltd. through controlled corporations[172] - Mr. Zhong Shanshan holds a 60.00% interest in Beijing Tairun Innovation Technology Incubator Co., Ltd. through controlled corporations[172] - Mr. Zhong Shanshan holds a 94.93% interest in JWT (Beijing) Biotechnology Company Limited through controlled corporations[174] - Mr. Zhong Shanshan holds a 90.00% beneficial interest in Guanzi Management Consulting (Lishui) Partnership, with controlled corporations holding an additional 10.00%[174] - Mr. Zhong Shanshan holds a 24.81% beneficial interest in Guanzi Equity Investment (Lishui) Partnership, with controlled corporations holding an additional 74.94%[174] - Mr. Zhong Shanshan directly holds 98.38% equity interest in Yangshengtang, the controlling shareholder of the company, and indirectly holds 1.62% through Hangzhou Youfu[177] - Yangshengtang Pharmaceutical Co., Ltd., a non-wholly owned subsidiary of Yangshengtang, is 97.53% indirectly owned by Mr. Zhong Shanshan through Yangshengtang[177] - Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd. has a total share capital of 1,268,206,999 shares, with Mr. Zhong Shanshan directly holding 17.66% and indirectly holding 55.65% through Yangshengtang[177] - Xiamen Youmaike Medical Instruments Co., Ltd. is 63.50% owned by Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with Mr. Zhong Shanshan indirectly holding interest through the latter[177] - Beijing Tairun Innovation Technology Incubator Co., Ltd. is 60.00% owned by Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with Mr. Zhong Shanshan indirectly holding interest through the latter[177] - JWT (Beijing) Biotechnology Company Limited is 94.93% owned by Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with Mr. Zhong Shanshan indirectly holding interest through the latter[177] - Xiamen Innobiomax Biotechnology Co., Ltd. is 60.00% owned by Xiamen Innodx Biotechnology Co., Ltd., a wholly owned subsidiary of Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with Mr. Zhong Shanshan indirectly holding interest through the latter[181] - Guanzi Management Consulting (Lishui) Partnership (Limited Partnership) is 90.00% directly and 10.00% indirectly owned by Mr. Zhong Shanshan through Guanzi Private Equity Fund Management (Hangzhou) Co., Ltd.[181] - Guanzi Equity Investment (Lishui) Partnership (Limited Partnership) is 24.81% directly and 74.44% indirectly owned by Mr. Zhong Shanshan through Yangshen