Financials round-up: Comvita, Bubs, EZZ in the spotlight

'Disappointing' performance: Comvita’s FY24 revenue dragged down by China’s slowing economy​  ​

Manuka honey maker Comvita said annual revenue for FY24 was down 12.7 per cent, with economic slowdown in its largest market, China, as the main reason for the “disappointing” performance.

Revenue in Mainland China, in particular, saw its revenue went down by 23 per cent.

Citing data from Tmall, JD, and TikTok, the company said the broader honey market sales in China shrunk 17.5 per cent, while the manuka honey category declined 15.5 per cent.

'Turnaround strategy': Bubs’ annual revenue back to growth as business diversifies beyond China​​

Infant formula firm Bubs Australia said its FY24 annual revenue has returned to growth as it diversified its business outside of China.

In fact, the US has become its largest export market and revenue contributor for FY24, responsible for 44 per cent of the firm’s total revenue, or AUD$35m (US$23.7m). This was also 33 per cent higher than the year before.

Revenue in China also grew 27 per cent to AUD$17.3m (US$11.7m).

High-end hopes: Feihe's half-year profit up 18% as it steps up consumer engagement​

China’s infant formula giant Feihe’s said its half-year profit was up 18.1 per cent on the back of increased marketing activities.

The activities, including face-to-face seminars and roadshows, is said to have acquired over 1.4 million new customers.

The company’s half-year revenue was up slightly by 3.7 per cent to RMB$10.1bn (US$1.4bn), while profit climbed 18.1 per cent to RMB$1.9bn (US$269.5m).

Kuaishou kicking-on: EZZ’s net profit soars 91% from strong NMN, bone health demand in China​

Australian firm EZZ Life Science’s net profit for FY24 was up 91 per cent, led by strong e-commerce demand for two of its products in China – nicotinamide mononucleotide (NMN) and a bone health supplement.

NMN 175,000mcg, L-lysine growth capsule, and bone growth chews were EZZ’s top three bestsellers in FY24.

The first two were only launched in the first half of FY24, with Greater China its largest revenue source, contributing 78.9 per cent of total revenue – up from 40.3 per cent last year.

Formula slump: H&H Group reports “challenging” first six months with net profit down nearly 50%​

Health and Happiness Group (H&H Group) saw its net profit plummeted 49.7 per cent for the first six months of this year – a “challenging period” which it said was primarily due to a downturn and discounting in the infant milk formulas segment in China.

Revenue from its infant formulas business dropped 18.8 per cent to RMB$1.8bn (US$252m).

The company explained that there have been difficulties clearing batches of infant formulas that were approved under China’s old national or guobiao (GB) standards. This structural challenge, it said, was affecting the entire industry.