子不语 2025042320250416 摘要 • 子不语 2024 年营收 33 亿元，同比增长 10.8%，毛利率提升至 24.7%， 实现扭亏为盈，归母净利润 1.5 亿元，经营性现金流 2.6 亿元，现金储备 4.5 亿元。业绩反转得益于品牌事业部成立、精细化开款、供应链优化及 管理层变革等措施。 • 公司战略重心转向亚马逊平台，聚焦十个核心品牌进军高端市场，这些品 牌 2024 年贡献全年收入的 35%，预计 2025 年将提升至 45%以上。核 心品牌包括 R 高端（独立站）、CCBell、Solid Muscle、Very、Tencel、Yankati、Hello Morning、Control 和 UCB。 • 美国市场占据子不语跨境电商业务的 95%以上。为应对关税影响，公司采 取海运为主、空运为辅的运输策略，并通过调价、补库存及全球产业链布 局等措施降低成本。计划在越南和土耳其开设公司，实现 OEM 直发。 • 关税增加主要影响空运和小包直邮，海运影响相对可控。公司通过第三方 物流商报关，关税成本约占总成本的 3%。加征关税后，预计物流成本将 上浮至 5%-6%。短期内通过库存对冲，长期关 ...

尊敬的各位投资人分析师大家上午好欢迎各位参加子不语集团2024年全年业绩发布会本次会议出席的管理层有执行董事CEO陈才雄先生大家好执行董事副董裁董振国先生大家好CFO副董裁徐石坚先生全球副董裁谢希女士大家好 我是公司投资者关系负责人王瀚本次发布会分为两个环节首先由管理层介绍公司2024年财务表现经营回顾以及未来展望第二个环节是提问环节现场投资人可以举手提问线上的投资人可以在录影中平台问答区发送文字问题稍后由会议助理代为提问下面我们有请集团CFO副总裁徐石坚先生来介绍公司概览及财务表现有请 好 尊敬的各位股东 投资人及分析师朋友们大家上午好欢迎参加纸布业集团2020年业绩发布会这也是公司上市后首次召开的业绩发布会公司管理层很高兴和大家见面分享2020年业绩表现希望和大家有更进一步的交流和互动 同时也要确保员工幸福因为员工是公司文化的创造者和推动者我们的生意圈 我们的生意是一个生态圈员工是重要载体 持分者公司追求生态共赢 持分共享通过员工将这种幸福感传递给家庭和社会员工幸福才能激发团队的创造力 促进公司的可持续发展今年我们开始实施了4.5天工作制这也将极大的提升员工的幸福感让职场成为一种快乐的体验用自由激发员工的 ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 3,325,118, an increase of 10.8% from RMB 3,000,292 in 2023[18] - Gross profit for 2024 was RMB 2,471,328, up from RMB 1,955,273 in 2023, reflecting a gross margin improvement[18] - Profit before income tax for 2024 was RMB 154,671, a significant recovery from a loss of RMB 247,211 in 2023[18] - Net profit for the year was RMB 150,776, compared to a loss of RMB 265,786 in the previous year[18] - Earnings per share for 2024 increased to RMB 0.31 from a loss of RMB 0.53 in 2023[18] - Net operating cash flow improved to RMB 261,868, compared to RMB 76,730 in 2023, indicating stronger operational efficiency[18] - The net profit attributable to shareholders reached approximately RMB150.8 million, turning around from a loss of approximately RMB265.8 million in 2023[31] - The net operating cash flow hit a historic high of RMB261.9 million[23] - Gross profit for the year ended December 31, 2024 was approximately RMB2,471.3 million, reflecting a year-on-year increase of approximately 26.4%[47] - Basic and diluted earnings per share attributable to shareholders was approximately RMB 0.31, compared to a loss of RMB 0.53 in 2023[49] - The Group recorded a profit attributable to shareholders of approximately RMB150.8 million for the year ended December 31, 2024, compared to a loss of approximately RMB265.8 million for the year ended December 31, 2023[86] Revenue Sources - Revenue from third-party e-commerce platforms increased to RMB 3,258.0 million in 2024 from RMB 2,921.4 million in 2023[52] - Revenue from self-operated online stores decreased to RMB 28.0 million in 2024 from RMB 37.4 million in 2023[52] - Revenue from North America for the year ended 31 December 2024 was approximately RMB3,235.2 million, representing an increase of approximately RMB435.4 million or 15.5% compared to RMB2,799.8 million in 2023[56][57] Cost and Expenses - The Group's cost of sales for the year ended 31 December 2024 was approximately RMB853.8 million, a decrease of approximately RMB191.2 million or 18.3% from RMB1,045.0 million in 2023[58][60] - Selling expenses and distribution costs increased by approximately 8.5% to approximately RMB2,226.0 million for the year ended December 31, 2024 from RMB2,052.3 million in 2023[72] - General and administrative expenses decreased by approximately RMB47.5 million to approximately RMB110.2 million for the year ended December 31, 2024 from RMB157.7 million in 2023[73] - Sales and distribution costs increased by approximately 8.5% from RMB2,052.3 million for the year ended December 31, 2023, to RMB2,226.0 million for the year ended December 31, 2024, primarily due to increased shipping and insurance costs and higher marketing expenses[74] - Finance costs decreased from approximately RMB9.5 million for the year ended December 31, 2023, to approximately RMB7.5 million for the year ended December 31, 2024, a reduction of approximately RMB2.0 million, primarily due to decreased interest expenses for lease liabilities[79] Strategic Initiatives - The company aims to expand its sales channels, including platforms like Amazon, TikTok, and Temu, to enhance market reach[3] - Future outlook includes a focus on developing new products and technologies to meet consumer demands[5] - The company is committed to becoming a respected global fashion brand, enhancing its brand presence internationally[5] - Strategic initiatives may include potential mergers and acquisitions to accelerate growth and market expansion[5] - The company aims to diversify its sales channels by expanding non-Amazon platforms and increasing efforts in overseas offline channels and sales regions in Europe and Asia[125] - The company plans to strengthen its global supply chain, particularly in Southeast Asia, to enhance international production capacity contributions[125] Management and Governance - A new CEO, Mr. Chen Caixiong, took over from the founder, enhancing the management team with experienced professionals[43] - The company has a strong management team with diverse backgrounds in finance, law, and business operations, contributing to its strategic decision-making[150] - The independent directors provide oversight and independent opinions, ensuring compliance and risk management within the group[143] - The Group's management team is committed to maintaining high standards of corporate governance and financial integrity[164] - The Group has a strong governance structure with independent directors providing oversight and independent opinions to enhance decision-making processes[159] Future Plans and Innovations - The company is committed to leveraging the new wave of innovation in the AI era to promote digital strategic transformation across all business segments[125] - Future strategic plans include deepening core brand building and creating differentiated global brands to drive sales growth[120][123] - The company enhanced its investment in digital technologies, utilizing AI for product design, intelligent advertising, and inventory management[24] - The Group is focused on developing new information technology products related to supply chain management[182] Employee and Operational Efficiency - The Group plans to implement a 4.5-day work week starting February 2025 to enhance employee well-being and productivity[119][122] - The Group did not experience significant operational difficulties due to currency exchange rate fluctuations during the reporting period[111][115] - The company has formed a flexible supply chain system that integrates product research, design, production, and sales, significantly shortening delivery cycles[30] - The company optimized its supply chain and warehousing system, promoting direct delivery from suppliers to enhance logistics efficiency and reduce costs[42]

收入增加促进了毛利的提升，2024年，公司实现毛利约24.71亿元，同比增长26.4%；毛利率约为74.3%，相比2023年增长9.1个百分点。 此外，公告还提到，去年公司进一步提升商品运营效率、优化库存结构，从而大幅减少存货减值和相关仓储费用，这或助力公司盈利水平的提升。 3月31日，港股的子不语（02420.HK）再度大涨18.82%，近两日累计大涨超过32%，犹如旱地拔葱，目前公司报5.05港元/股，市值25.25亿港元。 股价飙升或源于一则利好。近日，子不语交出了2024年成绩单，整体表现不俗。 其中，公司去年实现收入约为33.25亿元（人民币，下同），同比增长10.8%，继2023年公司营收下滑之后，重拾增长态势。 | | | | | | Year ended 31 December | | --- | --- | --- | --- | --- | --- | | | | | | | 截至12月31日止年度 | | | | 2024 | 2023 | 2022 | 2021 | | | | 二零二四年 | 二零二三年 | 二零二二年 | 二零二一年 | | Revenue | 收入 | 3,325 ...

Core Viewpoint - The company, Zibuyu, has successfully crossed a performance inflection point in 2024, achieving significant revenue growth and a substantial improvement in net profit, indicating a transformation in investment value [1][4]. Financial Performance - In 2024, Zibuyu reported a revenue of 3.33 billion RMB, representing a year-on-year increase of 10.8% [1]. - The net profit reached 150 million RMB, a significant recovery from a loss of 266 million RMB in the previous year [1]. - Operating cash flow surged to 260 million RMB, an increase of 240% compared to 2023 [1]. - The gross margin improved to 74.3%, up by 9.1 percentage points year-on-year [3]. Operational Enhancements - The company underwent a comprehensive organizational restructuring under the leadership of the new CEO, enhancing operational efficiency [2]. - Zibuyu established a brand division focusing on nine core brands and accelerated its transition from "product export" to "brand export" [2]. - A self-developed digital platform and BI system were implemented to streamline the cross-border supply chain, improving operational efficiency and reducing reliance on domestic warehouses [3]. Strategic Focus - Zibuyu is prioritizing globalization as a core long-term development strategy, aiming to enhance its global supply chain integration and brand originality [5]. - The company plans to establish an overseas division to increase overseas production capacity and invest in global talent [5]. - Zibuyu is exploring new sales channels such as Temu and TikTok while integrating AI technology into its business processes [5]. High-End Brand Development - The company aims to strengthen its high-end brand segment as a second growth driver, with a goal to build internationally recognized fashion brands within three years [6]. - The focus on high-end brands is expected to enhance overall profitability and growth potential [6]. ESG Commitment - Zibuyu is committed to improving its performance in environmental, social, and governance (ESG) aspects, recently implementing a 4.5-day workweek to enhance employee well-being [6]. - The company's focus on ESG reflects a strategic vision to convert humanistic values into core competitive advantages, supporting sustainable high-quality development [6]. Market Outlook - The latest financial report validates the effectiveness of Zibuyu's operational adjustments, indicating stronger growth momentum and a commitment to long-term globalization goals [7]. - The company is expected to enter a phase of accelerated value realization, which is likely to be well-received by investors in the secondary market [7].

Financial Performance - The company reported a revenue of approximately 3.325 billion, representing a year-on-year growth of 10.83% [1] - Gross profit was around 2.471 billion, with a year-on-year increase of 26.39% [1] - Net profit reached approximately 151 million, marking a turnaround from loss to profit [1] - Operating cash flow net amount hit a historical high of about 262 million [1] - The board announced a dividend of 0.12 HKD per share to reward shareholders [1] Strategic Initiatives - Revenue growth was primarily driven by enhanced brand building and increased marketing efforts, leading to revenue growth on platforms like Amazon and TikTok [1] - The company focused on improving product operational efficiency, optimizing inventory structure, and significantly reducing inventory provisions and warehousing costs [1] - The company established a brand division to manage core brands and aimed to transition from "product export" to "brand export" [1] Product and Supply Chain Development - The company enhanced product capabilities by optimizing product structure, supply chain management, and quality control processes [2] - A shift towards a refined product design model was implemented, reducing the number of new product styles introduced annually while focusing on innovation and market adaptability [2] - The company optimized its supply chain and warehousing systems, promoting a direct shipping model with core suppliers to improve logistics efficiency and reduce costs [2]

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，概不就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。 Zibuyu Group Limited 子不語集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2420） 截至2024年12月31日止年度之年度業績公告 子不語集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董事」）會（「董 事會」）欣然宣佈本集團截至2024年12月31日止年度的經審核綜合業績（「年度業績」）連同 截至2023年12月31日止年度的比較數字。本年度業績公告列載本公司2024年年度報告全 文，並符合《香港聯合交易所有限公司證券上市規則》中有關年度業績初步公告附載的資 料之披露要求，並已經本公司審核委員會連同管理層審閱。 | 2 | Corporate Information | | --- | --- | | | 公司資料 | | 5 | Financial Highlights | | | 財務摘要 | | 6 | Chairman's Statemen ...

Financial Performance - Zibuyu Group Limited reported a significant increase in revenue, achieving a total of $50 million for the first half of 2024, representing a 25% growth compared to the same period last year[4]. - In the first half of 2024, the Group achieved total revenue of approximately RMB1,462.1 million, representing an increase of approximately 6.3% compared to RMB1,375.3 million in the same period of 2023[11]. - Gross profit for the same period was approximately RMB1,080.9 million, reflecting an increase of approximately 8.0% from RMB1,001.3 million in the prior year[11]. - Profit before income tax increased by approximately 775.9% to approximately RMB93.3 million for the Reporting Period from approximately RMB10.7 million for the six months ended June 30, 2023, with profit before income tax as a percentage of revenue increasing to approximately 6.4% from 0.8%[40]. - The Group recorded a profit and total comprehensive income attributable to shareholders of approximately RMB91.4 million for the Reporting Period, representing an increase of approximately 789.1% compared to approximately RMB10.3 million for the six months ended 30 June 2023[46][48]. - Basic and diluted earnings per share increased to approximately RMB0.18, up from RMB0.02 in the same period of 2023[11]. - The company anticipates a revenue growth forecast of 20% for the second half of 2024, projecting total revenue to reach $120 million by year-end[4]. User Growth and Market Expansion - The user base expanded to 1.2 million active users, marking a 30% increase year-over-year[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share within the next two years[4]. Research and Development - Zibuyu is investing $10 million in R&D for new product development, focusing on enhancing user experience and technology integration[4]. - The total expenses for research and development of new IT systems were approximately RMB 17,652,000 for the six months ended June 30, 2024, compared to RMB 18,180,000 in 2023, showing a slight decrease of about 3%[150]. Cost Management and Profitability - The gross profit margin improved to 45%, up from 40% in the previous year, indicating better cost management[4]. - The cost of sales for the Group was approximately RMB381.2 million, an increase of approximately 1.9% from RMB374.0 million in the same period of 2023, primarily due to increased sales volume[22]. - Selling expenses and distribution costs amounted to approximately RMB941.7 million, an increase of approximately RMB17.8 million or 1.9% compared to RMB923.9 million in the same period of 2023, mainly due to increased marketing and advertising expenses[32]. - General and administrative expenses decreased to approximately RMB57.8 million, a reduction of approximately RMB15.3 million or 21.0% compared to RMB73.1 million in the same period of 2023, primarily due to decreased employee benefits expenses[33]. Strategic Initiatives - The management highlighted a strategic shift towards digital marketing, expecting a 40% increase in customer engagement through new campaigns[4]. - The Group has established a TikTok live broadcast team to explore new business models and optimize revenue structure[10]. - The company plans to actively explore diversified sales channels while consolidating existing cooperation platform advantages to achieve broader coverage[63]. - A high-end brand strategy will be implemented to drive new business growth and achieve a second growth curve[63]. Shareholder Value and Corporate Governance - Zibuyu's board of directors has approved a share buyback program worth $2 million to enhance shareholder value[4]. - The Company is committed to maintaining high standards of corporate governance to safeguard shareholder interests and enhance corporate value[79]. - The report indicates a focus on corporate governance and compliance with regulatory requirements[70]. Financial Position and Liquidity - As of June 30, 2024, the Group had cash and cash equivalents of approximately RMB371.7 million, an increase from approximately RMB277.5 million as of 31 December 2023[50][52]. - The total liabilities decreased to RMB 372,134 from RMB 409,668 at the end of 2023, indicating improved financial stability[102]. - The overall financial position has strengthened, as evidenced by the increase in cash and cash equivalents and improved cash flow from operations[109]. Employee Management - As of June 30, 2024, the company had 963 full-time employees, a decrease of approximately 7.0% from 1,155 employees in the same period of 2023[58]. - The total staff cost incurred by the Group was approximately RMB102.3 million for the Reporting Period, representing a year-on-year decrease of approximately 7.0% from approximately RMB110.0 million in the same period of 2023[56]. - The company has adopted Share Award Schemes for existing and new shares on September 15, 2023, and December 1, 2023, respectively, to incentivize employees[62]. Taxation and Compliance - The Company's subsidiaries in the PRC are subject to a corporate income tax rate of 25% on assessable profits, with certain subsidiaries recognized as High New Tech Enterprises benefiting from a reduced rate of 15% for three years[158]. - For the six months ended 30 June 2024, several subsidiaries in the PRC qualified as small and micro enterprises, enjoying a corporate income tax rate of 20%[159]. - The Group operates internationally and is within the scope of the OECD Pillar Two model rules, with no current tax exposure as of 30 June 2024[164].

Financial Performance - In the first half of 2024, the Group achieved total revenue of approximately RMB1,462.1 million, representing an increase of approximately 6.3% compared to RMB1,375.3 million in the same period of 2023[12]. - Gross profit for the same period was approximately RMB1,080.9 million, reflecting an increase of approximately 8.0% from RMB1,001.3 million in the prior year[12]. - Net profit attributable to shareholders was approximately RMB91.4 million, a significant increase of approximately 789.1% compared to RMB10.3 million in the same period of 2023[12]. - Revenue from third-party e-commerce platforms reached approximately RMB1,440.8 million, marking an increase of approximately 10.5% from RMB1,304.0 million in the previous year[15]. - Revenue from North America was approximately RMB1,396.9 million, representing an increase of approximately 8.6% compared to RMB1,286.5 million in the same period of 2023[20]. - Profit before income tax increased by approximately 775.9% to approximately RMB93.3 million for the Reporting Period from approximately RMB10.7 million for the six months ended 30 June 2023, with profit before income tax as a percentage of revenue increasing to approximately 6.4% from 0.8%[41]. - The Group recorded a profit and total comprehensive income attributable to shareholders of approximately RMB91.4 million for the Reporting Period, representing an increase of approximately 789.1% compared to approximately RMB10.3 million for the six months ended 30 June 2023[47][49]. - Basic and diluted earnings per share rose to RMB 0.18, compared to RMB 0.02 for the same period in 2023[98]. Cost and Expenses - The cost of sales for the Group was approximately RMB381.2 million, an increase of approximately 1.9% from RMB374.0 million in the same period of 2023, primarily due to increased sales volume[23]. - Selling expenses and distribution costs amounted to approximately RMB941.7 million, an increase of approximately RMB17.8 million or 1.9% compared to RMB923.9 million in the same period of 2023, mainly due to increased marketing and advertising expenses[33]. - General and administrative expenses decreased to approximately RMB57.8 million, a reduction of approximately RMB15.3 million or 21.0% compared to RMB73.1 million in the same period of 2023, primarily due to decreased employee benefits expenses[36]. - Finance costs amounted to approximately RMB4.4 million, a decrease of RMB0.8 million compared to approximately RMB5.2 million for the six months ended 30 June 2023, mainly due to reduced interest expenses for lease liabilities[40]. Cash Flow and Liquidity - As of 30 June 2024, the Group had cash and cash equivalents of approximately RMB371.7 million, an increase from approximately RMB277.5 million as of 31 December 2023[51][53]. - Cash generated from operations for the six months ended June 30, 2024, was RMB 126,261, an increase of 68.5% compared to RMB 74,881 for the same period in 2023[108]. - Net cash generated from operating activities reached RMB 130,116, up from RMB 57,332, reflecting a significant growth of 126.5% year-over-year[108]. - The total unutilized amount of net proceeds as of June 30, 2024, is HK$71.8 million, down from HK$86.4 million at the end of 2023[91]. Shareholder Information - As of June 30, 2024, Mr. Hua Bingru holds 236,056,036 shares, representing approximately 47.21% of the shareholding[68]. - The total number of shares issued by the company is 500,000,000[70]. - The Company does not hold any treasury shares as of June 30, 2024[80]. - The Board does not recommend the payment of interim dividend for the reporting period, consistent with the previous period where no dividend was paid[80]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to safeguard shareholder interests and enhance corporate value[80]. - The Company has adopted the Model Code for securities transactions by Directors, with all Directors confirming compliance during the Reporting Period[82]. - The Company continues to monitor and review its corporate governance practices to maintain high standards[82]. Organizational Changes and Strategy - The board of directors includes Mr. Hua Bingru as Chairman and Mr. Chen Caixiong as Chief Executive Officer, with a recent change in executive roles[5]. - The Group has established a TikTok live broadcast team to explore new business models and optimize revenue structure[10]. - The Group's operational strategies included organizational changes, efficiency enhancements, and inventory structure optimization[14]. - The company plans to actively explore diversified sales channels while consolidating existing cooperation platforms to achieve broader coverage and sales synergies[63]. Market Outlook - The company remains optimistic about the recovery and development of the global economy despite a complex macroeconomic environment[64].

Core Viewpoint - In 2023, the global economy underwent significant adjustments due to unexpected interest rate hikes by the Federal Reserve and ongoing geopolitical conflicts, impacting the trade landscape and supply chains, particularly in the consumer sector [1] Company Performance - In 2023, the company reported revenue of 3 billion yuan, remaining stable compared to the previous year [1] - The company is one of the largest cross-border e-commerce B2C firms in China, primarily selling apparel and footwear through third-party platforms like Amazon, which holds a 50% market share in North America [1] - The company has successfully expanded into new sales channels such as Temu and TikTok, with notable revenue growth from these platforms [1] Brand and Inventory Management - The company's top ten brands saw sales revenue increase by over 15% year-on-year, contributing to sustainable growth [1] - The company undertook significant inventory adjustments, focusing on clearing slow-moving stock and reallocating resources to best-selling products, which improved inventory turnover [1] - The company recorded an inventory impairment of approximately 388 million yuan, a substantial increase from 55 million yuan the previous year, impacting profitability [1] Cash Flow and Operational Efficiency - Despite profitability pressures, the company maintained a positive operating cash flow of 76.73 million yuan, indicating healthy business operations [2] - The company has embraced technological advancements, integrating AI and digitalization into its operations to enhance efficiency across the entire business chain [2] Industry Outlook - The Chinese e-commerce market is experiencing slower growth, while overseas markets still have significant potential for expansion, particularly in cross-border B2C e-commerce [2] - The cross-border e-commerce market for apparel is projected to grow from 750.3 billion yuan in 2021 to 1,827.6 billion yuan by 2026, with a compound annual growth rate of 19.5% [2] - The company is expected to continue expanding its non-Amazon channels and international markets, focusing on high-quality development and enhancing brand investment [2]