NATURAL BEAUTY-自然美(00157) - 2024 - 年度财报

Financial Performance - Natural Beauty reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year 2024[3]. - The company achieved a net profit margin of 12%, translating to a net profit of HKD 144 million, up from HKD 120 million in the previous year[3]. - Future guidance indicates expected revenue growth of 10-15% for 2025, with a target revenue of HKD 1.32 billion[3]. - The Group's revenue for 2024 increased by 5.2% to HK $353.7 million compared to HK$ 336.0 million in 2023, primarily driven by an increase in product sales of HK $18.5 million[25]. - Revenue from the PRC market rose by 7.3% from HK$ 237.8 million in 2023 to HK $255.2 million in 2024, while revenue from the Taiwan market increased by 8.7% to HK$ 92.1 million[26]. - The Group reported a loss before tax of approximately HK $105.2 million in 2024, compared to a loss of HK$ 11.9 million in 2023, reflecting a decrease in pre-tax profit margin[57]. - The Group's net loss increased significantly to approximately HK $103.6 million in 2024, compared to a net loss of approximately HK$ 15.1 million in 2023[65][70]. - The effective tax rate shifted from 27.3% in 2023 to -1.5% in 2024, with income taxation expenses changing from HK $3.2 million to a credit of HK$ 1.6 million[64][69]. - The Group's gearing ratio increased from 29.9% in 2023 to 43.0% in 2024, indicating a rise in financial leverage[67][72]. - The Group's projected revenue compound annual growth rate (CAGR) is estimated at 16.4% for the upcoming years, up from 14.7% in the previous year[58]. Market Expansion and Product Development - User engagement metrics showed a 20% increase in active users, totaling 500,000 by the end of 2024[3]. - The company plans to launch three new product lines in 2025, focusing on eco-friendly and sustainable beauty solutions[3]. - Market expansion efforts include entering two new Southeast Asian countries, projected to contribute an additional HKD 200 million in revenue[3]. - The company is investing HKD 50 million in R&D for new technologies aimed at enhancing product efficacy and user experience[3]. - A strategic acquisition of a local beauty brand is anticipated to be finalized in Q2 2025, expected to enhance market share by 5%[3]. - The Group launched 12 skincare products and 9 health supplements in 2024, generating HK $43.0 million in sales[88][91]. - The health food series achieved sales of HK$ 33.7 million in 2024, marking an 86.2% increase from HK $18.1 million in 2023[89][91]. - The company plans to introduce Exosome Technology into the Taiwan market to meet growing consumer demand, alongside the development of an AI Massage Robot to enhance service precision[99][104]. Sales and Revenue Channels - Product sales accounted for 99.1% of total revenue in 2024, amounting to HK$ 350.4 million, an increase of 5.6% from HK $331.9 million in 2023[31]. - Sales from e-commerce, TV shopping, and telemarketing channels decreased to HK$ 37.8 million, down HK $3.7 million from HK$ 41.5 million in 2023, accounting for 10.7% of total revenue[83][84]. - In 2024, the Group achieved HK $315.8 million in sales from franchised/self-owned spas, an increase of HK$ 21.3 million from HK $294.5 million in 2023, representing 89.3% of total revenue[82][84]. Corporate Governance - Corporate governance improvements have been made, with the establishment of a new audit committee to enhance financial oversight[3]. - The Board of Directors consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[136]. - The Board met a total of eight times during 2024, exceeding the minimum requirement of four meetings per year[139]. - The company has adopted a code of conduct for securities transactions by directors, which complies with the Model Code, with no reported incidents of non-compliance for the year ended December 31, 2024[154]. - The Company established a Board Independence Evaluation Mechanism to ensure strong independent judgment, with satisfactory results reported for the year[169]. Operational Challenges and Costs - Distribution and selling expenses as a percentage of revenue increased to 48.4% in 2024 from 42.3% in 2023, with total expenses rising by HK$ 28.8 million to HK $171.0 million[45][51]. - Total administrative expenses increased by HK$ 14.4 million to HK $80.4 million in 2024, with significant costs in staff and legal fees[46][51]. - Other income and gains decreased by 46.4% from HK$ 7.9 million in 2023 to HK $4.2 million in 2024, mainly from rental income, interest income, and government grants[44][50]. - The fair value loss on investment properties increased to HK$ 19.7 million in 2024 from HK$5.8 million in 2023[55]. Strategic Initiatives - The company is implementing a multi-channel sales strategy in Taiwan, focusing on health food and optimizing online brand exposure through live streaming[115][118]. - The company aims to enhance its international competitiveness by investing in high-end intelligent beauty equipment and driving industry upgrades through technological innovation[113]. - The establishment of operation centers in key provinces in the PRC is part of the strategy to strengthen local market penetration[116]. - The company is combining original store expansion mechanisms with a distributor system to enhance precise targeting and team expansion[116]. - The company is committed to enhancing brand building and expanding its comprehensive healthcare business territory by 2025[117].