裕元集团(00551) - 2024 - 年度业绩

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue increased to $8,182,161 thousand, representing a growth of 3.7$7,890,168 thousand in 2023[2] - The recurring profit attributable to the company's owners rose significantly by 43.7% to $378,627 thousand from$263,399 thousand in the previous year[2] - The total profit attributable to the company's owners increased by 42.8% to $392,415 thousand, up from$274,710 thousand in 2023[2] - Basic earnings per share improved by 42.9% to 24.37 cents, compared to 17.05 cents in the prior year[2] - Total comprehensive income for the year reached $457,103 thousand, a significant increase from$255,111 thousand in 2023[5] - The company reported a total tax expense of $147,444 thousand for 2024, significantly higher than$80,992 thousand in 2023[20] - The company’s profit for the year 2024 was $392,415,000, an increase from$274,710,000 in 2023, representing a growth of approximately 43.0%[27] - Profit attributable to the company's owners was $392.4 million, representing a 42.8$274.7 million in the previous year[38] Dividends - The interim dividend was doubled to HKD 0.40 from HKD 0.20, while the proposed final dividend increased by 28.6% to HKD 0.90 from HKD 0.70[2] - The company declared a final dividend of HK$0.90 per share for the year ending December 31, 2024, up from HK$0.70 per share in 2023, which translates to a total of approximately $1,444,094,000[25][26] - The board declared a final dividend of HK$0.90 per share for 2025, up from HK$0.70 per share in 2023, resulting in a total annual dividend of HK$1.30 per share[71] Revenue Breakdown - Revenue from the manufacturing business reached $5,620,753 thousand, up 11.1$5,059,438 thousand in the previous year[12] - Retail business revenue decreased to $2,561,408 thousand, down 9.5$2,830,730 thousand in 2023[12] - Revenue from sports/outdoor shoes was $4,403,600 thousand, an increase of 8.9$4,041,081 thousand in 2023[14] - Revenue from the United States was $1,542,031 thousand, up 9.5$1,408,248 thousand in 2023[15] - Revenue from Europe increased to $1,429,624 thousand, a rise of 11.1$1,286,960 thousand in the previous year[15] - The footwear segment's revenue increased by 11.0% to $5,169.0 million, with a shipment volume rise of 16.9$5,620.8 million, an increase of 11.1%[39] - The group’s revenue from sports/outdoor shoes accounted for 53.8% of total revenue, while casual shoes and sports sandals contributed 9.4%[42] Assets and Liabilities - Non-current assets totaled $3,530,430 thousand, slightly down from$3,574,374 thousand in the previous year[6] - Current assets increased to $3,844,924 thousand from$3,783,858 thousand, driven by higher inventory and receivables[6] - The net asset value rose to $4,914,354 thousand, compared to$4,710,028 thousand in 2023, reflecting a solid financial position[8] - Accounts receivable increased to $938,499,000 in 2024 from$885,145,000 in 2023, marking a rise of about 6.0%[28] - The company’s accounts payable rose to $500,454,000 in 2024 from$475,505,000 in 2023, an increase of about 5.2%[29] Costs and Expenses - The company reported a decrease in financing costs to $63,339 thousand from$85,039 thousand, indicating improved financial management[4] - Employee benefits expenses totaled $2,025,704,000 in 2024, compared to$1,990,412,000 in 2023, reflecting an increase of about 1.8%[23] - The total cost of sales for the manufacturing business was $4,503.7 million, an increase of 10.2$4,087.3 million in 2023[48] - The gross profit for the group rose by 3.5% to $1,992.7 million, with an overall gross margin of 24.4$1,117.0 million, with a gross margin of 19.9%, up 0.7 percentage points year-on-year[47] - Total selling and distribution expenses decreased by 6.3% to $838.2 million, accounting for approximately 10.2$553.4 million, representing about 6.8% of revenue[50] Cash Flow and Capital Expenditure - The net cash flow from operating activities was $537.1 million, down from$944.7 million in 2023[56] - As of December 31, 2024, the group had cash and cash equivalents of $943.2 million, down from$1,142.1 million in 2023[57] - The group’s total capital expenditure for 2024 was $211.3 million, up from$200.6 million in 2023[61] - Capital expenditure for the manufacturing business was $159.8 million, an increase from$152.0 million in 2023, focusing on strategic expansion and digital transformation[61] - Retail business capital expenditure slightly increased to $51.5 million from$48.6 million in 2023, continuing a refined retail strategy[63] Strategic Initiatives - The company is focusing on digital smart manufacturing management to enhance overall profitability and efficiency[32] - The group aims to enhance operational resilience and maintain a healthy cash flow while pursuing digital transformation and automation technologies[79] - The group aims to fully launch its SAP ERP system and integrated operation platform (OCP) by 2025, focusing on decision-making and operational management applications[80] - The retail subsidiary, Bao Sheng, will continue to implement a refined retail strategy, dynamically expanding its physical and omnichannel retail presence, and enhancing product category offerings[80] - The company is committed to enhancing its operational capabilities and ESG-oriented management to adapt to rapidly changing market demands[80] Employee and Governance - The group employed approximately 285,500 employees as of December 31, 2024, a 7.9% increase from 264,700 employees in 2023[73] - The company has complied with all applicable corporate governance code provisions during the year[84] - The annual general meeting will be held on May 23, 2025, at the company's headquarters in Hong Kong[90] - The company expresses gratitude to customers, suppliers, and shareholders for their support and acknowledges the contributions of its directors and employees[95] Market Outlook - The global sports goods industry is expected to grow at a CAGR of 6% from 2024 to 2029, with a market size projected to reach $548 billion by 2029[77] - The company anticipates a lengthy appeal process regarding tax disputes in Indonesia, which may take one to two years[21] Share Repurchase - The company repurchased a total of 7,627,500 shares at a total cost of approximately HKD 116,856,528 (equivalent to about USD 15,009,000) during the year[82] - The share repurchase included transactions at prices ranging from HKD 12.94 to HKD 17.42 per share, with the highest repurchase price being HKD 17.40[82] - The company’s employee stock incentive plan trustee purchased a total of 1,350,000 shares at a total cost of approximately HKD 15,368,000 (equivalent to about USD 1,965,000)[82] Joint Ventures and Associates - The group recorded a profit of$78.4 million from joint ventures and associates in 2024, compared to $62.2 million in the previous year[70]