Financial Performance - For the fiscal year ending December 31, 2024, total transaction value reached RMB 3,349.4 billion, an increase of 6.6% compared to RMB 3,142.9 billion in 2023[4]. - Net income for the fiscal year was RMB 93.5 billion, up 20.2% from RMB 77.8 billion in 2023[4]. - Adjusted net profit for the fiscal year was RMB 72.1 billion, down from RMB 97.98 billion in 2023[6]. - In 2024, net revenue increased by 20.2% to RMB 93.5 billion from RMB 77.8 billion in 2023, driven by growth in new housing and home decoration businesses[22]. - Total net revenue for 2024 reached RMB 93.46 billion, a 20.1% increase from RMB 77.78 billion in 2023[96]. - Operating profit for 2024 was RMB 3.76 billion, down 21.5% from RMB 4.80 billion in 2023[97]. - Net profit for 2024 was RMB 4,078,180, a decrease of 30.7% compared to RMB 5,889,604 in 2023[105]. - Basic earnings per share decreased to RMB 1.19 from RMB 1.67, reflecting a decline of 28.7%[99]. Business Growth - The number of stores increased to 51,573, representing a growth of 17.7% from 43,817 stores in 2023[6]. - Active agents reached 499,937, a rise of 16.9% from 427,656 agents in 2023[6]. - The total transaction value of existing homes was RMB 2,246.5 billion, a 10.8% increase from RMB 2,028.0 billion in 2023[4]. - The total transaction value for home decoration and furniture was RMB 16.9 billion, up 27.3% from RMB 13.3 billion in 2023[4]. - The home decoration and furnishing business saw a total transaction value growth of 27.3% year-on-year and a revenue increase of 36.1% in 2024, with profit margin rising from 29.0% in 2023 to 30.7% in 2024[13]. - The rental housing service expanded its managed properties to over 430,000 units by the end of 2024, up from over 210,000 units at the end of 2023[15]. Operational Efficiency - The average turnover days for new housing accounts receivable decreased to just 34 days in Q4 2024, indicating improved operational efficiency[12]. - Contribution profit margin for existing housing business decreased from 47.2% in 2023 to 43.2% in 2024, primarily due to increased fixed salary costs for agents[26]. - Contribution profit for home decoration improved from 29.0% in 2023 to 30.7% in 2024, due to refined operational management and enhanced supply chain capabilities[29]. Cash Flow and Investments - Cash flow from operating activities decreased to RMB 9.45 billion in 2024 from RMB 11.41 billion in 2023[49]. - The net cash generated from operating activities for 2024 is RMB 9.4 billion, with a net profit of RMB 4.078 billion, reflecting a difference due to non-cash adjustments of RMB 3.681 billion[54]. - The company’s total cash outflow from investing activities was RMB 9,378,025 in 2024, compared to RMB 3,977,440 in 2023, indicating a significant increase in investment expenditures[106]. Shareholder Returns - The company plans to pay a total dividend of approximately 0.12 per ordinary share and 400 million to be paid from the company's retained earnings[85]. - The company repurchased approximately $716 million worth of American Depositary Shares in 2024, representing about 3.89% of the total shares outstanding as of the end of 2023[19]. Corporate Governance and Compliance - The company has complied with all applicable principles and code provisions of the corporate governance code during the reporting period[80]. - The audit committee has reviewed the unaudited annual results for the year ending December 31, 2024[84]. - The company emphasizes that the decision to distribute dividends is subject to future operational performance, capital requirements, and other relevant factors[86]. Research and Development - Research and development expenses grew by 17.9% from RMB 1.9 billion in 2023 to RMB 2.3 billion in 2024, mainly due to an increase in the number of R&D personnel and technical service costs[36]. - The company is focused on enhancing the C2M service model through data-driven insights to better meet market demands in the residential development sector[16]. Market Position and Strategy - The company emphasized strengthening its "one-stop living service platform" capabilities to drive solid business development and ecological value release[8]. - The company plans to enhance its platform capabilities and expand into new markets, focusing on strategic growth initiatives[94]. - The company aims to leverage AI for personalized customer insights and improve service capabilities across its business lines in 2025[18].
贝壳-W(02423) - 2024 - 年度业绩