Financial Performance - Shanghai Chicmax Cosmetic Co., Ltd. reported a revenue increase from RMB 4,190.7 million in 2023 to RMB 6,792.5 million in 2024, representing a growth of 62.1%[4] - The gross profit rose from RMB 3,019.5 million in 2023 to RMB 5,109.4 million in 2024, marking a 69.2% increase[4] - The net profit for 2024 was RMB 803.3 million, up 74.0% from RMB 461.7 million in 2023[4] - Total revenue for 2024 was RMB 6,792.5 million, representing a significant increase of 62.2% compared to RMB 4,190.7 million in 2023[34] - Gross profit for 2024 was RMB 5,109.4 million, up 69.2% from RMB 3,019.5 million in 2023[56] - The net profit for 2024 was RMB 803.3 million, an increase of 73.9% compared to RMB 461.7 million in 2023[57] - Other income and gains increased by 60.5% to RMB 251.2 million in 2024, primarily due to increased government subsidies[41] - The total comprehensive income for 2024 was RMB 796.4 million, compared to RMB 457.5 million in 2023, marking an increase of 74.2%[57] Brand Performance - The brand Han Shu generated revenue of RMB 5,591.0 million in 2024, an increase of 80.9%, accounting for 82.3% of total revenue[10] - The brand Yi Ye Zi experienced a revenue decline of 35.7% in 2024, generating RMB 229.3 million, which represented 3.4% of total revenue[12] - The brand Hong Se Xiao Xiang sold 0.4 million children's makeup products in 2024, recognized as the top online sales brand in China for children's makeup by Frost & Sullivan[13] - In 2024, the revenue generated by the brand "Red Elephant" was RMB 376.0 million, an increase of 0.1% compared to 2023, accounting for 5.5% of total annual revenue[15] - The brand "New Page" achieved a revenue of RMB 375.6 million in 2024, a significant increase of 146.3% from 2023, also representing 5.5% of total annual revenue[17] - The total revenue from four key brands in 2024 was RMB 6,571.9 million, reflecting a 65.3% increase from 2023 and contributing 96.7% to the overall revenue[17] Research and Development - Research and development expenses for 2024 amounted to RMB 179.9 million, representing 2.6% of total revenue, compared to RMB 125.8 million and 3.0% in 2023[21] - In 2024, the company applied for 76 new patents, including 36 invention patents, and received authorization for 27 patents, with 5 being invention patents[24] - The company launched new product lines targeting different age groups, including "New Page 612" for ages 6-12 and "New Page 1218" for ages 12-18[16] - The company is preparing to launch several new brands across various categories, including a high-end anti-aging skincare brand "TAZU" and a makeup brand "NAN beauty"[18] - The company established multiple industry standards in 2024, including testing methods for cosmetic ingredients and tear-free formulations[21] - The "环六肽-9" ingredient received three invention patents and is being applied in several product lines, enhancing the company's innovation capabilities[22] - The company aims to enhance R&D investment in skincare technologies, including anti-aging and skin barrier repair, to foster product innovation[31] - The company is committed to enhancing its R&D capabilities and brand recognition to become a world-class cosmetics group[32] Marketing and Sales - The company plans to enhance its online and offline business model by opening pickup points at major train stations in Shanghai, Beijing, and Hangzhou[9] - The brand Han Shu received multiple awards for its products, including the "Best Formula Award" at the CBE China Beauty Expo 2024[9] - Online sales accounted for 90.5% of total revenue in 2024, increasing from 85.6% in 2023, with online self-operated sales rising 82.6% to RMB 5,311.7 million[36][37] - The company is expanding its marketing network, particularly in online platforms like Douyin, Tmall, and JD, to enhance brand presence[31] Financial Position - The total employee count as of December 31, 2024, was 2,086, with a total compensation cost of RMB 551.3 million, up from RMB 494.6 million in 2023[26] - Capital expenditures for 2024 amounted to RMB 242.6 million, mainly related to new properties, plants, and equipment at RMB 233.4 million[27] - Right-of-use assets were valued at RMB 125.7 million as of December 31, 2024, down from RMB 131.2 million in 2023, while lease liabilities decreased from RMB 65.6 million to RMB 51.5 million[28] - The group's debt-to-asset ratio increased to 37.9% in 2024 from 35.1% in 2023, reflecting a rise in financial leverage[50] - The current ratio as of December 31, 2024, was 1.8, down from 2.0 in 2023, indicating a slight decline in short-term liquidity[50] - The company's net asset value increased to RMB 2,234,670,000 in 2024, up from RMB 2,029,227,000 in 2023, reflecting a growth of 10.1%[60] Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.75 per share for the fiscal year ending December 31, 2024[5] - The total dividend proposed for 2024 is RMB 597,038,000, up from RMB 378,060,000 in 2023, indicating a growth of 58%[83] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.75 per share, consistent with the previous year[107] - The annual general meeting is scheduled for May 6, 2025, where the proposed dividend will be subject to shareholder approval[106] Operational Efficiency - The introduction of AI management tools is expected to improve operational efficiency and resource allocation[31] - The company reported a financial cost reduction of 62.3%, decreasing to RMB 6.1 million in 2024 from RMB 16.2 million in 2023[47] - Operating cash flow for 2024 was approximately RMB 547.0 million, down from RMB 746.2 million in 2023, indicating a decrease of about 26.7%[50] Inventory and Receivables - The company reported a total of RMB 690,639,000 in inventory for 2024, an increase from RMB 510,757,000 in 2023, which is a growth of 35.2%[84] - Trade receivables increased to RMB 439,090,000 in 2024 from RMB 329,453,000 in 2023, representing a growth of 33.3%[86] - The net amount of trade receivables and bills receivable rose to RMB 425,557,000 in 2024, up from RMB 321,246,000 in 2023, indicating a 32.5% increase[86] - The provision for impairment of trade receivables increased to RMB 14,438,000 in 2024 from RMB 12,005,000 in 2023, reflecting a rise of 20.2%[89] - Trade payables reached RMB 638,407,000 in 2024, compared to RMB 518,613,000 in 2023, marking a 23.1% increase[90] Corporate Governance - The audit committee reviewed the consolidated annual performance for the year ending December 31, 2024, and found it compliant with applicable accounting standards[102] - There have been no significant events affecting the group since December 31, 2024, as disclosed in the annual report[105] - The annual report for the year ending December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website[111]
上美股份(02145) - 2024 - 年度业绩