Financial Performance - For the year ended December 31, 2024, the group's revenue and gross profit were RMB 6,588.54 million and RMB 5,035.55 million, representing a decrease of 4.68% and 3.26% respectively compared to the year ended December 31, 2023[2]. - The profit for the year was RMB 474.09 million, a decrease of 43.06% or RMB 358.54 million compared to RMB 832.63 million for the year ended December 31, 2023, resulting in a net profit margin of 7.20% (2023: 12.05%) [2]. - Total comprehensive income for the year was RMB 447.21 million, compared to RMB 805.54 million in 2023[4]. - Basic earnings per share for the year were RMB 0.683 (2023: RMB 1.237)[3]. - The total tax expense for the year was RMB 88,440,000, down from RMB 161,969,000 in 2023, a decrease of approximately 45.4%[34]. - The pre-tax profit for 2024 was RMB 562,528,000, down from RMB 994,601,000 in 2023, indicating a decrease of approximately 43.4%[34]. - Net profit attributable to equity holders for the year ended December 31, 2024, was RMB 468.50 million, a decrease of 44.10% from RMB 838.17 million in 2023, resulting in a net profit margin of 7.20%[60]. Revenue Breakdown - Total revenue for the year ended December 31, 2024, was RMB 6,588.54 million, a decrease of 4.68% from RMB 6,912.30 million for the year ended December 31, 2023[49]. - Revenue from the sale of clothing and accessories accounted for the entire revenue, with RMB 6,588,536,000 recognized at a point in time[25]. - Direct retail sales accounted for approximately 78.50% of total revenue in 2024, down from 80.43% in 2023[49]. - E-commerce revenue increased by 16.57% to RMB 1,129.32 million in 2024, compared to RMB 968.78 million in 2023, driven by increased online sales and marketing efforts[50]. - Revenue from distributors decreased by 25.17% to RMB 287.27 million in 2024, down from RMB 383.90 million in 2023[51]. - Total revenue from other income and gains decreased from RMB 237,083,000 in 2023 to RMB 162,960,000 in 2024, representing a decline of approximately 31.2%[29]. Assets and Liabilities - Non-current assets totaled RMB 3,487.56 million as of December 31, 2024, slightly up from RMB 3,480.14 million in 2023[5]. - Current assets decreased to RMB 3,371.72 million from RMB 3,549.66 million in 2023, with inventory increasing to RMB 1,572.28 million from RMB 1,152.51 million[5]. - Total liabilities decreased to RMB 586.37 million from RMB 479.11 million in 2023, with current liabilities totaling RMB 1,773.86 million[6]. - The total equity attributable to the owners of the parent company was RMB 4,508.96 million, down from RMB 4,576.91 million in 2023[6]. Operational Insights - The company operates a single business segment focused on women's clothing retail and wholesale in the People's Republic of China[22]. - There were no single external customers contributing 10% or more to the total revenue for the years ended December 31, 2024, and 2023, indicating a diversified customer base[23]. - The company has not presented segment analysis due to the nature of its single business segment[22]. - The company did not engage in any significant acquisitions or disposals during the year ended December 31, 2024[67]. - The company faced challenges from insufficient domestic market confidence and geopolitical tensions affecting trade with the U.S.[48]. Future Outlook and Strategy - The company anticipates stable economic growth in China for 2024, with a recovery in consumer confidence and a robust retail market expected to continue in 2025[89]. - In 2025, the company will enhance its multi-brand collaborative development capabilities, aiming for significant growth through differentiated brand strategies and pricing[90]. - The company plans to establish a more efficient brand integration marketing system by 2025, focusing on product development and brand promotion synergy[91]. - The company aims to strengthen its product quality and value ratio by optimizing product structure and enhancing material quality, ensuring alignment with consumer expectations[94]. - The company will continue to implement a strategy of "opening large stores and expanding good stores" in 2025, focusing on high-end markets and flagship stores in prime locations[95]. - The company will adopt a differentiated strategy in e-commerce channels, expanding its presence on platforms like Tmall and JD while optimizing live-stream marketing on Douyin[96]. Corporate Governance - The company has complied with the corporate governance code, except for the principle regarding the separation of the roles of chairman and CEO, which are currently held by the same individual[102]. - The company is committed to maintaining high standards of corporate governance and effective governance measures[102]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's financial performance for the year ending December 31, 2024[106]. Shareholder Matters - The board proposed a final dividend of HKD 0.38 per share for the year ending December 31, 2024, down from HKD 0.70 in 2023, subject to shareholder approval[100]. - The company will suspend shareholder registration from June 3 to June 6, 2025, to determine eligibility for attending the annual general meeting[101]. - The company will also suspend shareholder registration from June 13 to June 17, 2025, to determine eligibility for receiving the proposed final dividend[101].
赢家时尚(03709) - 2024 - 年度业绩