Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 2,073.3 million, representing a year-on-year increase of 31.0% from RMB 1,583.1 million in 2023[11]. - Gross profit for the same period was approximately RMB 835.4 million, up 47.8% from RMB 565.1 million in 2023, with a gross margin of 40.3% compared to 35.7% in the previous year[11]. - Net profit increased by 50.5% to approximately RMB 356.0 million from RMB 236.5 million in 2023, while adjusted net profit rose by 57.9% to approximately RMB 383.0 million from RMB 242.5 million[12]. - The overall revenue for the reporting period was approximately RMB 2,073.3 million, a year-on-year increase of about 31.0%[20]. - The adjusted net profit margin increased from approximately 15.3% in the previous year to about 18.5% in the reporting period[12]. - The company reported a net cash inflow from financing activities of RMB 648,054 thousand in 2024, a significant improvement from a net outflow of RMB 98,230 thousand in 2023[74]. - The total comprehensive income for the year was RMB 376,855,000, up from RMB 239,494,000 in the previous year[69]. - The company achieved a basic and diluted earnings per share of RMB 0.81 for the year ended December 31, 2024, compared to RMB 0.59 in 2023[68]. Revenue Breakdown - The brand business generated revenue of RMB 1,860.6 million, a 34.8% increase from RMB 1,379.9 million in 2023, while ODM business revenue was RMB 212.7 million, up 4.7% from RMB 203.2 million[5]. - In 2024, the brand business revenue increased by approximately 34.8% to about RMB 1,860.6 million, accounting for 89.7% of total revenue[13]. - ODM business revenue grew by approximately 4.7% to about RMB 212.7 million, representing about 10.3% of total revenue[14]. - Revenue from online sales through third-party e-commerce platforms amounted to RMB 1,773,762 thousand, up 30.2% from RMB 1,362,531 thousand in 2023[92]. - Revenue from the United States market surged to RMB 1,377,318 thousand, representing a growth of 65.3% compared to RMB 833,906 thousand in 2023[91]. Cost and Expenses - Sales costs increased from approximately RMB 1,018.0 million in 2023 to approximately RMB 1,237.9 million in 2024, reflecting a growth of 21.6%[22]. - Selling expenses increased by approximately 53.0% from RMB 245.4 million in 2023 to RMB 375.5 million in 2024, primarily due to higher e-commerce platform commissions[27]. - Administrative expenses surged from approximately RMB 31.6 million in 2023 to approximately RMB 62.4 million in 2024, largely due to IPO-related costs[28]. - Total costs of goods sold for the year were RMB 882,228 thousand, an increase of 19.0% from RMB 741,915 thousand in 2023[100]. - The total operating expenses for the year amounted to RMB 1,717,110 thousand, an increase of 29.0% from RMB 1,330,862 thousand in 2023[100]. Market and Strategic Initiatives - The global cookware market value grew from USD 27.8 billion to USD 30.9 billion from 2019 to 2023, with a compound annual growth rate (CAGR) of 2.7%, projected to reach USD 36.3 billion by 2028 with a CAGR of 3.2%[9]. - The company plans to expand into alternative markets such as Eastern Europe, South America, and Australia to mitigate risks associated with U.S. tariffs on Chinese imports[9]. - The company aims to enhance consumer cooking experiences by providing high-quality, innovative, and stylish kitchen products at affordable prices[11]. - The company plans to enhance product development and diversification to meet varying consumer needs and preferences[19]. - The company aims to expand sales channels, particularly strengthening both online and offline multi-channel strategies[19]. Financial Position and Assets - Current assets as of December 31, 2024, are approximately RMB 1,454.1 million, compared to RMB 531.2 million in 2023, while current liabilities are approximately RMB 466.1 million, up from RMB 411.1 million[45]. - The current ratio improved from approximately 1.3 in 2023 to about 3.1 in 2024, reflecting a stronger liquidity position[45]. - Total assets increased significantly to RMB 1,721,751 thousand in 2024 from RMB 636,057 thousand in 2023, representing a growth of approximately 170.5%[70]. - The company's equity total increased to RMB 1,255,683 thousand in 2024 from RMB 222,621 thousand in 2023, a substantial rise of around 464.5%[71]. - The total liabilities increased to RMB 466,068 thousand in 2024 from RMB 413,436 thousand in 2023, representing a growth of approximately 12.7%[71]. Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting standards[140]. - The company has adhered to the corporate governance code since its listing date, with a commitment to transparency and accountability[137]. - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[146]. - The company is committed to adhering to the listing rules set by the Hong Kong Stock Exchange, indicating a focus on regulatory compliance[145]. - The company has implemented a set of behavioral standards for directors regarding securities trading, ensuring compliance with regulations[139]. Future Outlook - The company anticipates that 2025 will be another challenging year due to significant uncertainties in the global economy[17]. - The management believes that the foreign exchange risk faced by the company is not significant, as most sales and purchases are denominated in USD[48]. - The management does not anticipate significant impacts from interest rate fluctuations on interest-earning assets, as bank deposit rates are expected to remain stable[49].
卡罗特(02549) - 2024 - 年度业绩