Financial Performance - Revenue decreased by approximately 9.8% from RMB 11,390.6 million in 2023 to RMB 10,273.3 million in 2024[13] - Gross profit fell by about 41.9% from RMB 1,314.8 million in 2023 to RMB 764.4 million in 2024[13] - The company recorded a loss attributable to owners of RMB 386.0 million in 2024, compared to a profit of RMB 361.7 million in 2023, representing a change of 206.7%[13] - Total retail sales amounted to RMB 12,703.3 million in 2024, down from RMB 14,171.3 million in 2023[6] - Revenue from franchise stores decreased from RMB 8,499.8 million in 2023 to RMB 7,396.3 million in 2024, representing a decline of approximately 12.9%[38] - The company reported a pre-tax loss of RMB 391.5 million for the year ending December 31, 2024, compared to a pre-tax profit of RMB 381.0 million for the year ending December 31, 2023[50] - The net loss for the year ending December 31, 2024, was approximately RMB 399.8 million, compared to a net profit of approximately RMB 340.0 million for the year ending December 31, 2023, resulting in a net loss margin of 3.89%[52] Membership and Customer Metrics - Membership increased to 90,743 thousand in 2024, up from 83,905 thousand in 2023[6] - The number of paid members decreased from 1,171 thousand in 2023 to 854 thousand in 2024[6] - The total number of members across all distribution channels exceeded 90.74 million, representing an 8.1% year-on-year growth, while paid membership decreased by approximately 27.1% to about 850,000[21] Store Operations - The company managed 4,039 franchise stores in 2024, down from 4,818 in 2023[5] - The total number of stores decreased from 6,093 in 2023 to 5,127 in 2024[5] - As of December 31, 2024, the company has a total of 5,127 retail stores, a decrease of approximately 15.9% from 6,093 stores as of December 31, 2023[16] Product and Sales Performance - The sales revenue from franchise stores managed by the company reached RMB 7,388.0 million, accounting for 99.4% of total sales, while self-operated stores contributed RMB 40.6 million, or 0.5%[18] - The company launched six seasonal products, achieving a total sales increase of approximately 388.4% year-on-year, significantly boosting new customer acquisition and member repurchase rates[19] - Direct sales revenue from fruits and other foods increased by approximately 21.7% to RMB 1,255.7 million, with overseas direct sales growing by about 18.0% compared to 2023[22] - The sales revenue of premium and A-grade fruits accounted for approximately 62.8% of the total retail sales at the company's stores for the year ending December 31, 2024[24] Financial Position and Cash Flow - As of December 31, 2024, the company's net asset value was RMB 2,810.3 million, down from RMB 3,337.1 million in 2023[57] - The company raised approximately HKD 474.0 million from its global offering and listing in the first quarter of 2023[56] - The net cash inflow from operating activities increased to RMB 164.6 million for the year ended December 31, 2024, compared to a net cash outflow of RMB 48.5 million for the year ended December 31, 2023[68] - The net cash used in investing activities was RMB 760.2 million for the year ended December 31, 2024, primarily due to payments for property, plant, and equipment related to a new office building in Shenzhen[68] Expenses and Cost Management - Sales expenses increased by approximately 25.5% from RMB 482.0 million for the year ending December 31, 2023, to RMB 605.1 million for the year ending December 31, 2024, driven by the execution of a new strategy aimed at enhancing brand recognition[44] - Management expenses rose by about 5.1% from RMB 313.5 million for the year ending December 31, 2023, to RMB 329.6 million for the year ending December 31, 2024, mainly due to the implementation of a share incentive plan[45] - Financial costs increased to RMB 104,744 in 2024 from RMB 80,502 in 2023[100] Strategic Initiatives - The company initiated a category operation system upgrade in August 2024, focusing on optimizing product combinations based on consumer behavior data[19] - The company aims to enhance market competitiveness through advanced agricultural technology and product differentiation strategies[32] - The company plans to enhance retail store operational efficiency and increase marketing resources to improve brand recognition and store profitability[30] Market and Industry Trends - The import fruit market grew by approximately 6.0% in 2024, reaching a total of about USD 19.45 billion[10] - Collaborations with tea beverage companies and the health industry are being pursued to meet diverse fruit consumption needs and expand market presence[31] Shareholder and Governance - The company plans to pay a final dividend of RMB 0.0065 per share, totaling approximately RMB 10.0 million for the year[7] - The audit committee has reviewed the accounting principles and practices adopted by the group, confirming compliance with applicable accounting standards[116] - The company expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions[122]
百果园集团(02411) - 2024 - 年度业绩