CTG DUTY-FREE(601888)2025-03-28 10:35Financial Performance - In 2024, the company's operating revenue was approximately ¥56.47 billion, a decrease of 16.38% compared to ¥67.54 billion in 2023[24]. - The net profit attributable to shareholders in 2024 was approximately ¥4.27 billion, down 36.44% from ¥6.71 billion in 2023[24]. - The net cash flow from operating activities in 2024 was approximately ¥7.94 billion, a decline of 47.51% compared to ¥15.13 billion in 2023[24]. - The basic earnings per share for 2024 was ¥2.0625, a decrease of 36.44% from ¥3.2451 in 2023[25]. - The weighted average return on equity for 2024 was 7.88%, down 5.24 percentage points from 13.12% in 2023[25]. - The total assets at the end of 2024 were approximately ¥76.26 billion, a decrease of 3.31% from ¥78.87 billion at the end of 2023[24]. - The company reported a significant decline in net profit due to various market challenges and uncertainties[24]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 10.5 per 10 shares, totaling RMB 2,172.30 million, which accounts for 50.91% of the net profit attributable to shareholders for 2024[6]. - The cash dividend amount for the most recent accounting year was RMB 217,230.20 million, which is 50.91% of the net profit attributable to ordinary shareholders[137]. - The cumulative cash dividend over the last three accounting years amounts to RMB 724,100.67 million, with a cash dividend ratio of 135.67% based on the average annual net profit of RMB 533,706.00 million[139]. Market Expansion and Business Development - The company has introduced over 200 international and domestic well-known brands, launching 19 exclusive and globally limited product series with over 500 items[14]. - The company has successfully secured the operating rights for 10 airport and port duty-free projects, leading to significant sales growth in domestic duty-free stores[15]. - The company has expanded its overseas business, opening duty-free stores at Singapore Changi Airport, Hong Kong International Airport, and a jewelry brand duty-free counter in Tokyo Ginza[15]. - The company achieved a market share increase of nearly 2 percentage points in the Hainan duty-free market compared to the previous year[39]. - The company has established over 200 duty-free stores across more than 30 provinces and regions, making it the largest duty-free operator in a single country[55]. Digital Transformation and Innovation - The company has implemented a digital transformation strategy, advancing the construction of a digital procurement platform and a supply chain fulfillment platform[15]. - The company is enhancing its digital infrastructure to support refined management and operations, integrating data management systems[44]. - The company plans to enhance its online business by improving platform functionality and data analysis capabilities to boost operational efficiency[92]. - The company plans to enhance its digital marketing efforts, with a budget increase of 50% to drive user engagement[109]. Governance and Compliance - The company has established a comprehensive governance system based on the Company Law and the Guidelines for Corporate Governance of Listed Companies[102]. - The company received multiple governance awards, including "Best Practice Case of the Board of Directors" from the China Listed Companies Association and "Best Board" from Institutional Investor[103]. - The company has committed to maintaining independence from its controlling shareholder in terms of assets, personnel, finance, and operations, with a promise to not misuse its position[104]. - The company has not experienced significant changes in competition from its controlling shareholder's other businesses, maintaining operational independence[104]. Environmental and Social Responsibility - The company invested 1.1172 million yuan in environmental protection during the reporting period, focusing on energy-saving renovations and waste treatment in Sanya and Haikou international duty-free cities[148]. - The company has achieved ISO 14001 environmental management system certification for its subsidiary, enhancing standardized environmental practices across its operations[150]. - The company is actively promoting green consumption and has launched an environmental protection initiative in Haikou International Duty-Free City, encouraging the purchase of products made from renewable materials[155]. - Total investment in poverty alleviation and rural revitalization projects amounted to CNY 13.88 million, with CNY 13.87 million from funds and CNY 0.012 million from material donations[158]. Strategic Outlook - The company aims to enhance its core capabilities and achieve high-quality development by focusing on market insights and strategic restructuring[16]. - The company is committed to building a globally competitive tourism retail operation by 2025[16]. - The company anticipates optimistic growth in the tourism economy by 2025, with key indicators expected to reach historical highs[86]. - The company is focusing on integrating duty-free operations with cultural tourism to stimulate market growth[50].