Business Expansion and Market Presence - In 2024, the company introduced over 200 international and domestic well-known brands, launching 19 exclusive and globally limited product series with over 500 items[10]. - The company secured operating rights for 10 airport and port duty-free projects, leading to significant sales growth in domestic duty-free stores[11]. - The company expanded its overseas business with the opening of duty-free stores at Changi Airport in Singapore, Hong Kong International Airport, and a jewelry brand store in Tokyo[11]. - The company won bids for new city duty-free store projects in six cities, including Shenzhen and Guangzhou[11]. - The company expanded its market presence by securing operational rights for 10 new duty-free projects at various airports and ports, enhancing its channel advantages[22]. - The company introduced over 200 international and domestic well-known brands in 2024, including more than 20 exclusive brands, and over 150 new brands were introduced in Hainan stores[24]. Financial Performance - Revenue for the year ended December 31, 2024, was RMB 56,474 million, a decrease of RMB 11,066 million (approximately 16.4%) compared to RMB 67,540 million in 2023[14]. - Gross profit for the same period was RMB 17,347 million, down RMB 3,506 million (approximately 16.8%) from RMB 20,853 million in 2023[14]. - Net profit attributable to equity shareholders was RMB 4,324 million, a decline of RMB 2,466 million (approximately 36.3%) from RMB 6,790 million in 2023[14]. - The company's gross margin decreased to 30.72% from 30.88%, a reduction of 0.16 percentage points[14]. - The net profit margin decreased to 7.66% from 10.05%, a decline of 2.39 percentage points[14]. - Total assets as of December 31, 2024, were RMB 76,108 million, down RMB 2,554 million (approximately 3.2%) from RMB 78,662 million in 2023[14]. - Total liabilities decreased to RMB 15,312 million from RMB 19,688 million, a reduction of RMB 4,376 million (approximately 22.2%)[14]. - Cash and cash equivalents increased by RMB 3,021 million to RMB 34,773 million from RMB 31,752 million in 2023[14]. - The equity-to-debt ratio improved to 25.19% from 33.38%, a decrease of 8.19 percentage points[14]. Market Trends and Projections - The global international tourism industry is expected to reach 1.445 billion international travelers in 2024, a year-on-year increase of 11%, recovering to 99% of 2019 levels[26]. - The domestic tourism market is projected to see 5.715 billion domestic trips in 2024, reflecting a year-on-year growth of 14.8%[27]. - The global duty-free and travel retail market is forecasted to achieve sales of 32.31 billion in 2024, accounting for 43.8% of the global market[30]. - The airport channel sales are projected to grow by 4.5% year-on-year, reaching 11.55 billion in 2024[34]. - Hainan's offshore duty-free sales are projected to reach 47.03 billion RMB in 2024, despite a decline in shopping amounts and visitor numbers due to various market pressures[35]. Digital Transformation and Innovation - The company is advancing digital transformation by developing a digital procurement platform and a supply chain fulfillment platform[12]. - The company is enhancing digital infrastructure to support refined management and operations, integrating data centers for improved data management[25]. - The company aims to enhance its core capabilities and improve service quality, focusing on customer insights and supply chain management to boost operational efficiency[69]. - The company plans to deepen existing advantages and enhance online and offline integration to strengthen competitive positioning amid increasing market competition[73]. Corporate Governance and Management - The company emphasizes good corporate governance to enhance management and protect shareholder interests, adhering to the principles of the Corporate Governance Code[97]. - The board consists of eight members, including three executive directors and three independent non-executive directors, ensuring a diverse governance structure[106]. - The company has implemented a robust internal control and risk management system to monitor operational and financial performance[105]. - The board plays a crucial role in strategic decision-making and risk management, ensuring decisions align with the company's best interests[104]. - The company has adopted the standard code for securities trading by directors and supervisors to prevent insider trading[101]. - The company has maintained compliance with the Corporate Governance Code, achieving most of the recommended best practices[103]. Risk Management - The company has established a comprehensive risk management system, conducting annual major risk assessments based on likelihood and impact dimensions[146]. - The company aims to enhance risk quantification levels and improve the scientific design of risk warning indicators to prevent major operational risks[148]. - The company has implemented quarterly risk compliance training for all employees to enhance risk control and compliance awareness[149]. - The audit and risk management committee has confirmed that there are no significant internal control deficiencies in financial reporting as of the evaluation report date[155]. Shareholder Communication and Dividend Policy - The company aims to provide stable and reasonable returns to shareholders through its dividend policy, considering factors such as industry characteristics, development stage, and profitability[177]. - The company has a cash dividend policy targeting a minimum of 30% of the average distributable profit over the last three years for cash distributions[178]. - The company has established a shareholder communication policy to ensure effective dialogue with investors, including various communication channels such as performance briefings and roadshows[173]. - The company’s board of directors is responsible for proposing reasonable profit distribution plans based on factors like capital structure and cash flow[178]. Leadership Changes - The company appointed Chang Zhujun as the new General Manager effective April 2, 2024, following the resignation of Wang Xuan[103]. - Mr. Wang Xuan resigned as Chairman of the Board and other positions on October 17, 2024[200]. - Mr. Fan Yunjun and Ms. Liu Kun were appointed as non-executive directors on October 17, 2024[200]. - Mr. Fan Yunjun was appointed as Chairman of the Board and Chairman of the Strategic Sustainability Development Committee[200]. - Mr. Yu Hui resigned as Chief Financial Officer on November 26, 2024[200]. - Mr. Yang Hongyi was appointed as Chief Financial Officer on February 26, 2025[200].
中国中免(01880) - 2024 - 年度业绩