Financial Performance - For the year ended December 31, 2024, the company reported sales revenue of RMB 19,795,210 thousand, a 166.4% increase compared to RMB 3,677,382 thousand in 2023[2] - The company's income for the same period was RMB 8,505,560 thousand, reflecting a growth of 167.5% from RMB 3,179,564 thousand in the previous year[2] - Gross profit reached RMB 3,501,220 thousand, up 162.9% from RMB 1,331,957 thousand in 2023[2] - The profit before tax surged to RMB 1,946,547 thousand, marking a 251.7% increase from RMB 553,469 thousand in the prior year[3] - Net profit for the year was RMB 1,473,106 thousand, a 253.9% rise compared to RMB 416,302 thousand in 2023[3] - The company announced a non-IFRS adjusted net profit of RMB 1,501,732 thousand, which is a 253.4% increase from RMB 424,935 thousand in the previous year[2] - Total revenue for 2024 reached RMB 8,505,560 thousand, a significant increase from RMB 3,179,564 thousand in 2023, representing a growth of approximately 167%[11] - Revenue from product sales accounted for RMB 8,504,554 thousand in 2024, compared to RMB 3,179,188 thousand in 2023, indicating a growth of about 167%[11] - The company's net profit attributable to ordinary shareholders for 2024 was RMB 1,473,106,000, a significant increase from RMB 416,302,000 in 2023, representing a growth of approximately 253%[27] - The adjusted net profit under non-International Financial Reporting Standards (IFRS) for 2024 was approximately RMB 1,501.7 million, representing a significant increase from RMB 424.9 million in 2023, with an adjusted net profit margin of 17.7% compared to 13.4% in the previous year[62] Assets and Liabilities - Total assets increased significantly to RMB 4,088,192 thousand from RMB 1,684,403 thousand in 2023, indicating strong growth in asset base[4] - The company's cash and cash equivalents rose to RMB 732,650 thousand, up from RMB 69,838 thousand in the previous year[4] - The company’s total equity increased to RMB 3,920,323 thousand from RMB 1,515,416 thousand in 2023, reflecting robust financial health[4] - The total amount of bank loans and other borrowings as of December 31, 2024, was RMB 1,750,000,000, a substantial increase from RMB 127,754,000 in 2023[36] - The asset-liability ratio increased to approximately 38.1% as of December 31, 2024, compared to 29.8% as of December 31, 2023[67] - Interest-bearing bank loans rose significantly to approximately RMB 1,373.5 million as of December 31, 2024, from approximately RMB 127.8 million as of December 31, 2023[68] Inventory and Receivables - The company's total inventory for 2024 reached RMB 4,087,849,000, up from RMB 1,267,932,000 in 2023, reflecting a growth of about 222%[28] - Trade receivables increased to RMB 812,001,000 in 2024 from RMB 381,082,000 in 2023, marking a rise of approximately 113%[29] - Trade receivables rose from approximately RMB 376.3 million as of December 31, 2023, to approximately RMB 801.2 million as of December 31, 2024, with a stable turnover period of 25 days in 2024 compared to 28 days in 2023[65] - The company reported a net impairment loss on trade receivables of RMB 6,028,000 for 2024, compared to RMB 3,536,000 in 2023[32] Expenses and Costs - The cost of goods sold for 2024 was RMB 5,004,340 thousand, compared to RMB 1,847,607 thousand in 2023, which is an increase of approximately 171%[17] - Total financial costs rose to RMB 30,434 thousand in 2024, up from RMB 18,182 thousand in 2023, marking an increase of about 67%[16] - Selling and distribution expenses rose by 113.5% to approximately RMB 1,236.7 million in 2024, primarily due to increased rental costs and e-commerce platform service fees[53] - Administrative expenses increased by 62.5% to approximately RMB 272.2 million in 2024, driven by higher employee costs and bank fees related to increased sales[54] - Research and development expenses grew by 78.8% to approximately RMB 19.2 million in 2024, reflecting the company's investment in enhancing product development capabilities[55] - Other net expenses increased by 218.3% to approximately RMB 16.9 million in 2024, mainly due to increased credit impairment and asset disposals related to store optimization[56] Store Expansion and Sales Performance - The company opened 7 new stores and optimized 4 existing stores, contributing to incremental revenue[43] - The average sales performance per store in 2024 was approximately RMB 328 million, ranking first among all jewelry brands in mainland China[44] - The online flagship store achieved total sales of approximately RMB 1,260 million during the 2024 Double Eleven shopping festival[44] - Same-store revenue growth for 2024 exceeded 120.9%[40] - Offline store sales accounted for 87.6% of total revenue in 2024, while online platform sales contributed 12.4%, showing a slight increase in online revenue share[49] - Gold product sales generated approximately RMB 9,787.2 million, representing 99.9% of total revenue for 2024, with a year-on-year increase of 15.2%[50] Corporate Governance and Management - The company has committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[89] - The board of directors has met once since the company’s listing on June 28, 2024, and plans to hold at least four meetings annually going forward[91] - The audit committee has conducted one meeting since the listing and will continue to meet at least twice a year as per governance guidelines[92] - The company is committed to maintaining transparency and compliance with corporate governance standards as outlined in the listing rules[94] - The management team emphasizes the importance of corporate governance and oversight by the supervisory board[104] Employee and Workforce - As of December 31, 2024, the group employed a total of 1,303 employees, with 1,244 located in mainland China and 59 in Hong Kong and Macau[76] - The employee distribution by function as of December 31, 2024, was as follows: 21% in administration, 44% in sales and marketing, 33% in production, and 2% in research and design[77] - The company encourages a work-life balance culture and provides comprehensive compensation and benefits to its employees[75] Future Plans and Investments - The company plans to distribute a final dividend of RMB 6.35 per share for the year ending December 31, 2024, amounting to approximately RMB 1,070 million, pending shareholder approval[25] - The company plans to allocate 73.3% (HKD 701.6 million) of the proceeds for expanding the sales network, with a target completion date by December 31, 2027[85] - The company has no significant investments or acquisitions as of December 31, 2024, and no specific plans for major investments or capital assets beyond new store openings[69][70] Miscellaneous - The company has not declared or paid any dividend policy recently but will review its situation periodically to consider adopting one[92] - The company has not engaged in any purchase, sale, or redemption of its listed securities from the listing date to the date of the annual performance announcement[95] - The company confirms that all directors and supervisors have adhered to the standard code of conduct for securities trading since the listing date[94] - The company is registered as a limited company in China since December 5, 2016, and its H shares were listed on the Hong Kong Stock Exchange on November 25, 2019[100]
老铺黄金(06181) - 2024 - 年度业绩