Financial Performance - Total revenue for the year reached RMB 13,577 million, representing a growth of 6.5%[8] - Operating profit amounted to RMB 1,966 million, an increase of 9.3%[8] - Profit attributable to ordinary equity holders was RMB 1,238 million, reflecting a growth of 20.2%[8] - Revenue for 2024 reached RMB 13,577.2 million, a 6.6% increase from RMB 12,742.9 million in 2023[27] - Gross profit for 2024 was RMB 5,865.4 million, reflecting a gross margin of 43.2%, up from 41.8% in 2023[27] - Operating profit increased to RMB 1,965.5 million, with an operating margin of 14.5%, compared to 14.1% in the previous year[27] - Net profit attributable to equity holders was RMB 1,238.4 million, resulting in basic earnings per share of RMB 48.67, up from RMB 40.76 in 2023[27] - The group reported a loss from discontinued operations of RMB 67.1 million, a significant reduction from RMB 224.3 million in 2023[145] - The net profit attributable to equity holders increased by RMB 208.4 million or 20.2% to RMB 1,238.4 million, with a net profit margin improving to 9.1% from 8.1%[146] Dividends and Payouts - The final dividend per share declared was 9.5 HK cents, with a full-year payout ratio of 138.2%[8][9] - The company declared a final dividend of HKD 0.095 per share, with a total annual dividend payout ratio of 138.2%, significantly up from 50.0% in 2023[32] - Total dividends for 2024 amount to HKD 0.698, a significant increase from HKD 0.217 in 2023, representing a payout ratio of 138.2%[149] - The company maintained a high dividend payout ratio of no less than 50% over the past five years, demonstrating a commitment to shareholder returns[150] Strategic Initiatives - The company completed the strategic sale of K•SWISS and Palladium, focusing resources on the main brand, Saucony, and Merrell[23] - The company plans to leverage government economic stimulus measures to boost market confidence and consumer demand[31] - The company plans to strengthen its direct-to-consumer (DTC) strategy to enhance brand loyalty and operational efficiency, optimizing retail channel structures for better market insights[108] - The company is expanding its market presence with new flagship and concept stores, enhancing customer experience and brand visibility[89] Brand Performance - Retail sales for the main brand and Saucony recorded high single-digit and over 60% growth, respectively, indicating strong market performance[31] - Saucony, a brand under the group, achieved over RMB 1 billion in revenue for the first time in 2024, marking a significant milestone[37] - The professional sports division, Saucony, achieved revenue of RMB 1,250.3 million in 2024, a year-on-year increase of 57.2%[88] - Saucony's operating profit increased significantly to RMB 78.2 million in 2024, compared to RMB 8.4 million in 2023[88] Market Trends and Opportunities - The outdoor sports market in China presents growth opportunities for the brand Maile, which is actively expanding its e-commerce business[38] - The number of marathons held in China reached 671 in 2024, with participation exceeding 6.56 million, indicating a strong running trend[41] - E-commerce in China saw a significant recovery, with the logistics index reaching 113.7 points, a 3.6-point increase from the previous year[43] - The group anticipates steady growth in sports goods demand, supported by government measures to stimulate consumption[109] Operational Efficiency - The average inventory turnover days improved to 68 days in 2024, down from 90 days in 2023, enhancing operational efficiency[27] - The overall working capital turnover days increased to 87 days in 2024 from 83 days in 2023[151] - Inventory turnover days decreased by 22 days to 68 days in 2024, while trade receivables turnover days increased by 14 days to 120 days[159] Research and Development - Research and development expenses accounted for 2.9% of revenue, slightly down from 3.1% in 2023, reflecting a focus on cost management[27] - The new running shoe technology incorporates PISA supercritical foam for high rebound and cushioning, significantly reducing energy loss compared to traditional materials[77] Community Engagement and CSR - The company donated over RMB 58 million in sports goods and cash in 2024, including RMB 10 million in winter supplies for earthquake relief in Tibet[98] - The company provided over 710,000 hours of training to employees through its talent center, focusing on professional skills, leadership, and cultural operations[106] Investor Relations - The company actively communicated with investors to restore confidence amid macroeconomic uncertainties, enhancing transparency and two-way communication[178] - The company participated in 350 investor meetings throughout the year, including both online and offline events across North America, Europe, and Asia-Pacific[184] Future Outlook - Future outlook remains positive with expectations of stable growth in the sports industry driven by increased health awareness and sports demand[31] - The company plans to continue expanding its market presence and enhancing its retail management capabilities[179]
特步国际(01368) - 2024 - 年度财报