Shanghai Jahwa(600315)2025-04-24 12:25Financial Performance - The net profit attributable to shareholders for 2024 is -833,092,522.20 CNY, a decrease of 266.60% compared to the previous year's profit of 500,049,003.38 CNY[6]. - Operating revenue for 2024 is 5,678,512,025.49 CNY, representing a 13.93% decline from 6,597,599,900.71 CNY in 2023[20]. - The basic earnings per share for 2024 is -1.24 CNY, a decrease of 265.33% compared to 0.75 CNY in 2023[21]. - The company's consolidated revenue for the reporting period was CNY 5.68 billion, a year-on-year decrease of 13.9%[30]. - The net profit attributable to shareholders for 2024 was CNY -830 million, a year-on-year decline of 266.6%[30]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -840 million, a year-on-year decrease of 366.4%[30]. - The company recognized an asset impairment provision of CNY 610 million related to goodwill from previous acquisitions of infant care and maternal feeding product businesses[30]. - The company reported a net loss of approximately CNY 714.30 million for the Abundant Merit Limited subsidiary, which focuses on infant feeding tools and care products[67]. Cash Flow and Assets - The net cash flow from operating activities increased to 273,196,710.98 CNY, a 164.86% rise from 103,147,826.31 CNY in 2023[20]. - Total assets decreased by 15.22% to 9,944,442,518.04 CNY from 11,729,795,966.33 CNY in 2023[20]. - The company's cash and cash equivalents decreased by 41.42% to 550,466,054.78, mainly due to increased cash outflows from investment and financing activities[63]. - Accounts receivable decreased by 33.30% to 865,815,125.09, attributed to strategic adjustments impacting current revenue[63]. - The company's goodwill decreased by 28.81% to approximately CNY 1.49 billion, mainly due to significant performance declines in overseas operations leading to impairment losses[64]. Strategic Adjustments and Market Challenges - The company faced significant challenges in overseas markets, including low birth rates and increased competition, impacting revenue and gross profit[22]. - Strategic adjustments, including reducing inventory in department stores and transitioning to a self-operated model for online distributors, negatively affected current revenue and profits[22]. - The company anticipates that the strategic adjustments will benefit its long-term sustainable development despite the short-term negative impacts[22]. - The company plans to enhance its R&D investment and focus on core markets such as the UK and the US to improve brand influence through precise marketing[32]. Revenue Breakdown - The personal care segment generated revenue of approximately ¥2.38 billion, with a gross margin of 63.59%, an increase of 2.57 percentage points year-over-year[51]. - The beauty segment reported revenue of approximately ¥1.05 billion, with a gross margin of 69.67%, a decrease of 2.68 percentage points year-over-year[51]. - The overseas revenue amounted to approximately ¥1.42 billion, with a gross margin of 48.32%, down by 3.02 percentage points year-over-year[52]. - Online sales contributed approximately ¥2.54 billion, with a gross margin of 63.53%, a decrease of 9.66% year-over-year[52]. - Offline sales were approximately ¥3.14 billion, with a gross margin of 52.78%, down by 16.97% year-over-year[52]. Research and Development - Research and development expenses increased by 3.1% to CNY 150 million[30]. - The company employed 201 R&D personnel, accounting for 4.66% of total employees, with a significant portion holding master's degrees[59]. - The company has developed a skin surface AGEs fluorescence probe for real-time, quantifiable detection of skin glycation products, enhancing its product offerings in skin health[79]. - The company launched new products including the Six God Deodorizing and Itch Relief Flower Water, featuring proprietary technology for odor removal and skin soothing[81]. Governance and Compliance - The board of directors consists of 7 members, including 3 independent non-executive directors, ensuring diverse expertise[113]. - The independent directors attended all 8 board meetings in 2024, demonstrating active participation in governance[114]. - The company has established a comprehensive risk management system, identifying key control points and enhancing internal control processes to prevent risks[120]. - The company has committed to addressing any potential conflicts of interest arising from related party transactions[124]. Sustainability and Social Responsibility - The company invested 3.6 million RMB in environmental protection during the reporting period[161]. - The company achieved significant energy savings through various measures, including a total of 1,190 MWh saved from air conditioning and wastewater treatment improvements[164]. - The company has engaged in various charitable activities, including donations to support autism rehabilitation and education[167]. - The company has a commitment to sustainable development, as detailed in its 2024 Sustainability Report available on the Shanghai Stock Exchange website[168]. Financial Products and Investments - The company has entrusted a total of 2,300,000,000.00 RMB in bank wealth management products, with an outstanding balance of 2,250,000,000.00 RMB[187]. - The company has multiple bank wealth management products with expected annualized returns ranging from 3,443,284.93 RMB to 10,681,565.75 RMB[187]. - The financial products are primarily funded through self-owned capital, reflecting a conservative funding strategy[188][189]. Employee and Management - The total number of employees in the parent company is 1,138, while the total number of employees in major subsidiaries is 3,173, resulting in a combined total of 4,311 employees[142]. - The company has a performance evaluation system that will be continuously optimized in 2024, linking variable compensation to company performance, departmental performance, and individual assessments[143]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 12.248 million yuan[130].