Vatti(002035)2025-04-28 14:00Financial Performance - The company's operating revenue for 2024 reached ¥6,371,781,998.85, representing a 2.23% increase compared to ¥6,232,580,420.38 in 2023[18] - The net profit attributable to shareholders for 2024 was ¥484,691,472.08, an increase of 8.39% from ¥447,154,320.51 in the previous year[18] - The net profit after deducting non-recurring gains and losses was ¥459,973,442.12, reflecting an 11.66% increase from ¥411,949,633.43 in 2023[18] - The basic earnings per share for 2024 was ¥0.5822, up 10.37% from ¥0.5275 in 2023[18] - The total revenue for 2024 reached ¥6,371,781,998.85, representing a year-on-year increase of 2.23% compared to ¥6,232,580,420.38 in 2023[84] - The revenue from the appliance manufacturing sector was ¥6,266,753,017.70, accounting for 98.35% of total revenue, with a year-on-year growth of 1.75%[84] - The company achieved a significant improvement in operational efficiency through a dynamic optimization of the supply chain ecosystem, reducing procurement costs[76] Assets and Cash Flow - The total assets at the end of 2024 amounted to ¥7,298,082,229.49, a 1.38% increase from ¥7,198,730,829.19 at the end of 2023[18] - The net cash flow from operating activities decreased by 44.96% to ¥632,366,256.13 from ¥1,149,011,329.57 in the previous year[18] - The company reported a significant decrease in cash flow from operations in the second quarter, with a net cash flow of -¥9,714,030.50[22] - The company's operating cash flow net amount decreased by 44.96% to ¥632,366,256.13, primarily due to changes in customer settlement methods[101] - Cash and cash equivalents increased by 204.15% to ¥113,716,644.35, driven by combined effects from operating, investing, and financing activities[103] Market and Product Development - The kitchen appliance market saw a retail volume of 41.49 million units in the first half of 2024, with a year-on-year growth of 0.5%, while retail value decreased by 2.3% to 77.1 billion yuan[27] - From August 2024, the "old-for-new" subsidy policy led to a significant recovery in market demand, with online retail volume and value for major appliance categories increasing by 19.1% and 25.0% respectively[28] - The total retail sales of home appliances across all channels reached 902.7 billion yuan in 2024, marking a year-on-year growth of 5.9%[30] - The company launched several new products in 2024, including the JWB19-B8 dishwasher and the S36 range hood, which received positive market feedback and industry recognition[36] - The company launched several new products in 2024, including the Vatti Giant Wash Dishwasher JWB19-B8 and the Vatti Integrated Cooking Center[59] - The company aims to enhance brand value and market presence through various marketing strategies, including collaborations with popular media and influencers[63] Research and Development - The company has increased its R&D investment, with R&D expenses reaching 26.28 million yuan, up 6.14% from the previous year, focusing on developing 517 patented technologies[57] - The company has a well-established R&D system, adhering to an innovation development model that includes creative and category experts[41] - The number of R&D personnel rose by 5.35% to 650, with a notable increase in master's degree holders by 6.45%[98] - R&D investment increased by 6.05% to ¥262,825,147.79 in 2024, representing 4.12% of operating revenue[98] Marketing and Sales Channels - The overseas channel revenue reached 760 million yuan in 2024, representing a year-on-year growth of 20.29%[51] - The offline channel generated 314.78 million yuan in revenue, accounting for 49.40% of total revenue, with a year-on-year growth of 11.07%[64] - The online channel reported revenue of 205.91 million yuan, representing 32.32% of total revenue, but experienced a decline of 5.95% year-on-year[64] - The company maintained a 37.17% retail market share in the online ultra-thin range hood segment, ranking first for two consecutive years[68] Corporate Governance - The company has established a fair and transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[145] - The company strictly follows information disclosure procedures, ensuring accurate and timely communication with investors through various channels[146] - The company operates independently from its controlling shareholders in terms of business, personnel, assets, and finance, with no reliance on related parties[150] - The company has a clear governance structure with independent directors and a supervisory board to ensure checks and balances[153] Environmental and Social Responsibility - The company has complied with environmental regulations and obtained necessary environmental impact assessments and permits[197] - No administrative penalties were imposed on the company or its subsidiaries for environmental issues during the reporting period[197] - The company has disclosed its social responsibility efforts in the 2024 ESG report, available on the official website[198] - The company has also reported on its contributions to poverty alleviation and rural revitalization in the same ESG report[199] Future Outlook and Strategic Plans - The company plans to enhance profitability, seize market share, and strengthen operational efficiency by 2025, focusing on improving product competitiveness while controlling costs and expenses[122] - The national subsidy policy is expected to stimulate consumer demand, with the kitchen appliance market retail sales projected to rebound, potentially surpassing historical highs in 2025[123] - The company aims to improve product competitiveness in the smoke and stove categories by enhancing performance and cleaning technology, while also focusing on sensor innovation and software algorithm research in smart appliances[126] - The company plans to expand its product line and strengthen its market share in traditional categories such as range hoods, stoves, and gas water heaters, while establishing a washing and embedded unit for new growth[127]