Financial Performance - Revenue for the year 2024 decreased to RMB 1,035,008, down 12.9% from RMB 1,188,648 in 2023[14] - Gross profit for 2024 was RMB 462,314, representing a decline of 9.6% compared to RMB 511,630 in 2023[14] - Profit for the year increased to RMB 28,893, up 5.4% from RMB 27,403 in 2023[14] - EBITDA for 2024 was RMB 148,507, slightly down from RMB 151,286 in 2023[14] - Basic and diluted earnings per share rose to 4.10 RMB cents, an increase from 3.11 RMB cents in 2023[14] - Total dividend per share for 2024 increased to 1.79 HK cents, compared to 1.40 HK cents in 2023[14] - Gross profit margin improved to 44.7%, up from 43.0% in 2023[14] - Operating margin increased to 8.7%, compared to 7.5% in the previous year[14] - Net profit margin rose to 2.8%, up from 2.3% in 2023[14] Retail Operations - As of December 31, 2024, the Group operated a total of 650 retail shops in mainland China, an increase from 568 in 2023[33] - The Group offered over 2,000 new stock-keeping units (SKUs) for the 2024 product collections, maintaining the same level as in 2023[34] - The Group plans to actively expand its physical retail store network and enhance the image and service quality of physical stores[27] - The Group plans to expand its physical retail store network, focusing on third- and fourth-tier cities to increase domestic market share[52] - Retail sales revenue from physical stores decreased by 11.0% for the year ended December 31, 2024, compared to the previous year[40] - Retail revenue from online platforms decreased by 19.7% for the year ended December 31, 2024, compared to the previous year[40] - The average retail discount at physical stores increased to 27.6% in 2024 from 25.9% in 2023[40] Online Sales and Marketing - The Group aims to deepen the development of its online sales platform and promote omni-channel operations to enhance customer engagement[27] - The Group will enhance operational efficiency to control operating costs and expenses[52] - The Group aims to further develop its online sales platform and strengthen the integration of online and offline channels[54] - The Group will leverage social media and brand collaborations to strengthen brand promotion and development[55] - Online shop revenue accounted for 52.7% of total revenue in 2024, generating RMB545.0 million, while offline shop revenue was not specified[62] Cost Management and Efficiency - Selling and distribution expenses decreased by 19.4% to RMB197.6 million in 2024, mainly due to lower advertising and logistics costs[67] - Administrative and other operating expenses amounted to RMB222.5 million in 2024, a decrease of 2.2% from the previous year[75] - Profit from operations increased to RMB89.6 million in 2024, compared to RMB88.7 million in 2023, driven by a decrease in operating expenses[81] - Finance costs for 2024 were RMB13.1 million, representing 1.3% of total revenue, down from RMB18.7 million or 1.6% in 2023[85] Financial Position - The net debt to equity ratio improved to -1.0%, down from 10.2% in 2023, indicating a stronger financial position[14] - As of December 31, 2024, the Group held cash and cash equivalents totaling RMB514.5 million, slightly down from RMB516.9 million in 2023[94] - The Group achieved a net operating cash inflow of RMB154.4 million for the year ended December 31, 2024, compared to RMB95.9 million in 2023, indicating a significant improvement[95] - Net cash generated from investing activities was RMB43.4 million for the year ended December 31, 2024, a turnaround from a net cash outflow of RMB121.3 million in 2023[96] - The Group's total bank loans as of December 31, 2024, amounted to RMB225.6 million, an increase from RMB190.2 million in 2023[107] - The Group was in a net cash position of RMB13.2 million, a significant improvement from a net debt position of RMB136.4 million in 2023[95] - The Group's gearing ratio decreased significantly to 16.8% as of December 31, 2024, down from 25.2% in 2023, due to a reduction in bank loans from RMB336.6 million to RMB225.6 million[120][124] Human Resources - As of December 31, 2024, the Group had 126 employees, a decrease from 225 employees in 2023, with total staff costs amounting to approximately RMB 77.1 million, down from RMB 89.5 million in 2023[144][146] - The decrease in workforce was primarily due to the optimization of the Group's organizational structure and subcontracting of certain non-core tasks[144][146] Corporate Governance - The Company is committed to high standards of corporate governance to enhance investor confidence and maximize shareholder returns[159] - The Board has established four committees to oversee different areas of the Company's affairs, including the Audit Committee and the Remuneration Committee[161] - The Company complied with the Corporate Governance Code provisions for the year ended December 31, 2024, except for a deviation from code provision C.2.1[160] - The Board currently comprises two executive Directors and three independent non-executive Directors[162] - The Audit Committee held two meetings during the year ended December 31, 2024, completing significant work including reviewing the Group's annual report and financial statements[185] - The Remuneration Committee is responsible for reviewing and recommending the overall remuneration structure for all Directors and senior management, ensuring competitive packages based on business requirements and industry practices[188] - The Group's remuneration policy for Directors and senior management is linked to financial results and individual performance, with discretionary bonuses based on these metrics[189] - The remuneration of senior management for the year ended December 31, 2024, includes one individual earning between HK$1,000,001 and HK$1,500,000[194] - The Nomination Committee held one meeting in 2024 to review the size, diversity, and composition of the Board[200] - The Company has a share option scheme that was reviewed by the Remuneration Committee[196]
卡宾(02030) - 2024 - 年度业绩