Financial Performance - Revenue increased by 4.37% from RMB 1,964.2 million for the year ended December 31, 2023, to RMB 2,050.0 million for the year ended December 31, 2024[3]. - Gross profit rose by 1.79% from RMB 994.9 million for the year ended December 31, 2023, to RMB 1,012.8 million for the year ended December 31, 2024[3]. - Profit decreased by 24.18% from RMB 211.6 million for the year ended December 31, 2023, to RMB 160.4 million for the year ended December 31, 2024[3]. - Operating profit declined from RMB 276.2 million in 2023 to RMB 213.6 million in 2024[4]. - Basic and diluted earnings per share decreased from RMB 0.46 in 2023 to RMB 0.34 in 2024[4]. - Other comprehensive income for the year was RMB 13.9 million, with total comprehensive income for the year at RMB 174.4 million compared to RMB 211.6 million in 2023[5]. - The company reported other net income of RMB 39,462,000 in 2024, an increase from RMB 30,502,000 in 2023, which is a growth of around 29.4%[23]. - The company’s pre-tax profit for 2024 was RMB 206,613,000, down from RMB 273,326,000 in 2023, representing a decline of about 24.4%[22]. - The company's profit attributable to ordinary equity shareholders for 2024 was RMB 156,295 thousand, down 22.4% from RMB 201,218 thousand in 2023[30]. - The actual tax expense for 2024 was RMB 46,183 thousand, a decrease of 25.3% from RMB 61,738 thousand in 2023[30]. - Income tax decreased by 25.20% from RMB 61.7 million for the year ended December 31, 2023, to RMB 46.2 million for the year ended December 31, 2024, mainly due to a reduction in profits[91]. - Major financial ratios showed a decline in gross profit margin from 50.7% in 2023 to 49.4% in 2024, and net profit margin decreased from 10.8% to 7.8% during the same period[109]. Assets and Liabilities - Total assets decreased from RMB 1,154.5 million in 2023 to RMB 1,013.5 million in 2024[7]. - Net assets decreased from RMB 796.9 million in 2023 to RMB 768.2 million in 2024[8]. - Cash and cash equivalents decreased from RMB 537.1 million in 2023 to RMB 420.5 million in 2024[7]. - Trade receivables increased to RMB 163,656 thousand in 2024, up 36.0% from RMB 120,297 thousand in 2023[35]. - Trade payables rose to RMB 66,895 thousand in 2024, an increase of 7.2% from RMB 62,525 thousand in 2023[38]. - The company’s total liabilities, including trade and other payables, amounted to RMB 271,050 thousand in 2024, compared to RMB 260,107 thousand in 2023, indicating a growth of 4.0%[38]. Expenses - Research and development expenses increased from RMB 26.4 million in 2023 to RMB 28.5 million in 2024[4]. - Administrative expenses decreased to RMB 139,343,000 in 2024 from RMB 159,506,000 in 2023, showing a reduction of approximately 12.6%[22]. - Sales cost rose by 7.01% from RMB 969.3 million in 2023 to RMB 1,037.2 million in 2024, in line with revenue growth[84]. - Sales and distribution expenses grew by 19.08% from RMB 563.3 million in 2023 to RMB 670.8 million in 2024, primarily due to increased advertising and promotion costs[86]. - Financial costs, primarily from lease liabilities, increased to RMB 6,950,000 in 2024 from RMB 2,919,000 in 2023, reflecting a rise of approximately 138.5%[24]. - Employee costs for the year ending December 31, 2024, are estimated at RMB 292.8 million, including salaries, performance bonuses, and other incentives[114]. Revenue Sources - Revenue from online sales directly to customers was RMB 911,729,000 in 2024, up from RMB 824,397,000 in 2023, indicating a growth of about 10.6%[22]. - The total revenue from e-commerce business reached RMB 1.24 billion, contributing 60.6% to the overall revenue, with a year-on-year growth of 12.5%[57]. - The offline business revenue for the year ended December 31, 2024, was RMB 808 million, accounting for 39.4% of the total revenue, a decrease of 6.1% compared to the previous year[60]. - Revenue from pure bird's nest products in 2024 was RMB 1.8 billion, a slight increase of 0.1% compared to 2023, accounting for 87.6% of total revenue[66]. - Revenue from bird's nest + and + bird's nest products surged by 63.31%, from RMB 142.0 million in 2023 to RMB 231.9 million in 2024, driven by significant sales growth of bird's nest porridge[82]. Market and Growth Strategies - The company aims to achieve a strategic goal of doubling revenue in five years, focusing on expanding its product matrix and enhancing market penetration[78]. - Plans to open physical stores in New York and Singapore by 2025, alongside launching cross-border e-commerce in the U.S. and Southeast Asia[78]. - The company is actively expanding its international presence, opening its first store in Flushing, New York, and entering Chinese supermarkets in California[61]. - The company is exploring opportunities for mergers and acquisitions to strengthen its market position and product portfolio[40]. - The company is optimistic about future growth, projecting an increase in revenue driven by new product launches and market expansion strategies[40]. Product Development and Innovation - The company launched a dual celebrity endorsement strategy, significantly increasing brand awareness among high-end consumers and the younger generation[52]. - The company implemented AI technology across its online business operations, resulting in a 40% increase in conversion rates for late-night inquiries through its intelligent customer service system[59]. - The company has established a new division for bird's nest peptide products aims to create additional growth avenues through technological innovation[74]. - The company is focusing on developing new products that include bird's nest food and skincare products, which contain bird's nest or its extracts[40]. - The company aims to enhance its product offerings with a three-dimensional product matrix to cover various consumer scenarios[75]. Corporate Governance and Compliance - The audit committee has reviewed and confirmed the accounting principles and policies adopted by the group for the year ending December 31, 2024[121]. - The company has maintained compliance with the minimum public float percentage requirements throughout the year ending December 31, 2024[118]. - The company has not encountered any significant labor disputes and has maintained good relations with employees[115]. Future Investments and Plans - The company plans to utilize the net proceeds from the global offering, totaling approximately RMB 256.46 million, by December 31, 2028, for various strategic initiatives[112]. - The company aims to enhance its supply chain management capabilities with an investment of RMB 89.8 million by December 31, 2028[112]. - The company is focused on expanding its sales network with an investment of RMB 64.1 million by December 31, 2028[112]. - The company has committed RMB 38.5 million to strengthen brand building and marketing efforts, with no specific timeline applicable[112].
燕之屋(01497) - 2024 - 年度业绩