Financial Performance - Total net revenue for Q4 2024 was RMB 2,994.4 million (USD 410.2 million), an increase of 7.7% year-over-year from RMB 2,780.4 million[7]. - Operating profit for Q4 2024 reached RMB 73.2 million (USD 10.0 million), significantly improved from RMB 6.4 million in the same period last year, with an operating margin of 2.4% compared to 0.2% in Q4 2023[7]. - Non-GAAP operating profit was RMB 103.3 million (USD 14.2 million), a growth of 36.6% year-over-year from RMB 75.7 million[8]. - Total net revenue reached RMB 9,422.2 million (USD 1,290.8 million), a year-on-year increase of 6.9% compared to RMB 8,812.0 million in the fiscal year 2023[11]. - Operating loss improved to RMB 114.8 million (USD 15.7 million), with an operating loss margin of 1.2%, compared to a loss of RMB 206.4 million and a margin of 2.3% in the fiscal year 2023[11]. - Net loss attributable to ordinary shareholders narrowed to RMB 185.2 million (USD 25.4 million) from RMB 278.4 million in the fiscal year 2023[11]. - The net profit attributable to ordinary shareholders was RMB 0.1 million (USD 0.02 million), a significant recovery from a net loss of RMB 48.4 million in the same period last year[8]. - Non-GAAP net profit attributable to ordinary shareholders was RMB 45.7 million (USD 6.3 million), an increase of 58.9% from RMB 28.8 million in the previous year[8]. Revenue Breakdown - E-commerce business revenue grew by 6% year-over-year, while brand management business revenue increased by 17%[5]. - Adjusted operating profit for the e-commerce segment was RMB 137.4 million (USD 18.8 million), up 16.3% from RMB 118.2 million in the previous year[8]. - E-commerce product sales revenue is RMB 1,999.6 million (USD 273.9 million), a decrease of 4.4% from RMB 2,092.2 million in 2023, primarily due to a decline in brand sales in small appliances and fast-moving consumer goods[28]. - Brand management product sales revenue increased to RMB 1,469.6 million (USD 201.3 million), up 16.2% from RMB 1,265.0 million in the fiscal year 2023[30]. - Service revenue rose by 9.3% to RMB 1,888.5 million (USD 258.7 million), with online store operations revenue increasing by 16.2%[17]. - Digital marketing and technology service revenue surged by 22.2% to RMB 1,735.8 million (USD 290.6 million)[33]. Strategic Initiatives - The company aims to accelerate transformation and drive high-quality growth in 2025, which is positioned as the final year of its strategic transformation[5]. - The company continues to invest in strategic initiatives and implement systematic cost reduction measures to enhance operational efficiency[5]. - The company plans to enhance consumer experience and optimize product strategies to drive future growth[30]. - The company plans to continue expanding its service offerings and enhancing product development to drive future growth[67]. - The company plans to continue its strategy of sustainable business development and technological empowerment for brand partners[56]. Operational Efficiency - The company reported unrealized investment income of RMB 20.9 million (USD 2.9 million), compared to an unrealized investment loss of RMB 8.4 million in the same period last year[25]. - Total operating expenses amount to RMB 2,921.2 million (USD 400.2 million), up from RMB 2,774.0 million in the previous year[23]. - The adjusted operating loss for brand management decreased from RMB 187,663 in fiscal year 2023 to RMB 168,767 in fiscal year 2024, showing improvement in operational efficiency[43]. - The company reported a significant reduction in management and administrative expenses, which were RMB 9.3 million for the three months ended December 31, 2024, down from RMB 13.9 million in the same period of 2023, a decrease of 33.5%[2]. Market Reach - As of December 31, 2024, the company served over 490 brand partners, up from approximately 450 a year earlier[14]. - The number of brand partners collaborating on at least two channels increased to 48.8% from 44.7% year-on-year[14]. - The company managed 156 offline stores for the Gap and Hunter brands as of the fourth quarter of 2024[15]. - The company has a total of over 490 brands served globally as of December 31, 2024, indicating its extensive market reach[56]. Shareholder Information - The company authorized a new share repurchase plan worth up to $20 million, with approximately 5.3 million American Depositary Shares repurchased for about $14.7 million as of January 17, 2025[45]. - The diluted net loss per American Depositary Share (ADS) for the fiscal year 2024 was RMB 0.67, an improvement from RMB 1.09 for fiscal year 2023[3]. - The weighted average number of ordinary shares used in the calculation of diluted net loss per share for the three months ended December 31, 2024, was 178,685,466, compared to 182,780,715 for the same period in 2023[3]. Financial Position - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 2,915.9 million (USD 399.5 million) as of December 31, 2024, down from RMB 3,072.8 million a year earlier[9]. - The company reported a total asset of RMB 10,474,476 thousand as of December 31, 2023, which is a slight decrease from RMB 10,207,001 thousand in 2024[60]. - The company's total liabilities amounted to RMB 4,622,740 thousand as of December 31, 2023, compared to RMB 4,426,422 thousand in 2024, indicating a decrease of about 4%[62]. - The net accounts receivable was RMB 2,184,729 thousand in 2023, slightly decreasing to RMB 2,033,778 thousand in 2024[60]. - The company reported a significant increase in short-term investments from RMB 720,522 thousand in 2023 to RMB 1,271,618 thousand in 2024, reflecting a growth of approximately 76%[60].
宝尊电商-W(09991) - 2024 - 年度业绩