Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 2,240,929 thousand, representing a 155.6% increase compared to RMB 876,686 thousand in 2023[3] - Gross profit for the same period was RMB 1,178,806 thousand, up 184.1% from RMB 414,922 thousand in the previous year[3] - The adjusted annual profit (non-IFRS measure) was RMB 584,588 thousand, a significant increase of 702.1% from RMB 72,882 thousand in 2023[3] - The annual loss for the year was RMB 398,044 thousand, which is a 91.8% increase compared to RMB 207,481 thousand in 2023[4] - Basic and diluted loss per share improved to RMB (1.38) from RMB (2.69), reflecting a 94.9% reduction in loss per share[4] - The adjusted net profit margin (non-IFRS measure) was 26.1%, up from 17.8% in 2023, indicating improved profitability[3] - The company reported a pre-tax loss of RMB (295,682) thousand, which is a 55.8% increase from RMB (189,839) thousand in 2023[4] - Other income increased significantly to RMB 17,141 thousand in 2024 from RMB 5,987 thousand in 2023, primarily driven by government grants and bank interest income[32] - The group reported a pre-tax loss of RMB 401,047 thousand for 2024, worsening from a loss of RMB 206,100 thousand in 2023, reflecting increased operational costs[41] - Basic and diluted loss per share increased to RMB 2.69 in 2024 from RMB 1.38 in 2023, indicating a decline in profitability[41] - The company recognized a significant increase in employee benefits expenses, totaling RMB 656,331 thousand in 2024, compared to RMB 151,991 thousand in 2023, largely due to stock-based compensation[33] - The company recorded a fair value loss on convertible redeemable preferred shares of RMB 542.0 million in 2024, up from RMB 274.1 million in 2023[103] - Income tax expenses rose by 480.2% from RMB 17.6 million in 2023 to RMB 102.4 million in 2024, driven by increased current and deferred tax expenses[104] Revenue Breakdown - Offline sales contributed RMB 2,084,861 thousand in 2024, compared to RMB 769,071 thousand in 2023, marking an increase of about 171.5%[28] - Distributor sales amounted to RMB 2,062,865 thousand in 2024, up from RMB 732,700 thousand in 2023, reflecting a growth of approximately 181.5%[28] - Online sales reached RMB 155,675 thousand in 2024, compared to RMB 106,249 thousand in 2023, indicating an increase of around 46.5%[28] - Revenue from the building block character toys was RMB 2,201.1 million, accounting for 98.2% of total revenue, while large particle toys generated RMB 39.4 million, making up 1.8%[66] - The percentage of revenue from building block role-playing toys increased from 87.7% in 2023 to 98.2% in 2024, indicating a strong focus on this product line[87] - The company's overseas sales revenue grew by 518.2% from RMB 10.4 million in 2023 to RMB 64.2 million in 2024, mainly due to increased overseas sales of building block role-playing toys[91] Expenses and Liabilities - Research and development expenses increased to RMB 192,467 thousand, compared to RMB 94,657 thousand in the previous year[4] - Total sales and distribution expenses rose to RMB 283,122 thousand, compared to RMB 189,280 thousand in the previous year[4] - Sales and distribution expenses rose by 49.6% from RMB 189.3 million in 2023 to RMB 283.1 million in 2024, with marketing and promotional expenses increasing by RMB 38.0 million[96] - Administrative expenses surged by 844.6% from RMB 49.2 million in 2023 to RMB 465.0 million in 2024, representing 20.8% of total revenue[98] - The company incurred total tax expenses of RMB 102,362 thousand in 2024, a significant increase from RMB 17,642 thousand in 2023, driven by deferred tax liabilities[39] - Trade payables rose to RMB 360,069 thousand in 2024 from RMB 198,871 thousand in 2023, indicating higher operational liabilities[44] - Trade payables and notes payable increased significantly to RMB 566.7 million in 2024 from RMB 259.7 million in 2023, representing a 118.5% increase[45] - The company’s total liabilities increased to RMB 839.02 million in 2024 from RMB 436.13 million in 2023, representing a 92.5% increase[45] Assets and Cash Flow - Non-current assets increased to RMB 390,551,000 from RMB 330,400,000, representing a growth of 18.2% year-over-year[9] - Current assets rose significantly to RMB 1,215,440,000, up from RMB 682,256,000, marking an increase of 78.1%[9] - Cash and cash equivalents rose to RMB 719.96 million in 2024, up from RMB 360.84 million in 2023, marking a 99.4% increase[54] - The total cash and cash equivalents, including pledged deposits, amounted to RMB 753.1 million as of the end of the reporting period, compared to RMB 368.9 million in 2023[56] Corporate Developments - The company was incorporated in the Cayman Islands and primarily engages in the design, development, and sale of toys[12] - The company listed on the Hong Kong Stock Exchange on January 10, 2025[13] - The company has established a specialized R&D team consisting of 472 employees, focusing on toys, consumer products, and pop culture[64] - The company has a patent portfolio of 514 domestic patents, 75 domestic invention patents, and 24 overseas patents[64] - The company has two self-developed IPs, "Transforming Bruc" and "Heroes Unlimited," and approximately 50 licensed IPs, increasing from about 27 IPs as of December 31, 2023[69] - The company plans to enhance product design and R&D capabilities with a net amount of HKD 447.70 million, representing 25% of the total funds raised, expected by June 30, 2028[123] - The company aims to enrich its IP matrix with an investment of HKD 358.00 million, representing 20% of the total funds raised[123] Market and Sales Strategy - The company plans to invest further in sales and marketing, particularly in content-driven marketing activities, to boost brand awareness in both domestic and international markets[82] - The company has established a multi-channel sales network, with offline sales revenue increasing significantly from RMB 769.1 million in 2023 to RMB 2,084.9 million in 2024[90] - The company participated in various toy exhibitions, showcasing new product innovations, including the Sesame Street series at the Singapore Comic Con[76] - The company maintains a comprehensive quality control system that adheres to domestic and global quality standards, including GB6675-2014, ASTM F963, and EN71[79] Shareholder Information - The company did not declare or pay any dividends for the years ending December 31, 2024, and December 31, 2023[57] - The board of directors did not recommend the payment of a final dividend for the year ending December 31, 2024[120] - The annual general meeting of shareholders is scheduled for June 6, 2025, with share transfer registration suspended from June 3 to June 6, 2025[125]
布鲁可(00325) - 2024 - 年度业绩