Financial Performance - Total revenue for the fiscal year 2024 was RMB 1,006,620,320, a decrease of 5.1% compared to RMB 1,060,045,974 in 2023[4] - Gross profit for 2024 was RMB 379,198,540, down from RMB 397,239,138 in 2023, reflecting a gross margin of approximately 37.6%[4] - Net profit attributable to shareholders for 2024 was RMB 33,173,528, an increase of 5.0% from RMB 31,605,378 in 2023[4] - Earnings per share for 2024 increased to RMB 0.25, compared to RMB 0.24 in 2023[4] - Revenue from the apparel trade segment was RMB 902,236,232, down from RMB 946,051,210 in the previous year, representing a decline of 4.6%[22] - The brand FIRS generated revenue of RMB 710,004,551, an increase of 17.7% compared to RMB 602,902,487 in 2023[19] - Other income decreased by approximately 31.3% to RMB 1.1 million from RMB 1.6 million in 2023, mainly due to a reduction in raw material sales[58] - Selling and distribution expenses decreased by approximately 8.6% to RMB 281.8 million from RMB 308.2 million in 2023, attributed to a decline in sales through cooperative arrangements[60] - Administrative expenses increased by approximately 3.7% to RMB 41.9 million from RMB 40.4 million in 2023, mainly due to increased costs related to the Autumn/Winter China International Fashion Week[61] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 655,385,875, up from RMB 623,352,417 in 2023[5] - Current liabilities increased to RMB 525,604,168 in 2024, compared to RMB 450,911,497 in 2023, indicating a rise of 16.5%[6] - Trade receivables increased to RMB 239,725,926 in 2024 from RMB 222,132,260 in 2023, representing a growth of 7.9%[28] - Trade payables rose to RMB 199,080,405 in 2024, a significant increase of 35.2% from RMB 147,363,421 in 2023[37] - Contract liabilities from customer advances decreased to RMB 31,810,323 in 2024 from RMB 35,243,048 in 2023, a decline of 9.3%[40] - Other payables and accrued expenses totaled RMB 122,871,616 in 2024, down from RMB 133,463,028 in 2023, reflecting a decrease of 7.5%[40] - The company's asset-liability ratio was approximately 17.7% as of December 31, 2024, compared to 18.6% in 2023[71] Inventory and Expenses - The company reported a significant increase in inventory, reaching RMB 278,221,780 in 2024, compared to RMB 230,363,770 in 2023, representing a growth of 20.8%[5] - The total depreciation and amortization expenses amounted to RMB 32,562,952, down from RMB 37,800,117 in the previous year, a reduction of 13.8%[24] - Impairment losses totaled RMB 3,806,841, slightly up from RMB 3,636,449 in 2023[24] - The company reported a decrease in financial expenses to RMB 5,634,254 in 2024 from RMB 6,549,299 in 2023, reflecting improved cost management[4] Market Strategy and Growth - The company plans to expand its market presence and enhance its product offerings in the men's business formal and casual wear segments[9] - The company has been focusing on e-commerce as a distribution channel, which is expected to drive future growth[10] - E-commerce platform sales increased to RMB 367,749,686, up 14.0% from RMB 322,834,314 in 2023[22] - The company experienced a reduction in distributor sales channel revenue by RMB 18.6 million due to channel optimization and marketing policy adjustments[55] - The number of retail stores decreased from 709 on December 31, 2023, to 662 on December 31, 2024, representing a year-on-year reduction of approximately 6.6%[53] Corporate Governance and Compliance - The company is currently evaluating the impact of new and revised Hong Kong Financial Reporting Standards on its financial statements[12] - The company has adopted new accounting standards related to lease liabilities and financial instruments, which will take effect in future reporting periods[11] - The company has maintained compliance with financial covenants, with no violations reported during the fiscal year[44] - The company has adopted corporate governance practices to enhance management efficiency and protect shareholder interests, although the roles of chairman and CEO are currently held by the same individual[87] - The board of directors includes executive, non-executive, and independent non-executive members, ensuring a diverse governance structure[100] Future Outlook and Projects - The company plans to build a comprehensive building on newly acquired land, which will include a product R&D center and a high-end digital smart manufacturing plant[47] - The company has initiated a 5G new production capacity industrial park project in Ningbo, focusing on garment R&D, design, and smart manufacturing[53] - The group aims to establish 100 "China Shanshan" brand experience centers to enhance consumer satisfaction and explore brand consumption growth potential[82] - The group plans to implement a "one body, two wings" development model, focusing on both online and offline growth, leveraging product innovation and digital marketing strategies[82] - The group is committed to building a modern intelligent industrial park that integrates smart production, intelligent warehousing, and new retail live broadcasting bases[85] - The group maintains a positive outlook for future development, focusing on the "high-quality development" theme and enhancing its core assets in talent, brand, and capital[83] Shareholder Information - The proposed final dividend per share for 2024 is RMB 0.08, unchanged from 2023, pending shareholder approval at the annual general meeting[25] - The board proposed a final dividend of RMB 0.08 per share for 133,400,000 shares, totaling RMB 10,672,000 before tax, subject to shareholder approval at the 2025 annual general meeting[91] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders listed on the H-share register[92] - H-share individual shareholders from countries with a tax treaty with China will have a 10% withholding tax applied on dividends, while those from countries with lower rates may also be subject to the same[94] - The company will assist in refunding any excess withholding tax after approval from the tax authorities for H-share individual shareholders from countries with tax treaties specifying rates between 10% and 20%[95] Audit and Reporting - The independent auditor confirmed that the financial figures for the year align with the consolidated financial statements approved by the board, although no verification was issued for the preliminary performance announcement[90] - The audit committee, composed of three independent non-executive directors, reviewed the accounting standards and internal controls for the year[89] - The full-year results announcement is available on the Hong Kong Stock Exchange website and the company's website[98] - The 2024 annual report will be published at an appropriate time on the aforementioned websites and sent to shareholders upon request[98]
杉杉品牌(01749) - 2024 - 年度业绩