Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased by 10.7% to RMB 2,451,033,000 compared to RMB 2,743,628,000 in 2023[2] - Gross profit for the same period was RMB 1,391,893,000, down 3.2% from RMB 1,438,161,000 in the previous year[2] - The company's profit before tax fell by 30.4% to RMB 149,067,000 from RMB 214,149,000 year-on-year[2] - The company's net profit for 2024 was RMB 98,204 thousand, down 15.0% from RMB 115,576 thousand in 2023[25] - Total revenue for 2024 was RMB 2,451,033 thousand, a decrease of 10.7% compared to RMB 2,743,628 thousand in 2023[25] - The group reported a net profit of RMB 98.2 million for the year, down from RMB 115.6 million in 2023[68] - The total tax expense for the year was RMB 50,863,000, compared to RMB 98,573,000 in 2023, indicating a significant decrease of about 48%[89] - Basic earnings per share for 2024 were RMB 0.04, down from RMB 0.05 in 2023, representing a decline of 20%[93] Sales and Revenue Breakdown - Revenue contribution from duck and duck by-products was RMB 1,955,798,000, accounting for 79.8% of total revenue, compared to 77.3% in 2023[3] - Revenue from self-operated stores was RMB 1,390,935,000, representing 56.7% of total revenue, while franchise revenue was RMB 611,556,000, accounting for 25.0%[5] - Total sales volume dropped to 26,159 tons, down from 31,453 tons, indicating a decline of 16.8%[3] - The revenue from modified atmosphere packaging products was RMB 2,062,856 thousand in 2024, down from RMB 2,388,291 thousand in 2023, representing a decline of 13.5%[81] - The revenue from vacuum packaging products was RMB 257,740 thousand in 2024, slightly down from RMB 261,636 thousand in 2023, a decrease of 1.5%[81] Store Operations and Strategy - The total number of retail stores decreased to 3,031 from 3,816, representing a reduction of approximately 20.5%[3] - The company operates 1,591 self-operated stores and 1,440 franchised stores, covering 303 cities across 28 provinces, regions, and municipalities in China[9] - The company has shifted its strategy from pursuing scale expansion to focusing on quality improvement, aiming to enhance the profitability of individual stores[17] - The company has optimized its store structure by closing underperforming locations while enhancing operational efficiency and profitability[17] Cost Management and Efficiency - Sales costs decreased by 18.9% to RMB 1,059,140 thousand, improving the overall cost structure[25] - Administrative expenses were reduced by 18.0% to RMB 259,764 thousand, reflecting improved operational efficiency[25] - The company aims to strengthen management effectiveness and optimize operating costs to enhance profitability in a challenging market environment[23] - The company integrated resources to improve vehicle loading rates and on-time delivery rates, optimizing logistics costs[21] Market and Consumer Engagement - In 2024, the domestic consumption market continues to recover steadily, injecting momentum into economic growth[15] - The company has redefined its brand positioning, aiming to become the national flavor brand of China, with a focus on engaging younger consumers[19] - Active membership exceeded 550,000 as of December 31, 2024, reflecting enhanced member engagement through targeted marketing activities[19] - The company is leveraging big data and digital tools to refine its operational strategies and improve member consumption experiences[19] Financial Position and Assets - As of December 31, 2024, the group's net assets amounted to RMB 3,626.5 million, a decrease from RMB 3,935.4 million as of December 31, 2023[41] - The group's cash and bank deposits reached approximately RMB 1,254.2 million as of December 31, 2024, compared to RMB 1,074.5 million as of December 31, 2023[42] - Total liabilities increased from RMB 684,184 thousand in 2023 to RMB 765,753 thousand in 2024, an increase of approximately 11.9%[70] - The company reported a decrease in inventory from RMB 315,320 thousand in 2023 to RMB 226,853 thousand in 2024, a decline of approximately 28.0%[70] Shareholder Returns and Dividends - The company plans to distribute a final dividend of RMB 0.05 per share, totaling approximately RMB 102,368,000, which is about 104.2% of the net profit for the year[8] - The board proposed a final dividend of HKD 0.05 per share, amounting to approximately RMB 102,368,000, which is 104.2% of the group's net profit for the year ending December 31, 2024[118] Governance and Compliance - The company has adhered to the corporate governance code, except for a deviation regarding the roles of the Chairman and CEO[121] - The Chairman and CEO roles are currently held by the same individual, which deviates from the corporate governance code, but the board believes this structure will enhance strategic implementation[122] - The audit committee has reviewed the annual performance for the year ending December 31, 2024, confirming that the financial statements align with the audited results[125]
周黑鸭(01458) - 2024 - 年度业绩