Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 253.0 million, an increase of about 6.4% compared to approximately RMB 237.7 million for the same period in 2023[2] - Operating profit was approximately RMB 7.6 million, a decline of about 49.1% from approximately RMB 14.9 million in the same period of 2023[3] - Net profit for the year was approximately RMB 6.6 million, down approximately 51.9% from RMB 13.6 million in the same period of 2023[3] - Basic and diluted earnings per share were both RMB 0.2073 cents, compared to RMB 0.4309 cents in the previous year[4] - The company did not recommend the distribution of a final dividend based on the review of operating performance[3] - The group reported a segment profit of RMB 9,383 thousand for 2024, down from RMB 15,079 thousand in 2023, indicating a decline of 37.5%[16] - Bank interest income for the group was RMB 1,225 thousand in 2024, compared to RMB 1,627 thousand in 2023, showing a decrease of 24.7%[16] - Other income decreased from RMB 1,280 thousand in 2023 to RMB 197 thousand in 2024, a decline of 84.6%[16] - The company reported other income of RMB 1,422,000 in 2024, a decrease of 51.0% from RMB 2,907,000 in 2023[22] - The operating profit for 2024 was approximately RMB 7.6 million, a decrease of about 49.1% from RMB 14.9 million in 2023, primarily due to increased selling and distribution expenses and administrative costs[54] - The net profit for the fiscal year 2024 was approximately RMB 6.6 million, down about 51.9% from RMB 13.6 million in 2023, but higher than the estimated net profit of RMB 5.0 million disclosed in the profit warning announcement[57][58] Revenue Breakdown - E-commerce channel revenue was approximately RMB 135.9 million, representing a growth of about 7.7% from approximately RMB 126.2 million in the same period of 2023[2] - Revenue for hair care products in 2024 reached RMB 230,393 thousand, an increase of 5.8% from RMB 217,684 thousand in 2023[13] - Revenue for skincare products in 2024 was RMB 1 thousand, compared to RMB 25 thousand in 2023, indicating a significant decline[13] - Total revenue for other home and personal care products in 2024 was RMB 22,558 thousand, up from RMB 19,944 thousand in 2023, reflecting a growth of 8.0%[13] - Overall revenue for the group in 2024 was RMB 252,952 thousand, representing an increase of 6.4% from RMB 237,653 thousand in 2023[13] - Revenue from external customers in 2024 reached RMB 252,952,000, an increase of 6.9% compared to RMB 237,653,000 in 2023[20] - The core brand, Bawang, generated revenue of approximately RMB 239.0 million, accounting for 94.5% of total revenue, with a year-on-year increase of 5.7%[44] - The Chasing Wind brand, focused on herbal anti-dandruff products, achieved revenue of approximately RMB 2.4 million, a significant increase of about 19.3% compared to the previous year[44] - The Litao brand, based on natural ingredients, reported revenue of approximately RMB 9.6 million, marking a substantial increase of about 146.0% year-on-year[44] Assets and Liabilities - Total assets minus current liabilities amounted to RMB 151.1 million, a slight decrease from RMB 155.4 million in the previous year[5] - Non-current assets included property, plant, and equipment valued at RMB 40.8 million, an increase from RMB 34.6 million in the previous year[5] - Cash and cash equivalents increased to RMB 120.3 million from RMB 88.3 million in the previous year[5] - The total equity of the company was RMB 145.5 million, up from RMB 139.5 million in the previous year[6] - Trade receivables amounted to RMB 19.367 million as of December 31, 2024, down from RMB 21.504 million in 2023[34] - Trade payables increased to RMB 21.644 million in 2024 from RMB 19.078 million in 2023[36] - Trade and other payables as of December 31, 2024, amount to approximately RMB 65.8 million, up from RMB 59.4 million in 2023[79] - The company has no significant contingent liabilities or capital commitments as of December 31, 2024[76][77] Strategic Initiatives - The company continued to execute a value chain-oriented business model to maintain sustainable levels of sales and operating costs[38] - The company launched a "Thousand Towns and Ten Thousand Stores" market development project to enhance product distribution and increase sales revenue[39] - The company utilized new media platforms for brand promotion, enhancing brand awareness and consumer interest[38] - The company has established flagship stores on 11 online retail platforms, with two new stores launched during the fiscal year[42] - The company actively participated in community welfare activities to enhance its public image as a responsible enterprise[41] - The company has expanded its live-streaming sales activities to increase brand exposure and consumer engagement[40] - The company plans to enhance sales of the Bawang brand by leveraging multiple patented technologies and focusing on the promotion of its best-selling anti-hair loss products[64] - The company aims to attract younger consumers by upgrading product packaging design and launching visually appealing shampoo bottles[64] - The company will actively seek collaborations with other brands and IPs to launch limited edition co-branded products and engage in interactive promotional activities[64] - The company intends to utilize social media platforms like Weibo, Douyin, and Xiaohongshu to increase brand awareness and consumer engagement, thereby boosting sales[64] - The company will continue to deepen cooperation with distributors through various measures, including partnerships with influential KOLs to enhance product exposure[66] - The company plans to increase sales through promotional activities during special events and by enhancing the frequency of in-store promotions[67] - The company aims to achieve stable sales growth in e-commerce channels by optimizing product display and leveraging customs data to explore overseas markets[68] - The company will focus on product quality and core technology innovation while improving production management to maintain competitive advantages[69] - The company has initiated the operation of photovoltaic equipment to reduce traditional electricity consumption and production costs, contributing to ESG goals[70] Governance and Management - The board consists of three executive directors and three independent non-executive directors[89] - The chairman of the board is Mr. Chen Qi Yuan[89] - The company is committed to maintaining transparency and communication with stakeholders[89] - The board emphasizes the importance of strategic planning for future growth[89] - The company aims to enhance operational efficiency through innovative practices[89] - The board is focused on expanding market presence and exploring new opportunities[89] - The company is dedicated to research and development of new products and technologies[89] - The board acknowledges the contributions of all parties involved in the company's success[89] Economic Outlook - The International Monetary Fund (IMF) revised China's GDP growth forecast for 2025 from 4.5% to 4.6%, indicating a positive surprise in economic development for 2024 with an actual GDP growth of 5.0%[59] - The retail sales in China for 2024 increased by 3.5% year-on-year, supported by government-led consumption stimulus measures, with online retail sales surging by 7.2%[60] - The company maintains a cautious outlook for the economic environment in 2025, considering the uncertainties and challenges in the overall economic recovery[63] Future Plans - The company plans to expand its OEM business by leveraging its design, R&D capabilities, and production management skills[71] - The company aims to restore sales growth and profitability while enhancing investor confidence in the short term[72] - There are currently no ongoing acquisition discussions, and the company is not actively seeking acquisition opportunities[71] - The company will continue to seek commercial cooperation opportunities with potential overseas distributors[71] - The company has maintained a conservative financial management policy and stable financial condition[73] - The board does not recommend the payment of any final dividend for the year ending December 31, 2024[85] - The board expresses gratitude to all shareholders, customers, suppliers, banks, professionals, and employees for their continuous support[89] - The announcement date is March 28, 2025[89]
霸王集团(01338) - 2024 - 年度业绩