Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,348.4 million, a decrease of 22.3% compared to RMB 1,735.9 million for the year ended December 31, 2023[3] - Net profit for the year ended December 31, 2024, was RMB 36.5 million, a turnaround from a net loss of RMB 17.5 million for the year ended December 31, 2023, representing an increase of 308.1%[5] - Basic earnings per share for the year ended December 31, 2024, was RMB 0.23, compared to a basic loss per share of RMB 0.11 for the year ended December 31, 2023[6] - Operating profit for 2024 was RMB 27.8 million, compared to a loss of RMB 7.9 million in 2023, primarily due to reduced operating expenses and improved efficiency[65] - The overall gross margin for 2024 improved to 30.0%, up 3.7 percentage points from 26.3% in the previous year[53] Revenue Breakdown - B2B sales accounted for RMB 649,007 thousand in 2024, down 23% from RMB 843,128 thousand in 2023[24] - B2C sales were RMB 687,817 thousand in 2024, a decline of 21.6% compared to RMB 877,174 thousand in 2023[24] - Sales of adult personal care products accounted for 65.9% of total revenue in 2024, with sales of RMB 889,597 thousand, down 20.6% from 2023[56] - The company reported a significant decline in sales of infant personal care products, which fell by 35.6% to RMB 126,166 thousand in 2024[56] - Service revenue decreased by 25.8% year-on-year, impacted by events related to a specific brand, affecting e-commerce service income[60] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 1,189.95 million, compared to RMB 1,157.35 million as of December 31, 2023[10] - Total liabilities as of December 31, 2024, were RMB 469.48 million, an increase from RMB 430.09 million as of December 31, 2023[12] - Cash and cash equivalents as of December 31, 2024, were RMB 438.58 million, up from RMB 338.40 million as of December 31, 2023[10] - Trade payables increased to RMB 246,280 thousand in 2024 from RMB 181,691 thousand in 2023[48] - Total borrowings amounted to RMB 200,398 thousand in 2024, down from RMB 222,976 thousand in 2023[47] Expenses and Costs - The cost of goods sold for the year 2024 was RMB 958,736 thousand, down from RMB 1,263,651 thousand in 2023, reflecting a decrease of 24.1%[28] - Employee benefits expenses were RMB 93,597 thousand in 2024, a slight decrease from RMB 100,856 thousand in 2023[28] - Interest expenses decreased to RMB 6,002 thousand in 2024 from RMB 12,941 thousand in 2023, representing a reduction of approximately 53.6%[30] - Current income tax expense increased to RMB 1,758 thousand in 2024 from RMB 572 thousand in 2023, marking an increase of 208.5%[31] - Deferred income tax increased significantly to RMB 7,102 thousand in 2024 from RMB 2,648 thousand in 2023, an increase of 168.5%[31] Cash Flow - The net cash generated from operating activities for 2024 was RMB 172.2 million, primarily due to improved inventory turnover and better payment terms, resulting in increased cash flow[68] - The net cash used in financing activities was RMB 71.4 million, mainly due to debt repayment and dividend payments totaling RMB 72.9 million[69] - The debt-to-equity ratio as of December 31, 2024, was -32.5%, indicating a low level of debt relative to equity[70] - The net cash flow from operating activities improved significantly, reflecting the company's focus on reducing inventory and enhancing cash management[68] Dividends and Shareholder Information - The board proposed a final dividend of HKD 0.50 per share for the year ended December 31, 2024[7] - The company plans to pay an interim dividend of HKD 0.25 per share for the six months ending June 30, 2024, totaling HKD 41.5 million (approximately RMB 37.6 million)[51] - The company had no profit distribution from its Chinese subsidiaries in both 2024 and 2023, maintaining a consistent policy[37] - The company will suspend share transfer registration from June 23 to June 26, 2025, to determine eligible shareholders for the annual general meeting[91] - The company will also suspend share transfer registration from July 3 to July 7, 2025, to identify shareholders entitled to receive the final dividend[92] Corporate Governance and Future Plans - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[86] - The company plans to implement a dual strategy of "efficiency revolution" and "innovation" to enhance operational quality and expand revenue through brand growth and acquisitions[82] - The company aims to explore business expansion opportunities in North America and Southeast Asia as part of its channel strategy[82] - The company has not adopted any new international financial reporting standards that would significantly impact its financial performance as of December 31, 2024[20] - The company has no plans to buy, sell, or redeem any of its listed securities during the fiscal year ending December 31, 2024[85]
优趣汇控股(02177) - 2024 - 年度业绩