Financial Performance - Revenue decreased by approximately 10.3% from RMB 585.4 million in 2023 to RMB 525.2 million in 2024 due to weak consumer market performance [3]. - Net profit for 2024 was approximately RMB 81.9 million, a decline of about 43.6% compared to RMB 145.2 million in 2023 [4]. - The company's total revenue for the year ended December 31, 2024, was approximately RMB 525.2 million, a decrease of about 10.3% from RMB 585.4 million in 2023 [24]. - Revenue from online electronic guides sold through online travel platforms was approximately RMB 485.9 million, down 16.1% from RMB 579.2 million in 2023, accounting for about 92.5% of total revenue in 2024 [26]. - The gross profit for the year was RMB 164.9 million, down 26.1% from RMB 223.3 million in the previous year [53]. - The net profit for the year decreased from approximately RMB 145.2 million in 2023 to approximately RMB 81.9 million in 2024, representing a decline of about 43.5% [42]. - Basic and diluted earnings per share were RMB 4.99, down from RMB 9.20 in the previous year, reflecting a decrease of 45.5% [53]. - The total comprehensive income for the year was RMB 82.4 million, compared to RMB 143.8 million in 2023, indicating a decrease of 42.6% [54]. Operational Highlights - The number of online electronic guides increased from 60,147 in 2023 to 75,943 in 2024, representing a growth of 15,796 guides [5]. - The coverage of Chinese tourist attractions rose from 41,435 in 2023 to 49,734 in 2024, an increase of 8,299 attractions [5]. - The company has expanded its online electronic guide coverage to include 921 domestic AAAAA-level tourist attractions, 5,321 AAAA-level attractions, and 5,867 AAA-level attractions by December 31, 2024 [13]. - The company is focusing on enhancing user experience in online electronic guides and leveraging AR, MR, and AI technologies for innovative user engagement [6]. - The company is actively promoting its "Digital Scenic Spot" product to improve digital marketing solutions for tourist attractions [8]. - Collaborations with content creators on mobile internet platforms are aimed at increasing product awareness and user conversion rates [9]. - The company is committed to maintaining its market leadership in online electronic guides while investing in R&D and expanding coverage of tourist attractions [11]. Financial Management - Cash and cash equivalents increased to approximately RMB 219.5 million as of December 31, 2024, up from approximately RMB 125.1 million as of December 31, 2023 [44]. - The current ratio as of December 31, 2024, was approximately 1.0 times, down from approximately 1.7 times as of December 31, 2023, indicating a decrease in liquidity [44]. - The company maintained a prudent financial management approach, ensuring a healthy liquidity position throughout 2024 [43]. - The company has sufficient operational funds to continue its business in the foreseeable future, with no significant doubts regarding its going concern assumption [65]. Market Trends and Strategies - The Chinese domestic tourism market is undergoing significant changes, with a shift towards smart and digital tourism, driven by government measures to stimulate domestic consumption [19]. - The company believes it is well-positioned to capitalize on the recovery of the tourism industry and the opportunities presented by the widespread adoption of smart tourism [19]. - The company plans to leverage government support for the tourism industry and the growing middle-class consumer base in China to drive future growth [20]. - The company is focusing on building a comprehensive management and service system to enhance operational innovation and secondary sales revenue for scenic areas [22]. - The company is focusing on the latest developments in outbound tourism and adjusting its overseas online electronic guide business strategy accordingly [21]. Cost Management - Sales and distribution expenses decreased by approximately 10.2% year-on-year, while administrative expenses (excluding share-based payment expenses) increased by about 4.1% [7]. - Total sales costs decreased by approximately 0.5% from about RMB 362.1 million in 2023 to about RMB 360.3 million in 2024, primarily due to reductions in online travel platform commissions and customized content [32]. - Other income and gains decreased by approximately 61.6%, from about RMB 8.6 million in 2023 to about RMB 3.3 million in 2024, mainly due to foreign exchange losses and reduced interest income [34]. - Sales and distribution expenses decreased by approximately 10.5%, from about RMB 15.3 million in 2023 to about RMB 13.7 million in 2024, attributed to reduced offline promotion services and online marketing costs [35]. - Administrative expenses increased by approximately 4.0%, from about RMB 24.6 million in 2023 to about RMB 25.6 million in 2024, primarily due to increased R&D costs [36]. Employee and Governance - The company has established a union to enhance employee relations and reported no significant labor disputes in 2024 [50]. - The company has adopted and complied with the corporate governance code since the listing date [107]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial performance for the reporting period [112]. - The board consists of three executive directors and three independent non-executive directors as of March 31, 2025 [126]. Future Outlook - The company expects to maintain its status as a "High-tech Enterprise," which allows for a reduced corporate income tax rate of 15% [86]. - The company is committed to continuous innovation in brand marketing through AI interactive technology to enhance customer attraction and brand reputation [24]. - The company is actively adjusting its operational strategies to address external challenges and competition, including optimizing its online electronic guide network to increase market share [24].
LVJI TECH(01745) - 2024 - 年度业绩