huasi(SZ:002494)2025-04-15 10:10Financial Performance - The company's operating revenue for 2024 reached ¥501,901,329.80, representing a 24.11% increase compared to ¥404,407,550.46 in 2023[20] - The net profit attributable to shareholders for 2024 was ¥22,219,381.54, a significant turnaround from a loss of ¥13,001,377.99 in 2023, marking a 270.90% improvement[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥21,465,863.34, compared to a loss of ¥14,133,511.53 in the previous year, reflecting a 251.88% increase[20] - The net cash flow from operating activities surged to ¥39,656,671.13, up 295.91% from ¥10,016,570.61 in 2023[20] - Basic earnings per share for 2024 were ¥0.0594, a recovery from a loss of ¥0.0345 in 2023, indicating a 272.17% increase[20] - Total assets at the end of 2024 were ¥1,619,327,993.17, a decrease of 2.85% from ¥1,666,752,312.23 at the end of 2023[20] - The net assets attributable to shareholders increased slightly to ¥1,229,567,781.24, up 0.45% from ¥1,224,070,581.61 in 2023[20] - The total profit reached ¥32,841,967.56, a significant increase of 423.84% from the previous year[47] - Net profit attributable to shareholders was ¥22,219,381.54, marking a 270.90% increase year-over-year[47] Sales and Market Performance - Total revenue for the first quarter was ¥151,943,634.23, while the fourth quarter saw an increase to ¥157,698,775.91, indicating a strong recovery in sales[24] - The net profit attributable to shareholders was ¥12,868,183.83 in the first quarter, but turned negative in the second and third quarters, with losses of ¥6,014,498.84 and ¥4,084,233.55 respectively, before rebounding to ¥19,449,930.10 in the fourth quarter[24] - The company reported a government subsidy of ¥1,682,997.53 in 2024, down from ¥2,551,871.61 in 2023, indicating a decrease in external financial support[26] - The OBM segment contributed ¥250,920,625.21, accounting for 49.99% of total revenue, with a year-over-year growth of 19.63%[48] - The ODM segment generated ¥75,283,442.84, representing 15.00% of total revenue, with a growth of 7.72%[48] - The company’s online sales surged by 596.92%, reaching ¥4,249,285.18, compared to ¥609,724.29 in the previous year[49] Operational Efficiency - The net cash flow from operating activities was significantly negative in the second quarter at -¥48,656,319.60, but improved to ¥85,060,053.20 in the fourth quarter, reflecting better operational efficiency[24] - The company has implemented strict production process control standards to ensure product quality and reduce operational costs[44] - The company operates an order-driven production model, with a focus on research and design, tanning, dyeing, and garment production processes[37] - The company has established a five-level classification standard for raw materials, optimizing resource allocation and ensuring product quality[44] Strategic Initiatives - The company is focusing on technological upgrades and market diversification to address challenges posed by a complex international environment and weak domestic demand[32] - The company is actively pursuing a new retail model that integrates online and offline resources to enhance customer experience and service efficiency[30] - The company has established a wholly-owned subsidiary in Xinjiang to expand its fur clothing sales market, enhancing brand promotion and driving sales growth[34] - The company aims to enhance brand building and market share through innovation and expansion strategies while closely monitoring international market dynamics[42] Risk Management - The management highlighted the importance of understanding the risks associated with future plans and strategies, as detailed in the report[3] - The company has indicated that its recent financial performance shows a significant recovery, but there are still uncertainties regarding its ability to continue as a going concern[20] - The company faces macroeconomic risks, including geopolitical tensions and inflation, which may impact consumer spending and export orders[41] - The company is exposed to exchange rate fluctuations as its export sales are primarily settled in USD, increasing currency risk with growing export volumes[41] Human Resources and Corporate Governance - The total number of employees at the end of the reporting period is 1,060, with 724 from the parent company and 336 from major subsidiaries[134] - The company has established a salary management system based on national labor regulations and adjusts salaries according to operational performance and local living standards[135] - The board of directors actively participates in meetings and decision-making processes, ensuring timely and efficient governance[130] - The company has a dedicated board secretary responsible for investor relations and communication[102] Environmental Responsibility - The company has obtained an environmental permit valid until December 14, 2028, with the permit number 91130000752446136W001Z[153] - The company has established pollution discharge standards in compliance with national regulations[154] - The comprehensive wastewater treatment facility has a processing capacity of 1,600 m³/d, utilizing a multi-step treatment process including oil separation and biological treatment[156] - Environmental protection expenditures for wastewater treatment in 2024 amounted to CNY 1,138,527.24, with environmental protection tax payments of CNY 1,218.00[157] Future Outlook - The company plans to expand its domestic and international market presence, targeting Europe, Russia, the United States, Japan, and South Korea as key markets for its brands[88] - The company will continue to invest in research and development for environmentally friendly fur processing technologies, aiming for zero wastewater discharge[89] - The company aims to diversify its export markets, targeting emerging regions such as Central Asia, ASEAN, and Africa while maintaining traditional markets like the US and Europe[93] - Overall, the company remains optimistic about future growth, citing strong demand and a robust product pipeline[1]