Financial Performance - Revenue increased by 4.37% from RMB1,964.2 million in 2023 to RMB2,050.0 million in 2024[12] - Net profit for 2024 was RMB160.4 million, down from RMB211.6 million in 2023[12] - Gross profit rose by 1.79% from RMB994.9 million in 2023 to RMB1,012.8 million in 2024[33] - Net profit decreased by 24.18% from RMB211.6 million in 2023 to RMB160.4 million in 2024[33] - Revenue for the year ended December 31, 2024, is projected to be RMB 2.05 billion, reflecting a growth of 4.4% compared to RMB 1.96 billion in 2023[35] - Revenue from pure EBN products increased by 0.06% from RMB1,794.2 million to RMB1,795.4 million, while revenue from EBN+ and +EBN products surged by 63.31% from RMB142.0 million to RMB231.9 million[116] - Cost of sales rose by 7.01% from RMB969.3 million to RMB1,037.2 million, aligning with revenue growth[113] - Gross profit margin decreased to 49.4% in 2024 from 50.7% in 2023[161] - Net profit margin declined to 7.8% in 2024 compared to 10.8% in 2023[162] - Return on equity fell to 20.5% in 2024 from 33.3% in 2023[161] - Current ratio decreased to 1.7x in 2024 from 2.1x in 2023[161] - Gearing ratio slightly improved to 17.0% in 2024 from 17.3% in 2023[161] Sales and Market Position - Yan Palace maintained its leadership in the bird's nest industry, recognized as "No. 1 in national sales volume of EBN" and "World's largest EBN factory"[13] - The company maintained the largest market share in China's EBN market for eight consecutive years, indicating strong brand influence and sales growth[39] - The company ranked first in the China Brand Power Index (C-BPI®) EBN brand ranking for five consecutive years, showcasing its brand strength[40] - E-commerce revenue reached RMB 1.24 billion in 2024, accounting for 60.6% of total revenue, with a year-on-year increase of 12.5%[54] - The total number of online visitors in 2024 exceeded 340 million, representing a significant year-on-year increase of 47.9%[55] - Total annual orders in 2024 reached 1.389 million, marking a year-on-year increase of 36.2%[55] - The cumulative number of registered members on the platform in 2024 surpassed 8.3 million, enhancing the company's private domain traffic pool for precision marketing[55] Product Development and Innovation - The company launched innovative products such as One Nest – Orange Sincerity and E-Jiao bird's nest, enhancing growth drivers[18] - The company developed Bazhen freeze-dried bird's nest products available in over 300 Freshippo boutique supermarkets, and customized products for Sam's Club[67] - The company launched new EBN products, including One Nest – Orange Sincerity and One Nest – President, targeting the gift market and men's nutrition market respectively[80][83] - Cumulative sales of EBN porridge exceeded 7.358 million bowls in 2024, generating revenue of RMB 90.7 million, marking it as a new growth point for the company[81][83] - The company expanded its product offerings by scientifically combining EBN with new food raw materials, enriching consumption scenarios and flavors[76][79] Operational Efficiency and Technology - AI technology was leveraged to increase sales conversion and optimize operational efficiency[16] - The smart EBN factory commenced operations in May 2024, achieving over 200 million exposures through live streaming[22] - The new intelligent manufacturing industrial park increased production efficiency by over 30% through automation and innovative processes[84][87] - The intelligent management platform at the new factory integrates various subsystems, improving management response efficiency and enabling visualized control of the supply chain[85] - The company continues to deepen innovative research on EBN peptides, promoting recognition of their scientific value across the industry[82] Corporate Governance and Leadership - Wang Yalong has been a non-executive Director since May 25, 2023, and has extensive experience in investment management, previously serving as vice president at Everbright Financial Holdings[184] - Huang Danyan was appointed as an executive director on May 25, 2023, and is responsible for the company's supply chain, production, and procurement operations[186] - Xiao Wei has been an independent non-executive Director since December 2020, providing independent advice on the group's operations and management[190] - The company has a strong governance structure with a mix of executive and independent directors, enhancing oversight and strategic direction[193] - The board's diverse expertise in finance, supply chain, and legal matters positions the company well for future growth and market expansion[193] Strategic Goals and Future Plans - The company aims to double revenue in five years, focusing on composite nourishment solutions and expanding the health ecosystem[28] - The company plans to open offline stores in New York and Singapore by 2025 and launch cross-border e-commerce in the United States and Southeast Asia[99] - The company will enhance marketing efficiency through refined content operations, including short videos and key opinion leader recommendations[100] - The company will optimize channel structure to penetrate the mass market, targeting the top 100 counties with strong consumption power by 2025[94] - The company will strengthen the super single product of EBN porridge to construct an omni-regional growth model[96] - The company plans to develop high-potential new products for online distribution channels to promote long-term stable growth[101] - The company will leverage technology to build stronger protection from competition and deepen market value[105] Corporate Social Responsibility - The company actively engages in corporate social responsibility, including educational support and disaster relief efforts[23] - Collaborated with the National Research and Innovation Agency of Indonesia for scientific research on swiftlet ecology and industry standards[17] - In April 2024, the company led the drafting of China's first industry standard for edible bird's nest products, laying a normative foundation for the industry's healthy development[68]
燕之屋(01497) - 2024 - 年度财报