Keeson(SH:603610)2025-04-18 15:05Financial Performance - The company's operating revenue for 2024 was CNY 2,958,084,591.16, a decrease of 4.66% compared to CNY 3,102,795,597.94 in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 156,040,213.07, down 24.13% from CNY 205,668,186.40 in 2023[23]. - The cash flow from operating activities for 2024 was CNY 260,752,570.06, a decline of 23.68% compared to CNY 341,670,553.99 in 2023[23]. - The total assets at the end of 2024 were CNY 4,736,560,019.55, a decrease of 4.05% from CNY 4,936,711,014.68 at the end of 2023[23]. - The basic earnings per share for 2024 were CNY 0.44, down 24.14% from CNY 0.58 in 2023[24]. - The weighted average return on equity for 2024 was 5.01%, a decrease of 1.43 percentage points from 6.44% in 2023[24]. - The net assets attributable to shareholders at the end of 2024 were CNY 3,069,390,435.83, a decrease of 6.22% from CNY 3,272,989,453.95 at the end of 2023[23]. - The company reported a decrease of 25.44% in net profit after deducting non-recurring gains and losses, amounting to CNY 189,712,074.61 in 2024[23]. Revenue and Sales - In Q1 2024, the company reported revenue of approximately CNY 755.96 million, with net profit attributable to shareholders at CNY 44.93 million[9]. - The total revenue for Q2 2024 was CNY 702.40 million, reflecting a stable performance amidst challenging economic conditions[9]. - The company’s revenue for the reporting period was CNY 2,958,084,591.16, a decrease of 4.66% compared to the previous period[72]. - The smart electric bed segment generated revenue of CNY 2,393,649,834.25, with a gross margin of 34.29%, down 5.12% year-on-year[76]. - Online sales generated CNY 424 million, with a gross margin of 44.88%, down 7.82% compared to the previous year[77]. - The company's own brand revenue was ¥2,711,347,715.01, with a gross margin of 35.34%, representing a decrease of 4.34% in revenue compared to the previous year[107]. - The sales volume of smart electric beds was 111.08 million units, showing a year-on-year increase of 1.19%[104]. Market Expansion and Product Development - The company expanded its "Shufude" brand stores from 109 at the end of 2023 to over 220 by 2024, covering most provinces in China[33]. - The new product "Shufude Smart Bed S300Pro" was launched in August 2024, featuring innovative functions such as "one-click sleep" and "automatic snoring intervention"[35]. - The company aims to leverage its strengths in both domestic and overseas markets to enhance its market share in the smart electric bed sector[32]. - The company is constructing a research and development center and production facilities for smart electric beds with an annual capacity of 4 million units, expected to be operational by the end of 2025[42]. - The company has initiated a preliminary collaboration with Samsung, aiming to integrate its smart system products into Samsung's platform, which will help expand its customer base[44]. - The company plans to expand its product offerings in the healthcare sector, with multiple products undergoing medical device registration and certification[118]. - The company aims to produce 4 million smart electric beds annually by 2025, enhancing data storage and analysis capabilities through a new data service center[116]. Strategic Partnerships and Collaborations - The company has extended its manufacturing and supply agreements for electric bed products with Tempur Sealy International, Inc. and Serta Simmons Bedding, LLC until March 31, 2027, ensuring stable cooperation with major clients in the North American market[39]. - The company has established a strategic partnership with Shanghai Qiaoxin Enterprise Management Co., Ltd. to enhance the "Shufude" brand's presence in the domestic market, with a focus on marketing and sales channel development[194]. - The company has signed an exclusive distribution agreement with Shanghai Shufude, granting them exclusive rights to the "Shufude" brand in the domestic market starting from the fourth quarter of 2023[194]. - The company collaborates with Zhejiang Tsinghua Yangtze River Delta Research Institute to enhance research and development capabilities, focusing on technological innovation[53]. Risk Management and Compliance - The company has indicated potential risks in its future development plans, which investors should be aware of[10]. - The company has implemented a comprehensive internal control system to ensure compliance with governance and operational standards, with no significant deficiencies reported in 2024[137]. - The company has not reported any changes in shareholding for its directors and senior management during the reporting period[138]. - The company has no major litigation or arbitration matters reported for the current year, indicating a stable legal standing[192]. - The company has confirmed that its integrity status remains good, with no significant debts or penalties reported during the period[193]. Employee and Management Structure - The company has a total of 2,953 employees, with 1,672 in the parent company and 1,281 in major subsidiaries[154]. - The employee composition includes 1,757 production personnel, 204 sales personnel, 402 technical personnel, 53 financial personnel, and 537 administrative personnel[154]. - The company has a diverse management team with experience in various sectors, including technology and manufacturing[140]. - The total pre-tax remuneration for directors and senior management during the reporting period amounted to 1,448.84 million CNY[138]. Environmental and Social Responsibility - The company invested 650,000 CNY in environmental protection during the reporting period[168]. - The company implemented carbon reduction measures, resulting in a decrease of 122.91 tons of CO2 equivalent emissions[169]. - The company has committed to not interfering with operational management and not misappropriating company interests[177]. - The company is focused on sustainable development and has taken steps to fulfill its social responsibilities[170]. Financial Management and Investments - The company has approved the use of idle raised funds for cash management, allowing for the purchase of low-risk financial products up to ¥300 million within a year[200]. - The company has invested ¥75,959.26 million of raised funds in bank financial products, with an outstanding balance of ¥23,959.26 million[199]. - The company has also invested ¥7,383.71 million of its own funds in bank financial products, with an outstanding balance of ¥1,122.95 million[199].