Financial Performance - For the fiscal year 2024, the company's revenue was RMB 1,006.6 million, a decrease of approximately 5.0% compared to RMB 1,060.0 million in fiscal year 2023[11] - The net profit for fiscal year 2024 increased by approximately 5.0% to RMB 33.2 million, up from RMB 31.6 million in fiscal year 2023[11] - The gross profit margin for fiscal year 2024 was 37.7%, slightly up from 37.5% in fiscal year 2023[8] - The operating profit margin for fiscal year 2024 was 3.3%, compared to 3.0% in fiscal year 2023[8] - The total revenue for the fiscal year 2024 was RMB 1,006.6 million, a slight decline of about 5.0% compared to RMB 1,060.0 million in fiscal year 2023[25] - Profit increased from RMB 31.6 million in fiscal year 2023 to RMB 33.2 million in fiscal year 2024, marking an increase of approximately 5.0%[43] - Gross profit decreased by approximately 4.5% from RMB 397.2 million in fiscal year 2023 to RMB 379.2 million in fiscal year 2024[29] Assets and Liabilities - Non-current assets increased to RMB 164.2 million in fiscal year 2024 from RMB 103.0 million in fiscal year 2023[8] - Current assets rose to RMB 655.4 million in fiscal year 2024, compared to RMB 623.4 million in fiscal year 2023[8] - The total assets of the company reached RMB 819.6 million in fiscal year 2024, up from RMB 726.4 million in fiscal year 2023[8] - The total liabilities increased to RMB 543.3 million in fiscal year 2024 from RMB 472.6 million in fiscal year 2023[8] - The company's cash and cash equivalents decreased from RMB 143.2 million to RMB 106.5 million, while pledged deposits increased from RMB 4.2 million to RMB 8.5 million[46] - The debt-to-asset ratio was approximately 17.7% as of December 31, 2024, compared to 18.6% as of December 31, 2023[46] Market Strategy and Development - In 2024, the company focused on "high-quality development" strategies, with a commitment to enhancing operational efficiency and brand value, resulting in a 0.3% growth in clothing, footwear, and textile sales in the national market[20] - The company launched a new industrial park project in Ningbo, Zhejiang, aimed at integrating clothing R&D, design, and smart manufacturing, with the main construction completed, highlighting a focus on technological innovation[21] - The company signed a new brand ambassador, Hu Bing, to enhance brand recognition and cultural influence, aiming to strengthen the market presence of the Shanshan brand[21] - The company emphasized a dual-channel strategy, investing in both online and offline sales to optimize store performance and market layout, ensuring balanced growth across channels[14] - The company plans to expand its core national brands, FIRS and SHANSHAN, through diversified and cooperative business models, targeting steady growth in operating profits for 2025[17] - The company is committed to continuous product innovation, focusing on high-cost performance products, particularly in the suit category, to meet market demands[14] - The company aims to enhance its management system and digital capabilities, establishing a process operation warning mechanism to improve overall management efficiency[16] - The company will participate in the 2024 Autumn/Winter China International Fashion Week, launching a trend release show for Chinese suits, reinforcing its position as a leading brand in the suit category[20] Employee and Management - Employee costs for the year were approximately RMB 42.4 million, an increase from RMB 36.2 million in 2023, with a total of 265 employees as of December 31, 2024[51] - The company employed 265 staff members as of December 31, 2024, down from 311 in 2023, with a gender ratio of 49% male to 51% female[110] - The board consists of two female members, representing approximately 25% of the board[110] - The management team has extensive experience, with over 20 years in the apparel industry collectively[62] - The management team has extensive experience in the apparel industry, with key personnel having over 30 years of experience[81] Corporate Governance - The company emphasizes the importance of good corporate governance to enhance shareholder value[83] - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with all provisions except for the separation of the roles of Chairman and CEO[84] - The board is responsible for overseeing the management and overall performance of the group, ensuring necessary financial and human resources are in place[88] - The board consists of nine directors, including three independent non-executive directors, meeting the requirement of at least one-third independence[89] - The company has received annual independence confirmation letters from all independent non-executive directors, affirming their independence throughout the year[94] - The board has established committees to monitor operational and financial performance, ensuring proper internal controls and risk management[88] - The company has established a risk management policy to address potential operational risks, including strategic, operational, legal compliance, and environmental risks[132] - The Board is responsible for maintaining an effective risk management and internal control system, ensuring compliance with relevant legislation and regulations[132] Environmental, Social, and Governance (ESG) - The company is committed to corporate social responsibility and sustainable development, focusing on ESG issues[164] - The ESG report for the fiscal year 2024 will cover policies and performance in environmental protection, labor practices, and community engagement[165] - The ESG report highlights the company's progress in creating sustainable value for shareholders and stakeholders[166] - The total air pollutant emissions for the fiscal year 2024 amounted to approximately 13.7 kg, representing an increase of about 30.5% compared to 10.5 kg in fiscal year 2023[198] - The average air pollutant emissions per vehicle increased to 3.4 kg in fiscal year 2024 from 2.6 kg in fiscal year 2023, marking a rise of approximately 30.8%[198] - The company has implemented measures to reduce air pollution, including optimizing vehicle usage and encouraging employees to plan routes in advance[198] - The board of directors is committed to monitoring ESG governance matters and ensuring compliance with the latest ESG disclosure requirements from the Hong Kong Stock Exchange[192] - The company emphasizes the importance of a healthy environment for sustainable development and aims to be a leader in environmental protection[193]
杉杉品牌(01749) - 2024 - 年度财报