Financial Performance - The company achieved a revenue of RMB 4.31 billion in 2024, maintaining a record of positive same-store sales growth for 30 consecutive quarters[10]. - Total revenue for the fiscal year ended December 31, 2024, was RMB 4,314.1 million, an increase of 41.4% compared to RMB 3,050.7 million in 2023[22]. - The adjusted net profit for 2024 was RMB 1.312 billion, marking the first year of positive after-tax reported net profit[10]. - The adjusted net profit for the fiscal year was RMB 131.2 million, a significant increase of 1,394.2% from RMB 8.8 million in 2023[22]. - Net profit for FY2024 was RMB 55.2 million, compared to a net loss of RMB 26.6 million in FY2023[52]. - The adjusted EBITDA for 2024 was RMB 495.16 million, up from RMB 301.74 million in 2023, reflecting a growth of 64.2%[59]. - The adjusted EBITDA margin improved to 11.5% in 2024, compared to 9.9% in 2023[59]. - Store-level EBITDA reached RMB 831.37 million in 2024, an increase from RMB 576.62 million in 2023, representing a growth of 44.1%[61]. - The store-level EBITDA margin was 19.3% in 2024, slightly up from 18.9% in 2023[61]. Store Expansion - A total of 240 new stores were opened in 2024, bringing the total to 1,008 stores across 39 cities by December 31, 2024[11]. - The company plans to open approximately 300 new stores in 2025, with 82 already opened and 26 under construction as of March 14, 2025[13]. - The number of cities entered increased to 39 as of December 31, 2024, up from 29 in the previous year[18]. - The company opened 240 new stores during the reporting period, bringing the total to 1,008 stores by the end of the year, with 371 located in Shanghai and Beijing, and 637 in new growth markets[24]. Membership Growth - The membership program grew from 14.6 million at the end of 2023 to 24.5 million by December 31, 2024, adding nearly 10 million new members in one year[12]. - Membership numbers grew to 24.5 million, up from 19.4 million in the previous year[20]. - Membership increased from 14.6 million as of December 31, 2023, to 24.5 million as of December 31, 2024, with member contributions to total revenue rising from 59.2% to 64.5%[27]. Operational Efficiency - The average payback period for the 80 new stores opened in 18 new cities from December 2023 to December 2024 was within 12 months[11]. - Same-store sales growth for the fiscal year was 2.5%, compared to 8.9% in the previous year[19]. - EBITDA at the store level reached RMB 831.4 million, up 44.2% from RMB 576.6 million in the previous year[22]. - The EBITDA margin at the store level improved to 19.3%, an increase of 0.4 percentage points from 18.9%[22]. - The operating profit margin at the store level improved to 14.5%, an increase of 0.7 percentage points from 13.8%[22]. Cost Management - Raw material and supply costs increased by 39.8% to RMB 1,169.8 million, but the percentage of these costs to revenue decreased from 27.4% to 27.1%[36]. - Employee compensation expenses rose by 28.1% to RMB 1,509.5 million, compared to RMB 1,178.7 million in the fiscal year 2023[38]. - Rent expenses rose to RMB 428.2 million in FY2024, a 39.2% increase from RMB 307.7 million in FY2023, while rent expenses as a percentage of revenue decreased from 10.1% to 9.9%[41]. - Utilities expenses rose to RMB 164.1 million in FY2024, a 42.9% increase from RMB 114.8 million in FY2023, with utilities expenses as a percentage of revenue remaining stable[44]. - Advertising and promotion expenses increased to RMB 217.6 million in FY2024, a 36.7% increase from RMB 159.2 million in FY2023, while the percentage of total revenue decreased from 5.2% to 5.0%[46]. Employee Growth - As of December 31, 2024, the total number of full-time employees is 9,160, an increase of 40.0% from 6,536 on December 31, 2023[75]. - The total employee cost for the fiscal year 2024 is RMB 1,509.5 million, up from RMB 1,178.7 million in 2023, representing a year-over-year increase of 28.1%[76]. - The company has 19,640 part-time employees as of December 31, 2024, compared to 15,635 on December 31, 2023, indicating a growth of 25.0%[75]. Awards and Recognition - The company received several awards in 2024, including the Best Digitalization Award and the title of Best Employer from Mercer[12]. - The company received the "2024 Best Employer" award from Mercer, marking the third consecutive year of this recognition[77]. Corporate Governance - The board did not recommend the distribution of a final dividend for the 2024 fiscal year, similar to 2023[101]. - The company has no pledged assets or contingent liabilities as of December 31, 2024[72][73]. - The company has not entered into any derivative instruments to hedge foreign exchange risks but will monitor the situation closely[74]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the fiscal year 2024[71]. Future Plans and Investments - The company has not made or held any significant investments during the fiscal year 2024[70]. - The company has no significant future investment or capital asset plans beyond what is disclosed in the management discussion and analysis section[80]. - The expected timeline for utilizing the net proceeds for store expansion has been extended from the end of 2025 to the end of 2026[191]. Social Responsibility - The company is committed to social responsibility, employee welfare, environmental protection, and community contributions[197]. - The company made charitable donations in the form of food, amounting to approximately RMB 22,300 during the reporting period[198]. - There are no significant lawsuits or claims threatening the company or its subsidiaries as of December 31, 2024[199]. - The company has complied with all relevant laws and regulations without any significant violations during the reporting period[200].
达势股份(01405) - 2024 - 年度财报