BUSEN(002569)2025-04-24 16:20Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a year-over-year growth of 15%[15]. - The company's operating revenue for 2024 was ¥132,295,260.89, a decrease of 8.18% compared to ¥144,082,242.84 in 2023[22]. - The net profit attributable to shareholders for 2024 was -¥51,397,403.41, an improvement of 23.29% from -¥66,998,298.08 in 2023[22]. - The net cash flow from operating activities improved by 54.71%, reaching -¥16,221,830.76 in 2024 compared to -¥35,815,827.16 in 2023[22]. - Basic earnings per share for 2024 were -¥0.38, a 20.83% improvement from -¥0.48 in 2023[22]. - The company reported a quarterly revenue of ¥30,603,581.72 in Q4 2024, with a net profit of -¥38,478,521.22 attributable to shareholders[27]. - The company experienced a significant decline in total assets, which were down 36.0% from ¥295,617,461.24 in 2022 to ¥189,252,899.14 in 2024[22]. - The weighted average return on equity was -85.57% in 2024, worsening from -53.92% in 2023[22]. - The company has faced continuous operating uncertainties, with net profits being negative for the last three accounting years[22]. Market and Growth Strategy - User data indicates a growth in active users, reaching 5 million, which is an increase of 20% compared to the previous year[15]. - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[15]. - New product launches are expected to contribute an additional 200 million yuan in revenue, with a focus on sustainable fashion lines[15]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[15]. - A strategic acquisition of a local fashion brand is in progress, which is anticipated to enhance the company's product portfolio and customer base[15]. - The company plans to further optimize its direct sales and franchise models to enhance brand visibility and support high-performing franchisees[38]. - The company aims to enhance its brand image and product quality while optimizing supply chain management to improve operational efficiency[86]. - The company will explore high-end custom menswear markets, leveraging advanced technologies and top design teams to enhance product quality[87]. - The company emphasizes the importance of e-commerce and plans to integrate online and offline retail strategies to boost sales[88]. Operational Challenges and Risks - The company faces risks including macroeconomic fluctuations and operational challenges, which are being actively monitored[6]. - The internal audit report highlighted areas for improvement in operational management, which the company is addressing[4]. - The company has experienced a loss from the disposal of non-current assets amounting to CNY -44,841.90 in 2024, contrasting with a gain of CNY 2,705,429.86 in 2023[28]. - The company has faced market competition risks due to the high number of players in the apparel industry and plans to adapt to consumer demand changes[90]. - Rising labor costs pose a risk, with the minimum wage in Shaoxing adjusted to 2,070 yuan per month, impacting operational costs[91]. Corporate Governance and Management - The company has established a market value management system and disclosed a valuation enhancement plan[95]. - The company maintains a complete and independent business structure, ensuring no reliance on controlling shareholders[104]. - The company has a transparent and fair process for electing directors, ensuring compliance with legal requirements[98]. - The company has implemented a performance evaluation and incentive mechanism for senior management, ensuring transparency in compensation[99]. - The company has established an independent internal audit department to evaluate operational quality and internal controls[100]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with shareholders[101]. - The company has developed a comprehensive set of corporate governance documents to protect shareholder rights and ensure operational integrity[102]. - The company has established independent operational capabilities, with no conflicts of interest or unfair related transactions with controlling shareholders[105]. - The company ensures that all stakeholders' rights are respected and balanced, promoting sustainable development[99]. Employee and Labor Management - The total number of employees at the end of the reporting period is 496, with 200 in the parent company and 296 in major subsidiaries[131]. - The company has a total of 217,260 hours of outsourced labor, with total payments amounting to ¥3,796,080.19[135]. - The company has established a comprehensive salary management system, including fixed salary, performance salary, and welfare allowances[132]. - The company has implemented a training plan covering various aspects such as basic knowledge, professional skills, management enhancement, and vocational quality[133]. - The company has 54 employees with a bachelor's degree, 375 with a high school education, 65 with an associate degree, and 2 with a master's degree[131]. Financial Compliance and Internal Controls - The company has identified one significant internal control deficiency in non-financial reporting, which is being addressed with corrective measures scheduled for completion by October 1, 2024[146]. - The internal control system covers all areas and departments, with a focus on optimizing the system to prevent risks and ensure effective financial reporting[144]. - The company has maintained effective internal control over financial reporting, with no significant deficiencies reported[149]. - The total assets of the units included in the internal control evaluation account for 100% of the company's consolidated financial statements[148]. - The company’s management and control over subsidiaries is currently not applicable[147]. Legal and Regulatory Matters - The company has a pending lawsuit involving a transaction valued at 146.4 million RMB, with a current claim amount of 73.2 million RMB[191]. - The company has not experienced any bankruptcy reorganization matters during the reporting period[190]. - There are no significant penalties or rectification issues reported for the company during the reporting period[194]. - The company has not engaged in any related party transactions during the reporting period[196]. - The company has not conducted any asset or equity acquisitions or sales during the reporting period[197]. Fund Management and Compliance Issues - The actual controller of the company, Wang Yazhu, transferred 19.71 million CNY to a personal bank account without approval, violating company regulations[174]. - The company has confirmed that the transferred funds remained intact in the personal account and were not used for any third-party transactions[174]. - The company has taken measures to ensure compliance with fund management regulations following the incident[174]. - The total amount of non-operating fund occupation by related parties at the end of the reporting period was 0 CNY, representing 0.00% of the latest audited net assets[174]. - The company has committed to ensuring that the actual controller will not engage in similar actions in the future[174]. - The company plans to implement stricter oversight and management of fund storage and usage to prevent future violations[174]. - The actual controller has acknowledged the seriousness of the violation and has returned the funds to the company[174]. - The company is currently in the process of reviewing its internal controls and compliance measures[174].