Financial Performance - Yihai International Holding Ltd. reported a consolidated revenue of HK$3.5 billion for the fiscal year 2024, representing a year-on-year increase of 15%[3]. - The company achieved a net profit of HK$500 million, which is a 20% increase compared to the previous year[3]. - The company has set a revenue guidance of HK$4 billion for the fiscal year 2025, projecting a growth rate of approximately 14%[3]. - For the year ended December 31, 2024, the company's revenue reached RMB 6,539,569,000, representing an increase from RMB 6,147,573,000 in 2023, which is a year-on-year growth of approximately 6.4%[29]. - Gross profit for the same period was RMB 2,045,813,000, up from RMB 1,941,304,000 in 2023, indicating a growth of about 5.4%[29]. - Profit for the year was RMB 799,477,000, a decrease from RMB 907,028,000 in 2023, reflecting a decline of approximately 11.9%[29]. - The total assets of the company as of December 31, 2024, were RMB 5,799,294,000, down from RMB 6,054,438,000 in 2023, marking a decrease of about 4.2%[31]. - The company reported a total equity of RMB 4,733,160,000 as of December 31, 2024, compared to RMB 5,089,410,000 in 2023, which is a decline of approximately 7%[31]. - Net profit decreased by 11.9% from RMB 907.0 million in 2023 to RMB 799.5 million in 2024, with basic earnings per share dropping from RMB 87.5 cents to RMB 76.2 cents[117]. Customer Growth and Market Expansion - User data indicates a growth in active customers by 25%, reaching a total of 1.2 million users[3]. - Yihai International plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[3]. - The company has entered into a strategic partnership with Haidilao to enhance distribution channels, expected to increase sales by 30% in the next fiscal year[3]. - The company is investing HK$200 million in R&D for new food technologies to enhance product quality and sustainability[3]. - The Group aims to address market changes by focusing on consumer needs and capturing market dynamics through tailored product offerings[33]. Product Development and Innovation - Yihai International is expanding its product line with the introduction of three new condiment products in Q1 2025, aiming to capture a larger market share[3]. - The company conducted a comprehensive review of its research and development team to better align with consumer demands, indicating a strategic focus on enhancing product offerings[34]. - The Group aims to enhance overall research and development capabilities by increasing investment in raw materials, techniques, and taste[42]. - The Group launched various new products tailored to local tastes and current food trends, enhancing consumer coverage in the instant meal category[63]. - The Group launched over 50 new products across all categories by December 31, 2024, including zero additives series and various ready-to-eat food options[65]. Sales and Revenue Channels - Revenue from third parties amounted to RMB 45.657 million in 2024, representing a year-on-year increase of 10.37%[33]. - E-commerce channels achieved sales revenue of RMB 398.7 million, representing a year-on-year increase of 30.9%[60]. - Revenue from beef tallow hot pot soup flavoring products amounted to RMB 584.0 million, representing a year-on-year increase of 12.1%[48]. - Revenue from tomato hot pot soup flavoring products amounted to RMB 424.3 million, representing a year-on-year increase of 8.6%[48]. - Revenue from crayfish seasonings amounted to RMB 222.8 million, representing a year-on-year increase of 31.5%[48]. Strategic Partnerships and Acquisitions - A new acquisition of a local snack brand is anticipated to be finalized by Q2 2025, which is expected to contribute an additional HK$150 million in revenue[3]. - The company entered into a purchase agreement with Shuhai Supply Chain on October 17, 2023, for the sale of food ingredients[13]. - A sales agreement was also established with Shuhai Supply Chain on October 17, 2023, for the sale of Shuhai Customized Products and Shuhai Retail Products[13]. Management and Governance - The company has a strong management team with members holding significant experience in the food industry and finance, including Mr. Zhang Yong, a founder of Haidilao with over 30 years of experience[180]. - The board includes independent directors with significant expertise in finance and risk management, enhancing corporate governance[181]. - The company emphasizes strong governance with a diverse board of directors and experienced management team[187]. - The management team has a strong educational background, with several members holding advanced degrees in business administration and finance from prestigious institutions[180]. Future Outlook and Strategic Focus - The Group plans to prioritize product research and development, overseas expansion, and channel building as strategic focuses for 2025[151]. - The Group will continue to explore new business formats and emerging consumer trends to achieve leapfrog development in 2025[43]. - Future plans include seeking strategic investment opportunities that can bring synergies in product R&D, product portfolio, channel expansion, and cost control[161]. - The Group intends to optimize channel operations by collaborating with emerging channels such as e-commerce platforms to increase market share[156].
颐海国际(01579) - 2024 - 年度财报