欣贺股份(003016) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was ¥1,405,292,589.52, representing a decrease of 20.10% compared to ¥1,758,791,683.04 in 2023[22]. - The net profit attributable to shareholders for 2024 was a loss of ¥67,378,142.54, a decline of 167.29% from a profit of ¥100,135,223.91 in 2023[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥77,025,770.54, down 192.48% from ¥83,289,556.81 in 2023[22]. - Cash flows from operating activities decreased by 66.41% to ¥103,850,303.97 in 2024, compared to ¥309,205,414.86 in 2023[22]. - The company's total revenue for 2024 was CNY 1,405,292,589.52, a decrease of 20.1% compared to CNY 1,758,791,683.04 in 2023[24]. - The net profit attributable to shareholders for 2024 was CNY -38,123,541.51 in Q4, contributing to a total net profit of CNY -67,000,000 for the year[29]. - The company's total assets decreased by 5.02% to CNY 3,453,405,686.14 at the end of 2024 from CNY 3,636,049,972.49 at the end of 2023[24]. - The weighted average return on net assets was -2.46% for 2024, down from 3.55% in 2023[24]. - The company received government subsidies amounting to CNY 3,448,100.00 in 2024, down from CNY 8,348,000.00 in 2023[30]. - The net assets attributable to shareholders decreased by 5.86% to CNY 2,656,045,309.72 at the end of 2024 compared to CNY 2,821,329,826.57 at the end of 2023[24]. Market and Industry Analysis - The retail sales of clothing in China showed a slight increase of 0.1% in 2024, but the growth rate slowed significantly compared to the previous year[37]. - The company faces challenges in the clothing industry, with retail sales for major enterprises declining by 4.9% in 2024[38]. - In 2024, the apparel industry in China achieved operating revenue of CNY 1,269.915 billion, a year-on-year increase of 2.76%, with an acceleration of 8.16 percentage points compared to 2023[40]. - The total profit for the apparel industry reached CNY 62.381 billion, reflecting a year-on-year growth of 1.54%, which is an increase of 4.93 percentage points from 2023[40]. - The loss ratio in the apparel industry expanded to 20.07%, an increase of 1.03 percentage points compared to the same period in 2023[40]. - The domestic apparel market is expected to show a stable upward trend in 2025, supported by improving consumer confidence and market vitality[43]. Business Strategy and Operations - The company plans not to distribute cash dividends or issue bonus shares for the fiscal year[6]. - The company is focusing on brand marketing network construction and enterprise information technology projects as part of its investment strategy[15]. - Future development risks and market expansion strategies are discussed in the management's analysis section of the report[5]. - The company has not changed its main business since its listing, indicating stability in its operational focus[20]. - The company has established a complete production supply chain and an intelligent logistics system, enhancing operational efficiency and reducing costs[70]. - The company operates five distinct women's fashion brands, allowing for deep penetration into the high-end women's wear market, with the core brand JORYA gaining significant market recognition[71]. - The self-operated channel network covers major cities in China, enhancing brand control and customer experience, which is expected to improve profitability[72]. - The company is focusing on optimizing its business structure and marketing strategies to recover revenue and profitability amid market challenges[75]. Brand Development and Marketing - The company focuses on high-end women's apparel, with its core brand JORYA established over 30 years ago, recognized for its unique product style and market position[50]. - JORYA brand underwent a comprehensive upgrade in 2024, emphasizing craftsmanship and aesthetic beauty to cater to women's desires for elegance[52]. - The company has announced Zhao Lusi as the global brand ambassador for JORYA, aiming to align with the brand's core values of pursuing beauty and craftsmanship[76]. - The collaboration with Zhao Lusi has resulted in the release of new advertising campaigns for the JORYA 2024 Autumn/Winter and 2025 Spring collections, enhancing brand visibility[77]. - JORYA weekend appointed actress Meng Ziyi as the brand ambassador for Greater China, effectively engaging younger consumers through social media[79]. - The partnership with Meng Ziyi has led to increased user-generated content on platforms like Xiaohongshu, boosting brand awareness and consumer engagement[80]. - The company has implemented a multi-dimensional brand narrative matrix, enhancing brand recognition in target markets through experiential marketing strategies and exclusive brand events[82]. - JORYA launched a new product series "The Moment" with a focus on sensory experiences, showcasing at key locations such as Xi'an SKP and Wuhan MixC[83]. Financial Management and Investments - The company plans to invest ¥61,772,600 in R&D, accounting for 4.40% of its revenue, to maintain its core competitiveness in design[69]. - The company has cumulatively distributed over RMB 650 million in cash dividends since its listing[104]. - The company plans to maintain a high dividend payout policy to ensure the continuity of future dividends and fulfill long-term value commitments[104]. - The company has not engaged in any significant equity or non-equity investments during the reporting period[153]. - The company has not made any securities or derivative investments during the reporting period[154]. - The company has committed a total investment of 86,887.39 million CNY for fundraising projects, with a cumulative investment of 87,247.72 million CNY, achieving 9,340.42 million CNY by the end of the reporting period[158]. Operational Challenges and Adjustments - The company has indicated uncertainty regarding its ability to continue as a going concern, as recent audits show negative net profits for the past three years[24]. - The implementation deadlines for the brand marketing network and enterprise informationization projects have been extended to December 31, 2027, without changing the total investment amount or usage direction[160]. - The enterprise informationization project has faced delays as it requires the establishment of terminal stores before implementation, and adjustments have been made to optimize investment plans[160]. - The company has not experienced significant changes in project feasibility, and the reasons for not meeting planned progress and expected benefits have been documented[160]. - The company has made strategic adjustments to align project implementation with its new long-term development strategy[160]. Corporate Governance and Compliance - The company held a total of 10 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[193]. - The company conducted 2 temporary shareholder meetings and 1 annual shareholder meeting, ensuring fair treatment of all shareholders, especially minority shareholders[192]. - The company has a fully independent business structure, with a complete asset structure, business system, supply chain, sales system, and design team[200]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate information dissemination to all shareholders[197]. - The company actively engages with minority shareholders through various communication channels, ensuring transparency and responsiveness to their needs[192].