ST摩登(002656) - 2024 Q4 - 年度财报

Financial Performance - The company reported an annual revenue of less than 300 million RMB for 2024, leading to a negative total profit and net profit, triggering a delisting risk warning[7]. - The company's operating revenue for 2024 was ¥216,494,973.25, a decrease of 25.23% compared to ¥289,544,438.84 in 2023[27]. - The net profit attributable to shareholders for 2024 was -¥62,098,314.49, an improvement of 30.27% from -¥89,050,478.00 in 2023[27]. - The net cash flow from operating activities for 2024 was ¥16,520,332.26, down 47.15% from ¥31,259,276.26 in 2023[27]. - The total assets at the end of 2024 were ¥485,868,171.45, a decline of 18.57% from ¥596,659,900.45 at the end of 2023[28]. - The company's weighted average return on equity for 2024 was -17.83%, an improvement from -19.30% in 2023[28]. - The company reported a net profit excluding non-recurring items of -¥57,991,104.28 for 2024, a 45.80% improvement from -¥106,999,892.54 in 2023[27]. - The company experienced a significant drop in net assets, which were ¥336,014,183.20 at the end of 2024, down 9.53% from ¥371,389,098.78 at the end of 2023[28]. - The company's total revenue for 2024 was approximately ¥216.49 million, a decrease of 25.23% compared to ¥289.54 million in 2023[78]. - Domestic revenue accounted for 42.40% of total revenue, while overseas revenue made up 57.60%, with a year-on-year decrease of 30.04% and 21.24% respectively[78]. Operational Changes - The company is transitioning from a traditional retailer to an omnichannel new retail platform, facing intensified competition in the retail industry[12]. - The company has undergone a change in controlling shareholders, with the previous major shareholder no longer holding shares as of October 31, 2023[26]. - The company operates 111 offline stores as of December 31, 2024, including 73 direct-operated stores and 38 franchised stores, with 108 stores dedicated to the CANUDILO brand[56]. - The company has closed 9 underperforming stores and opened 18 new stores during the reporting period, totaling 73 self-operated stores[81]. - The company operates a diversified sales model combining direct sales and franchising, with online channels including major platforms like Tmall and JD.com[91]. Market and Industry Trends - The overall textile and apparel industry in China showed signs of recovery, with positive growth trends in production value from June 2024 onwards[37]. - The retail sales of clothing, shoes, hats, and textiles in China reached approximately ¥1.22 trillion in 2024, with a year-on-year growth of 2.28%[58]. - The overall retail sales of consumer goods in China were about ¥48.79 trillion in 2024, showing a year-on-year increase of 3.5%[58]. - The company faces challenges in the domestic market due to reduced consumer willingness to spend and increased competition, impacting its target demographic of high-net-worth individuals[59]. Strategic Initiatives - The company plans to continue deepening its focus on traditional Chinese fabric craftsmanship and collaborate with top domestic artisans to launch co-branded series[49]. - The company aims to identify new growth points amidst trade barriers, which is crucial for sustainable development in the apparel industry[43]. - The company emphasizes the integration of international brand resources and has established long-term stable partnerships with numerous first- and second-tier global fashion brands[54]. - The company plans to strengthen its supply chain by regularly evaluating suppliers and developing proprietary fabrics to enhance market competitiveness[66]. - The company is committed to product innovation, responding to market demands with new product lines that cater to the growing need for business casual and light formal wear[65]. Governance and Compliance - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring clear responsibilities and coordination among the board, supervisory board, and management[135]. - The company maintains operational independence from its controlling shareholders, with a complete and independent supply, production, sales, and R&D system[136]. - The company has implemented corrective measures to address financial independence issues, including enhanced cash management and legal actions against previous controlling shareholders for unauthorized guarantees[141]. - The company has a fully independent financial department, adhering to strict financial management and accounting systems, and has established independent bank accounts for tax obligations[141]. - The company is currently under scrutiny for its compliance with securities laws and regulations, which may impact its future operations and market reputation[157]. Management and Personnel - The company has a complete and independent personnel management system, ensuring no overlap with the controlling shareholders' enterprises[139]. - The total number of employees at the end of the reporting period was 224, with 413 employees receiving salaries during the period[173]. - The employee composition includes 102 sales personnel, 71 administrative staff, and 20 technical personnel[174]. - The company emphasizes a competitive salary policy, ensuring compensation is at least at market average levels[175]. - The company has implemented various training programs to enhance employee development and optimize talent training systems[189]. Future Outlook - In 2025, the company plans to enhance management and operational levels to improve store profitability and market competitiveness, focusing on expanding store scale and optimizing online business channels[126]. - The company aims to strengthen the brand power and product quality of its self-owned brand Canudilo, with plans for collaborations with artists to enhance brand appeal and cultural value in 2025[127][128]. - The company will focus on talent development and internal process management to improve team competitiveness and operational efficiency, ensuring sustainable development[129]. - The company is considering strategic acquisitions to bolster its market position, with a focus on companies that align with its core business[170]. Risk Factors - The company faces significant risks due to macroeconomic fluctuations, which could impact its operating conditions and profitability[12]. - The company has received a qualified audit opinion from Guangdong Sinong Accounting Firm for the 2024 financial statements[11]. - The company has been subject to administrative penalties for failing to disclose significant investment losses in a timely manner[9]. - The company’s financial report for 2024 is under scrutiny due to previous false records in the 2021 annual report[9]. - The company reported a significant asset impairment loss of $32.85 million, primarily due to inventory write-downs, which is considered sustainable[109].