Green Pine(300132)2025-04-28 08:20Financial Performance - The company's operating revenue for 2024 was approximately ¥1.94 billion, a decrease of 1.51% compared to ¥1.97 billion in 2023[22]. - The net profit attributable to shareholders for 2024 was approximately ¥54.68 million, a significant increase of 180.02% from a loss of ¥68.34 million in 2023[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥55.40 million, up 201.95% from a loss of ¥54.34 million in 2023[22]. - The net cash flow from operating activities for 2024 was approximately ¥179.16 million, an increase of 14.40% compared to ¥156.60 million in 2023[22]. - The basic earnings per share for 2024 was ¥0.1085, a turnaround from a loss of ¥0.1323 per share in 2023, representing an increase of 182.01%[22]. - The total assets at the end of 2024 were approximately ¥2.13 billion, a decrease of 10.26% from ¥2.37 billion at the end of 2023[22]. - The net assets attributable to shareholders at the end of 2024 were approximately ¥1.30 billion, a slight decrease of 0.91% from ¥1.31 billion at the end of 2023[22]. - The weighted average return on net assets for 2024 was 4.24%, an improvement of 9.32 percentage points from -5.08% in 2023[22]. Revenue Breakdown - The facial mask series generated revenue of ¥814,793,644.65, accounting for 42.01% of total revenue, with a year-on-year increase of 1.84%[105]. - The skincare series revenue reached ¥738,615,814.93, representing 38.08% of total revenue, with a year-on-year increase of 5.11%[105]. - The wet wipes series saw a revenue decline of 5.37%, generating ¥291,031,323.17, which is 15.00% of total revenue[105]. - The total sales amount from the top five customers reached ¥649,191,787.74, accounting for 33.47% of the annual sales[115]. - The sales amount from the top five customers increased by 6.49% year-on-year, with their proportion rising by 2.51% compared to the previous year[115]. - The total procurement amount from the top five suppliers was ¥173,454,190.87, representing 16.72% of the annual procurement[117]. Market Trends - The retail sales of cosmetics in China for 2023 reached 414.2 billion CNY, with an expected increase to 435.7 billion CNY in 2024, indicating a stable growth trend in the market[57]. - The global beauty and personal care market is projected to grow to $651.6 billion in 2024, with an annual growth rate of 3.37% from 2025 to 2029[54]. - The cosmetics industry in China has seen the closure of 1,318 companies, indicating a trend towards the elimination of outdated production capacity and optimization of the industry structure[59]. - The domestic cosmetics market is shifting towards product innovation and enhanced user experience to address growth pressures and achieve sustainable development[57]. - The online cosmetics transaction scale in China is expected to grow by 5.86% to CNY 691.05 billion in 2024, accounting for 64.35% of the market, while offline sales are projected to decline by 2.28% to CNY 382.77 billion, representing 35.65%[65]. Research and Development - The company holds a total of 124 patents, including 61 invention patents, 53 utility model patents, and 10 design patents, indicating a strong focus on R&D and innovation[76]. - The company has a professional R&D team of over 180 members, continuously working on new product development to meet diverse customer needs[76]. - The company is actively engaging in industry-academia-research collaborations to enhance its technological innovation capabilities[79]. - The R&D department will concentrate on technological skincare, enhancing collaboration with universities and research institutions for raw material innovation[154]. - The company has successfully screened various herbal components for hair and skin care, aiming to enhance product market share and coverage[121]. Operational Efficiency - The company has established a strong competitive advantage through its talent, customer resources, supply chain resources, R&D innovation capabilities, and strict quality control systems[79]. - The company has reduced rental expenses by gradually subleasing redundant factories and warehouses, contributing to improved operational efficiency[92]. - The company is focused on improving organizational efficiency and decision-making processes to respond quickly to market demands[156]. - The company has established a project platform to accelerate R&D conversion and optimize order management capabilities[151]. - The company aims to introduce more digital and automated equipment to improve lean production levels and competitiveness[152]. Risk Management - The company has outlined potential risks and countermeasures in its future development outlook section[5]. - The cosmetics industry is facing operational risks due to changes in the macroeconomic environment and industry dynamics, prompting the company to closely monitor industry changes and adjust strategies accordingly[159]. - The company aims to enhance its risk prevention and control capabilities by improving internal control systems and increasing audit efforts to minimize various risks[157]. Corporate Governance - The company has no controlling shareholder or actual controller, ensuring independent operations in business, personnel, assets, and finance[178]. - The board of directors consists of 6 members, including 3 independent directors, and held 8 meetings during the reporting period[179]. - The supervisory board has 3 members, including 1 employee representative, and convened 5 meetings during the reporting period[180]. - The company adheres to strict information disclosure practices, ensuring timely and accurate communication with investors[182][183]. - The company maintains independence in business operations, with no competition or unfair transactions with the largest shareholder[187]. Future Outlook - The company plans to focus on customer needs and increase R&D investment to enhance sustainable profitability and market share[147]. - In 2025, the company aims to implement a dual focus strategy on "customer" and "product" to optimize production management and enhance core competitiveness in the cosmetics business[148]. - The company will accelerate digital transformation to improve operational efficiency and establish itself as a leader in the local ODM cosmetics industry[150]. - The company is focusing on product innovation and market expansion, participating in major industry exhibitions and forums to showcase its R&D achievements[100].