YIMIN GROUP(SH:600824)2025-04-28 08:30Financial Performance - The company's operating revenue for 2024 was CNY 856,240,584.70, a decrease of 16.52% compared to CNY 1,025,655,805.18 in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 35,327,676.07, down 37.89% from CNY 56,882,472.98 in 2023[23]. - The net cash flow from operating activities decreased by 44.72% to CNY 103,797,757.85 in 2024 from CNY 187,756,741.93 in 2023[23]. - The total assets at the end of 2024 were CNY 2,870,900,662.96, a slight decrease of 0.63% from CNY 2,889,022,751.96 at the end of 2023[23]. - The company's net assets attributable to shareholders increased by 0.73% to CNY 2,411,719,341.67 at the end of 2024 from CNY 2,394,310,130.81 at the end of 2023[23]. - Basic earnings per share for 2024 were CNY 0.034, down 37.04% from CNY 0.054 in 2023[24]. - The weighted average return on equity decreased by 0.93 percentage points to 1.47% in 2024 from 2.40% in 2023[24]. - The company achieved total operating revenue of 856 million RMB for the year, with a net profit attributable to shareholders of 35.33 million RMB[32]. - The company reported a total of 343.42 million yuan in financial assets, with a fair value loss of approximately 69.37 million yuan during the reporting period[80]. Revenue Breakdown - In Q1, the operating revenue was 260.90 million RMB, while in Q2 it was 255.28 million RMB, Q3 saw a decline to 195.32 million RMB, and Q4 further dropped to 144.74 million RMB[27]. - The retail segment generated revenue of 404,033,877.72 CNY, with a gross margin of 35.11%, down 1.32% year-over-year, and a decrease in gross margin by 7.72 percentage points[49]. - The wholesale segment saw a significant decline in revenue by 52.46% to 137,637,837.06 CNY, but gross margin improved by 14.19 percentage points to 25.52%[49]. - The lingerie product line achieved revenue of 291,042,789.73 CNY, with a gross margin of 57.55%, despite a revenue decrease of 15.91% year-over-year[49]. - The jewelry segment reported a revenue of 104,241,539.14 CNY, with a gross margin of only 3.76%, down 54.29% from the previous year[49]. - The revenue from the restaurant and hotel services segment was CNY 11.90 million, with a gross margin of 80.13%[41]. - The company’s rental income from property management was CNY 266.23 million, with a gross margin of 67.82%[41]. Market Environment - The decline in revenue and profit was attributed to the adverse market environment affecting retail, wholesale, tourism, and real estate rental sectors[25]. - The overall retail sales in Shanghai decreased by 3.1% year-on-year, impacting the company's performance[38]. - The retail industry faces intense competition, with a significant shift towards e-commerce impacting traditional sales channels[93]. - The economic environment poses risks to consumer behavior, particularly affecting small and micro enterprises that are vulnerable to economic fluctuations[93]. Strategic Initiatives - The company focused on brand transformation and product innovation, launching new products with features like "breathable" and "3D design"[33]. - The company is actively expanding its market presence by enhancing online and offline integration, and developing franchise operations to increase brand visibility[35]. - The company plans to focus on expanding its market presence and enhancing product offerings in response to the current market challenges[49]. - The company aims to enhance brand competitiveness through various strategies, including inventory optimization and brand revitalization for its Gujin brand[90]. Internal Control and Governance - The company has implemented strict internal control measures to mitigate risks and ensure safety in operations, achieving zero accidents throughout the year[37]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective operation of the board and management[96]. - The company has a structured compensation distribution plan that considers industry standards and the company's actual situation[108]. - The company has established specialized committees, including the Audit Committee and the Strategic Committee, to improve oversight and strategic direction[114]. Shareholder Information - The company plans to distribute a cash dividend of CNY 0.18 per 10 shares, totaling CNY 18,972,487.31[6]. - The cumulative cash dividends over the last three fiscal years amount to 36,890,952.52 RMB[130]. - The number of ordinary shareholders increased from 71,999 to 79,571, indicating a growth in shareholder base[171]. - The largest shareholder, Shanghai Huaihai Commercial (Group) Co., Ltd., holds 39.04% of the shares, totaling 411,496,529 shares[173]. Legal Matters - Shanghai Yimin Commercial Investment Co., Ltd. and Shanghai Yimin Real Estate Development Co., Ltd. are suing Lishuo (Shanghai) Real Estate Co., Ltd. for overdue rent totaling RMB 25.588 million, including RMB 9.349 million to Yimin Commercial and RMB 16.239 million to Yimin Real Estate[155]. - Fenghua Yihua Company is required to pay Yimin Company a total of 4.4265 million RMB in overdue rent, which includes various monthly amounts from November 2022 to August 2023[157]. - The court has ruled that Fenghua Yihua Company must pay 90,000 RMB in legal fees to Yimin Company[158]. - Shanghai Jinyan Property Management Co., Ltd. is suing Shanghai Fenghua Yihua Co., Ltd. for overdue property management fees totaling RMB 1.6796 million from May to July 2023 and March to September 2024, plus late fees of RMB 197,900[159]. Corporate Social Responsibility - The company has continuously published its corporate social responsibility report for sixteen years, receiving positive evaluations from investment institutions[140]. - In 2024, the company donated a total of 2.2 million yuan to charitable foundations, including 2 million yuan to the Shanghai Charity Foundation[141]. - The company invested 800,000 yuan in poverty alleviation and rural revitalization projects, benefiting three paired villages in Yunnan Province[142]. - The company has implemented carbon reduction measures, promoting energy-saving practices and the use of environmentally friendly packaging[139].