COMEFLY OUTDOOR CO.(SH:603908)2025-04-28 14:55Financial Performance - The company's operating revenue for 2024 was CNY 1,304,207,526.98, a decrease of 10.42% compared to CNY 1,455,869,412.68 in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 83,761,592.54, down 21.57% from CNY 106,796,937.49 in 2023[23]. - The net profit after deducting non-recurring gains and losses was CNY 59,812,612.72, a decline of 42.66% compared to CNY 104,317,050.36 in 2023[23]. - The cash flow from operating activities for 2024 was CNY 75,500,122.33, a significant drop of 72.90% from CNY 278,639,823.35 in 2023[23]. - The total assets at the end of 2024 were CNY 1,136,234,982.38, a decrease of 9.26% from CNY 1,252,160,215.50 at the end of 2023[23]. - The basic earnings per share for 2024 were CNY 0.90, down 21.74% from CNY 1.15 in 2023[25]. - The diluted earnings per share for 2024 were also CNY 0.90, reflecting the same percentage decrease as the basic earnings per share[25]. - The weighted average return on equity for 2024 was 15.01%, a decrease of 3.77 percentage points from 18.78% in 2023[25]. Revenue Breakdown - The self-owned brand business generated main operating revenue of 773.84 million RMB, a decline of 16.43% compared to the previous year[31]. - OEM/ODM business revenue was 528.95 million RMB, showing a slight decrease of 0.03% year-on-year[31]. - The company achieved operating revenue of 1.304 billion RMB, a year-on-year decrease of 10.42%[31]. - Net profit for the period was 83.76 million RMB, down 21.57% year-on-year[31]. - Revenue for the brand "牧高笛" reached approximately ¥773.84 million, with a gross margin of 29.82%, reflecting a decrease in revenue of 16.43% year-over-year[87]. - Revenue from tents and equipment was approximately ¥1.17 billion, down 12.56%, while the gross margin increased by 0.42 percentage points to 28.28%[67]. - Domestic revenue was approximately ¥760.52 million, a significant decrease of 18.93%, while international revenue increased by 4.9% to approximately ¥542.27 million[67]. Product Development and Innovation - The company launched the "Xiangye Ersheng" brand upgrade, focusing on high-quality outdoor products and solutions[32]. - The "Wilderness Hengduan" plan was introduced to establish a hardcore outdoor brand based on the Hengduan Mountains[34]. - The company upgraded its "Cold Mountain" series to cover all categories of camping and hiking gear and apparel[35]. - New product lines, including XT, PRO, and Prime series, were developed for high-altitude and long-distance hiking needs[36]. - The company is focusing on developing new outdoor products that meet market demands for functionality and comfort[55]. - Continuous product line expansion includes the Cold Mountain series and collaboration with high-level athletes to develop specialized gear and apparel, focusing on lightweight and user-friendly designs[96]. - The company is committed to continuous innovation through the application of new technologies and materials in outdoor products[93]. Marketing and Brand Strategy - The company has established a comprehensive marketing network, enhancing brand exposure and market penetration through diverse sales channels[61]. - The company is actively exploring new retail models, including Direct-to-Consumer (DTC) strategies to enhance brand value and customer loyalty[61]. - The company has partnered with various events, including the 2024 WTA Ningbo Tennis Open, to promote its brand and engage with sports enthusiasts[51][52]. - The flagship store in Shanghai serves as a benchmark for optimizing offline operations and enhancing the urban outdoor lifestyle experience[42]. - The company plans to enhance brand positioning from "camping" to "outdoor lifestyle proposer," covering various outdoor activities and establishing a professional brand image through partnerships with events and explorers[96]. Operational Efficiency and Supply Chain - Digitalization and information integration are being prioritized to improve operational efficiency and manufacturing capabilities, utilizing SAP systems for data analysis[54]. - The company aims to optimize its supply chain and reduce costs while maintaining quality, enhancing competitiveness in the market[54]. - The company is leveraging global manufacturing capabilities in Bangladesh, Vietnam, and China to enhance order delivery and expand its OEM/ODM business[53]. - The company aims to optimize operational efficiency by enhancing supply chain resilience and reducing operational costs through a comprehensive quality management system[97]. - The company plans to adopt a Just-In-Time (JIT) production model to minimize inventory and optimize logistics costs[99]. Corporate Governance and Compliance - The company is committed to maintaining a robust governance structure, ensuring compliance with relevant laws and regulations, and protecting shareholder rights[103]. - The board of directors held 8 meetings during the reporting period, adhering to legal and regulatory requirements, and ensuring effective decision-making processes[104]. - The company strictly adhered to information disclosure requirements, ensuring timely and accurate reporting without any misleading statements or omissions[105]. - The company has established a long-term mechanism to improve corporate governance and protect shareholder rights[106]. - The company has not faced any regulatory criticism or penalties related to information disclosure violations during the reporting period[105]. Employee and Community Engagement - The company has implemented a comprehensive performance evaluation mechanism for employee compensation, ensuring it is competitive and aligned with economic performance[132]. - The training program includes new employee onboarding and ongoing business training, aimed at enhancing overall business capabilities and management levels[133]. - Total social responsibility investment amounted to 3.23 million yuan, with 0.82 million yuan in cash donations and 2.41 million yuan in material donations[155]. - A total of 235 individuals benefited from the company's charitable activities, including donations of clothing and food[155]. - The company mobilized employees to support flood relief efforts in Bangladesh following severe flooding in the summer of 2024[156]. Environmental Responsibility - The company invested 1.1379 million yuan in environmental protection during the reporting period[149]. - The company successfully reduced carbon emissions by 961 tons through measures such as using clean energy and upgrading equipment[152]. - The company achieved a photovoltaic power generation of 580,000 kWh, with a self-sufficiency rate of 33%[152]. - The company is committed to using environmentally friendly materials in product design, increasing the proportion of recyclable materials[153]. - The company promotes resource conservation and sustainable development through waste management and recycling initiatives[154]. Financial Management and Investments - The total amount of raised funds is 27,321.53 million RMB, with a net amount of 26,863.01 million RMB after deductions[181]. - The company has invested 8,198.78 million RMB in the current year from the raised funds[181]. - The project for intelligent warehousing integration has a total investment of 12,322.90 million CNY, with 2,229.54 million CNY invested this year, achieving 91.84% of the planned investment[185]. - The company has completed the use of 3,290.81 million CNY for liquidity support, achieving 100.41% of the planned investment[185]. - The company has not made any changes or terminations to the investment projects during the reporting period[187]. Shareholder Information - The total number of ordinary shareholders decreased from 14,305 to 12,845 during the reporting period[195]. - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 50.44% of the shares, totaling 47,092,574 shares[196]. - The company’s recent share changes have diluted earnings per share and net asset value per share, as noted in the financial indicators section[194]. - The company’s total share capital before the changes was 66,690,000 shares, which increased by 40% after the changes[193].