Financial Performance - For the fiscal year 2024, the company's revenue increased by approximately RMB 98.2 million or 15.0% to about RMB 752.8 million, compared to approximately RMB 654.6 million in fiscal year 2023[13]. - The profit attributable to the company's owners decreased by approximately RMB 2.9 million or 5.3% to about RMB 54.8 million in fiscal year 2024, down from approximately RMB 57.7 million in fiscal year 2023, primarily due to increased listing expenses of about RMB 7.7 million[13]. - Revenue from the company's brand products business grew significantly by approximately RMB 68.8 million or 44.6%, reaching about RMB 222.8 million in FY2024, up from RMB 154.0 million in FY2023[22]. - The gross profit margin improved to 30.9% in FY2024 from 30.1% in FY2023, while the net profit margin decreased to 7.3% from 8.8%[27]. - The group's revenue increased from approximately RMB 654.6 million in FY2023 to approximately RMB 752.8 million in FY2024, representing a growth of about 15.0%[28]. - Gross profit increased from approximately RMB 197.3 million in FY2023 to approximately RMB 232.9 million in FY2024, a growth of about 18.0%, with the gross margin improving from approximately 30.1% to approximately 30.9%[31]. - Sales costs rose from approximately RMB 457.3 million in FY2023 to approximately RMB 519.9 million in FY2024, an increase of about 13.7%[28]. Business Segments - The two business segments, contract manufacturing and branded products, accounted for approximately 60.1% and 29.6% of total revenue, respectively, in fiscal year 2024[18]. - In the ODM business, the company ranked second in the export of disposable baby care products to Russia in 2023, with revenue remaining stable at approximately RMB 452.8 million for FY2024 compared to RMB 448.4 million for FY2023[19]. - Contract manufacturing revenue remained stable at approximately RMB 448.4 million in FY2023 and approximately RMB 452.8 million in FY2024, despite a decline in sales to Russia[29]. - Brand product revenue surged from approximately RMB 154.0 million in FY2023 to approximately RMB 222.8 million in FY2024, marking an increase of about 44.6%[29]. Market Strategy and Growth - The company aims to strengthen its market position in the baby care product category while expanding its market share in female hygiene and adult incontinence products[15]. - The company is focusing on direct-to-consumer (D2C) models to enhance consumer engagement and experience with its brand products[12]. - The global market for disposable hygiene products continues to show strong growth, driven by increasing consumer awareness of hygiene and ecological sustainability[15]. - The company is positioned to leverage the growing market potential for disposable hygiene products driven by increasing disposable income and consumer preferences for quality products[23]. - The company is optimistic about future opportunities and aims to expand market coverage while enhancing its product offerings[23]. Operational Efficiency - The company is committed to optimizing operational efficiency through vertical integration, covering all aspects from product development to logistics management[12]. - The company maintains a strong supply chain and vertically integrated business model, providing flexibility to respond to market changes[23]. - The company plans to add three new production lines for baby care products and one for women's hygiene products as part of its capital expenditure strategy through FY2025[23]. Financial Stability - The interest coverage ratio significantly increased to 501.6 times in FY2024 from 120.0 times in FY2023, indicating improved financial stability[27]. - The current ratio improved to 1.3 times in FY2024 from 1.1 times in FY2023, reflecting better liquidity management[27]. - Trade and other receivables increased from approximately RMB 94.7 million as of December 31, 2023, to approximately RMB 198.3 million as of December 31, 2024, a rise of about 142.3%[40]. - Trade and other payables increased by approximately RMB 65.4 million or 52.0% from RMB 125.7 million as of December 31, 2023, to RMB 191.1 million as of December 31, 2024[44]. - Total interest-bearing borrowings rose to approximately RMB 33.0 million as of December 31, 2024, compared to RMB 13.0 million as of December 31, 2023, indicating a significant increase of approximately 153.8%[45]. - The capital-to-debt ratio improved to approximately 9.6% as of December 31, 2024, down from 15.7% as of December 31, 2023, mainly due to the waiver of amounts payable to the controlling shareholder[45]. Management and Governance - 顏培坤先生 appointed as Executive Director and Chairman on May 8, 2024, with over 29 years of experience in manufacturing and trade[61]. - The company has a strong management team with diverse backgrounds in various industries, enhancing strategic development and operational efficiency[61][64][67][68][72][73]. - The company is committed to maintaining high standards of corporate governance and compliance through its board structure and independent directors[73]. - The company has adopted the corporate governance code as per the listing rules since its listing date[89]. - The company has confirmed compliance with the standard code of conduct for directors' securities transactions since its listing date[91]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, with a diverse range of expertise[121]. Shareholder and Community Engagement - The company has not proposed any final dividends for the fiscal years 2024 and 2023, reflecting a focus on reinvestment[54]. - The company encourages shareholders to attend general meetings and express their opinions directly to the board[140]. - The company made charitable donations amounting to RMB 50,000 during the fiscal year 2024[168]. - The company aims to maintain high levels of disclosure and financial transparency to its shareholders and investors[143]. - The company has reviewed its shareholder communication policy and found it effective since the date of listing[144]. Compliance and Risk Management - The company has established a monitoring system to prevent and combat corruption, misappropriation of funds, and commercial bribery[137]. - The board has confirmed the effectiveness and adequacy of the risk management and internal control systems as of the report date[136]. - The company has complied with relevant laws and regulations without any significant violations during the fiscal year 2024[154].
舒宝国际(02569) - 2024 - 年度财报