Yifeng Pharmary(603939)2025-04-28 15:00Financial Performance - The company reported a net profit attributable to the parent company of RMB 1,528,576,669.36 for the year 2024, with an increase in undistributed profits to RMB 5,366,679,611.84 after accounting for statutory surplus reserves and dividends [6]. - The total profit available for distribution to shareholders at the end of 2024 is RMB 5,366,679,611.84, reflecting the company's strong financial position [6]. - The company's operating revenue for 2024 reached ¥24,062,154,701.73, representing a year-on-year increase of 6.53% compared to ¥22,588,227,402.22 in 2023 [25]. - Net profit attributable to shareholders for 2024 was ¥1,528,576,669.36, an increase of 8.26% from ¥1,411,985,024.41 in 2023 [25]. - Basic earnings per share for 2024 were ¥1.26, reflecting a growth of 7.69% from ¥1.17 in 2023 [26]. - The company's total assets increased by 15.90% to ¥27,974,736,950.35 in 2024, up from ¥24,136,539,194.64 in 2023 [25]. - The net cash flow from operating activities for 2024 was ¥4,221,267,084.53, a decrease of 8.70% compared to ¥4,623,740,795.60 in 2023 [25]. - The weighted average return on equity for 2024 was 14.67%, down from 15.44% in 2023, a decrease of 0.77 percentage points [26]. - The company reported a net profit of ¥6,843,256,838.97 in the fourth quarter of 2024, contributing to the overall annual performance [29]. - Non-recurring gains and losses for 2024 totaled ¥31,495,372.54, compared to ¥50,472,435.18 in 2023 [31]. Dividend Distribution - A cash dividend of RMB 0.40 per share (before tax) is proposed, amounting to a total of RMB 484,966,717.60 based on the total share capital of 1,212,416,794 shares [7]. - The company declared a cash dividend of CNY 484,966,717.60, which accounts for 31.73% of the net profit attributable to ordinary shareholders in the consolidated financial statements [164]. - For the fiscal year 2024, the total cash dividends distributed, including mid-year dividends, will amount to CNY 788,080,878.85, representing 51.56% of the net profit attributable to ordinary shareholders [165]. - Over the last three accounting years, the cumulative cash dividend amount (including tax) reached CNY 1,582,052,749.35, with a cash dividend ratio of 112.84% relative to the average annual net profit [167]. Audit and Compliance - The company has maintained a standard unqualified audit opinion from Tianjian Certified Public Accountants, ensuring the accuracy and completeness of the financial report [5]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties [9]. - The company has a commitment to maintaining transparency and accuracy in its financial disclosures, as emphasized by its management and auditors [5]. - The company has established a comprehensive internal control system, ensuring effective execution and compliance with financial reporting standards, with no significant deficiencies identified [171]. - The company has an independent financial department and a standardized financial accounting system, with no shared bank accounts with controlling shareholders [126]. Market Expansion and Strategy - The company plans to continue its market expansion and product development strategies, although specific new products or technologies were not detailed in the report [8]. - The company expanded its store network by adding 2,512 new stores, including 1,305 self-built, 381 through acquisitions, and 826 franchises, while closing 1,078 stores, resulting in a total of 14,684 stores by the end of the reporting period [40]. - The company is positioned to benefit from supportive policies aimed at expanding medical service supply and improving the convenience of drug purchasing for insured individuals [57]. - The company aims to expand its market presence in Central South, East China, and North China while enhancing brand image and professional service capabilities [112]. - The company is implementing a city-specific expansion strategy to enhance store network efficiency and improve market share through precise site selection and sales forecasting models [113]. Employee and Talent Development - The total number of employees in the parent company and major subsidiaries is 40,018, with 9,416 in the parent company and 30,602 in subsidiaries [156]. - The company has established a comprehensive talent development system, focusing on training and enhancing employee capabilities [159]. - A total of 4,935 training sessions were conducted, with an average training duration of 82.23 hours per employee, enhancing professional service capabilities [43]. - The company has developed a comprehensive employee training system, ensuring over 95% of frontline staff are graduates in medicine or pharmacy [73]. Governance and Shareholder Rights - The company maintains a robust governance structure, ensuring compliance with legal requirements and protecting shareholder rights through transparent operations [122]. - The company has established a complete governance structure, including a board of directors and a supervisory board, ensuring independent operation [127]. - The company has a dedicated investor relations department to ensure timely and accurate information disclosure [124]. - The company has committed to fair pricing principles in related transactions, ensuring compliance with market standards [192]. Environmental and Social Responsibility - The company has reported a reduction of 383.394 tons in carbon dioxide equivalent emissions during the reporting period [176]. - The company has implemented measures such as setting annual water and electricity conservation goals and increasing the use of new energy vehicles in logistics [176]. - The company has disclosed its environmental, social, and governance (ESG) report alongside its annual report on the Shanghai Stock Exchange [176]. - The company operates without high-risk or heavy-pollution activities, primarily generating minor amounts of wastewater, waste gas, and solid waste [175]. Risks and Challenges - The company has not identified any significant risks that could materially affect its operations during the reporting period [10]. - The company faces risks from industry policy changes, which may require adjustments in management and operational systems to mitigate potential operational risks [116]. - The company recognizes the risk of intensified market competition and plans to enhance its management advantages while expanding its store network through new openings, acquisitions, and franchises [118].