SYG(SZ:300740)2025-04-28 16:20Financial Performance - The company's net profit for the year decreased by over 50% compared to the same period last year[5]. - Total revenue for 2024 was approximately ¥4.24 billion, a decrease of 5.69% from ¥4.49 billion in 2023[22]. - Net profit attributable to shareholders was approximately ¥110 million, down 62.63% from ¥294 million in the previous year[22]. - The basic earnings per share decreased to ¥0.28, a decline of 63.16% from ¥0.76 in 2023[22]. - The weighted average return on equity decreased to 5.64%, down from 14.19% in the previous year[22]. - The company reported a total net profit of CNY 65.78 million in Q2 2024, but faced a net loss of CNY 11.44 million in Q3, indicating volatility in profitability throughout the year[24]. - The cash flow from operating activities was approximately ¥266 million, a slight increase of 1.43% from ¥262 million in 2023[22]. - The cash flow from operating activities turned positive in Q4 2024, amounting to CNY 349.75 million, after negative cash flows in the first three quarters[25]. Revenue Breakdown - The revenue from the skincare product category (water, lotion, cream) is approximately ¥3.35 billion, accounting for 79.10% of total revenue, down 4.38% from ¥3.51 billion in 2023[75]. - The revenue from face masks is approximately ¥734.75 million, which is 17.34% of total revenue, down 10.80% from ¥823.69 million in 2023[75]. - Domestic revenue is approximately ¥2.75 billion, representing 64.99% of total revenue, a decrease of 9.29% from ¥3.04 billion in 2023[75]. - Overseas revenue is approximately ¥1.48 billion, representing 35.01% of total revenue, an increase of 1.80% from ¥1.46 billion in 2023[75]. Investment and R&D - The company invested 4.98% of self-owned brand revenue in R&D, focusing on skin mechanism exploration and new raw material development[51]. - The company has a R&D team of over 200 people and collaborates with institutions like Jiangnan University and the Chinese Academy of Sciences for innovation[45]. - R&D investment for 2024 amounted to ¥82,175,539.04, representing 1.94% of operating revenue, an increase from 1.70% in 2023[86]. - The company aims to develop a new antioxidant ingredient based on the Nrf2-ARE pathway, with multiple raw materials undergoing efficacy validation[84]. Market Strategy - The company aims to enhance brand asset construction and product quality, focusing on a dual business model of self-owned and partner brands to drive growth[33]. - The company is actively expanding its global presence, focusing on high-end brand development and enhancing operational decision-making efficiency[49]. - The company has established a global sales network with presence in major cities across China, the UK, France, the US, and Canada, ensuring comprehensive market coverage[34]. - The company is committed to building a high-end global beauty brand group, aiming for sustainable development through a multi-brand matrix strategy[33]. Corporate Governance - The company emphasizes the importance of information disclosure, ensuring accurate and timely communication with investors[132]. - The board consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[130]. - The company maintains independence from its controlling shareholders in terms of operations, assets, and finances[137]. - The company has implemented a performance evaluation and incentive mechanism for directors and senior management[134]. Shareholder Relations - The company plans to distribute a cash dividend of 1 yuan (including tax) for every 10 shares, totaling 38,867,699.80 yuan (including tax) based on a total share capital of 388,676,998 shares[164]. - The company will not distribute cash dividends, issue bonus shares, or increase share capital from capital reserves for the 2024 fiscal year, prioritizing the retention of profits for future development[166]. - The company has a share repurchase plan in place, with a focus on canceling shares to enhance shareholder value[140]. Risk Management - The company has indicated potential risks in its future development outlook section[5]. - The company faces supply chain management risks due to the need for timely and diverse product delivery, which requires maintaining adequate inventory levels[116]. - Intense competition in the cosmetics industry poses risks, with potential market share loss if the company fails to adapt to consumer demands and new sales channels[118]. - Macroeconomic fluctuations could impact consumer purchasing power, potentially leading to decreased demand for cosmetics and affecting revenue and profit[121]. Environmental and Social Responsibility - The company actively engages in corporate social responsibility, focusing on environmental protection and stakeholder rights[182]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[180]. - The company has established a fair procurement system to protect supplier rights and ensure compliance with contracts[184]. Employee Relations - The total number of employees at the end of the reporting period was 2,040, with 25 in the parent company and 2,015 in major subsidiaries[161]. - The company has a training center that focuses on cultural, brand, management, and general skills training to enhance employee capabilities[163]. - The company has a three-tier incentive mechanism consisting of "basic income + diversified bonuses + medium to long-term incentives" to ensure competitive salary structures[162]. Legal and Compliance - The company has not reported any significant defects in non-financial reporting[177]. - The internal control audit report received a standard unqualified opinion, indicating no significant issues were found[177]. - The company will ensure compliance with legal obligations regarding the IPO process and investor protection measures[190].