A-Zenith(603389)2025-04-29 16:40Financial Performance - The net profit attributable to shareholders of the parent company for 2024 was -116,957,614.78 CNY, showing an improvement from -129,135,920.26 CNY in 2023[4]. - Total revenue for 2024 was 202,401,950.89 CNY, a slight increase of 2.09% compared to 198,255,380.71 CNY in 2023[19]. - The net cash flow from operating activities for 2024 was -37,585,111.66 CNY, worsening from -31,808,486.67 CNY in 2023[19]. - The total assets decreased by 9.65% to 587,276,757.11 CNY at the end of 2024, down from 649,997,807.25 CNY in 2023[19]. - The net assets attributable to shareholders of the parent company decreased by 31.05% to 259,721,007.32 CNY at the end of 2024, compared to 376,678,622.10 CNY in 2023[19]. - Basic earnings per share for 2024 were -0.45 CNY, slightly improved from -0.49 CNY in 2023[20]. - The company reported a net loss of CNY 249,830,725.66 in 2024, compared to a net loss of CNY 84,142,271.84 in 2023, indicating a worsening of approximately 196.67%[194]. - The total profit for 2024 was CNY -168,376,568.16, compared to CNY -81,739,633.04 in the previous year, reflecting a negative trend[199]. Revenue and Sales - The company reported a decrease in revenue from main business activities, with a total of 190,630,964.41 CNY in 2024, up 5.38% from 180,903,862.74 CNY in 2023[19]. - The company achieved operating revenue of 202.40 million RMB, a year-on-year increase of 2.09%[26]. - The company's total revenue for the home furnishing sector reached ¥194,060,153.25, representing a year-on-year increase of 3.69%[67]. - The revenue from the high-end custom furniture segment was ¥79,658,177.02, with a gross profit margin of 42.31%, showing a slight decrease of 0.23% compared to last year[68]. - The revenue from the cabinet category decreased by 22.72% year-on-year, while the bed group category saw a decline of 19.56%[67]. - The direct sales model generated ¥72,255,809.45 in revenue, with a gross profit margin of 41.88%, despite a year-on-year decline of 16.12%[68]. Expenses and Costs - Sales and management expenses decreased by 21.73% compared to the same period last year, but the expense ratios remained high due to revenue pressure[26]. - Research and development expenses decreased by 28.44% to CNY 7.85 million compared to the previous year[63]. - Total operating costs decreased to CNY 280,869,463.66 in 2024 from CNY 315,834,897.04 in 2023, representing a reduction of about 11.06%[196]. - The sales expenses decreased by 19.66% to 70,861,300.58 compared to the previous year, primarily due to reduced renovation and rental costs[75]. Assets and Liabilities - The company's total equity decreased to CNY 343,541,506.48 in 2024 from CNY 509,229,960.30 in 2023, reflecting a decline of about 32.54%[194]. - The total current assets amount to RMB 228.30 million, an increase from RMB 214.57 million in the previous year, indicating a growth of approximately 6.93%[189]. - The total non-current assets decreased to CNY 261.12 million from CNY 298.65 million, indicating a decline of about 12.59%[189]. - The total liabilities increased to CNY 166,210,008.80 in 2024 from CNY 122,575,113.23 in 2023, marking an increase of approximately 35.52%[194]. Corporate Governance - The company has established a complete corporate governance structure in compliance with relevant laws and regulations[107]. - The company held a total of 3 shareholder meetings and 9 board meetings during the reporting period[107]. - The total remuneration for all directors, supervisors, and senior management was 3.3284 million yuan[114]. - The company has not faced any regulatory requirements for rectification during the reporting period[107]. - The company’s board of directors and supervisory board operated independently without any issues[107]. Strategic Initiatives - The company is actively expanding its mid-range furniture production line to provide comprehensive home living solutions[26]. - The company implemented a dual strategy of "distribution network optimization + digital marketing innovation" to enhance its market ecosystem, focusing on standardized sales empowerment and dynamic evaluation mechanisms[27]. - The company is advancing its digital transformation with a focus on "smart manufacturing + precise service," optimizing production lines and enhancing supply chain efficiency[27]. - The company aims to enhance its brand image and market position by expanding its product series and maintaining a high-quality positioning for its main brand A-ZENITH[54]. Risks and Challenges - The company has outlined potential risks in its future development, which investors should be aware of[5]. - The company is facing a delisting risk due to a negative net profit and revenue below 300 million CNY for the fiscal year 2024[147]. - The company faces risks related to new product development, including potential misalignment with market demands, which could affect sales performance[102]. - The company operates under a "direct sales + distribution" model, which may face challenges if distributors experience sales slowdowns or operational issues[104]. Environmental and Social Responsibility - The company invested 192,000 CNY in environmental protection during the reporting period[137]. - The company implemented carbon reduction measures, resulting in a decrease of 253.7 tons of CO2 emissions through the use of solar power[140]. - The company emphasizes training programs aimed at enhancing professional skills and innovation awareness among employees[128].