Financial Performance - For the year ended December 31, 2024, revenue decreased by 0.4% to RMB 1,442,291,000 compared to RMB 1,448,376,000 in 2023[16] - Gross profit declined by 2.4% to RMB 978,205,000, resulting in a gross profit margin of 67.8%, down from 69.2%[16] - Loss before tax increased significantly by 195.8% to RMB 155,665,000, compared to a loss of RMB 52,625,000 in the previous year[16] - The loss for the year escalated by 228.6% to RMB 165,849,000, compared to RMB 50,475,000 in 2023[16] - Earnings attributable to owners of the Company turned into a loss of RMB 176,621,000, a drastic change from a profit of RMB 7,429,000 in the prior year, representing a 2,477.5% decline[16] - Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) rose by 287.9% to RMB 121,397,000, compared to RMB 31,295,000 in the previous year[16] - Adjusted non-HKFRS earnings for the year increased by 77.9% to RMB 75,230,000, up from RMB 42,289,000[16] Revenue and Sales Metrics - In 2024, Youzan achieved a gross merchandise volume of approximately RMB102.8 billion, with an average sales per merchant of approximately RMB1,840,000, representing a year-on-year increase of about 14%[21] - Youzan's revenue for 2024 was approximately RMB1.44 billion, with a year-on-year increase of over 4% in the second half of the year, and adjusted EBITDA of approximately RMB121 million, reflecting a year-on-year increase of approximately 288%[27] - The revenue renewal rate for the target customer group increased to 68%, with the new retail target customer group achieving a renewal rate of 86%[24] - Revenue from Subscription Solutions decreased by 6.9% year-on-year to approximately RMB780,638,000, primarily due to a decrease in the number of paying merchants[82] - Revenue from Merchant Solutions increased by 8.6% year-on-year to approximately RMB658,215,000, mainly driven by growth in logistic solutions[84] Asset and Equity Growth - The company reported a net current assets increase of 59.1%, rising from RMB222,928,000 in 2023 to RMB354,575,000 in 2024[18] - Youzan's total assets grew by 9.6% from RMB5,395,014,000 in 2023 to RMB5,911,211,000 in 2024[18] - The total equity attributable to owners increased by 5.5%, from RMB1,021,330,000 in 2023 to RMB1,077,159,000 in 2024[18] Operational Efficiency and Cost Management - Selling expenses decreased by 15% year-on-year, and the selling expense ratio decreased to 39%[66] - Staff costs decreased by 15.9% year-on-year to approximately RMB100,291,000, attributed to a reduction in headcount[92] - Administrative expenses decreased by 11.0% year-on-year to approximately RMB137,864,000 in 2024, compared to RMB154,949,000 in 2023, primarily due to reduced legal and professional fees related to the acquisition of approximately 48.10% equity in Youzan Technology[103][106] - The Group recorded a 15.3% year-on-year decrease in selling expenses to approximately RMB556,423,000, down from RMB657,038,000 in 2023[102][106] Technology and Innovation - Youzan has integrated intelligent technologies to help merchants increase transaction volumes and reduce operational costs[36] - The company aims for "Jarvis Intelligence" to help merchants double their existing team's productivity by 2025, completing over 1 million intelligent tasks daily[39][41] - In 2024, the company integrated DeepSeek for multi-channel food delivery product association and marketing plan generation, enhancing its intelligent capabilities[40] - The company plans to achieve business growth while maintaining a steady increase in profit margins and increasing the "silicon content" in all business processes to build an intelligent organization[46] Merchant Engagement and Community Building - The company has held nearly 200 offline meetings in 2024, with an average of over 200 merchants participating in each meeting, fostering extensive ecological cooperation[34] - Nearly 70% of active merchants are chain store merchants, indicating a strong market presence in various retail sectors[29] - The company aims to help merchants improve customer retention and operational efficiency through its Youzan Beauty solutions, targeting the beauty and health care sectors[57] Financial Position and Liquidity - The cash balance at the end of 2024 was approximately RMB889 million[66] - As of December 31, 2024, the Group's borrowings amounted to approximately RMB 338,725,000, down from RMB 470,444,000 in 2023[152] - The Group's gearing ratio as of December 31, 2024, was 5.7%, a decrease from 8.7% as of December 31, 2023, primarily due to increased balances with the central bank and reduced interest-bearing borrowings[154] Share Options and Employee Incentives - The Share Option Scheme 2019 was adopted on June 12, 2019, and terminated on June 29, 2023, but the validity of outstanding share options remains unaffected[184] - The Company approved a new Share Option Scheme 2023 at the 2023 annual general meeting, with no share options granted, exercised, lapsed, or cancelled under this scheme during the year ended December 31, 2024[192] - The Share Award Scheme, adopted on May 31, 2018, aims to recognize contributions by eligible persons and provide incentives for retention and attraction of suitable personnel[194] - The total number of shares granted across various awards reflects the company's commitment to employee retention and performance[199]
有赞(08083) - 2024 - 年度财报