ST易购(002024) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was CNY 244.96 billion, representing a 30.35% increase compared to CNY 187.93 billion in 2017[16]. - The net profit attributable to shareholders for 2018 was CNY 13.33 billion, a significant increase of 216.38% from CNY 4.21 billion in 2017[16]. - The basic earnings per share for 2018 was CNY 1.44, up 220.00% from CNY 0.45 in 2017[16]. - The weighted average return on equity for 2018 was 16.83%, an increase of 11.07% from 5.76% in 2017[16]. - The company's gross profit margin increased by 0.91% compared to the previous year, reaching 15.24%[96]. - Operating profit, total profit, and net profit for the year were CNY 13.66 billion, CNY 13.95 billion, and CNY 12.64 billion, respectively, reflecting year-on-year growth of 235.09%, 221.91%, and 212.20%[89]. - The self-operated product sales volume was CNY 149.79 billion, with a year-on-year growth of 53.70%, while the open platform transaction volume surged by 100.31% to CNY 58.56 billion[85]. - The financial services segment reported an impressive growth of 80.44%, reaching 2.57 billion CNY[101]. Cash Flow and Investments - The company reported a net cash flow from operating activities of -CNY 13.87 billion, a decline of 110.05% compared to -CNY 6.61 billion in 2017[16]. - The net cash flow from operating activities decreased by 110.05%, primarily due to rapid growth in financial services leading to a cash outflow of CNY 8.56 billion[127]. - The net cash flow from investment activities decreased by 122.40% due to the company's equity investment activities[128]. - The company reported investment income of CNY 13,990,648, which constituted 100.32% of total profit, primarily from the sale of Alibaba shares[130]. - The company’s long-term equity investments rose significantly to CNY 17,674,550, up from CNY 1,767,204, indicating a strategic focus on expanding investment portfolios[134]. Store Expansion and Operations - The company opened 3,972 new Su Ning small stores in 2018, bringing the total to 4,177 stores by the end of the year[34]. - The company opened 615 new conventional stores and closed 77 stores during the reporting period, resulting in a net increase of 538 stores[36]. - The company has a total of 8,881 self-operated stores and 2,071 retail cloud franchise stores as of December 31, 2018[32]. - The total number of new stores opened in 2018 was 5,483, with a net increase of 4,830 stores after closures[48]. - The company’s total number of new stores opened in 2018 was 3,973, with a net increase of 3,968 stores, covering an area of 56.22 million square meters[52]. Logistics and Supply Chain - The logistics network covers 351 prefecture-level cities and 2,858 county-level cities, with a total warehousing area of 9.5 million square meters as of December 31, 2018[73]. - The company completed the expansion of 14 logistics bases and newly built 6 logistics bases during the reporting period, with 50 logistics bases operational in 41 cities[73]. - The company’s cold chain logistics construction was accelerated, with 46 fresh cold chain warehouses put into use, covering 179 cities[73]. - The company has integrated its logistics network with Tian Tian Express, enhancing operational efficiency and delivery timeliness across 22 cities[184]. Research and Development - R&D expenses increased by 80.81% year-on-year, amounting to CNY 2.26 billion, indicating a strong focus on innovation[95]. - The number of R&D personnel increased by 52.57% to 8,297, while R&D investment rose by 59.34% to 2,898,734 thousand yuan[123]. Financial Strategy and Wealth Management - The company approved the use of up to 150 billion RMB of raised funds for purchasing wealth management products, with a rolling usage within one year[194]. - In 2018, the company and its subsidiaries used 69,328.54 million RMB of idle raised funds for bank wealth management products, generating a return of 382.54 million RMB[195]. - The company’s investment in wealth management products was aimed at enhancing the efficiency of fund usage and increasing financial returns[197]. - The company’s financial strategy includes a focus on safe and effective management of idle funds to optimize returns[199]. Market Presence and Sales Growth - The online platform achieved a transaction scale of 208.35 billion yuan (including tax) in 2018, representing a year-on-year growth of 64.45%[69]. - The comparable store sales for home appliances, 3C, and home living specialty stores increased by 2.39% year-on-year, with comparable store sales per square meter growing by 4.72%[53]. - The comparable store sales for Suning's Red Baby stores increased by 29.78% year-on-year, with comparable store sales per square meter growing by 12.74%[53]. Strategic Acquisitions and Partnerships - The company acquired a 100% stake in Dia Tian Tian for 1 Euro, enhancing its community convenience store layout in Shanghai[149]. - The company signed an investment agreement to contribute RMB 1.5 billion for a 25% stake in TCL Industrial Holdings, enhancing collaboration in home appliances and consumer electronics[150]. - The company completed various significant equity investments totaling approximately RMB 23.42 billion across multiple sectors, including commercial services and securities[156].