ST易购(002024) - 2020 Q4 - 年度财报

Financial Performance - The total revenue for 2020 was CNY 252.30 billion, a decrease of 6.29% compared to CNY 269.23 billion in 2019[13]. - The net profit attributable to shareholders was a loss of CNY 4.27 billion, representing a decline of 143.43% from a profit of CNY 9.84 billion in 2019[13]. - The basic earnings per share for 2020 was -CNY 0.46, down 142.99% from CNY 1.07 in 2019[13]. - The company reported a net profit attributable to shareholders of CNY -4.822 billion in Q4, with a total net profit of CNY -5.798 billion after excluding non-recurring gains and losses[22]. - The company reported a net loss of CNY 5.36 billion, compared to a net profit of CNY 9.32 billion in 2019, marking a decline of 157.49%[71]. - In 2020, the company reported a net loss of RMB 4,274.70 million, resulting in no cash dividends being distributed[180]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to -CNY 1.62 billion, a 90.92% improvement from -CNY 17.86 billion in 2019[13]. - The net cash flow from operating activities in Q4 2020 was CNY 0.81 billion, indicating a positive turnaround[14]. - The company's cash flow from operating activities showed a net outflow of CNY -3.925 billion in Q1, followed by a net inflow of CNY 4.130 billion in Q2[22]. - The net cash flow from investment activities increased by 121.93% to 4,577,270 thousand yuan, attributed to strict control over capital expenditures[105]. - The net increase in cash and cash equivalents was -6,356,030 thousand yuan, showing a 48.33% improvement compared to the previous year[105]. Assets and Liabilities - Total assets at the end of 2020 were CNY 212.08 billion, a decrease of 10.46% from CNY 236.86 billion at the end of 2019[13]. - The net assets attributable to shareholders decreased by 12.58% to CNY 76.86 billion from CNY 87.92 billion in 2019[13]. - The company's accounts payable decreased by 30.03% to 31,051,572 thousand yuan, down from 44,380,475 thousand yuan in the previous year[113]. - The company’s long-term borrowings decreased by 100% to 0, down from 7,720,895 thousand yuan, indicating a significant reduction in long-term debt[113]. - The asset-liability ratio increased slightly to 63.77% from 63.21%, reflecting a marginal increase in financial leverage[114]. Store Operations and Expansion - The company opened 3,201 new retail cloud franchise stores in 2020, establishing a leading channel advantage in lower-tier markets[30]. - The total number of self-operated stores was 2,649, and the number of Su Ning retail cloud franchise stores was 7,137[35]. - The company opened 3,201 new retail cloud franchise stores, bringing the total to 7,137 stores by the end of the reporting period[58]. - The company plans to continue expanding its store network, particularly in lower-tier markets, to enhance market penetration[34]. - The company reported a significant reduction in the number of stores in the East China region, with a net decrease of 226 stores in 2020[45]. Revenue Sources and Sales Performance - The company's online sales reached CNY 290.335 billion, growing by 21.60% year-on-year, accounting for nearly 70% of total sales[26]. - The company's merchandise sales reached CNY 416.31 billion, an increase of 9.92% year-on-year, with online platform sales accounting for nearly 70% at CNY 290.33 billion, growing 21.60%[70]. - Daily necessities sales increased by 11.22% to 50,683,648 thousand yuan, driven by supply chain integration with Carrefour[81]. - The retail sector revenue was 238,502,552 thousand yuan, reflecting a decline of 5.97% year-over-year[78]. Cost Management and Efficiency - The company’s total expenses ratio decreased by 2.61% to 14.08% in 2020, driven by improved cost control and operational efficiency[74]. - The overall operating cost decreased by 2.54% to 223,444,744 thousand yuan, indicating improved cost management[89]. - The gross margin for the main business decreased to 9.01% from 13.03% in 2019, while the overall gross margin fell to 11.28% from 14.84%[71][73]. Strategic Initiatives and Future Plans - The company plans to enhance its online business strategy and explore independent listing opportunities, aiming to improve user experience and scale[29]. - The company aims to cover offline consumption scenarios comprehensively and empower partner stores around community business circles[34]. - The company plans to continue expanding its logistics and e-commerce capabilities through strategic investments and acquisitions[122]. - The company aims to transition from a "retailer" to a "retail service provider" over the next decade, focusing on technology-driven enhancements in supply chain, logistics, and service accessibility for small and medium retailers[168]. - The company is investing in cloud computing, big data, and smart home projects to support its internet transformation and enhance its market competitiveness, although these projects do not directly generate economic benefits[146].