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 CNY -4.27 billion, representing a decline of 143.43% from CNY 9.84 billion in the previous year[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, reflecting ongoing challenges[20]. - The company reported a significant decline in sales efficiency across various market levels, with the first-level market showing a 20.80% decrease in sales revenue[54]. - 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%[70]. - The company reported a significant increase in contract liabilities to 11,518,134 thousand yuan, which is 5.43% of total assets, reflecting a reclassification of advance payments under new accounting standards[112]. - The company reported a significant decline in investment amounting to 30.19 billion yuan, a decrease of 84.41% compared to the previous year's investment of 193.67 billion yuan[123]. Cash Flow and Liquidity - 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 company reported a cash flow from operating activities showed a net inflow of CNY 807.146 million in Q4, following a negative cash flow in previous quarters[20]. - The company’s liquidity ratios showed a decline, with the current ratio at 0.86 and the quick ratio at 0.62, down from 1.00 and 0.72 respectively[115]. - The net increase in cash and cash equivalents was -6,356,030 thousand yuan, an improvement of 48.33% compared to the previous year[106]. - The company’s accounts receivable turnover days increased to 10.91 days, compared to 8.61 days in the previous year, reflecting a slowdown in collections[115]. Revenue Sources and Sales Performance - The company's online platform sales reached CNY 290.335 billion, a year-on-year increase of 21.60%, accounting for nearly 70% of total sales[25]. - 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, up 21.60%[69]. - Retail sector revenue was CNY 238,502,552 thousand, a decline of 5.97% from CNY 253,655,530 thousand in 2019[84]. - Daily necessities sales increased by 11.22% to CNY 50,683,648 thousand, compared to CNY 45,570,496 thousand in 2019[85]. - The comparable store sales for home appliance and 3C category decreased by 24.31% year-on-year, while the comparable store sales for the mother and baby category decreased by 16.76%[48]. Store Operations and Expansion - The company opened 3,201 new retail cloud franchise stores in 2020, strengthening its channel advantage in lower-tier markets[29]. - As of December 31, 2020, the total number of self-operated stores was 2,649, and the number of Su Ning retail cloud franchise stores was 7,137[34]. - The company experienced a net decrease of 966 stores in 2020, with 1,047 stores closed and 81 new stores opened[45]. - The company adjusted underperforming stores in the first half of 2020, emphasizing "large store" layouts in first and second-tier markets[33]. - The company opened 3,201 new retail cloud franchise stores, bringing the total to 7,137 stores by the end of the reporting period[57]. Investment and Capital Management - The company plans to use the remaining raised funds for logistics operations, new regional distribution centers, and repayment of financial institution loans[133]. - The company has committed to using part of the raised funds for repaying financial institution loans, amounting to CNY 150,000,000[140]. - The company has pledged 2,700,000 thousand yuan in Wanda Department Store equity as part of its financing arrangements[121]. - The company’s financial liabilities increased to 103,762 thousand yuan from 3,383 thousand yuan, indicating a significant rise in financial obligations[118]. - The company completed acquisitions of various express delivery businesses, paying a total of 39.75 million yuan in the reporting period for the final payments of these acquisitions[123]. Strategic Focus and Future Plans - The company plans to continue developing its retail cloud business to enhance service revenue in lower-tier markets[57]. - The company plans to enhance logistics capabilities through the construction of automated sorting centers and regional distribution centers, which will lower operational costs and improve service efficiency[146]. - The company aims to leverage the growing trend of industrial internet development, enhancing its role as a retail service provider amidst the transformation of downstream e-commerce and upstream manufacturing[172]. - The company plans to achieve the goal of opening 4,000 retail cloud stores throughout the year, accelerating the coverage from rural to urban areas[174]. - The company is focused on optimizing the partner mechanism for small and medium-sized stores, aiming to penetrate niche markets through a light-asset model[174]. Dividend Policy and Shareholder Returns - The company plans to maintain a profit distribution policy that ensures cash dividends are at least 10% of the available distributable profit when conditions are met[194]. - The company has committed to not distributing cash dividends or bonus shares for the 2020 fiscal year[197]. - The cash dividend policy was adjusted for 2020 due to the net profit loss, with no dividends or stock bonuses proposed[184]. - The company’s cash dividend total for 2020 was 700,740,000 RMB, which was 243% of the available distributable profit amounting to 288,741,000 RMB[195]. - The company’s share repurchase program was executed within the range of RMB 1 billion to RMB 2 billion, with a maximum repurchase price of RMB 15 per share[185].