Joyoung(002242) 搜狐财经·2025-03-27 14:41Core Viewpoint - Joyo's 2024 financial report shows a decline in both revenue and net profit, indicating challenges in the kitchen small appliance market due to intensified competition and limited government subsidies [1][2]. Financial Performance - Revenue for 2024 was 8.849 billion yuan, a year-on-year decrease of 7.94% [2]. - Net profit attributable to shareholders was 122 million yuan, down 68.55% year-on-year [2]. - Operating cash flow was 178 million yuan, a decline of 76.74% compared to the previous year, primarily due to reduced cash receipts from sales [3]. Market and Product Insights - The kitchen small appliance market overall saw a retail sales decline of 0.8% in 2024 [3]. - Joyo launched several new products in the mid-to-high-end market, including the non-stick coating rice cooker and various health-oriented appliances [3]. - The nutrition cooker series accounted for the highest revenue share at 36.22 billion yuan, but saw a year-on-year decline of 2.03 percentage points [4]. Sales and Expenses - Sales expenses increased by 13.43% to 1.506 billion yuan, with a sales expense ratio of 17.02%, up 3.21 percentage points [3]. - Management expenses rose by 0.92% to 385 million yuan, with a management expense ratio of 4.35%, an increase of 0.38 percentage points [3]. - R&D investment decreased by 7.19% to 361 million yuan [3]. Regional Performance - Domestic sales accounted for over 80% of total revenue, amounting to 7.237 billion yuan, while overseas sales were 1.612 billion yuan, down 27.97% year-on-year [4]. - The gross margin for domestic sales decreased by 0.8 percentage points to 29.77%, while overseas sales gross margin fell by 0.73 percentage points to 8.6% [5]. Sales Channels - Online sales performed well, generating 5.288 billion yuan, a year-on-year increase of 1.44%, and accounting for 59.75% of total revenue [5]. - Offline sales dropped significantly, contributing 3.562 billion yuan, a year-on-year decline of 19.05%, and reducing its share from 45.77% to 40.25% [5].