Joyoung(002242) 深圳商报·2025-03-28 02:58Core Viewpoint - In 2024, the company reported a significant decline in both revenue and net profit, reflecting the challenges faced in the small home appliance industry amid intensified competition and market demand weakness [1][3][4]. Financial Performance - The company achieved operating revenue of 8.849 billion yuan, a year-on-year decrease of 7.94% [2][3]. - Net profit attributable to shareholders was 122.35 million yuan, down 68.55% compared to the previous year [2][3]. - Basic earnings per share were 0.16 yuan, representing a decline of 69.23% [2][3]. - The net cash flow from operating activities was 177.56 million yuan, a decrease of 76.74% year-on-year [2][3]. Cost and Expenses - Operating costs amounted to 6.592 billion yuan, down 8.75% year-on-year, while the gross profit margin increased by 0.66 percentage points [3][4]. - Sales expenses rose to 1.506 billion yuan, an increase of 13.43%, with a sales expense ratio of 17.02%, up 3.21 percentage points [3][4]. - Research and development expenses were 360.97 million yuan, a decrease of 7.19% [3][4]. Revenue Structure and Market Dynamics - Traditional core products like soymilk machines and wall-breaking machines maintained stable performance, while emerging categories like air fryers and health pots accounted for 26% of revenue [4]. - Online sales represented 65.8% of total sales, with significant growth on platforms like Douyin [4]. - The overseas market faced challenges, with revenue declining by 23% due to rising international logistics costs and currency fluctuations [5]. Strategic Initiatives and Future Outlook - The company is focusing on high-end transformation and smart home ecosystem development, with a sales expense ratio of 12.0% [5]. - The management plans to restructure the organization and reduce investment in non-core businesses, aiming to enhance the conversion rate of R&D results to 40% [5]. - The company aims to optimize the supply chain to mitigate risks associated with overseas operations [5].