JH Group(603518) 新浪财经·2025-03-30 12:30Core Viewpoint - In 2024, the company reported a slight decline in revenue but a modest increase in net profit, indicating stable performance amid a challenging environment [1] Financial Performance - The company achieved a revenue of 4.4 billion yuan, down 3.3% year-on-year, while net profit attributable to shareholders was 310 million yuan, up 2.9% year-on-year [1] - The earnings per share (EPS) was 0.89 yuan, with a proposed cash dividend of 0.13 yuan per share, resulting in a payout ratio of 35.0% [1] - Quarterly revenue trends showed a decline in Q1 to Q3, with Q4 showing a recovery with a 1.6% increase [1] Brand Performance - The TW brand revenue slightly decreased by 1%, while the cloud brocade brand experienced significant growth of 63.9% [2] - The revenue contribution from TW brand, Vigna, and cloud brocade was 79%, 18%, and 2% respectively [2] - The TW brand's revenue breakdown by category showed women's wear, men's wear, and children's wear contributing 66%, 13%, and 21% respectively [2] Channel and Store Performance - Online and offline channels contributed 40% and 59% to total revenue, with offline channels experiencing a 6.7% decline [2] - The number of offline stores for TW brand, Vigna, and cloud brocade was 1,047, 186, and 1 respectively, with a notable increase in franchise stores [3] - The average monthly store efficiency for TW brand and Vigna decreased by 4.4% and 6.6% respectively [3] Profitability and Cost Management - The gross margin for 2024 was 68.6%, a slight decrease of 0.6 percentage points year-on-year [4] - The company managed to reduce its expense ratio to 59.5%, with a notable decrease in sales expenses [5] - Inventory turnover improved, while accounts receivable turnover slowed down [5] Future Outlook - The company plans to enhance product and channel transformation to drive high-quality growth and improve profitability [6] - The TW brand is focusing on expanding its product categories and optimizing its retail strategy [6] - High-growth segments such as the Yuanxian brand and IP licensing are expected to contribute significantly to future revenue [7]