Core Viewpoint - The stock of Zibuyu (02420.HK) has surged significantly, driven by strong financial performance in 2024, with a notable recovery in revenue and profitability [2][4]. Financial Performance - In 2024, Zibuyu reported revenue of approximately 3.33 billion RMB, marking a year-on-year increase of 10.8% [3][4]. - The gross profit for the year reached about 2.47 billion RMB, reflecting a 26.4% increase compared to the previous year, with a gross margin of approximately 74.3%, up by 9.1 percentage points [4]. - The company achieved a net profit attributable to shareholders of 151 million RMB, successfully turning around from a loss in 2023 [3][4]. - Operating cash flow reached a historical high of approximately 261.87 million RMB [4]. Market Position and Strategy - Zibuyu is positioned as a leading cross-border e-commerce company in the footwear and apparel sector, primarily targeting the North American market [3][4]. - The majority of revenue, approximately 98%, comes from third-party platforms, with a significant portion generated from North America [4]. - The company has improved operational efficiency and inventory management, which has contributed to reduced inventory impairment and related storage costs [4]. Dividend and Investor Response - The board of Zibuyu announced a dividend of 0.12 HKD per share, reflecting a commitment to returning value to shareholders, which has positively influenced investor sentiment and stock performance [4]. Competitive Landscape - Despite strong performance, the competitive landscape in the cross-border apparel industry is intense, with concerns about design homogenization and the competitive advantages of larger platforms [4]. - The company's ability to maintain a competitive edge in the increasingly crowded e-commerce market remains uncertain [4]. Employee Engagement - The CEO announced a 4.5-day workweek to enhance employee efficiency and personal development, which has garnered positive attention from the public [5].
跨境电商赚high了，子不语再度飙涨近19%！