Core Viewpoint - After a painful transformation period, the company Urban Beauty has returned to a net profit level of over 100 million RMB for the first time in six years, driven not only by its lingerie business but also by significant income from property sales [1][2]. Financial Performance - In 2024, Urban Beauty achieved a revenue of 3.01 billion RMB, representing a year-on-year growth of 9.18%. The profit attributable to the owners was 126 million RMB, a substantial increase of 197% [1][2]. - The revenue breakdown shows that the core business of intimate apparel contributed 2.555 billion RMB, while non-core logistics and property sales contributed 132 million RMB and 323 million RMB, respectively [2][3]. Property Sales Contribution - The property sales generated over 300 million RMB in revenue, contributing approximately 60-70 million RMB to the company's profit after tax, which accounts for about half of the total profit for 2024 [4][6]. - The company has plans to continue selling properties based on existing industrial project resources, with a significant project in Dongguan contributing to this income [5][6]. E-commerce and Market Strategy - The main business of intimate apparel saw a revenue decline of 3.33%, primarily due to a 21.63% drop in e-commerce revenue, as the company shifted some e-commerce channels from direct sales to joint ventures [6][7]. - Despite the revenue decline, the e-commerce gross merchandise volume (GMV) exceeded 1.5 billion RMB, showing over 100% year-on-year growth, indicating a strategic focus on market share rather than immediate revenue [6][7]. Store Expansion and Future Plans - Urban Beauty opened 850 new stores in the past year, bringing the total to over 4,500, with a target of reaching 5,000 stores by 2025, focusing on store efficiency rather than just quantity [7]. - The company is also exploring international expansion through cross-border e-commerce, particularly in Southeast Asia, with ongoing research and planning [7].
都市丽人2024年净赚1.26亿元，“卖楼”业务贡献近一半