EA(SZ:002183) Hua Xia Shi Bao·2025-04-11 09:14Core Viewpoint - The company, Yiyaton, reported a significant decline in both revenue and net profit for the year 2024, primarily due to a substantial shrinkage in its core traditional supply chain business, while its transformation efforts have yet to yield significant results [2][4]. Financial Performance - The company's total revenue for 2024 was 77.62 billion yuan, a year-on-year decrease of 17.8% - The net profit attributable to shareholders was 106 million yuan, down 24.92% from the previous year [2]. - The core supply chain business generated revenue of 68.868 billion yuan, a decline of 20.89% [3]. - The overall gross profit margin for the company was reported at 4.31%, indicating a relatively low profitability compared to industry peers [6]. Business Transformation and New Ventures - Yiyaton is attempting to transition from a traditional supply chain service provider to a comprehensive trading company that integrates supply chain, industrial chain, and incubation services [4]. - New business segments such as AI computing and semiconductor distribution have shown growth, with AI computing revenue reaching 827 million yuan (up 27.30%) and semiconductor distribution revenue at 1.341 billion yuan (up 48.93%), but these still only account for 2.79% of total revenue [4][5]. - The company has not disclosed specific revenue figures for its white wine and new energy materials businesses, indicating a lack of transparency in these areas [5]. Market Competition and Challenges - The company faces increasing competition in the supply chain management sector due to the entry of traditional logistics firms and new supply chain service providers, which has led to a decline in market share for traditional models [3][4]. - The competitive landscape is further complicated by the rapid evolution of the supply chain industry driven by digital technology and globalization [3]. Financial Risks - Yiyaton's asset-liability ratio reached 81.87%, an increase of 1.69% year-on-year, indicating a high level of financial risk [6]. - The company has a significant short-term debt burden, with short-term interest-bearing liabilities amounting to 23.127 billion yuan, nearly 50% of total liabilities, while cash reserves stand at only 13.266 billion yuan, highlighting a liquidity risk [6]. - The company has decided to repurpose funds from previously planned projects to address immediate liquidity needs, reflecting ongoing financial strain [6]. External Factors - The company acknowledges that changes in the international political and economic environment, such as rising trade protectionism and geopolitical tensions, could impact its business operations [7]. - Recent U.S. tariff increases may also affect the company's operations, prompting it to closely monitor international developments and adapt its business strategies accordingly [7].