Core Viewpoint - Blue Moon's 2024 financial report reveals a significant contradiction between revenue growth and profit loss, marking the company's first loss since its IPO and the first in eight years [1][2][3] Revenue and Profit - The company reported a revenue increase of 16.8% year-on-year, reaching 85.56 billion HKD, while simultaneously incurring a loss of 749.31 million HKD, a decline of 330.3% in profit [1][3][4] - Historical data shows a downward trend in net profit from a peak of 1.31 billion HKD in 2020 to the current loss, despite revenue generally trending upwards [3][4] Marketing Expenditure - Sales expenses surged to 50.49 billion HKD in 2024, a 55.6% increase, which is nearly equivalent to four years of the company's peak net profit [5][7] - The marketing expense growth rate has accelerated significantly, with the ratio of marketing expenses to revenue rising from 28.8% in 2020 to 59% in 2024 [7][8] Online and Offline Channels - Blue Moon has heavily invested in online channels, achieving a 34.1% increase in online revenue, which now constitutes 59.7% of total revenue [12][13] - However, the company faces challenges in offline channels, with revenue from offline distributors dropping from 50.1% in 2021 to 36.57% in 2024 [15][16] Product Development and Strategy - The company has focused on marketing rather than product development, with a research and development expense ratio of only 0.51% compared to 59.7% for marketing [16][18] - Blue Moon is attempting to expand its product categories, with notable growth in its cleaning product matrix, but it may take time to establish a second growth curve [18] Future Investments - The company plans to invest at least 890 million HKD in a new multifunctional building in Guangzhou, indicating a commitment to enhancing its "clean ecosystem" despite current losses [18]
利润暴跌330%，股价却连涨，蓝月亮在赌什么？