五芳斋2024年主营业务毛利率提升 探索海外增量市场

Core Insights - Zhejiang Wufangzhai Industrial Co., Ltd. reported a revenue of 2.251 billion yuan and a net profit attributable to shareholders of 142 million yuan for the year 2024, indicating overall stable financial performance during a structural adjustment period in the food industry [2] Financial Performance - The company's main business gross margin increased to 39.63% in 2024, with the zongzi series gross margin rising by 5.25 percentage points year-on-year [3] - Operating cash flow net amount grew by 12.53% year-on-year, reaching 315 million yuan [3] - Sales and management expenses both saw double-digit year-on-year reductions, with sales expenses decreasing by 10.28% and management expenses by 12.56% [3] Product and Market Strategy - The zongzi series contributed 1.579 billion yuan in revenue, accounting for 72.24% of the company's main business income [4] - Zongzi is evolving from a seasonal food to a daily convenience food, particularly in regions like Zhejiang, Jiangsu, and Shanghai, where it has become a staple breakfast item [4] - In 2024, the company achieved 113 million yuan in revenue from the East China region, representing nearly half of its main business income [4] International Expansion - The company reported 15.47 million yuan in overseas revenue, marking an 8.23% year-on-year increase [5] - Wufangzhai is actively expanding into international markets, having established companies in Singapore, France, and Japan, with plans for two stores at Changi Airport expected to open in 2025 [5] - The company is also involved in the development of international standards for zongzi, indicating a commitment to global market integration [5]