Toly Bread(SH:603866) Sou Hu Cai Jing·2025-04-17 21:02Core Insights - The core viewpoint of the article is that Tao Li Bread (SH603866) reported a decline in revenue and net profit for the year 2024, marking the first revenue decrease since its listing in 2015 [1][3]. Financial Performance - In 2024, the company achieved an operating income of 6.09 billion yuan, a year-on-year decrease of 9.93% compared to 6.76 billion yuan in 2023 [2]. - The net profit attributable to shareholders was 522 million yuan, down 9.05% from 574 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was 497 million yuan, a decline of 9.84% from 552 million yuan in 2023 [2]. - The company reported a net cash flow from operating activities of 998 million yuan, an increase of 23.09% from 811 million yuan in 2023 [2]. Revenue Breakdown - The core products, including the Tao Li brand bread and pastries, generated revenue of 5.91 billion yuan, a decrease of 9.58% from the previous year [6]. - Revenue from seasonal products, such as mooncakes, was 126 million yuan, down 14.95% year-on-year [6]. Expense Analysis - Sales expenses amounted to 482 million yuan, a decrease of 12.25% from 549 million yuan in 2023 [7]. - Research and development expenses were 22.97 million yuan, down 31.84% from 33.70 million yuan in the previous year, with a research and development expense ratio of 0.38% [7]. - The number of research and development personnel was 91, accounting for 1.08% of the total workforce [8]. Product Development - In 2024, the company launched several new products, including various types of bread, to adapt to changing consumer preferences and maintain product competitiveness [9]. - Despite increased R&D spending, concerns were raised regarding the lack of blockbuster products in the market, with the company emphasizing its commitment to providing high-quality products and continuous innovation [9].