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桃李面包2024年多区域营收下滑,经销商净减少26家

Core Insights - The company reported a decline in revenue and net profit for the year 2024, marking the first revenue decrease since its listing in 2015 [1][2]. Financial Performance - The total revenue for 2024 was 6.09 billion, a decrease of 9.93% compared to 2023 [2]. - The net profit attributable to shareholders was 522 million, down 9.05% year-on-year [2]. - The net profit after excluding non-recurring gains and losses was 497 million, reflecting a 9.84% decline [2]. - Cash flow from operating activities increased by 23.09% to 998 million [2]. Revenue Breakdown - Core products, including the company's bread and pastries, generated 5.91 billion in revenue, a decrease of 9.58% [5]. - Seasonal products, such as mooncakes, saw a revenue drop of 14.95%, totaling 126 million [5]. Regional Performance - Revenue declined across all regions, with the most significant drop in South China at 25.79% [5][6]. - Revenue by region for 2024: North China (1.37 billion, -10.10%), Northeast (2.41 billion, -14.77%), East China (1.92 billion, -8.22%), Central China (205 million, -0.63%), Southwest (721 million, -5.46%), Northwest (425 million, -4.02%), and South China (339 million, -25.79%) [5][6]. Sales Model Analysis - Direct sales generated 3.63 billion, down 12.64%, while the distribution model brought in 2.46 billion, a decrease of 5.62% [7]. - The overall gross margin improved slightly by 0.60% to 23.39% despite the revenue decline [7]. Distributor Network - The company had a total of 959 distributors at the end of 2024, a net decrease of 26 [8][9]. - The number of distributors in various regions: North China (183), Northeast (274), East China (212), Southwest (130), Northwest (74), South China (33), and Central China (53) [8][9].