报喜鸟2024年业绩下滑：营收微降，净利润显著减少，应收账款高企

Operating Overview - The company reported a total revenue of 5.153 billion yuan for 2024, a year-on-year decrease of 1.91% [2] - The net profit attributable to shareholders was 495 million yuan, down 29.07% year-on-year, while the net profit after deducting non-recurring items was 436 million yuan, a decrease of 27.88% [2] - In Q4, total revenue was 1.617 billion yuan, an increase of 1.97% year-on-year, but the net profit attributable to shareholders was only 79.69 million yuan, down 44.17% year-on-year [2] Profitability Analysis - The company's gross margin was 65.02%, an increase of 0.48% year-on-year, indicating improved cost control [3] - However, the net profit margin was 10.09%, a decrease of 27.25% year-on-year, reflecting a significant decline in profitability due to total sales, management, and financial expenses reaching 2.477 billion yuan, accounting for 48.07% of revenue, an increase of 7.38% [3] Cash Flow and Asset Status - The operating cash flow per share was 0.48 yuan, a decrease of 39.13% year-on-year, primarily due to reduced collection of sales receivables and increased payments for procurement and employee salaries [4] - Accounts receivable stood at 693 million yuan, representing 139.98% of the latest annual net profit, indicating a significant risk in receivables collection [4] Balance Sheet Analysis - Cash and cash equivalents amounted to 2.025 billion yuan, an increase of 7.09% year-on-year, while interest-bearing debt decreased by 38.01% to 449 million yuan, indicating improved debt management [5] - Fixed assets increased by 76.26%, mainly due to the completion of an industrial park, while construction in progress decreased by 82.74% for the same reason [5] Main Business Analysis - The primary revenue source remains the textile and apparel industry, accounting for 97.39% of total revenue, with high gross margins for products such as jackets, pants, shirts, and T-shirts at 58.94%, 63.64%, 68.12%, and 76.62% respectively [6] - However, the export business reported a loss, with export revenue of 25.93 million yuan and a loss of 110 million yuan, resulting in a profit margin of -422.46% [6] Development Strategy and Future Outlook - The company will continue to focus on apparel as its main business and investment as a secondary business, aiming for multi-brand and omnichannel development to enhance product, channel, brand, and operational capabilities [7] - Despite facing macroeconomic fluctuations and intensified market competition, the company plans to optimize performance mechanisms and strengthen risk management to ensure high-quality, stable, and sustainable development [7] Summary - Overall, the company's financial performance in 2024 was unsatisfactory, with slight revenue decline, significant net profit reduction, high accounts receivable, and increased cash flow pressure [8]