厦门万里石2024年年报解读：净利润下滑超五成，现金流承压

Core Insights - Xiamen Wanlishi Co., Ltd. reported a slight increase in revenue for 2024, but significant declines in net profit and cash flow raise concerns about its financial health [1][2][3][7] Financial Performance - The company's revenue for 2024 was 1,277,233,120.46 yuan, a 0.67% increase from 2023 [2] - The net profit attributable to shareholders was -54,440,969.76 yuan, a 53.53% increase in losses compared to the previous year [3] - The net cash flow from operating activities was -34,250,950.28 yuan, a decline of 488.32% year-on-year [7] Revenue Breakdown - Revenue from stone processing manufacturing was 1,107,231,751.09 yuan, accounting for 86.69% of total revenue, with a year-on-year growth of 12.89% [2] - Revenue from other product wholesale was 170,001,369.37 yuan, a 40.94% decline, negatively impacting overall revenue [2] - Domestic business revenue was 812,411,076.12 yuan, a 22.95% increase, while international business revenue was 464,822,044.34 yuan, a 23.53% decline [2] Profitability Metrics - Basic earnings per share were -0.2401 yuan, a 40.57% decrease from the previous year [4] - The net profit excluding non-recurring items was -58,744,509.55 yuan, reflecting a 48.54% increase in losses [3][4] Expense Analysis - Total sales expenses increased by 4.71% to 59,799,177.18 yuan, while management expenses rose by 7.82% to 74,869,945.15 yuan [5][6] - Financial expenses were 9,475,310.27 yuan, up 6.70% year-on-year [5] Cash Flow Concerns - The net cash flow from investing activities was -98,594,353.80 yuan, a 29.42% increase in outflows compared to the previous year [8] - The net cash flow from financing activities turned negative at -44,436,189.82 yuan, a 115.09% decline from the previous year [9] Management Compensation - The chairman received a pre-tax compensation of 602,400 yuan, while the general manager received 572,400 yuan, raising questions about compensation in light of the company's losses [12][13]