锦鸡股份2024年净利润暴跌64%，扣非净利润几近归零

Core Viewpoint - Despite achieving a revenue growth of 6.45% in 2024, the company experienced a significant decline in net profit, indicating serious issues in cost control and profitability [1][4][6] Group 1: Financial Performance - The company's operating revenue reached 1.009 billion yuan, up 6.45% year-on-year, reflecting some success in market expansion [1][4] - Net profit attributable to shareholders was only 5.6523 million yuan, down 64.34% year-on-year, while the net profit after excluding non-recurring gains and losses plummeted by 90.83% to 2.1455 million yuan [1][4] - Historical data shows significant volatility in net profit, dropping from 52 million yuan in 2021 to 5.6523 million yuan in 2024 [4] Group 2: Cost and Expense Analysis - The increase in costs and expenses severely impacted the company's profitability, with the main business cost of dyes rising by 0.78% [5] - Sales expenses increased by 15.89% due to higher sales volume and increased salaries for sales personnel [5] - Management expenses surged by 92.25%, primarily due to significant depreciation charges for projects not yet operational [5] - Financial expenses skyrocketed by 266.04%, mainly due to increased bank loan interest [5] Group 3: Cash Flow and Future Outlook - The company's cash flow situation improved, with net cash flow from operating activities growing by 115.36%, attributed to increased sales revenue and lower procurement costs [6] - Despite cash flow improvement, the overall decline in profitability remains a concern [6] - The company faces significant future operational pressures due to global economic uncertainties, geopolitical conflicts, and rising trade protectionism [6] - Ongoing challenges in cost control and expense management will continue to affect profitability [6]