Jiayou International(SH:603871) Xin Lang Cai Jing·2025-04-24 23:08Core Viewpoint - 嘉友国际 achieved growth in key financial metrics such as revenue and net profit, but faced challenges in cash flow management and rising expenses [1] Financial Performance Summary - Revenue increased to 8,753,600,659.53 yuan in 2024, a growth of 25.14% from 6,995,259,911.88 yuan in 2023, driven by cross-border logistics and supply chain trade [2] - Net profit attributable to shareholders reached 1,276,417,070.88 yuan, up 22.88% year-on-year, with basic earnings per share at 1.31 yuan, reflecting improved profitability [3] Expense Management Summary - Sales expenses rose by 2.22% to 12,641,994.53 yuan, while management expenses surged by 94.61% to 221,504,015.24 yuan, primarily due to the consolidation of BHL and increased operational scale [4] - Financial expenses turned positive at 9,967,885.35 yuan, influenced by the consolidation of BHL and foreign exchange fluctuations [4] - R&D expenses grew by 21.65% to 27,323,004.06 yuan, indicating continued investment in innovation [4] Cash Flow Analysis - Operating cash flow decreased by 41.48% to 908,669,288.56 yuan, mainly due to increased inventory levels [5] - Investment cash flow showed a larger outflow of -1,217,790,012.63 yuan, a 125.73% increase, reflecting higher long-term equity investments [5] - Financing cash flow also increased its outflow to -546,853,894.23 yuan, up 194.96%, due to new short-term borrowings and increased dividends [5] Risk and Challenges - The company faces risks from macroeconomic fluctuations and intense market competition, which could impact operational performance [6] - Investment management risks arise from varying legal and operational environments across regions, necessitating strong integration and management capabilities [7] - Dependence on information systems for operational efficiency poses risks if not effectively maintained [9]