ROYAL GROUP(SZ:002329) Zheng Quan Zhi Xing·2025-04-25 22:50Core Viewpoint - Huangshi Group (002329) reported disappointing financial results for 2024, with significant declines in revenue and net profit compared to the previous year [1][2]. Financial Performance - Total revenue for 2024 was 2.046 billion yuan, a decrease of 29.21% year-on-year [2]. - The net profit attributable to shareholders was -681 million yuan, representing a decline of 1110.73% year-on-year [1][2]. - In Q4 2024, total revenue was 536 million yuan, down 17.11% year-on-year, and the net profit attributable to shareholders was -666 million yuan, a decrease of 519.19% [1]. Key Financial Ratios - Gross margin improved to 24.41%, an increase of 30.6% year-on-year [2]. - Net margin was -33.41%, a decline of 1454.58% year-on-year [2]. - The ratio of selling, general, and administrative expenses to revenue was 24.56%, up 9.46% year-on-year [2]. Cash Flow and Debt Situation - The liquidity ratio was 0.82, indicating increased short-term debt pressure [1][4]. - Cash and cash equivalents represented only 9.77% of total assets, and 24.28% of current liabilities [4]. - The company’s interest-bearing debt ratio reached 45.69% [4]. Changes in Financial Items - Management expenses decreased by 40.48% due to reduced stock incentive costs and the exclusion of a subsidiary from the consolidated financial statements [2]. - Research and development expenses increased by 47.21% as the company focused on new product development [2]. - Cash flow from operating activities decreased by 19.67% due to the exclusion of certain subsidiaries from the consolidated financial statements [2]. Business Model and Financing - The company has relied heavily on marketing-driven performance, which requires careful examination of the underlying drivers [3]. - Since its listing, the company has raised a total of 2.124 billion yuan and distributed 187 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.09 [3].