润本在炎热的2024年卖出更多驱蚊产品，但库存也更多了

Core Insights - Guangzhou-based company Runben Co., known for its children's mosquito repellent products, reported a revenue increase of 27.61% to 1.318 billion yuan and a net profit increase of 32.80% to 300 million yuan for the fiscal year 2024 [1] - This marks the fifth consecutive year of profit growth for Runben, with revenue growing from less than 500 million yuan since 2020 [1] - The company's strategy of focusing on the niche market of children's mosquito repellent has allowed it to establish a strong market presence, but this narrow focus may limit long-term growth potential [1] Revenue Breakdown - The company has diversified its product offerings beyond mosquito repellent to include two major product lines: baby care and essential oils, all under the "Runben" brand [1] - As of 2024, the baby care series accounted for 52.4% of total revenue, surpassing the mosquito repellent series at 33.3% and essential oils at 12.0% [1] Product Performance - The baby care series has seen both volume and price increases, with the average selling price rising from 5.04 yuan in 2020 to 9.65 yuan in Q1 2025 [2] - In 2024, the mosquito repellent series achieved a revenue growth of 35.39% to 439 million yuan, with a gross margin increase of 3.87 percentage points to 54.18%, outperforming the other two product lines [6] Sales and Inventory Challenges - Despite the growth, the company faces challenges in maintaining strong growth in its diversified business, particularly in the competitive baby care market [4] - The sales volume for the mosquito repellent series in 2024 was 83.42 million units, compared to 80.80 million units for the baby care series, indicating stronger sales performance for mosquito repellent [6] - The company experienced an increase in inventory levels, with total inventory reaching 119 million yuan, a 28% increase year-on-year, marking the highest level since 2020 [7] Marketing and Expenses - Runben's sales expenses rose by 41.3% to 380 million yuan in 2024, with promotional expenses accounting for 321 million yuan, leading to a sales expense ratio of 28.8%, the highest in recent years [7] - In Q1 2025, the company continued its high marketing investment, with sales expenses increasing by 50.2%, which impacted net profit growth [7]