GONGNIU(SH:603195) Chang Jiang Shang Bao·2025-04-28 00:42Core Viewpoint - Bull Group (公牛集团) has maintained stable growth in its 30th year, with significant increases in revenue and net profit, while focusing on three main business segments: electrical connections, smart electrical lighting, and new energy [1][6]. Financial Performance - In 2024, Bull Group achieved operating revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit of 4.272 billion yuan, up 10.39% [1][3]. - The net profit excluding non-recurring gains and losses was 3.742 billion yuan, reflecting a growth of 1.04% [1]. - The company has shown consistent revenue growth from 2020 to 2023, with revenues increasing from 10.051 billion yuan in 2020 to 15.695 billion yuan in 2023 [3]. Business Segments - The new energy business segment generated 777 million yuan in revenue in 2024, marking a remarkable year-on-year growth of 104.75%, continuing a trend of doubling revenue for three consecutive years [2][7]. - The core business of electrical connection products achieved revenue of 7.683 billion yuan, growing by 4.01% [6]. - Smart electrical lighting products generated 8.331 billion yuan in revenue, with a year-on-year increase of 5.42% [6]. Dividend and Shareholder Returns - Bull Group plans to distribute a cash dividend of 2.40 yuan per share and a capital reserve conversion of 0.40 shares, totaling a cash dividend payout of 3.101 billion yuan [2][7]. - Over five years since its IPO, the total cash dividend amount will reach 12.773 billion yuan [2][7]. - The company has not engaged in equity refinancing since its IPO, which raised 3.567 billion yuan [2]. Employee Incentives - The company has implemented a stock incentive plan for 671 core employees, granting 3.0969 million restricted stocks at a price of 35.77 yuan per share, which is approximately half of the current market price [4][5]. - A special employee shareholding plan has been introduced, with a total funding of up to 53 million yuan [5]. Market Position - Bull Group has established a leading position in the consumer electrical field, with its products ranking first in online sales on platforms like Tmall [6].