Core Insights - Arrow Home's 2024 annual report shows a revenue of 7.131 billion yuan, a year-on-year decline of 6.76% [2] - The net profit attributable to shareholders dropped significantly by 84.28% to 66.77 million yuan, marking the lowest since the company's listing in 2022 [2] - Despite the profit decline, the company plans to distribute a cash dividend of 126 million yuan, with a dividend payout ratio of 188.42% [2] Financial Performance - The company's non-recurring net profit fell by 92.59% to 29.04 million yuan, with basic earnings per share at 0.07 yuan [2] - The weighted average return on equity was only 1.32% [2] - In Q1 2025, revenue decreased by 7.46% to 1.05 billion yuan, but losses narrowed to 73 million yuan, with a gross margin increase of 4.62 percentage points [3] Market and Competitive Landscape - The decline in net profit is attributed to industry competition, leading to a decrease in product prices, and rising costs from raw materials like copper [2] - The overseas market is still in the development phase, impacting profit and gross margin performance [2] Growth Areas - Smart toilets emerged as a revenue highlight for 2024, with sales volume reaching 1.1896 million units and revenue of approximately 1.523 billion yuan, accounting for 21.36% of total revenue, a year-on-year increase of 8.94% [3] - R&D investment increased to 372 million yuan, representing 5.21% of revenue, up 8.8% year-on-year, supporting product upgrades [3] Strategic Initiatives - The fourth quarter of 2024 is seen as a critical turning point, benefiting from the "old-for-new" policy and a recovery in the real estate market, with direct e-commerce channel revenue growing by 25.58% [3] - In 2025, the company plans to implement a dual strategy of product and marketing, enhancing product design and R&D investment to improve competitiveness and meet diverse consumer needs [3]
箭牌家居2024年报营收、净利双降 智能卫浴与绿色家装成新增长点