Fuanna(SZ:002327) Xin Lang Cai Jing·2025-04-29 02:43Core Viewpoint - The company experienced a slight decline in revenue and net profit in 2024, with a notable drop in Q1 2025, indicating challenges in maintaining growth and profitability [1][3]. Financial Performance - In 2024, total revenue decreased by 0.6% to 3.011 billion, and net profit fell by 5.22% to 542 million [1]. - Q4 2024 showed a revenue increase of 1.75% to 1.124 billion and a net profit increase of 10.28% to 249 million [1]. - Q1 2025 revenue dropped by 17.8% to 536 million, and net profit decreased by 54.12% to 56 million [3]. Revenue Breakdown - In 2024, offline direct sales revenue increased by 1.78% to 736 million, accounting for 24.43% of total revenue [1]. - Offline franchise revenue rose by 1.40% to 836 million, representing 27.75% of total revenue [1]. - Online revenue decreased by 7.40% to 1.121 billion, making up 37.21% of total revenue [1]. - Group buying revenue increased by 5.13% to 172 million, accounting for 5.73% of total revenue [1]. Profitability Metrics - The net profit margin in 2024 decreased by 0.87 percentage points to 18.01% [2]. - The gross margin improved by 0.43 percentage points to 56.05% due to product upgrades [2]. - In Q1 2025, the net profit margin fell by 8.29 percentage points to 10.47% [3]. Cost Structure - Sales expense ratio increased by 1.5 percentage points to 27.63% in 2024, and in Q1 2025, it rose by 9.61 percentage points to 36.44% [2][3]. - Management expense ratio decreased slightly to 3.53% in 2024 but increased to 4.45% in Q1 2025 [2][3]. - R&D expense ratio decreased to 3.17% in 2024 and further to 2.86% in Q1 2025 [2][3]. Cash Flow and Working Capital - Operating cash flow for 2024 was 366 million, down 52.18% year-on-year [2]. - Inventory turnover days were 199 days in 2024, while accounts receivable turnover days were 56 days [2]. - In Q1 2025, inventory turnover days extended to 281 days, and accounts receivable turnover days increased to 72 days [3]. Future Projections - Revenue forecasts for 2025 to 2027 are 3.047 billion, 3.175 billion, and 3.308 billion, with expected growth rates of 1%, 4%, and 4% respectively [4]. - Net profit projections for the same period are 549 million, 579 million, and 603 million, with growth rates of 1%, 6%, and 4% respectively [4].