KORRUN(SZ:300577) Xin Lang Cai Jing·2025-04-29 02:53Core Insights - The company achieved a revenue growth of 37% in 2024, driven by the acquisition of Shanghai Jiale, which contributed both one-time gains and ongoing performance post-consolidation [1] - The main business segments include bag and apparel OEM and brand operations, with OEM accounting for 83% of total revenue in 2024 [1] - The company reported a total revenue of 4.24 billion yuan in 2024, a year-on-year increase of 36.6%, and a net profit attributable to shareholders of 0.381 billion yuan, up 229.5% year-on-year [1] Financial Performance - In 2024, the company recorded a revenue of 4.24 billion yuan, with a net profit of 0.381 billion yuan, benefiting from the consolidation of Shanghai Jiale, which contributed 0.848 billion yuan in revenue and 0.028 billion yuan in profit for the second half of the year [1] - A one-time gain of 0.096 billion yuan was recognized when control over Shanghai Jiale was obtained, measured at fair value [1] - The overall gross margin decreased by 1.5 percentage points to 22.9% due to the lower margin of Jiale and the impact of consolidation [1] Q4 2024 Performance - In Q4 2024, the company achieved a revenue of 1.215 billion yuan, representing a year-on-year growth of 47.9%, and a net profit of 0.060 billion yuan, marking a return to profitability [1] - The non-recurring net profit attributable to shareholders was 0.066 billion yuan, showing significant growth year-on-year [1] Q1 2025 Performance - In Q1 2025, the company continued its high growth trajectory with revenue of 1.234 billion yuan, up 35.6% year-on-year, and a net profit of 0.085 billion yuan, an increase of 20.1% [2] - The gross margin improved slightly by 0.5 percentage points to 24.7%, despite the drag from Jiale's consolidation [2] - The overall expense ratio increased by 1.9 percentage points, leading to a decline in net profit margin by 0.9 percentage points to 6.9% [2] Business Segments - The bag OEM segment generated revenue of 2.372 billion yuan in 2024, a growth of 20.3%, driven by recovery in downstream customer inventory demand and increased orders from key clients like Nike and Decathlon [2] - The apparel OEM segment saw a significant revenue increase of 146.43% to 1.162 billion yuan, primarily due to the consolidation of Shanghai Jiale [2] - The brand business reported revenue of 0.658 billion yuan, a growth of 5.1%, mainly supported by increased income from the Xiaomi brand [2]