YJFC(SH:600265) Xin Lang Cai Jing·2025-04-30 00:50Core Insights - In 2024, Jinggu Forestry faced significant challenges with a substantial decline in key financial metrics such as revenue and net profit, alongside various market and policy risks [1] Revenue Performance - Revenue decreased by 24.20% year-on-year, totaling approximately 447 million yuan in 2024 compared to about 590 million yuan in 2023, indicating a notable contraction in business scale due to the downturn in the real estate sector, intensified regional competition, and falling product prices [2] - Quarterly revenue showed relative stability but an overall downward trend, with figures of approximately 105 million yuan in Q1, 120 million yuan in Q2, 115 million yuan in Q3, and 107 million yuan in Q4 [2] Profitability Analysis - The net profit turned from a profit of approximately 6.32 million yuan in 2023 to a loss of about 72.87 million yuan in 2024, marking a staggering decline of 1252.56% [3] - The adjusted net profit, excluding non-recurring items, also worsened, with a loss of approximately 144.71 million yuan in 2024 compared to a loss of about 7.57 million yuan in 2023, indicating severe deterioration in core business profitability [4] Earnings Per Share - Basic earnings per share plummeted to -0.56 yuan in 2024 from 0.05 yuan in 2023, reflecting a decline of 1220.00% and severely impacting shareholder returns [5] - The adjusted earnings per share, excluding non-recurring items, also deepened to -1.11 yuan in 2024 from -0.06 yuan in 2023, highlighting the challenges faced by the core business [6] Cost and Expense Management - Total operating costs decreased to approximately 508 million yuan in 2024 from about 591 million yuan in 2023, yet the company still faced significant pressure from various expenses [7] - Sales expenses surged by 90.29% to approximately 3.98 million yuan in 2024, driven by increased competition and higher business expenditure, although this did not effectively reverse the revenue decline [8] - Management expenses rose by 21.72% to approximately 43.72 million yuan, primarily due to increased intermediary service fees related to refinancing [9] - Financial expenses increased by 4.12% to approximately 21.24 million yuan, indicating a need for better financial planning and debt management [10] Cash Flow Analysis - Net cash flow from operating activities plummeted by 96.72% to approximately 3.02 million yuan in 2024, primarily due to decreased sales and cash receipts [12] - Cash flow from investing activities showed a reduced outflow of approximately 9.02 million yuan in 2024 compared to a much larger outflow in 2023, although it remained negative [13] - Cash flow from financing activities turned negative at approximately -12.35 million yuan in 2024, a shift from a positive cash flow in 2023, indicating increased debt repayment pressure [14] Risk Factors - The company faces multiple risks, including macroeconomic and market risks linked to the real estate sector, potential adverse impacts from policy changes, and fluctuations in raw material prices [15] - The company’s asset-liability ratio stood at 73.48% as of December 31, 2024, which is higher than comparable companies, increasing financial risk [15] Management Compensation - The chairman received no remuneration from the company, while the general manager earned approximately 665,700 yuan, reflecting a cautious approach to management compensation amid financial difficulties [16]