WEIXING(SZ:002003) Xin Lang Cai Jing·2025-05-06 08:43Core Viewpoint - In Q1 2025, the company achieved revenue of 979 million yuan, a year-on-year increase of 22.32%, and a net profit attributable to shareholders of 100 million yuan, up 18.76%. The overall revenue trend continues from 2024, with international business growth outpacing domestic, and new product categories growing faster than traditional ones [1][2][4] Financial Performance - For Q1 2025, the company reported revenue of 979 million yuan (+22.32%) and a net profit of 100 million yuan (+18.76%). The net profit excluding non-recurring items was 98 million yuan (+29.64%). The operating cash flow was 32 million yuan (-65.58%) due to the impact of accounts payable from the previous year [2] - In 2024, the company achieved revenue of 4.674 billion yuan (+19.66%) and a net profit of 700 million yuan (+25.48%). The net profit excluding non-recurring items was 688 million yuan (+29.09%). The operating cash flow was 1.09 billion yuan (+58.50%) [2] - For Q4 2024, the company reported revenue of 1.094 billion yuan (+9.20%) and a net profit of 77 million yuan (+197.49%) [3] Product and Market Performance - The company is optimizing its product structure, with revenue from buttons in 2024 reaching 1.954 billion yuan (+22.18%) and a gross margin of 42.96%. Revenue from zippers was 2.484 billion yuan (+15.94%) with a gross margin of 42.12%. Other apparel accessories generated 164 million yuan (+41.92%) [5] - The company accelerated its overseas expansion, with international business revenue in 2024 growing by over 30%. Domestic revenue was 3.094 billion yuan (+14.74%), while international revenue was 1.581 billion yuan (+30.62%) [6] Strategic Developments - The company is advancing its new product layout and expanding overseas operations. The Vietnam base, which began production in early 2024, is currently in the customer inspection and capacity ramp-up phase, generating revenue of 32.1 million yuan with a loss of 58.32 million yuan. It is expected to contribute over 100 million yuan in revenue by 2025 and achieve breakeven by 2026 [1][9] - The company plans to achieve a revenue target of 5 billion yuan in 2025, representing a 7.0% increase year-on-year, while controlling total operating costs around 4.25 billion yuan [4] Profitability and Cost Management - The company's gross margin for 2024 was 41.73% (+0.81 percentage points), and the net margin was 15.12% (+0.86 percentage points). The effective tax rate was 16.53% (+0.15 percentage points) [7] - In Q4 2024, the gross margin was 38.57% (-0.43 percentage points), and the net margin was 7.17% (+4.69 percentage points), affected by changes in the timing of bonus provisions [8]