乐惠国际2024年财报：营收下滑9.77%，扣非净利润暴跌95.51%

Core Viewpoint - Lehui International reported a decline in revenue and a significant drop in non-recurring net profit for 2024, primarily due to the expanded losses in its Fresh Beer 30km segment, despite stable growth in the Equipment segment [1][6]. Group 1: Financial Performance - The company achieved an annual revenue of 1.49 billion yuan, a year-on-year decrease of 9.77% [1]. - The net profit attributable to shareholders was 21 million yuan, reflecting a year-on-year increase of 7.16% [1]. - The non-recurring net profit plummeted to 1.15 million yuan, a drastic decline of 95.51% year-on-year [1]. - Operating cash flow improved significantly, reaching 334 million yuan, a year-on-year increase of 5,321.62% [6]. Group 2: Equipment Segment - The Equipment segment showed stable growth with a net profit of 96.38 million yuan, up 19.96% year-on-year [4]. - Revenue from the Equipment segment was 1.35 billion yuan, down 12.69% year-on-year, with overseas revenue accounting for 37.58% [4]. - The reliance on beer equipment has decreased from over 80% at the time of listing to 54.38%, indicating efforts in business diversification [4]. Group 3: Fresh Beer 30km Segment - The Fresh Beer 30km segment generated revenue of 140 million yuan, a year-on-year increase of 33.36%, but losses expanded to 75.28 million yuan [5]. - The company has established five Fresh Beer factories and has nearly 300 distributors and over 150 experience stores nationwide [5]. - High costs associated with factory construction and market investment are the primary reasons for the losses, with profitability expected to be challenging in the short term [5]. Group 4: Overall Business Outlook - The company faces dual pressures of declining revenue and a sharp drop in non-recurring net profit, with the Equipment segment performing well but the Fresh Beer 30km segment being a major drag on overall performance [6]. - Future success will depend on optimizing business structure and improving operational efficiency to counter market competition and industry fluctuations [6].