Core Viewpoint - Arrow Home's performance in 2024 showed a significant decline, with revenue and net profit dropping compared to previous years, attributed to intensified industry competition and increased depreciation expenses [1][4][6] Financial Performance - In 2024, Arrow Home reported operating revenue of 7.131 billion yuan, a year-on-year decrease of 6.76%, and a net profit of 66.77 million yuan, down 84.28% [4] - The company's gross profit margin decreased by 3.24 percentage points due to ongoing price declines in products and increased expenses [4] - Despite the overall decline, the fourth quarter saw a revenue spike to approximately 2.3 billion yuan, aided by the "old-for-new" consumption policy [4][5] Business Channels - The home decoration channel was one of the few areas with revenue growth, achieving 1.182 billion yuan in annual revenue, up 3.25% [4][5] - Retail channels are a focus for the company, aiming to enhance customer traffic, retention rates, and average transaction values [1][5] - E-commerce and engineering channels experienced revenue declines of 4.92% and 17.42%, respectively [5] Dividend Policy - Arrow Home proposed a cash dividend of 1.32 yuan per 10 shares, totaling approximately 126 million yuan, which is 1.88 times the net profit for 2024 [6][7] - The decision to maintain high dividends despite poor performance raised questions, but the company stated it has a solid financial position and sufficient distributable profits [6][7] Market Trends - The "old-for-new" policy is expected to influence consumer behavior positively, shifting the focus from new home purchases to renovations and upgrades [5][9] - The demand for smart bathroom products, particularly smart toilets, is anticipated to grow, despite current price competition in the market [8][9]
箭牌家居董事长回应净利润大幅下滑却维持高分红：具备分红能力、不影响正常经营