HEILAN HOME(600398) 新浪财经·2025-05-13 06:24Core Insights - The company reported strong performance in Q1 2025, achieving revenue of 61.9 billion, a year-over-year increase of 0.2% [1] - The main brand, Hailan Home, showed relative stability in 2024, with notable growth in e-commerce and overseas markets [1][2] - The company is actively expanding its brand presence overseas, with significant revenue growth in international markets [2] Financial Performance - In 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 209.6 billion, 21.6 billion, and 20.1 billion respectively, with year-over-year declines of 2.7%, 26.9%, and 25.6% [1] - For Q4 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 57.0 billion, 2.5 billion, and 2.7 billion, reflecting year-over-year declines of 4.4%, 49.8%, and 45.3% [1] - In Q1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 61.9 billion, 9.4 billion, and 9.3 billion, with year-over-year increases of 0.2%, 5.5%, and 5.5% [1] Brand and Market Dynamics - The main brand's revenue in 2024 was 152.70 billion, with a year-over-year decline of 7.22%, while group purchasing revenue was 22.24 billion, down 2.51% [1] - The company’s online revenue grew significantly, with year-over-year increases of 35.6% in 2024 and 19.8% in Q1 2025 [2] - The company’s overseas revenue reached 3.55 billion in 2024, marking a year-over-year increase of 30.8% [2] New Business Initiatives - The "other brands" segment saw revenue growth of 32.4% in 2024 and 100.2% in Q1 2025, driven by the acquisition of Spobz and collaboration with JD.com [3] - The company is expanding its presence in the high-value consumption market through the "City Outlet" initiative [3] Profitability and Cost Management - The company maintained a gross margin of 44.5% in 2024, with a slight increase in Q1 2025 [4] - The overall expense ratio increased in 2024 and Q1 2025, with sales expense ratio showing a notable rise [4] - The company’s asset impairment losses decreased in Q1 2025, contributing positively to net profit [4] Inventory and Dividend Policy - The company’s inventory increased by 28.4% in 2024, influenced by the acquisition of Spobz and increased procurement [5] - The company proposed a dividend of 0.41 yuan per share for 2024, maintaining a high cash dividend payout ratio of 91.2% [5] Future Outlook - The company is adjusting its main brand channel structure and expanding into new business areas, which are expected to drive growth [6] - Profit forecasts for 2025 and 2026 have been adjusted to 24.47 billion and 26.78 billion respectively, with expected year-over-year growth of 13.35% and 9.44% [6]