Core Viewpoint - Feike Electric's performance has significantly declined in 2024, with both revenue and net profit experiencing substantial drops, marking the lowest levels in nearly a decade [3][4][8]. Financial Performance - In 2024, Feike Electric reported revenue of 4.147 billion yuan, a year-on-year decrease of 18.03%, and a net profit attributable to shareholders of 458 million yuan, down 55.10% year-on-year [4][8]. - The company's personal care appliance business generated revenue of 3.956 billion yuan, a decline of 17.05%, with a gross margin of 55.35%, down 1.81 percentage points year-on-year [8]. Market Dynamics - The electric shaver market is becoming saturated, leading to increased competition and a decline in market share for Feike Electric. The company's online market share for its flagship brand dropped from 54.7% in 2017 to below 44% in 2020 [12][13]. - The overall online retail sales of electric shavers decreased by 8.1% in 2024, with retail volume down by 9.5% [12]. Diversification Efforts - Feike Electric's attempts at diversification through investments in kitchen appliances have not yielded significant results, with revenue from lifestyle appliances dropping over 30% in 2024 [9][10]. - The company reduced its stake in Pure Rice Technology from 14.18% to 13.79% in 2024, resulting in an investment gain of 7.54 million yuan [9]. Marketing and R&D Expenditure - The company has focused heavily on marketing, with advertising expenses amounting to 1.185 billion yuan, which is over ten times its R&D expenditure of 96.42 million yuan, representing only 2.32% of total revenue [14]. - The shift towards a dual-brand strategy has not met expectations, leading to a significant impact on overall performance [11]. Shareholder Returns - Feike Electric has maintained a high dividend payout, distributing 2.18 billion yuan in cash dividends in 2024, which accounts for 47.57% of its net profit [15]. - The wealth of the company's founder, Li Gaiteng, has significantly decreased from 305 billion yuan in 2022 to 155 billion yuan in 2024, despite the company's consistent dividend policy [15][16].
李丐腾的“危机兴奋论”背后 飞科电器迎十年“最冷”业绩