Weaver Network(603039) 证券之星·2025-05-19 14:22Core Viewpoint - The company, Fanwei Network Technology Co., Ltd., reported a significant reliance on its localized authorized operation centers for revenue generation, with over 95% of its operating income derived from this model in 2024, amounting to 2.362 billion yuan [1][2]. Group 1: Revenue Structure - In 2024, the company achieved total operating income of 2.362 billion yuan, with technical service income contributing 1.438 billion yuan, accounting for 60.91% of total revenue [1]. - The revenue from software products and technical services is categorized into three main types: self-developed software sales, technical service income, and third-party product sales [1][2]. - The revenue generated from the authorized operation model accounted for 94.48% of total income in 2022-2024, indicating a strong trend towards this operational strategy [1]. Group 2: Business Models - The company operates under two main business models: the authorized operation model and the direct sales model. The authorized operation model allows for rapid replication and promotion of business activities [1][2]. - The authorized operation centers are responsible for customer needs assessment, communication, implementation planning, training, and support, while the company's technical team provides product revisions and upgrades [1][2]. Group 3: Financial Performance - The company's gross profit margin for 2024 was reported at 93.25%, with a sales expense ratio of 68.31% and a net profit margin of 8.59% [1][15]. - The sales expenses for 2024 totaled 1.613 billion yuan, with 1.347 billion yuan paid to authorized operation centers, reflecting a decrease of 2.85% from 2023 [1][8]. Group 4: Cost Structure - The operating costs for 2024 were reported at 160 million yuan, with technical service costs increasing by 24.54% to 81.7844 million yuan compared to 2023 [1][8]. - The company has reduced its workforce by 13.40% in 2024, leading to a decrease in total employee compensation by 8.29% [1][8]. Group 5: Revenue Recognition - The company follows specific revenue recognition methods in compliance with the Accounting Standards for Enterprises, confirming income based on control over the goods before transfer to customers [2][3][4]. - The revenue from self-developed software products is recognized upon customer acceptance, while income from third-party products is recognized similarly to self-developed products [6][7].