Core Viewpoint - The financial report of Shangmei Co., Ltd. for 2024 shows impressive revenue and profit growth, but reveals significant reliance on a single brand and channel, raising concerns about sustainability and long-term growth [1][2][10]. Financial Performance - In 2024, Shangmei Co., Ltd. achieved a revenue of 6.793 billion RMB, a year-on-year increase of 62.1%, and a net profit of 803 million RMB, up 74.0% [1][10]. - The gross profit margin for 2024 was 75.2%, while the net profit margin was only 11.83% [8][10]. Brand Dependency - The company heavily relies on the KANS brand, which accounted for 82.3% of total revenue in 2024, with sales reaching 5.591 billion RMB, a growth of 80.9% [4][5]. - Other brands under Shangmei, such as One Leaf and Baby Elephant, showed significantly lower sales figures, indicating a "one strong, multiple weak" brand structure [2][4]. Channel Dependency - Online sales contributed 90.5% of total revenue in 2024, with 61.35 billion RMB generated from online channels, marking an increase of approximately 82.6% [6][7]. - The majority of online sales came from the Douyin platform, where KANS brand's GMV reached 6.784 billion RMB, growing 103% year-on-year [6][10]. Marketing and R&D Expenditure - Marketing expenses accounted for nearly 60% of total revenue in 2024, with sales and distribution expenses reaching 3.947 billion RMB, a 76.2% increase [8][10]. - R&D expenditure was only 1.8 billion RMB, representing a mere 2.6% of total revenue, highlighting a significant imbalance between marketing and product development [10]. Future Outlook - The company aims to achieve a revenue target of 10 billion RMB by 2025 and 30 billion RMB by 2030, but this ambition is contingent on overcoming brand and channel dependencies [10].
“偏科生”上美股份过度依赖韩束品牌及抖音渠道 销售费用率直逼60%、净利润率不足12%