CITIC Wine(SH:600084) Mei Ri Jing Ji Xin Wen·2025-06-12 13:54Core Viewpoint - 中信尼雅 reported a decline in revenue but an increase in gross margin, with specific explanations for the fourth quarter's performance and management expenses [1][2][4]. Revenue and Profitability - In 2024, 中信尼雅 achieved operating revenue of 161 million yuan, a year-on-year decrease of 23.69%, while the net profit after deducting non-recurring items was 3.99 million yuan, marking a return to profitability [2]. - The gross margin for wine products was 58.88%, an increase of 5.30 percentage points year-on-year, attributed to higher average selling prices and a 16.05% increase in overall selling prices [2]. - The company emphasized the growing demand for high-quality wines and the trend towards personalized consumption in a competitive market [2]. Management Expenses - In 2024, 中信尼雅's management expenses totaled 41.71 million yuan, a year-on-year decline of 27.99%, with the fourth quarter's management expenses at 909,000 yuan, the lowest proportion of annual expenses at 21.80% [4]. - The reduction in management expenses was primarily due to a significant decrease in labor costs, which fell by 87.38% year-on-year, influenced by the use of previously accrued unused salary reserves and adjustments in employee compensation [4][5]. Market Position - The gross margin of 中信尼雅 is comparable to other wine companies, with Zhangyu A, ST Tongpu, and Weilang shares reporting gross margins of 57.51%, 53.40%, and 54.88% respectively [3].