Hotata(SH:603848) Xin Lang Cai Jing·2025-11-03 09:57Core Viewpoint - The company, Hao Tai Tai, is facing significant challenges in its financial performance, with declining revenues and profits, while maintaining a stable dividend policy amidst these struggles [2][4]. Financial Performance - In 2024, the company's total revenue was 1.557 billion yuan, a year-on-year decrease of 7.78%, and the net profit attributable to shareholders was 248 million yuan, down 24.07% [2]. - For the first half of 2025, the company reported revenue of 677 million yuan, a decline of 5% year-on-year, and a net profit of 86.17 million yuan, which represents a significant drop of 39.97% [2][3]. - The cash flow from operating activities decreased by 16.02% to 50.21 million yuan [3]. Product Revenue Breakdown - Revenue from core smart home products was 1.327 billion yuan, down 7.39% year-on-year, while revenue from drying rack products fell sharply by 18.87% to 175 million yuan [2]. Cost and Expense Analysis - Operating costs increased by 9.58%, while management expenses rose by 12.30% and financial expenses surged by 37.29% [3]. - Research and development expenses decreased by 17.85%, indicating a potential reduction in innovation investment [3]. Dividend Policy - Despite the declining profits and cash flow pressures, the company announced a stable dividend policy, proposing a cash dividend of 0.2 yuan per share, totaling approximately 80.48 million yuan [3][4]. Shareholding Structure - The actual controllers, Chairman Shen Hanbiao and Vice Chairman Wang Miaoyu, collectively hold 82.89% of the company's shares, indicating that a significant portion of the dividends will benefit them directly [4].