Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to the divestment of its real estate business, but showed growth in core operations when excluding this impact [3][4]. Financial Performance - In 2024, the company achieved a revenue of 3.983 billion yuan, a year-on-year decrease of 13.0%, and a net profit attributable to shareholders of 244 million yuan, down 19.7%. However, excluding the impact of the real estate divestment, revenue remained flat, and net profit increased by 6.2% [3]. - The earnings per share (EPS) for 2024 was 0.24 yuan, with a proposed cash dividend of 0.06 yuan per share, resulting in a total payout ratio of 45.9% for the year [4]. Business Segmentation - The cosmetics segment saw a revenue increase of 2.5%, with the Yilian brand growing by 12% while the Ai'er Doctor brand experienced a slight decline [5]. - Revenue contributions from different segments in 2024 were as follows: cosmetics (62.2%), property management and others (15.4%), pharmaceuticals (12.9%), and raw materials and additives (8.6%) [5]. Sales Channels - Online sales dominated the cosmetics business, accounting for 87% of revenue, with a year-on-year growth of 1.8%, while offline sales represented 13% with a growth of 6.9% [5]. Profitability Metrics - The gross margin improved by 6.2 percentage points to 52.7% in 2024, with cosmetics, property management, pharmaceuticals, and raw materials having gross margins of 62.6%, 20%, 52.3%, and 35.9%, respectively [6]. - The operating cash flow for 2024 was 229 million yuan, a decrease of 51.8% year-on-year, primarily due to cash flow impacts from the real estate business divestment [7]. Expense Management - The total expense ratio increased by 3.7 percentage points to 44.8%, with specific increases in sales expenses (5.1 percentage points) and R&D expenses (0.8 percentage points) [7].
【福瑞达(600223.SH)】24年可比情况下业绩稳健,利润中单位数增长——2024年年报点评(姜浩/孙未未/朱洁宇)