Company Overview - Aoki (Shenzhen) Cross-Border Commerce Co., Ltd. operates as an internet brand operator, focusing on a multi-brand system and digital support across various business lines [2] - The company aims to connect the world and create a better life, offering a range of products including furniture, power tools, home appliances, consumer electronics, and sports health products [2] - Aoki primarily engages in cross-border B2C business through third-party online platforms like Amazon, targeting markets in North America, Europe, and the Middle East [2] Financial Performance - As of December 31, 2024, Aoki reported total revenue of 10.71 billion yuan, a year-on-year increase of 23.34% [1] - The net profit attributable to shareholders was 504 million yuan, reflecting a year-on-year decrease of 5.21% [1] - The gross profit margin stood at 30.79%, with a debt-to-asset ratio of 64.58% [1] Market Position and Valuation - Aoki's price-to-earnings (P/E) ratio is 6.26, ranking fifth in the professional retail industry, which has an average P/E ratio of 5.57 [1] - The company has not received any investment rating suggestions from institutions as of now [1] Innovation and Recognition - Aoki emphasizes technological innovation, holding hundreds of patents and being recognized as a national high-tech enterprise and a national e-commerce demonstration enterprise [2] - The company has received multiple awards, including the German Red Dot Design Award and the iF Design Award, showcasing its commitment to design excellence [2] - Aoki has been listed in the "BrandZ Top 50 Chinese Brands Going Global" for five consecutive years, highlighting its growing international brand influence [2]

Core Viewpoint - Aoki (Shenzhen) Cross-Border Commerce Co., Ltd. reported its 2024 annual performance, highlighting both growth in revenue and challenges in profitability, with net profit declining despite a significant revenue increase [1][7]. Financial Summary - Revenue for 2024 reached RMB 10.71 billion, a 23% increase from RMB 8.68 billion in 2023 [2]. - Net profit for 2024 was RMB 504.3 million, down 5.2% from RMB 532 million in 2023 [2][6]. - Gross profit for 2024 was RMB 3.30 billion, with a gross margin of 30.8%, down nearly 4 percentage points from 34.5% in 2023 [2][7]. Business Segments - The logistics solutions segment saw significant growth, with revenue of RMB 2.44 billion in 2024, a 47.7% increase from RMB 1.65 billion in 2023, contributing 22.8% to total revenue [4][5]. - Sales of furniture, home appliances, and related products generated RMB 6.74 billion, a 14.6% increase, accounting for 63% of total revenue [6]. - Sales of power tools surged by 113.6%, reaching RMB 741.7 million [6]. Challenges - The company faced a decline in overall product sales revenue, which fell to RMB 8.27 billion, a 17.6% decrease from the previous year [6]. - Gross margin for product sales decreased from 39.2% in 2023 to 36.2% in 2024, attributed to rising logistics costs [7]. - The company did not declare a final dividend for 2023 and 2024 but proposed a special dividend of RMB 0.25 per share, totaling approximately RMB 1.038 billion [7].