Core Viewpoint - The company, Shanghai Kaikai Industrial Co., Ltd., has reported a mixed financial performance for 2024, with revenue growth driven by its SPD business, but a decline in net profit, alongside plans for a new share issuance to strengthen its capital base [3][4][6]. Company Announcements - The 2024 annual general meeting is scheduled for May 23, 2025, to discuss various reports and proposals, including financial results and a cash dividend plan [3][6]. - The company achieved a revenue of 1,093.92 million yuan in 2024, marking an 18.25% year-on-year increase, primarily due to significant growth in the SPD business [4][6]. - The net profit attributable to the parent company was 34.99 million yuan, reflecting a 10.94% year-on-year decrease [4][6]. - A cash dividend of 0.044 yuan per share is proposed, totaling 10.69 million yuan, which represents 30.55% of the net profit for the year [4][5]. Performance Highlights - The company has maintained a consistent cash dividend policy for 12 years, with a payout ratio exceeding 30% [4][5]. - The retail sector in China saw a total retail sales of consumer goods reaching 48.8 trillion yuan in 2024, with a growth rate of 3.5%, indicating a slowdown compared to the previous year [5]. Institutional Research Insights - During a recent performance briefing, the company emphasized its commitment to the "big health" industry transformation and its strategic focus on enhancing the pharmaceutical and apparel sectors [5]. - The company plans to issue 19,651,945 shares at a price of 8.13 yuan per share, aiming to raise up to 159.77 million yuan for working capital [6][8]. - Following the issuance, the controlling shareholder's stake will increase from 26.51% to 32.00%, with the local state-owned assets supervision authority remaining the actual controller [6][8].