SFY(SZ:002572)2025-04-30 10:06Financial Performance - In 2024, the company achieved operating revenue of CNY 10.494 billion, with a net profit attributable to shareholders of CNY 1.371 billion, representing a year-on-year growth of 8.69% [2] - For Q1 2025, the company reported operating revenue of CNY 2.038 billion and a net profit of CNY 0.151 billion [2] - The proposed cash dividend for 2024 is CNY 10 per 10 shares, totaling CNY 1.063 billion, which accounts for 77.54% of the net profit attributable to shareholders [2] Brand Performance - The Sofia brand generated CNY 9.448 billion in revenue with an average order value of CNY 23,370, supported by 1,797 dealers and 2,503 stores [2] - The Milan brand achieved CNY 0.510 billion in revenue, marking an 8.09% increase, with 530 dealers and 559 stores [3] - The Simi brand reported revenue of CNY 0.166 billion, with 156 dealers and 161 stores [3] - The Huaher brand generated CNY 0.166 billion in revenue, supported by 264 dealers and 279 stores [3] Channel Performance - Revenue from the dealer channel reached CNY 8.523 billion [4] - The integrated channel (direct and dealer) generated CNY 2.216 billion, reflecting a year-on-year growth of 16.22% [4] - The bulk channel contributed CNY 1.321 billion, while the direct channel reported CNY 0.359 billion, up 14.00% [4] - The overseas market has established 22 dealers and is involved in approximately 80 engineering projects globally [4] Cost and Profitability - Sales expenses totaled CNY 1.011 billion, with a sales expense ratio of 9.64% [5] - Management expenses were CNY 0.792 billion, with a management expense ratio of 7.55% [5] - R&D expenses amounted to CNY 0.374 billion, representing 3.57% of revenue [5] - The overall gross margin for the furniture manufacturing industry was 34.73%, a decrease of 0.73% year-on-year [6] Strategic Initiatives - The company is focusing on enhancing quality and efficiency through refined expense management and supply chain control [7] - The "1+N+X" model is being implemented to deepen market penetration and attract diverse retail distributors [9] - The company is actively expanding its overseas market presence, with a focus on engineering business development and retail channel expansion [10] - Future plans include dynamic adjustments to the store and channel matrix based on regional conditions [12] Market Outlook - The home furnishing industry is undergoing significant adjustments due to market demand contraction and ecological restructuring [14] - The company is proactively addressing the renovation needs of existing homes and is preparing for the challenges of the stock market era [14] - The integrated channel is expected to maintain growth potential, with ongoing efforts to capture front-end traffic [15]