Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 11,798,662 thousand, representing a year-on-year growth of approximately 5.3%[6] - The gross profit for the same period was RMB 4,411,969 thousand, with a gross margin of 37.4%[4] - The company’s net profit for the fiscal year was RMB 1,303,255 thousand, a decrease from RMB 1,645,090 thousand in the previous year[4] - The comprehensive income for the year was approximately RMB 1,416,913 thousand, a decrease of about 9.5% from RMB 1,566,470 thousand in 2023, primarily due to increased sales and R&D expenses[49] - The group reported a segment profit of RMB 1,640,180 thousand for 2024, down from RMB 1,949,597 thousand in 2023, reflecting a decrease of about 15.9%[113] - Basic earnings per share for 2024 were RMB 21.42, down from RMB 27.01 in 2023[95] Revenue Breakdown - Revenue from the proprietary brand business is approximately RMB 2,475,033 thousand, a year-on-year increase of about 34.0%, accounting for about 21.0% of total revenue[16] - Revenue from the enterprise customer business is approximately RMB 9,323,629 thousand, a slight decline of about 0.3%, accounting for about 79.0% of total revenue[16] - In the U.S. market, revenue from enterprise customers is approximately RMB 3,988,170 thousand, a decline of about 2.4%, accounting for about 33.8% of total revenue[21] - Revenue from the Chinese market was approximately RMB 238,751 thousand, representing a year-on-year growth of about 25.1%[24] - The group’s revenue from major customer A was RMB 4,732,568 thousand in 2024, up from RMB 4,582,362 thousand in 2023, contributing over 10% to total revenue[116] Market Position and Share - The company maintained a market share of approximately 13.1% in the global electronic vaporization equipment market for 2024, down from 13.7% in 2023[11] - The company’s proprietary brand "VAPORESSO" has further increased its market share in the open product segment, becoming a leading brand in major global markets[17] - The proprietary brand business in the U.S. market achieved revenue of approximately RMB 424,289 thousand, a year-on-year increase of about 14.0%[17] Research and Development - Research and development expenditure for the review period was approximately RMB 1,572,313 thousand, an increase of about 6.0% from the previous year, accounting for approximately 13.3% of revenue[25] - The company achieved significant breakthroughs in research and development for its heating-not-burning and medical vaporization businesses during the review period[8] - The company plans to enhance its R&D focus on heated tobacco products and aerosol medical products as key directions for 2025[44] Operational Efficiency - The company achieved significant progress in production operations, enhancing manufacturing competitiveness through collaboration across teams and optimizing production processes[35] - The group aims to enhance manufacturing competitiveness and optimize production processes, with a focus on resource integration and cost reduction[47] Expenses and Costs - Distribution and selling expenses increased by approximately 74.7% to about RMB 919,552 thousand, representing about 7.8% of revenue, driven by increased marketing investments in global operations and new product launches in the Chinese market[60] - Administrative expenses rose by approximately 5.4% to about RMB 914,109 thousand, maintaining a stable percentage of about 7.7% of revenue[63] - R&D expenses grew by approximately 6.0% to about RMB 1,572,313 thousand, accounting for about 13.3% of revenue, with significant investments in the fields of atomization medical and heated non-combustible products[66] Future Outlook - The global electronic vaporization product market is projected to reach approximately 66.86 billion by 2029, with a CAGR of approximately 10.1% from 2024 to 2029[39] - The company is committed to building a leading global vapor technology platform, focusing on electronic vaporization, heated non-combustible products, and medical vaporization solutions[36] Corporate Governance - The company maintained a governance structure that complies with the Hong Kong Stock Exchange's corporate governance code, with a board comprising eight directors, including three independent non-executive directors[143] - The board of directors is committed to ensuring transparency and accountability to all shareholders, with regular reviews of governance effectiveness[145] Shareholder Communication - The company has established a shareholder communication policy to ensure effective communication with shareholders[152] - The company encourages shareholders to express their opinions and suggestions during the annual general meeting[150]
思摩尔国际(06969) - 2024 - 年度业绩