Financial Performance - For the year ended December 31, 2024, the gross profit margin increased to 52.8% from 52.0% for the year ended December 31, 2023, due to optimized product mix and improved operational efficiency[4] - The main brand GXG achieved sales revenue of RMB 615 million, a year-on-year increase of 3.0% compared to RMB 2,017 million for the year ended December 31, 2023[4] - The net profit for the year ended December 31, 2024, was RMB 30.925 million, down from RMB 37.245 million for the year ended December 31, 2023, representing a decrease of 17.5%[5] - The total revenue for the year ended December 31, 2024, was RMB 2,269.76 million, compared to RMB 2,329.049 million for the previous year, reflecting a decline of 2.5%[5] - The company reported a basic and diluted earnings per share of RMB 3.39 for the year ended December 31, 2024, down from RMB 4.34 for the previous year[5] - The total comprehensive income for the year ended December 31, 2024, was RMB 24.514 million, compared to RMB 23.094 million for the previous year, indicating an increase of 6.1%[6] - Total revenue for the year ended December 31, 2024, was RMB 2,269,760,000, a decrease of 2.55% from RMB 2,329,049,000 in 2023[16] - The gross profit for the apparel segment was RMB 1,198,950,000, compared to RMB 1,212,183,000 in the previous year, reflecting a slight decline[14] - The group's pre-tax profit for 2024 was RMB 49,078 thousand, down from RMB 51,809 thousand in 2023, a decrease of 5.3%[27] - Basic earnings per share for 2024 were RMB 30,954 thousand, compared to RMB 39,567 thousand in 2023, indicating a decline of 21.8%[30] - Profit before tax was RMB 49.1 million, a decrease of 5.2% from RMB 51.8 million in 2023, mainly attributed to a reduction in gross profit[57] - Net profit for the period was RMB 30.9 million, down 16.9% from RMB 37.2 million in 2023[59] Assets and Liabilities - The company’s non-current assets totaled RMB 892.793 million as of December 31, 2024, down from RMB 1,224.634 million in the previous year[7] - The total liabilities decreased from RMB 1,775.864 million in 2023 to RMB 1,745.959 million in 2024, a reduction of 1.7%[8] - The company’s total equity increased to RMB 735.486 million as of December 31, 2024, compared to RMB 711.572 million in the previous year, reflecting a growth of 3.3%[8] - Trade receivables decreased to RMB 653,854 thousand in 2024 from RMB 726,788 thousand in 2023, a reduction of 10%[30] - Total bank loans and other borrowings due within one year amounted to RMB 903.5 million, up from RMB 887.5 million in 2023, representing an increase of 1.2%[35] - Total bank and other borrowings decreased to RMB 903.5 million from RMB 1,329.8 million in 2023, resulting in a debt-to-asset ratio of 34.6% compared to 44.1% in 2023[62][63] Revenue Sources - Revenue from offline channels was RMB 1,441,185,000, while online channels generated RMB 819,633,000 for 2024[14] - The revenue from external customers in mainland China decreased to RMB 2,269,760,000 in 2024 from RMB 2,329,049,000 in 2023, indicating a decline of 2.55%[16] - Self-operated store sales decreased by 1.6% or RMB 14.9 million to RMB 912.5 million, primarily due to macroeconomic factors[41] - Partner store sales decreased by 41.3% or RMB 55.4 million to RMB 78.7 million, mainly due to the termination of the gxg.kids business and a reduction in the number of partner stores[41] - Online channel sales decreased by 1.8% or RMB 14.7 million to RMB 819.6 million, attributed to product structure adjustments and a focus on maintaining brand pricing strategies[41] Expenses - The company’s total sales and distribution expenses were RMB 934,095,000 for 2024, compared to RMB 920,769,000 in 2023[14] - The company’s administrative expenses were RMB 210,457,000 in 2024, slightly up from RMB 207,434,000 in 2023[14] - Selling and distribution expenses increased by 1.4% or RMB 13.3 million to RMB 934.1 million, with the percentage of total revenue rising from 39.5% in 2023 to 41.2% in 2024[51] - Administrative expenses increased by 1.5% or RMB 3.1 million to RMB 210.5 million, primarily due to increased R&D spending and one-time costs related to warehouse relocation[52] - Total employee costs were RMB 84.9 million, down from RMB 100.0 million in 2023, representing 3.7% of total revenue compared to 4.3% in 2023[71] Strategic Initiatives - The company plans to enhance product development by introducing a professional design team to capture market trends and improve product quality[4] - The company plans to enhance product design and brand promotion to improve brand awareness and influence[37] - The company aims to strengthen supply chain management to ensure quality control from design to production[37] Cash Flow and Investments - Operating cash inflow was RMB 171.7 million, a decrease of RMB 126.1 million from RMB 297.8 million in 2023, with inventory turnover days improving by 7 days[60] - Capital expenditures increased by 54.8% to RMB 132.8 million from RMB 85.8 million in 2023, mainly due to increased construction and renovation costs of the headquarters[61] - No significant investments or acquisitions were made during the period, and the company continues to seek new business development opportunities[66] Dividend and Shareholder Information - The company did not recommend any final dividend for the year, consistent with 2023[28] - The company did not recommend any final dividend for the year ending December 31, 2024[72] - The annual report for the year ending December 31, 2024, will be sent to shareholders and published on the stock exchange and the company's website[79] Audit and Compliance - The audit committee, consisting of three independent non-executive directors, oversees the company's financial reporting and internal control systems[77] - The financial information for the year ending December 31, 2024, has been reviewed by the audit committee and complies with applicable accounting principles and regulations[78]
慕尚集团控股(01817) - 2024 - 年度业绩