Financial Performance - The group's revenue for the year ended December 31, 2024, was RMB 20,748.6 million, an increase of 6.2% compared to the previous year[2] - The group's gross profit for the same period was RMB 13,764.8 million, reflecting an 8.7% increase year-over-year[2] - The net profit for the year was RMB 3,654.1 million, which represents an 11.1% increase from the previous year[2] - Basic and diluted earnings per share were both RMB 0.39, up from RMB 0.37 in 2023[2] - The company reported a total comprehensive income of RMB 3,570.1 million for the year, compared to RMB 3,444.0 million in 2023[5] - The group’s profit before tax for 2024 was RMB 3,390,009,000, compared to RMB 3,570,125,000 in 2023, showing a decrease of approximately 5%[39] - The total tax expense for the year was RMB 1,895,606,000, an increase from RMB 1,559,940,000 in 2023, representing an increase of about 21%[35] - The group operated 42 Vitamin World USA retail stores in the U.S. as of December 31, 2024, employing 199 people, generating RMB 172.9 million in revenue from nutritional supplements[50] - Profit before tax increased by 14.4% from RMB 4,850.3 million in 2023 to RMB 5,549.7 million in 2024[66] - Net profit increased by 11.1% from RMB 3,290.4 million in 2023 to RMB 3,654.1 million in 2024[68] Dividends - The board proposed a final dividend of HKD 0.1632 per share, compared to HKD 0.1484 per share in 2023, totaling approximately HKD 1,479,775,000 (approximately RMB 1,351,924,000) for the interim dividend[2] - The company declared an interim dividend of HKD 0.1632 per share for 2024, up from HKD 0.1349 per share in 2023, which corresponds to approximately RMB 1.35 billion compared to RMB 1.14 billion in the previous year[36] - The dividend policy aims to distribute no less than 30% of the net profit for each fiscal year, depending on future investment plans[94] - The annual general meeting will be held on May 29, 2025, to discuss the proposed final dividend for 2024[95] - To qualify for the 2024 final dividend, all share transfer documents must be submitted by June 3, 2025[97] - The final dividend is expected to be paid to shareholders listed on June 5, 2025[97] Assets and Liabilities - Total assets less current liabilities amounted to RMB 29,134.7 million as of December 31, 2024, compared to RMB 28,812.4 million in 2023[6] - The company's non-current assets totaled RMB 13,477.1 million, slightly down from RMB 13,640.4 million in the previous year[6] - The company's cash and cash equivalents were RMB 9,321.2 million, down from RMB 10,440.9 million in 2023[6] - The total assets of the company as of December 31, 2024, were RMB 35,725,706, compared to RMB 36,194,678 in 2023, indicating a slight decrease[21] - The total liabilities for the year ended December 31, 2024, were RMB 8,318,321, a decrease from RMB 9,860,332 in 2023[21] Revenue Breakdown - Revenue from infant formula products reached RMB 19,061.6 million, accounting for 91.9% of total revenue, with a year-on-year growth of 6.6%[56] - Revenue from the mainland China market increased to RMB 20,545,954 in 2024, up from RMB 19,287,735 in 2023, representing a growth of 6.5%[23] - Sales to external customers in the raw milk segment amounted to RMB 154,290, while the dairy products and nutritional supplements segment generated RMB 20,594,260, contributing to a total of RMB 20,748,550[21] - The total revenue from e-commerce for 2024 was RMB 69,813,000, significantly up from RMB 21,659,000 in 2023, marking an increase of about 223%[32] Expenses - The cost of goods sold for 2024 was RMB 6,983,747,000, compared to RMB 6,868,850,000 in 2023, indicating an increase of about 1.7%[33] - Sales and distribution expenses increased by 7.0% to RMB 7,181.2 million, mainly due to higher advertising costs and online sales platform expenses[62] - Administrative expenses decreased by 4.6% to RMB 1,681.3 million, mainly due to reduced share-based payment expenses[63] - Other income and net gains decreased by 11.7% from RMB 1,659.5 million in 2023 to RMB 1,465.1 million in 2024, primarily due to reduced government subsidies[61] Market and Consumer Insights - The average disposable income in China reached RMB 41,314 in 2024, with a compound annual growth rate of 6.1% from 2019 to 2024, enhancing consumer purchasing power[43] - The number of newborns in China is projected to increase from approximately 9.5 million in 2024 due to supportive measures, despite a decline from 10.48‰ in 2019 to 6.77‰ in 2024[43] - The demand for high-end infant formula products is anticipated to grow, supported by rising disposable income and health awareness among consumers[43] - Urbanization and rising disposable income levels are expected to enhance consumer purchasing power, particularly in lower-tier cities and rural areas[43] Corporate Governance and Compliance - The company emphasizes its commitment to corporate governance and has adopted the corporate governance code as per the Hong Kong Stock Exchange[86] - The company has established an audit committee to oversee financial reporting and risk management, consisting of three members[91] - The company has confirmed compliance with the standards for securities trading by its directors during the reporting period[88] Strategic Initiatives - The company plans to continue expanding its overseas market presence, enhancing the global influence of the Feihe brand, and aims to position itself as a "global Feihe"[84] - The company is focusing on innovation in areas such as breast milk research, brain development research, and protein technology, aiming for breakthroughs in comprehensive nutrition[84] - The group is leveraging e-commerce platforms and its own website to directly sell products, targeting the younger generation of consumers[48] - The group aims to achieve an optimal balance of key components in infant formula by closely simulating the composition of breast milk from Chinese mothers[45]
中国飞鹤(06186) - 2024 - 年度业绩