VESYNC(02148) - 2024 - 年度财报

Financial Performance - In 2024, the company's revenue reached approximately $652.6 million, representing an increase of about 11.5% compared to 2023, while gross profit was approximately$ 306.6 million, up by 11.7%[12] - The net cash flow from operating activities was approximately $144.8 million in 2024, compared to$ 106.1 million in 2023, indicating strong cash flow growth[12] - The total assets of the company reached $649.8 million in 2024, up from$ 565.1 million in 2023[10] - The total equity increased to $369.3 million in 2024, compared to$ 327.5 million in 2023[10] - The company reported a profit attributable to equity holders of approximately $93.0 million in 2024, compared to$ 77.5 million in 2023[10] - In 2024, the company achieved revenue of approximately $652.6 million, with a gross profit of about$ 306.6 million, and net profit attributable to shareholders of approximately $93.0 million, representing year-over-year increases of 11.5%, 11.7%, and 20.1% respectively compared to 2023[23] - The gross profit for 2024 was approximately$ 306.6 million, with a gross margin of about 47.0%, slightly up from 46.9% in 2023[31] - Other income and gains decreased by approximately 12.6% to about $9.0 million in 2024, down from$ 10.3 million in 2023[40] - Total sales and distribution expenses increased by approximately 5.1% to about $104.2 million in 2024, up from$ 99.2 million in 2023[42] - Administrative expenses increased by approximately 10.9% to about $92.1 million in 2024, primarily due to increases in R&D and personnel costs[45] - Financial costs increased from approximately$ 1.5 million in 2023 to about $3.4 million in 2024, largely due to accounts receivable factoring interest[48] - The company recorded a foreign exchange loss of approximately$ 3.3 million for the year ending December 31, 2024, compared to a foreign exchange gain of approximately $3.5 million in 2023[59] - The total trade receivables decreased to$ 183.377 million in 2024 from $192.082 million in 2023, reflecting a decline of 4.6%[65] - The company's asset-liability ratio improved to approximately 8.8% as of December 31, 2024, compared to 11.7% in 2023[69] Market Performance - The company maintained its market leadership in the U.S. for Levoit air purifiers and humidifiers, achieving the highest sales volume and revenue share across all channels[13] - Non-Amazon channel revenue increased from approximately 22.0% in 2023 to about 25.5% in 2024, a rise of approximately 3.5 percentage points[14] - Levoit air purifiers and humidifiers maintained the top sales revenue and volume shares in the U.S. market, with revenue shares of approximately 33.0% and volume shares of 23.3%, an increase of about 4.4 percentage points compared to the same period in 2023[24] - Revenue from the North American market was approximately$ 480.5 million, an increase of about 11.8% year-over-year, driven by a 45.2% growth in non-Amazon channels[26] - Revenue from the European market was approximately $131.1 million, reflecting a growth of about 4.3% compared to the previous year[26] - Revenue from the Asian market in 2024 increased by approximately 37.7%, primarily due to growth in Japan and the Middle East[36] - The company successfully expanded its presence in the European market, achieving top sales revenue shares in multiple countries for its Levoit air purifiers and humidifiers[24] - The company successfully entered new markets in the Asia-Pacific region, adding approximately 600 new retail locations, bringing the total to over 2,500 stores by December 31, 2024[14] Product Development and Innovation - The company expanded its product offerings in North America, adding 7 products at Target and 3 products at Best Buy[14] - The introduction of new products in 2024 includes high-standard silent and high-airflow fans, a versatile air fryer, a calibration-free body scale, and a smart pet feeder, which are expected to strengthen the brand's market share[17] - The company plans to launch several new products in 2025, including smart air purifiers and smart air fryers, to enhance its consumer smart home device portfolio[70] - The company aims to optimize the entire product value chain in 2025, enhancing efficiency from user insights to product development and final sales[19] - The company has expanded its management team and strengthened its product development capabilities, leading to positive changes in performance[23] Organizational Development - The company emphasizes the importance of building organizational capabilities to support long-term development as it scales[17] - The company is committed to enhancing brand building as a core asset for long-term development, focusing on value accumulation and market competitiveness[19] - The group aims to enhance its organizational capabilities by introducing more mid-to-senior level talent, targeting a workforce of 1,408 employees by 2024[190] - The group has established a dual career development path for employees, focusing on both management and professional tracks, with a regular review and promotion mechanism to support talent development[195] - The group emphasizes the importance of timely and effective training for employees to ensure skill acquisition and integration into the business, which is critical for operational success[191] - The group has implemented standardized management and evaluation processes for new managers during their probation period to identify key talents and ensure their integration into the organization[192] - The group has enhanced its position management system in 2024, providing clear guidelines for employee development and position adjustments[193] Shareholder and Governance Matters - The board has decided not to recommend any final dividend for the year ending December 31, 2024[108] - The company has no significant investments or acquisitions planned as of December 31, 2024[60] - The company has not engaged in any significant acquisitions or disposals of subsidiaries or joint ventures during the reporting period[61] - The company has adopted a more cautious approach to utilizing the proceeds due to market uncertainties, delaying the planned usage[114] - The expected timeline for utilizing the proceeds is set for December 2024, with a focus on maintaining daily operations[114] - The company has purchased appropriate liability insurance for its directors and senior management[135] - The company has not engaged in any related party transactions that require shareholder approval during the reporting period[173] Social Responsibility and Community Engagement - The company is committed to social responsibility and community engagement through partnerships with charities and NGOs[176] - The group made charitable donations of approximately$ 64,304 during the reporting period, compared to $123,889 in 2023[112] Inventory and Supply Chain Management - The group’s inventory value as of December 31, 2024, was approximately$ 72.6 million, down from approximately $79.8 million as of December 31, 2023[189] - The average inventory turnover days decreased to approximately 80 days, a reduction of about 35 days compared to 2023[189] - The group plans to continue expanding its supply chain in regions such as Malaysia and Indonesia to enhance global supply chain integration[187] - The group has implemented measures to improve sales forecasting accuracy, enhancing inventory management and reducing excess stock risks[189] Stakeholder Relationships - The group recognizes the significance of stakeholder relationships and maintains transparent communication with various stakeholders, including employees, customers, and suppliers[196] - The group’s success is heavily reliant on the support of key stakeholders, including board members, management, employees, customers, and suppliers[196]