Citic Press(300788) 证券时报网·2025-03-18 12:15Core Viewpoint - The company has experienced a continuous decline in revenue for three consecutive years, reaching a new low since its listing, while net profit has only slightly increased despite a significant drop compared to its initial public offering year [2][3]. Company Performance - In 2024, the company achieved an operating income of 1.687 billion yuan, a year-on-year decrease of 1.72%, and a net profit of 119 million yuan, a year-on-year increase of 1.99% [2]. - The company's operating income has declined for three consecutive years, with 2024 marking the lowest revenue since its listing [2]. - The net profit for the fourth quarter of 2024 was a loss of 11.46 million yuan, the worst quarterly performance in two years [3]. Industry Context - The overall book retail market in 2024 experienced negative growth, with the scale of book sales declining by 1.52% and actual sales down by 2.69% [3]. - Various sales channels, including physical stores and e-commerce platforms, have shown negative growth, with the largest e-commerce platforms experiencing a more significant decline compared to 2023 [3]. Asset Impairment - The company reported a total asset impairment loss of 78.75 million yuan for 2024, impacting net profit, with significant provisions for prepaid expenses, inventory, and long-term equity investments [3]. - The total asset impairment losses over the past three years have shown a significant increasing trend [3]. Market Position and Management - The company is positioned below the industry average in terms of revenue and net profit, with its market capitalization ranking below the industry median [4]. - The company has not yet established a market value management system or disclosed a valuation enhancement plan, unlike many of its industry peers [4].