Joyoung(002242) 金融界·2025-03-28 07:36Core Viewpoint - Jiuyang Co., Ltd. reported a significant decline in both revenue and net profit for the year 2024, indicating ongoing challenges in market competition and internal management [1][2]. Revenue and Profit Decline - The company achieved total revenue of 8.849 billion yuan in 2024, a year-on-year decrease of 7.94%, marking the fourth consecutive year of revenue decline [2]. - Net profit attributable to shareholders was 122 million yuan, down 68.55% year-on-year, reaching a new low in recent years [1][2]. - The company's net profit after deducting non-recurring items was 119 million yuan, a decrease of 66.40% year-on-year, reflecting weakened profitability in core operations [2]. Cost and Profitability Concerns - Operating costs for 2024 were 6.592 billion yuan, down 8.75% year-on-year, but the gross profit margin was only 25.51%, a slight increase of 0.66 percentage points [3]. - Sales expenses rose to 1.506 billion yuan, an increase of 13.43% year-on-year, with a sales expense ratio of 17.02%, up 3.21 percentage points [3]. - Management expenses increased to 385 million yuan, up 0.92% year-on-year, indicating inefficiencies in internal management [4]. Research and Development Investment - R&D investment was 361 million yuan, down 7.19% year-on-year, with R&D expenditure accounting for 4.08% of total revenue, a minimal increase of 0.03 percentage points [4]. Asset Management and Cash Flow Issues - The company made asset impairment provisions totaling 33.97 million yuan, reducing net profit by 30.11 million yuan, highlighting issues in asset management [5]. - The net cash flow from operating activities was 178 million yuan, a significant decline of 76.74% year-on-year, indicating weakened cash recovery capabilities [5]. - The year-end inventory value was 635 million yuan, accounting for 18.21% of net assets, with an increase in inventory impairment provisions, suggesting potential inventory management challenges [5].