Core Insights - The company reported a revenue of 9.337 billion yuan in 2024, representing a year-on-year growth of 6.68%, while the net profit attributable to shareholders was 181 million yuan, showing a significant increase of 72.44% [1] Store Expansion and Operational Efficiency - In 2024, the company opened 96 new stores and closed 75, resulting in a total of 1,046 stores by year-end, indicating challenges in operational efficiency despite an increase in store count [2] - The new stores were primarily concentrated in Lejoy International, while the company's own brand stores saw only 15 new openings and 17 closures, reflecting operational pressure in this segment [2] - The franchise business made some progress with only 9 new franchise stores opened by year-end, highlighting the slow development of this model and the need for improved franchisee operational efficiency [2] Online Sales and Gross Margin Pressure - Online sales revenue reached 3.714 billion yuan in 2024, accounting for 45.52% of total sales, indicating progress in digital transformation [3] - However, online sales typically have lower gross margins compared to offline sales, which puts pressure on the overall gross margin of the company [3] - The differentiated supply chain contributed only 12.28% to total sales, and the impact of the company's own brand remains limited, necessitating a focus on maintaining high gross margins while increasing online sales [3] Net Profit Growth and Sustainability Concerns - The net profit growth of 72.44% was partly reliant on non-recurring gains, raising questions about the sustainability of this growth, as the adjusted net profit was only 120 million yuan, with a growth of 91.60% [4] - The net cash flow from operating activities improved to 1.179 billion yuan, a year-on-year increase of 46.71%, indicating better cash flow management [4] - The company faces challenges in maintaining efficient cash flow management and reducing reliance on non-recurring gains for future growth [4]
孩子王2024年净利润大增72.44%，但门店扩张与盈利能力存隐忧