Hoperun Software(300339) 新浪财经·2025-04-21 21:51Core Insights - Jiangsu Runhe Software's 2024 annual report indicates a significant decline in net cash flow from operating activities by 73.55% and a decrease in cash flow from investing activities by 153.87%, raising questions about the company's financial health and implications for investors Revenue Analysis - In 2024, Jiangsu Runhe Software achieved operating revenue of 3,399,232,271.99 yuan, a year-on-year increase of 9.43% [1] - The financial technology segment generated revenue of 1,826,965,934.65 yuan, accounting for 53.75% of total revenue, with a growth of 7.09% [1] - The smart IoT segment saw revenue of 1,065,878,014.09 yuan, representing 31.36% of total revenue, with a growth of 17.13% [1] - Revenue from the smart energy information segment was 387,307,845.21 yuan, making up 11.39% of total revenue, with a growth of 12.80% [1] - The intelligent supply chain information segment experienced a revenue decline of 22.08%, totaling 82,014,072.25 yuan, which is 2.41% of total revenue [1] Profit Analysis - The net profit attributable to shareholders was 161,112,339.63 yuan, a slight decrease of 1.64% year-on-year, primarily due to a higher increase in operating costs compared to revenue growth [2] - Operating costs rose to 2,594,444,961.41 yuan, an increase of 11.96%, driven by an 8.53% rise in employee compensation and a 27.76% increase in procurement costs [2] Non-Recurring Profit Analysis - The net profit attributable to shareholders after excluding non-recurring items was 85,838,177.68 yuan, reflecting a substantial increase of 53.02% year-on-year, indicating improved profitability in core operations [3] - Non-recurring gains totaled 75,274,161.95 yuan, down from 107,702,130.43 yuan in 2023, enhancing the significance of the growth in non-recurring net profit [3] Earnings Per Share - Basic earnings per share were 0.20 yuan, a decrease of 4.76% year-on-year, consistent with the trends observed in net profit and non-recurring net profit [4] - The decline in basic earnings per share reflects the overall slight decrease in profitability despite improvements in core business performance [4] Expense Analysis - Sales expenses increased by 5.16% to 108,620,009.81 yuan, indicating stable growth in market promotion and sales efforts [5] - Management expenses decreased by 2.08% to 263,126,133.20 yuan, likely due to improved internal management efficiency [5] - Financial expenses rose by 5.48% to 37,999,475.16 yuan, attributed to increased bank borrowings and interest costs [5] - Research and development expenses decreased by 3.88% to 267,794,064.39 yuan, with R&D expenditure as a percentage of operating revenue falling from 11.92% to 10.52% [5] Research and Development Personnel - The number of R&D personnel decreased by 4.12% to 1,372, reducing their proportion of total employees from 11.99% to 9.79% [6] - The decline in R&D personnel may impact the company's future technological innovation and product development [6] Cash Flow Analysis - The net cash flow from operating activities was 36,173,002.26 yuan, down 73.55% year-on-year, primarily due to increased cash payments to employees [6] - Cash inflows from operating activities grew by 0.65%, while cash outflows increased by 3.94%, indicating slower cash recovery in operations [6] - The net cash flow from investing activities was -104,632,957.56 yuan, a decrease of 153.87%, reflecting reduced cash receipts from investments [7] - The net cash flow from financing activities was -14,969,211.34 yuan, an increase of 78.93%, driven by increased bank borrowings to support innovation [7]