SAINT ANGELO(002154) 新京报·2025-04-22 07:52Core Viewpoint - The company reported a significant decline in net profit by 29% to 495 million yuan while investing 384 million yuan in acquiring the global intellectual property of the high-end outdoor brand Woolrich, indicating a commitment to a multi-brand strategy and international expansion despite facing financial challenges and inventory pressures [2][3][6]. Financial Performance - In 2024, the company's operating revenue was 5.15 billion yuan, a decrease of 1.91% year-on-year, while the net profit attributable to shareholders fell by 29.07% [3][4]. - The fourth quarter saw a slight increase in revenue to 1.62 billion yuan, but net profit dropped significantly by 44% to 79.63 million yuan [3]. - The company's main business costs were controlled at 1.68 billion yuan, down 3.53% year-on-year, but total expenses rose to 2.57 billion yuan, an increase of 4.45% [3]. Sales and Marketing Expenses - Sales expenses reached 2.13 billion yuan, accounting for 41% of revenue, indicating a substantial investment in advertising and channel development to maintain brand image and visibility [3][7]. - Research and development expenses decreased by 14.59% to 92.73 million yuan, reflecting a shift in focus towards marketing and sales efforts [3]. Acquisition of Woolrich - The acquisition of Woolrich for 384 million yuan includes global intellectual property rights and aims to enhance the company's multi-brand portfolio and international presence [6][9]. - The deal represents 8.84% of the company's latest audited net assets and includes rights to operate in 26 countries and regions outside of Europe [6][9]. Inventory and Cash Flow Concerns - The company faced cash flow challenges, with net cash flow from operating activities dropping by 39.13% to 700 million yuan due to reduced sales returns [7]. - Inventory levels remained high, with values of 1.18 billion yuan, 1.15 billion yuan, and 1.20 billion yuan over the past three years, leading to an extended inventory turnover period of 238 days in 2024 [7][10]. Market Context - The domestic apparel market is highly competitive, particularly for traditional menswear brands, prompting many companies to enter the high-end outdoor segment [9][10]. - The acquisition aligns with industry trends where companies are increasingly partnering with international outdoor brands to drive growth amid slowing performance [9][10].