GONGNIU(603195) 新京报·2025-04-25 14:18Core Viewpoint - Bull Group reported revenue and net profit growth for 2024, but faced a significant increase in sales expenses and a decline in net cash flow from operating activities [1][2] Financial Performance - For 2024, Bull Group achieved revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit of 4.272 billion yuan, up 10.39% from the previous year [2] - In Q1 2025, the company reported revenue of 3.922 billion yuan, a 3.14% increase year-on-year, and a net profit of 975 million yuan, up 4.91% [1] - Operating cash flow net amount for 2024 was 3.73 billion yuan, a decline of 22.72% compared to the previous year [2] - Sales expenses reached 1.369 billion yuan, reflecting a 27.93% increase year-on-year [2] Business Segments - The main business revenue from electrical connection products was 7.683 billion yuan, a 4.01% increase, while the cost was 4.536 billion yuan, up 3.87% [3] - Revenue from smart electrical lighting products was 8.331 billion yuan, a 5.42% increase, with costs at 4.484 billion yuan, rising 4.70% [3] - New energy products saw a significant revenue increase of 104.75%, reaching 777 million yuan, with costs rising 102.72% to 507 million yuan [3] Market Dynamics - The company faces intensified market competition in the civil electrical field, with numerous domestic and international players entering the market [3] - The competition in the civil electrical and lighting industry is expected to remain fierce, with uncertainties in market dynamics [3][4] - The company is expanding into new business areas such as charging guns/stations and smart home products, but there are uncertainties regarding market trends and consumer preferences that may affect future performance [4]