**Bullish Points:**
1. Cash and cash equivalents increased by RMB 3,021 million to RMB 34,773 million as of December 31, 2024.
2. Total liabilities decreased by RMB 4,376 million to RMB 15,312 million as of December 31, 2024.
3. The company secured 10 new duty-free projects at airports and ports, and expanded its international business with new stores in Singapore, Hong Kong, Japan, and Sri Lanka.
4. Management highlighted efforts to enhance service quality, expand product offerings, and improve supply chain efficiency.
5. Operating costs were managed through optimizing product sales structure, increasing high-margin products, and enhancing inventory management.
6. The company continued to invest in digital transformation and supply chain systems to support business growth.
7. Interest expenses decreased to RMB 202,501,000 in 2024 from RMB 297,894,000 in 2023.
8. Employee costs decreased to RMB 3,402,109,000 in 2024 from RMB 3,608,578,000 in 2023.
9. The company declared a final dividend of RMB 1.05 per share for the year ended December 31, 2024.
10. The company declared and paid dividends of RMB 3,413,617,000 in 2024, an increase from RMB 1,655,087,000 in 2023.
**Bearish Points:**
1. Revenue for the year ended December 31, 2024, decreased by RMB 11,066 million to RMB 56,474 million compared to 2023.
2. Gross profit for 2024 decreased by RMB 3,506 million to RMB 17,347 million compared to 2023.
3. Net profit attributable to equity shareholders for 2024 decreased by RMB 2,466 million to RMB 4,324 million compared to 2023.
4. Gross profit margin slightly decreased by 0.16 percentage points to 30.72% in 2024.
5. Net profit margin attributable to equity shareholders decreased by 2.39 percentage points to 7.66% in 2024.
6. Basic and diluted earnings per share for 2024 decreased by RMB 1.1921 to RMB 2.0899 compared to 2023.
7. Total assets as of December 31, 2024, decreased by RMB 2,554 million to RMB 76,108 million compared to 2023.
8. The equity-to-debt ratio decreased by 8.19 percentage points to 25.19% in 2024.
9. The retail segment revenue decreased to RMB 56,222,917,000 in 2024 from RMB 67,065,209,000 in 2023.
10. The property segment revenue decreased to RMB 250,931,000 in 2024 from RMB 474,896,000 in 2023.
11. Depreciation and amortization expenses increased to RMB 1,475,775,000 in 2024 from RMB 1,235,574,000 in 2023.
12. Inventory impairment increased to RMB 741,896,000 in 2024 from RMB 637,888,000 in 2023.
**Summary:**
CTG DUTY-FREE (01880) experienced a challenging year in 2024 with declines in revenue, gross profit, and net profit compared to 2023. The company faced decreases in both the retail and property segments, along with a reduction in gross and net profit margins. However, the company managed to reduce its total liabilities and interest expenses, while increasing its cash and cash equivalents. The company also made significant strides in expanding its international presence and improving operational efficiencies. Despite the financial setbacks, the company continued to invest in digital transformation and supply chain systems, and declared a higher dividend for 2024. The overall outlook remains cautiously optimistic as the company focuses on growth and operational improvements.
For more information, you can read the original text of CTG DUTY-FREE's financial report.
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