2024 Annual Results
Summary of Income Statement and Balance Sheet
| Year ended 31 December | |||
| (RMB million) | 2024 | 2023 | Better/(Worse) |
|---|---|---|---|
| Revenue | 28,676 | 27,598 | 3.9% |
| Gross Profit | 14,156 | 13,352 | 6.0% |
| Distribution costs | -9,199 | -9,080 | (1.3%) |
| Administrative expenses | -1,428 | -1,256 | (13.7%) |
| Other income and other gains-net | 154 | 524 | (70.6%) |
| Operating Profit | 3,678 | 3,559 | 3.3% |
| EBITDA | 6,379 | 6,157 | 3.6% |
| Profit Attributable to Equity Holders | 3,013 | 3,187# | (5.5%) |
| Basic Earnings per share (RMB cents) | 117.0 | 123.2 | (5.1%) |
| Cash and Cash Equivalents | 7,499 | 5,444 | 37.7% |
| Borrowings | 0 | 0 | N/A |
| Net Cash* | 18,164 | 17,976 | 1.0% |
| Current Liabilities | 7,586 | 7,268 | (4.4%) |
| Current Ratio (times) | 2.71 | 1.88 | 0.83 |
| Total Liabilities to Total Asset Ratio | 26.9% | 28.7% | 1.8p.p. |
- #Include the one-off gains not related to operation
- *Net Cash = Cash and Cash Equivalents + Restricted Bank Deposits + Term Bank Deposits – Borrowings
Profit Margins and Key Operating Indicators
| Year ended 31 December | |||
| 2024 | 2023 | Better/(Worse) | |
| Gross Profit Margin | 49.4% | 48.4% | 1.0p.p. |
| Operating Profit Margin | 12.8% | 12.9% | (0.1p.p) |
| EBITDA Margin | 22.2% | 22.3% | (0.1p.p) |
| Margin of Profit Attributable to Equity Holders | 10.5% | 11.5% | (1.0p.p) |
| R&D Expenses (as % of revenue) | 2.4% | 2.2% | (0.2p.p) |
| A&P Expenses (as % of revenue) | 9.5% | 9.0% | (0.5p.p) |
| Staff Costs (as % of revenue) | 8.6% | 8.7% | 0.1p.p |
| Inventory Turnover (Days) | 64 | 63 | (1) |
| Trade Receivables Turnover (Days) | 14 | 15 | 1 |
| Trade Payables Turnover (Days) | 43 | 43 | – |
| Cash Conversion Cycle (Days) | 35 | 35 | – |
| Return on Equity (ROE) | 11.9% | 13.1% | (1.2p.p.) |
| Return on Asset (ROA) | 8.6% | 9.4% | (0.8p.p.) |
| CAPEX (RMB million) | 3,359 | 2,024 | (66.0%) |
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