Investor Relations
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%) |
