Sichuan Baicha Baidao Industrial (2555) H2 2024 earnings summary

Executive summary

• FY2024 revenue fell 13.8% YoY to RMB4,918.0m; profit fell 58.3% to RMB479.7m amid lower gross margin and higher selling and administrative expenses.

• Store count rose 7.6% to 8,395 in China; overseas network reached 14 stores across South Korea, Malaysia, Thailand, Australia and Hong Kong.

Financial highlights

• Revenue was RMB4,918.0m, down 13.8% YoY; gross profit was RMB1,534.7m, down 21.9%.

• Profit before tax declined to RMB621.8m from RMB1,365.8m; net income was RMB479.7m versus RMB1,150.8m.

• Profit attributable to owners was RMB472.2m; basic EPS was RMB0.336 versus RMB0.981, and diluted EPS was RMB0.335 versus RMB0.981.

• Adjusted net profit, excluding listing costs, share-based payment and redeemable-share fair-value loss, was RMB645.0m versus RMB1,257.6m; adjusted EBITDA was RMB837.0m versus RMB1,536.4m.

Outlook and guidance

• 2025 priorities include further domestic store expansion, overseas market exploration, broader product development, stronger supply chain capabilities and continued technology investment.

• Management expressed confidence in responding to competition and pursuing long-term, high-quality development, supported by R&D, supply chain, operations, brand and digital capabilities.