[年报]特 力Ｂ(200025):2024年年度报告（英文版）
原标题:特 力Ｂ:2024年年度报告（英文版） 2024AnnualReport March2025 2024AnnualReport SectionIImportantNotice,Contents,andInterpretations TheBoardofDirectorsandBoardofSupervisors,aswellasdirectors,supervisors,andseniorexecutivesoftheCompanyguaranteethatthepresentannualreportistrue,accurate,and complete without false records, misleading statements, or major omissions, andundertakethejointandseverallegalliabilitiesarisingtherefrom.Fu Chunlong, head of the Company, Huang Tianyang, the person in charge ofaccounting,andHuangTianyang,thepersoninchargeoftheaccountingfirm(accountantincharge)declaretoguaranteethetruthfulness,accuracy,andcompletenessofthefinancialreportsinthisannualreport. AlldirectorshaveattendedthemeetingoftheBoardofDirectorstoreviewthisreport.TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhen Stock Exchange for Self-discipline Regulation of Listed Companies No. 3 —IndustrialInformationDisclosureforjewelry-relatedbusiness. Theforward-lookingstatementssuchasplansforthefutureanddevelopmentstrategiesinvolvedinthisannualreportdonotconstituteasubstantialcommitmentoftheCompanytoinvestors.Investorsandstakeholdersshallbeawareoftherisksthereinandunderstandthedifferences among plans, forecasts, and commitments. Investors shall pay attention toinvestmentrisks. TheCompany'sprofitdistributionplanpassedbytheBoardofDirectorsisasfollows:Basedonatotalof431,058,320shares,acashdividendofRMB1(includingtaxes)per10shareswillbedistributedtoallshareholders,withnobonussharesissued(includingtaxes)andnocapitalizationofreservesforanincreaseincapitalstock. TableofContents SectionIImportantNotice,Contents,andInterpretations...................................................................................2 SectionIICompanyProfileandMajorFinancialIndicators...............................................................................6 SectionIIIManagementDiscussionandAnalysis................................................................................................10 SectionIVCorporateGovernance.........................................................................................................................35 SectionVEnvironmentalandSocialResponsibility............................................................................................54 SectionVIImportantMatters................................................................................................................................55 SectionVIIChangesinSharesandShareholders................................................................................................68 SectionVIIIPreferredShares................................................................................................................................75 SectionIXBonds......................................................................................................................................................76 SectionXFinancialReports....................................................................................................................................77 ListofDocumentsforFutureReference (I)FinancialstatementssignedandsealedbytheheadoftheCompany,thepersoninchargeofaccounting,andthepersonin chargeoftheaccountingfirm(accountantincharge). (II)TheoriginalcopyoftheAuditor'sReportsealedbytheaccountingfirmandsealedandsignedbycertifiedpublicaccountants. (III)Originalsofallcompanydocumentsandannouncementsthathavebeenpubliclydisclosedduringthereportingperiod. Interpretations
I.CompanyInformation
AccountingfirmengagedbytheCompany
FinancialconsultantengagedbytheCompanyforcontinuoussupervisionduringthereportingperiod□Applicable?Notapplicable VI.MajorAccountingDataandFinancialIndicators WhethertheCompanyneedstoretrospectivelyadjustorrestatetheaccountingdataforthepreviousyears□Yes?No
isnegative,andtheauditor’sreportofthelastyearshowsthatthereisuncertaintyabouttheCompany'sgoingconcern. □Yes?No Thelowerofnetprofitbeforeandafterdeductingnon-recurringgainsandlossesisnegative.□Yes?No VII.DiscrepancyofAccountingDataundertheAccountingStandardbothatHomeandAbroad 1.DiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtoInternationalAccountingStandardsandChineseAccountingStandards□Applicable?Notapplicable TherewasnodiscrepancyinnetprofitandnetassetsbetweenthefinancialreportsdisclosedbytheCompanyfollowing InternationalAccountingStandardsandChineseAccountingStandardsinthereportingperiod.2.DiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtoforeignaccountingstandardsandChineseAccountingStandards □Applicable?Notapplicable TherewasnodiscrepancyinnetprofitandnetassetsbetweenthefinancialreportsdisclosedbytheCompanyfollowingforeign accountingstandardsandChineseAccountingStandardsinthereportingperiod.VIII.QuarterlyMajorFinancialIndicators Unit:RMB
annualreport? □Yes?No IX.Non-recurringGainorLossItemsandAmounts ?Applicable□Notapplicable Unit:RMB
TheCompanyhasnoothergainsorlossesconformingtothedefinitionofnon-recurringgainsorlosses.Explanationondefiningthenon-recurringgainsorlossessetoutintheExplanatoryAnnouncementNo.1onInformation DisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringGainsorLossesasrecurringgainsorlosses ?Applicable?Notapplicable
I.IndustryDevelopmentduringtheReportingPeriod TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf- disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness. (I)Goldandjewelryindustry 1.Macro-environment Thedevelopmentofthegoldandjewelryindustryiscloselyrelatedtotheglobalgeopoliticalpatternandeconomicdevelopmenttrend.In2024,escalatinggeopoliticaltensions,risingtradeprotectionism,anddeepeningeconomicdecouplingdisruptedglobalmarkets.Theglobaleconomyshowedsignsofweakmomentum,imbalancedgrowth,andincreasedfragmentationduringitsslowrecovery,leadingtodivergenteconomicdevelopmenttrajectories.Overthepastyear,China'seconomyremainedstablebutexperiencedaslightslowdown.In2024,theretailsalesofgold,silver,andjewelryproductsbyenterprisesabovethedesignatedsizereachedRMB330billion,ayear-on-yeardecreaseof3.1%.Despitecurrentmarketchallenges,asinventorygraduallyclears,marketingstrategiesareadjusted,andthejewelrymarketbecomesmorestandardized,thedomesticjewelrymarketisexpectedtodemonstratestrongresilienceinthefuture,withsignificantgrowthpotentialandstructuraldevelopmentopportunities. 2.Overviewofthegoldandjewelryindustry Largemarketsize:In2023,thetotalmarketsizeofChina'sjewelryandjadeindustryreachedRMB820billion,surpassingtheRMB800billionthresholdforthefirsttime.Theindustryformedatrillion-levelindustrialchain,spanningupstreamresources,tradeimports,designandprocessing,andwholesaleandretail. Lowefficiencyinupstreamjewelryelementcirculation:Thejewelrywholesalemarketisfragmented,withmanysmall-scaletradersoperatinginefficiently.Sourcingmaterialsfromoverseasremainscostly,transactionmethodslackefficiency,andinformatizationislimited.Theindustryalsolacksaninfluentialtradingplatformforjewelryelements. Increasing industry competition: Leading enterprises are expanding channels, upgradingbrands,anddevelopingnewproductstoaccelerateindustryconsolidationandwinfavorfromnew-generationconsumers.Structuraldifferentiationwithinthegoldandjewelryindustryisintensifying,with mismatched supply and demand, particularly in the low-end market, where producthomogenizationissevere.Inthefuture,industryconcentrationisexpectedtofurtherincrease.Divergentmarketperformanceacrossjewelrycategories:Naturaldiamond-setjewelry,asahaveagreatimpactonthenaturaldiamondmarket.Golddominatesthemarketduetoitsdualattributesofconsumptionandvaluepreservation,butsustainedhighgoldpricesaresuppressingshort-termdemand,leadingtoasevereprice-volumetrade-offinthemarket.Shiftingconsumerpurchasescenarios:AsmarriageratesinChinadecline,consumerdemandfor jewelry used in wedding-related scenarios continues to weaken, shrinking the market fordiamond-set jewelry. Conversely, consumer demand for gold is rising. Driven by China'sconsumptionupgradesandtheriseofself-indulgencespendingtrends,consumerpreferencesareshiftingtowardpersonalizedanddiversegoldjewelrydesigns,andadvancementsingoldjewelrycraftsmanshipareenablingfasterproductinnovationcycles.Asaresult,purchasingscenariosareshiftingfrombridalconsumptiontoself-useandgifting. 3.Developmenttrends Thegoldandjewelryindustrypresentsvastgrowthopportunitiesinthefuture,particularlyinthedevelopmentofnewgoldproductcategories,whicharemakinggoldmoreaffordableandexpandingmarketpenetrationintolower-tiercities.Thisshiftisbroadeningtheconsumerbaseandincreasingpurchasefrequency.Inresponse,brandsareacceleratingtheirexpansionintoonlinechannels,whichhavebecomeakeydriverforsalesgrowthingold,jewelry,andothercategories.Digitalization is further promoted and applied. With the ongoing digitalization andtechnologicaladvancements,onlinegoldandjewelryplatformsaresettocontinueoptimizingandenhancing consumer interaction and experience. These improvements will boost enterprises'operationalefficiency,reducecosts,andenablemoreeffectivesupplychainmanagement.Forexample, using transparent and traceable data can allow for data analysis that promotesmanagementoptimization,andsupportdemandforecasting. The domestic gold and jewelry transaction chain is becoming more standardized. Thegovernment and relevant agencies are strengthening their regulation of the gold and jewelryindustrybyformulatingandimprovingindustrylawsandregulations,clarifyingindustrystandardsandnorms,andcrackingdownonillegalactivitiesandviolations.Theseeffortscontributetomaintainingmarketorderandprotectingconsumerrights. Basedonindustrydevelopment,byrelyingonitsownadvantagesandmakingfulluseofindustryresources,theCompanyhasbuiltadigitaljewelryelementtradingplatformthatpromotesthestandardization,informatization,andcomplianceofthejewelryindustry,buildsdifferentiatedcompetitiveadvantageswhileservingthejewelryindustry,andhelpstodrivethehigh-qualitydevelopmentoftheCompany. (II)Commercialrealestateleasingindustry In2024,China'scommercialrealestateindustrycontinueditsinventoryreductiontrendonthesalesside,withnewsupplyshrinking.Ontheoperationsside,shoppingmallpropertiesinsomefirst-tiercitiesshowedsignsofstabilizationandimprovement,whileofficeproperties'occupancyratesandrentalpricescontinuedtodecline.Inthefourthquarter,therealestatemarketsawsignsofrecoveryincorecities,buttheoverallmarketremainedinaphaseofadjustmentandtransformation.TheCompanyisactivelyadjustingmarketstrategies,adoptingmoreflexibleanddiverseleasingterms,upgradingpropertyfacilitiesandservices,andincreasingmarketingeffortstoattractmoreenterprisetenants. II.MainBusinessduringtheReportingPeriod TheCompanyshallabidebythedisclosurerequirementsoftheBusinessGuidelinesofShenzhenStockExchangeforSelf- disciplineRegulationofListedCompaniesNo.3—IndustrialInformationDisclosureforjewelry-relatedbusiness. (I)ThemainbusinessoftheCompanyduringthereportingperiodincludedjewelrythird-partyservices,commercialcomplexoperations,andpropertyleasingbusiness.1.Jewelrythird-partyservices:Bearingthedevelopmentmissionof"beingcommittedtoprovidinghigh-qualityservicesandgrowingwiththejewelryindustry"inmind,theCompanyreliesonitsadvantages,gathersdomesticandforeignhigh-qualityindustryresources,andcooperateswithoutstandingleadingenterprisesintheindustrytobuildathird-partyserviceplatformthatmeetsdiverseindustryneeds.Byconstructingandoperatingadigitaljewelryelementtradingplatform,theCompanyprovidessystematicsolutionsforpreciousmetalwealthinvestment,culturalheritage,andfashionstyling.Italsoexploresthird-partydepositorybusinessforhigh-endjewelry,creatingawiderangeofserviceproductsthroughcooperationtomeetcustomervaluepropositions,enhancetheindustrialservicechain,setindustrybenchmarks,andpromoteindustrycompliance.2.Commercialcomplexoperationandpropertyleasingbusiness:TheCompanyisthelargestownerofTellus-GmondGoldJewelryIndustrialParkintheShuibeiarea.TheTellusJewelryBuildingandTellusGoldandDiamondTradingBuildinginvestedbytheCompanyhavebeenputintooperationsuccessively,maintainingahighoccupancyrate.Inaddition,theCompanyholdsasignificantamountofpropertyresourcesinareassuchasLuohuandFutianinShenzhen.Whilemaintaining the stability ofits existing leasing business, the Company actively promotes theimprovementofpropertyquality.Itwillpromotethetransitionofitsoldpropertiesfromtraditionalsimpleleasingtocommercialpropertyoperation,withafocusonenhancingandexploringtheaddedvalueofitspropertybrands.Thisinitiativeaimstoestablishinnovativeindustrialprojectsthatalignwiththeoverallstrategiclayoutofthecity,thedistrict,andtheCompany.(II)Descriptionofthemainbusinessmodelsofthejewelrybusiness TheCompanyadoptsbothwholesaleandretailasthemainsalesmodelsforgoldandjewelry.Additionally,itprovidessupportingservicessuchascustomsclearanceagencyservices,goldrefining/exchangeservices,andsafedepositboxleasing.Thesalesrevenuecompositionofthejewelrybusinessin2024isasfollows:
Atpresent,theCompany'sgoldandrelatedproductsmainlyuseacommissionedprocessingmodel,whilediamonds,coloredgemstones,andotherproductsdonotinvolveprocessing.Thestructureoftheproductionmodelisasfollows:
Goldandrelatedproducts:TheCompanypurchasesgoldrawmaterialsfromShanghaiGoldExchangeorotherqualifiedorganizationsorleasesthemfrombanks. Diamonds:TheCompanypurchasesfinisheddiamondsfromoverseasdiamondsuppliersandimportsthemthroughShanghaiDiamondExchange. Otherjewelryandjade:TheCompanypurchasessuchproductsfromoverseasjewelryandjadesuppliersandhandlestax-payingimportproceduresthroughShenzhenJewelry.Thestructureoftheproductionmodelisasfollows:
AsofDecember31,2024,theinventorybalanceoftheCompany'sjewelrybusinesswasRMB127.4322million,ofwhichRMB114.8569millionwasmeasuredatfairvalue.Thisamountrepresents hedged items using commodity futures contracts and T+D contracts as hedginginstruments. III.CoreCompetitivenessAnalysis (I)Locationadvantage TheCompany,locatedinShuibei,thecoreclusterareaofShenzhen'sjewelryindustry,isthelargestownerofTellus-GmondGoldJewelryIndustrialPark.Shuibeiaccountsformorethan75%ofChina'sgoldandjewelrymarketshare.Withintheone-square-kilometercoreareaoftheShuibeimarket,tensofthousandsofgoldandjewelryenterprisesareconcentrated.AccordingtothedatafromtheShenzhenGold&JewelryAssociation,theannualphysicalpick-upvolumeofgoldandplatinuminShenzhenaccountsforabout70%ofthephysicalsalesvolumeatShanghaiDiamondExchange,andthephysicalconsumptionofdiamondsaccountsforabout80%oftheimportvalueatShanghaiDiamondExchange.Intermsofbrandclustering,LuohuDistrictencompassesover40leadingjewelryenterprisesand29"ChinaFamousTrademarks"inthejewelrysector,contributing30%ofthenationaltotal.IthassuccessfullynurturedthestockexchangelistingsofjewelrycompaniessuchasChowTaiSengandDRGroup.ShuibeihasformedacompleteindustrialchaincoveringdesignandR&D,productionandmanufacturing,exhibitionandtrading,brandoperation,headquartersofficeoperation,inspectionandtesting,andtalenttraining.ThelocationadvantageoftheShuibeiareaissignificant.TheconcentrationofnumerousjewelrysuppliersandestablishedbusinessesfacilitatestheCompany'simport-exportoperationsandexhibitionandmarketingactivities.ThemarketinfluenceandcentralizedtradeinformationinShuibei provide a favorable business environment and development platform, enabling theCompanytopromptlycapturemarketfeedbackandrespondquicklytomarketchanges.Shenzhen's"20+8"IndustrialClusterDevelopmentPlanemphasizesthefuturefocusondevelopingmodernfashion industrialclusters.Thegovernment'sstrong supportforthejewelry industryprovidessubstantialbackingfortheCompany,helpingtoreduceoperatingcosts,enhanceprofitability,andachievesustainabledevelopment. (II)Resourceadvantage Byleveragingitsstate-ownedenterprisebackgroundandharnessingindustrialsynergies,theCompanydeeply integrates resources from boththesupplyand demandsides ofthejewelryindustry.ThisendowstheCompanywithacertainadvantageincoordinatingupstreamresources.TheCompanyhasestablisheddirectpartnershipswithdomesticandinternationalgoldandjewelrysuppliersandprocessors,engagingincollaborativediscussionswithorganizationssuchastheTurkishJewelleryExporters'Association,theRepublicofSakha(Yakutia)delegationfromRussia,andMyanmarGemsandPearlEnterprisetodevelopdomesticandinternationalexhibitionandtradingbusiness. Through years of dedicated efforts, the Company has accumulated significant industryresourcesandinfluence.ItmaintainsclosecollaborationswithauthoritativeinstitutionsintheindustrysuchastheNationalTestingCenterforGoldandSilverJewelry(Tianjin)andHJTCtoactively participate in and organize various industry activities, set industry standards, andcontinuouslyexpanditsindustryreputationandimpact.TheCompanyhasdeeplyembeddeditselfinthesupplychainbusinesstoofferprofessionalfull-industrysupplychainservicesandcooperatedwithrenownedjewelryenterprisesintheindustrytofurtherexpanditsbusinessscale.TheCompany'scommercialcomplexoperationandpropertyleasingbusinessprovidesstablerevenueandcashflows,layingasolidfoundationforitslong-termdevelopment.TheCompany'sTellusJewelry BuildingandTellus Goldand DiamondTrading Buildinghavebeen putintooperationsuccessivelyandmaintainedhighoccupancyrates.Furthermore,theCompanyplanstocontinuouslyunlockthecommercialvalueofitstraditionalpropertiesthroughqualityupgradesandoldpropertyrenewalinitiatives. (III)Managementadvantage Intermsofdigitalization,theCompanyhasachievedsignificanttechnologicaladvancements.Ithasvigorouslypromotedthedigitaltransformationofitstradingplatform,organizedandprioritizedfunctionalmodules,andcontinuouslyadjusteditsconstructionstrategytorespondpromptlytochanges and meet business needs. The Company has improved and enhanced the platform'scapabilitiesinonlinetransactions,dataanalysis,andintelligentsupervision,graduallyapplyingthesefeaturesinitssupplychainoperationstoeffectivelyservejewelryindustryclientsandsupportthegrowthofmacro,smallandmedium-sizedenterprises(MSMEs)withinthesector.Intermsofriskcontrol,theCompanyhasformulatedstrictinternalbusinesscontrolprocessessuch as supplier access standards, a customer evaluation system, and a procurement pricecomparisonsystemtorealizemulti-levelriskcontrolovercapital,information,andlogistics.Atthesametime,ithascontinuouslyoptimizedbusinessprocessesandinternalcontrolsystemsduringbusinessoperations,andcarriedoutresearchandinnovationonnewcategoriesandnewbusinessmodelsunderthepremiseofcontrollablerisks.Byleveraginginformationsystemdevelopmentandsystemdataanalysis,theCompanyhasenhanceditsbusinessriskearlywarningcapabilities.Ininternalmanagement,theCompanyviewsscientificmanagementasbothadrivingforceanda safeguard for its development. From the perspective of management-driven operations, theCompanyadoptsabusiness-orientedapproachtailoredtoitsactualconditions.IthasintroducedtheBusinessLeadershipModeltorefineits4Scontrolsystem,solidifyingthestrategicclosed-loopmanagementandensuringthesmoothexecutionofplans.TheCompanyhasactivelypromotedtheuseofOKRmanagementtoolstoeffectivelyimprovethemanagementawarenessandskillsofitspersonnel.Throughcontinuousorganizationalstructureoptimization,theCompanyhasenhanceditsfunctionalsupportcapabilities. IV.AnalysisofMainBusiness 1.Overview In2024,undertheeffectiveleadershipofitsPartyCommitteeandBoardofDirectors,theCompanymaintainedstableoveralloperationsandconsistentlydeliveredpositiveperformance.Fortheyear2024,theCompanyreportedoperatingrevenueofRMB2,613.68million,ayear-on-yearincreaseof41.53%.Theprimaryreasonsfortherevenuegrowthincludetheexpansionofthegoldandjewelrybusinessandincreasedincomefromthecommercialoperationssegment.In2024,theCompanyachievedatotalprofitofRMB163.29millionandanetprofitattributabletotheparentcompanyofRMB136.63million,anincreaseofRMB18.37millioncomparedto2023.Theprofitgrowthwasmainlydrivenbyhigherprofitsfromthecommercialoperationssegmentandincreased income from investment in joint-stock enterprises. As of December 31, 2024, theCompany'stotalassetsamountedtoRMB2,594.46million. Adjusting its business strategy of optimizing the trading platform to enhance corecompetitiveness:Focusingonthestrategyof"OnePlatform,TwoBusinesses",theCompanyhasbuiltadigitaljewelryelementtradingplatformthatintegratesonlineexhibitionandofflineselection.Ithasvigorouslyadvancedthedigitalizationoftheplatformandtechnologicalinnovation,withtheplatformearningaspotonthe2024ChinaTop100IndustrialDigitalizationList.Ithasacceleratedtradingasanentrypoint.TheCompanyhostedfiveRecycledDiamondTendersandonelab-growndiamondprocurementevent,andpilotedpop-upstorestograduallyexpandtradingcategoriestoincludecoloredgemstones,pearls,andjadeite.Simultaneously,theCompanyispromotingtheintegrationofresourcesinthecross-bordertradingsegment,establishingsmoothchannelsforjewelryelementcirculation,anddrivingtheelevationofitsbrandvalue.Promotingthemarketexpansionanddigitalizationofthegoldsegmentconcurrently:TheCompany has clarified its product development plans, strengthened new product R&D, andenhancedsupplychainintegrationandservicecapabilities.Ithasestablishedadual-channellayoutofofflineexperiencestoresandonlineofficialflagshipstores,withafocusonexpandingtheinvestmentgoldproductsalesbusiness.Inparallel,theCompanyhasdeepeneddigitalbusinessoperationstodeliverbetterservicesandgreatervaluetocustomers.Improving operational efficiency in the physical platform segment: The Company hasimprovedthequalityandefficiencyofitsinvestmentattractionandoperations.In2024,ninethemedevents,includingtheCulturalIndustryExpoandthefirst"FutureFestival",wereheldattheTellusJewelryBuildingandTellusGoldandDiamondTradingBuilding,effectivelyboostingfoottrafficinthebusinessdistrictandenhancingbrandsynergy. Thetraditionalpropertysegmentadvancedtheiterationandupgradeofbusinessformatsformultipleprojects,maintainingahealthyoveralloccupancyratethroughout2024. Improvingthequalityandefficiencyofinternalmanagement:TheCompanyhasintroducedtheBusinessLeadershipModelandimproveda4Smanagementsystemdrivenbystrategies.IthasdeepenedtheuseandimprovementoftheOKRmanagementsystemtoenhanceworkefficiencyandplanning.TheCompanyhasalsostrengthenedthemanagementofitsjoint-stockandholdingenterprisestosafeguarditsinterests,intensifiedtalentteambuildingandtalenttrainingefforts,andcomprehensivelyadvancedcompliancemanagementbybuilding"threelinesofdefense"toensurehealthycorporatedevelopment. AdheringtotheleadershipofPartybuilding:Throughmeasuressuchasinformationsessionsandthe"ThreeMeetingsandOneLecture"system,theCompanyhasimplementedthespiritoftheThirdPlenarySessionofthe20thCentralCommitteeoftheCommunistPartyofChina(CPC).SpecialtrainingsessionsonPartydisciplineeducationhavebeenorganized,usingreal-lifecasestoprovidePartymembersandcadreswithfirsthandexposuretothesevereconsequencesofviolationsof laws and discipline. Additionally, it has strengthened the construction of grassroots PartyorganizationsandactivelyexploredinnovativeapproachestoPartybuilding.2.Revenuesandcosts (1)Operatingrevenuecomposition Unit:RMB
 |