Unidentified Company Representative
感谢接线员，大家下午好。欢迎参加Nisun International 2024财年全年财务业绩电话会议。今天出席会议的有公司首席执行官刘欣先生和首席财务官梁长娟女士。我们很高兴讨论2024年的业绩表现以及未来展望。在开始之前，我想提醒大家，今天的讨论可能包含根据1933年《证券法》和修订后的1934年《证券交易法》定义的前瞻性陈述。这些陈述受风险、不确定性及其他因素影响，可能导致实际结果与表达或暗示的结果存在重大差异。有关这些风险的详细讨论，请参阅我们向美国证券交易委员会提交的文件，包括20-F表格年度报告。Nisun International不承担更新前瞻性陈述的义务，除非法律要求。我代表公司管理层，很高兴提供公司2024年的运营和财务摘要。在Nisun International，我们自豪地成为一家领先的技术驱动型综合金融解决方案和供应链解决方案提供商，致力于改变中国中小企业的企业融资格局。我们的使命是通过创新的融资和供应链解决方案赋能企业，利用我们在技术、行业整合和金融服务方面的专业知识来推动增长和效率。2024年是Nisun International展现韧性和战略聚焦的一年。根据中国国家统计局数据，2024年第二和第三季度中国经济增速放缓。尽管在中国面临充满挑战的经济环境，投资者情绪谨慎，供应链和大宗商品市场波动，但我们保持了强大的财务基础，并继续投资于长期增长计划。我们稳健的现金状况、技术驱动的解决方案和不断扩大的客户基础，使我们能够在市场条件反弹时处于特别有利的位置。现在我们将介绍2024年的财务业绩。2024年，Nisun International报告总收入为3.402亿美元，较2023年的3.867亿美元下降12%。这一下降主要由于我们中小企业融资解决方案和供应链贸易业务活动减少，反映了中国广泛的经济放缓和市场波动。尽管面临这些挑战，我们实现了归属于股东的净利润580万美元，或每股1.3美元，而2023年为1760万美元，或每股4.46美元。2024年，我们在艰难环境中保持盈利的能力凸显了我们商业模式的韧性。2024年营收成本为3.093亿美元，较2023年的3.467亿美元下降11%，与供应链贸易量减少保持一致。毛利润为3090万美元，较去年同期的3990万美元下降20%，反映了我们主要业务的收入下降。运营收入为360万美元，而2023年为1880万美元，受到收入下降以及我们在技术和客户获取方面持续投资的影响。2024年的运营费用包括920万美元与股权激励相关的非现金费用，以及500万美元的坏账准备。在资产负债表方面，截至2024年12月31日，我们保持了4500万美元的强劲现金状况，现金及现金等价物约合每股11.11美元。经营活动所用净现金为7570万美元，主要由于向关键供应商的战略性预付款以及为保障库存和满足不断增长的客户需求而进行的营运资本投资。这些投资对于我们在市场条件改善时定位未来增长和更高利润率机会至关重要。包括每股11.11美元在内的财务实力，使我们能够在应对经济挑战的同时进行战略性投资。关于股东权益，我们执行了2024年10月实施的股票回购计划，截至2024年12月31日，已发行A类普通股为4,538,358股。此外，2024年我们根据2022年股权激励计划向关键高管和员工授予了700,000股限制性A类普通股，这反映了我们致力于将关键管理人员的贡献与长期股东价值保持一致。凭借强劲的需求渠道、对数字化转型的持续投资以及我们综合供应链解决方案的可扩展性，我们对2025年的增长轨迹持乐观态度。我们相信，我们的财务业绩将受到核心业务战略举措的推动，包括供应链融资解决方案、中小企业融资以及我们在中国市场向肯德基特许经营业务扩张的令人兴奋的计划。这些努力旨在利用复苏的市场需求、增强的技术平台以及我们向不断增长的客户群提供高利润率服务的能力。我们相信2025年将成为Nisun International的关键一年，我们将利用财务实力和运营专业知识推动可持续增长。尽管2024年面临逆风，我们对技术驱动解决方案和综合供应链服务的战略聚焦已为2025年的显著增长奠定了基础。我们于2020年1月推出的综合供应链金融服务平台以及2021年7月启动的供应链贸易业务，正从现有和新客户中获得吸引力。我们看到来自中小企业和商品贸易伙伴的稳定需求，我们的渠道显示2024年下半年健康增长。我们的供应链融资服务已扩展到黄金行业，推动了供应链融资服务需求的增长，这也表明了市场复苏。我们在技术、人才和品牌认知方面的投资正在取得回报。我们不仅仅是融资提供商，我们是企业的合作伙伴，帮助他们应对复杂的供应链并释放增长机会。肯德基特许经营扩张是一个特别令人兴奋的尝试，使我们能够实现收入来源多元化，同时利用我们在运营效率和客户参与方面的专业知识。这一举措与我们的核心融资解决方案相结合，使我们能够在高增长领域占据重要的市场份额。管理层坚信，Nisun International的股票在当前水平被显著低估。我们稳健的现金状况、可扩展的商业模式和多元化的增长举措并未完全反映在我们的市场估值中。随着我们继续在综合供应链解决方案领域建立声誉，管理层相信我们的股东将获得回报。最后，我们想强调，Nisun International正处于一个转折点。我们正在构建一个技术和行业覆盖创造持久价值的未来，为我们的客户、合作伙伴和股东服务。运营范围广泛，基础坚实，我们的团队充满活力，致力于使2025年成为有意义的进步之年。感谢大家的持续支持并加入我们的旅程。现在我将把电话转交给接线员。接线员？
Unidentified Company Representative
Thank you operator and a good day everyone. Welcome to Nisun International's full year 2024 financial results conference call. Joining us today are Mr. Liu Xin, Chief Executive Officer; and Ms. Liang Changjuan, Chief Financial Officer of the Company. We are excited to discuss our performance for 2024 and our outlook for the future. Before we begin, I would like to remind everyone that today's discussion may contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended. These statements are subject to risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. For a detailed discussion of these risks, please refer to our filings with the Securities and Exchange Commission including our annual report on Form 20-F. Nisun International does not undertake any obligation to update forward-looking statements except as required by law. On behalf of the Company's management, I'm delighted to provide an operating and financial summary of the company for 2024. At Nisun International, we are proud to be a leading technology-driven integrated financial solution and supply chain solution provider aiming to transform the corporate financing landscape for small and medium sized enterprises called SMEs in China. Our mission is to empower business with innovative financing and supply chain solutions leveraging our expertise in technologies, industry integration and financial services to drive growth and efficiency. 2024 was a year of resilience and strategic focus for Nisun International. According to the National Bureau of Statistics of China, China's economy experienced a deceleration in economic growth during the second and the third quarter of 2024. Despite navigating a challenging economic environment in China marked by cautious investor sentiment and supply chain commodity market volatility, we maintained strong financial foundations and continued to invest in our long-term growth initiatives. Our robust cash position, technology driven solutions and expanding customer base while positions us exceptionally well for a rebound in market conditions. We will now walk through our financial results for 2024. In 2024, Nisun International reported total revenue of $340.2 million, a 12% decrease from $386.7 million in 2023. This decline was primarily driven by reduced activities in our SME financing solutions and supply chain trading businesses, reflecting a broad economic slowdown and market volatility in China. Despite these challenges, we achieved a net income attributable to shareholders of $5.8 million, or $1.3 per share, compared to $17.6 million, or $4.46 per share. In 2024, our ability to remain profitable in a tough environment underscores the resilience of our business model. Cost of revenue for 2024 was $309.3 million, down 11% from $346.7 million in 2023, aligning with the reduction in supply chain trading volume. Gross profit was $30.9 million, a 20% decrease from $39.9 million in the prior year, reflecting lower revenues across our key business. Income from operation was $3.6 million compared to $18.8 million in 2023 impacted by the revenue decline and our continued investment in technology and customer acquisition. Our operating expenses in 2024 included a non-cash expense of $9.2 million related to share-based compensation and $5 million provision for bad debt. On the balance sheet, we maintained a strong cash position of $45 million in cash and cash equivalents as of December 31, 2024, equivalent to approximately $11.11 per share. Net cash used in operating activities was $75.7 million, driven by strategic advance deposits to key suppliers and working capital investment to secure inventory and meet growing customer demand. These investments are critical to positioning us for future growth and higher margin opportunities as market conditions improve. The financial strength including $11.11 per share gives us the flexibility to invest strategically while weathering economic challenges. Turning to our shareholders equity, we executed a share repurchase program implemented in October 2024 resulting in 4,538,358 Class A common shares outstanding as of December 31, 2024. Additionally, in 2024 we granted 700,000 restricted Class A common shares to key executives and employees under our 2022 equity incentive share plan, reflecting our commitment to aligning key management members' contributions with long-term shareholder values. With a strong pipeline of demand, ongoing investments in digital transformation and the scalability of our integrated supply chain solutions, we are optimistic about our growth trajectory for 2025. We believe that our financial performance will be driven by strategic initiatives in our core businesses including supply chain financing solutions, SME financing and our exciting expansion into KFC franchise operations in the China market. These efforts are designed to capitalize on recovering market demand, enhanced technology platforms and our ability to deliver high margin services to our growing customer base. We believe 2025 will make a pivotal year for Nisun International as we leverage our financial strength and operational expertise to drive sustainable growth. Despite the headwind we faced in 2024, our strategic focus on technology driven solutions and integrated supply chain services has positioned us for a meaningful growth in 2025. Our comprehensive supply chain financial service platform launched in January 2020 and our supply chain trading business initiated in July 2021 are gaining traction from both existing and new customers. We are seeing steady demand from SMEs and commodity trading partners and our pipelines to show healthy growth in the second half of 2024. Our supply chain financing services expanded into the gold industry, driving an increase in demand in our supply chain financing services, which also indicated a market recovery. Our investment in technology, talent and brand recognitions are paying off. We are not just a financing provider, we are partner to businesses helping them navigate complex supply chains and unlock growth opportunities. The KFC franchise expansion is particularly exciting venture, allowing us to diversify our revenue streams while leveraging our expertise in operational efficiency and customer engagement. This initiative combined with our core financing solutions position us to capture significant market share in high growth sectors. Our management firmly believed that Nisun International stock is significantly undervalued at current levels. Our robust cash positions, scalable business model and diversified growth initiatives are not fully reflected in our market valuation. As we continue to build our reputation in integrated supply chain solutions, management is confident that our shareholders will be rewarded. In closing, we want to emphasize that Nisun International is at an inflection point. We are building a future where technology and industry coverage to create lasting value for our customers, partners and shareholders. Operation is broad, our foundation is strong and our team is energized by to make 2025 a meaningful year of progress. Thank you all for your continued support and joining us on this journey. With that I will turn the call over to the operator. Operator?
