3. financial analysis
3. 财务分析

3.1 profitability
3.1 盈利能力

3.1.1 gross profit margin
3.1.1 毛利率

The gross profit margin of Naked Wines PLC shows a big decrease from 38.99% in 2023 to 18.92% in 2024. This indicates that the cost of goods sold of the company has increased and sales have decreased, which lead to a lower profit margin, also means the company is less efficient at producing and selling its products. Meanwhile, the rise of the online wine retail market, where naked wines compete with competitors such as majestic wine and Virgin wines for the same customer base, has created market dynamics that have led to pricing pressures and influenced marketing strategies (Majka, 2024). This competition has led naked wines to spend more on customer acquisition and product marketing to maintain and grow market share. In addition, lower profit margins can affect investor confidence, leading to lower share prices and a company's market valuation. This requires Naked Wines to adjust its pricing strategy in a timely manner to improve product value and reduce costs in order to restore profitability.
Naked Wines PLC 的毛利率 从 2023 年的 38.99% 大幅下降 到 2024 年的 18.92%。这表明公司销售的商品成本增加，销售额减少，导致利润率降低，也意味着 公司生产和销售产品的效率较低。 与此同时，在线葡萄酒零售市场的兴起，裸酒 与 Majestic Wine 和 Virgin Wine 等竞争对手争夺相同的客户群，创造了导致定价压力并影响营销策略的市场动态（Majka，2024 年）。这种竞争导致裸酒公司在客户获取和产品营销上投入更多资金，以维持和扩大市场份额。n 此外，较低的利润率会影响投资者的信心，导致股价和公司市场估值下跌。这就要求 Naked Wines 及时调整其定价策略，以提高产品价值并降低成本，以恢复盈利能力。

3.1.2 operating profit margin
3.1.2 营业利润率

Naked Wines PLC’s operating margins are volatile, showing a downward trend from 2022 to 2024, with continued negative results. This indicates that the company's business operations do not generate enough revenue to cover its operating expenses, has short-term financial difficulties, and does not have enough funds to pay its suppliers, employees and other operating costs, indicating that its operations are inefficient and costly. The company needs to increase borrowings to cover its daily operating expenses, and the increase in debt will lead to increased interest payments in the future, which will further affect profitability. However, continuous negative operating profit will affect the solvency of the company. This requires the company reevaluate the business strategy to ensure sustainable operations and avoid long-term financial losses.
Naked Wines PLC 的营业利润率波动很大，从 2022 年到 2024 年呈下降趋势，并持续出现负面结果。这表明公司的业务运营没有产生足够的收入来支付其运营费用，存在短期财务困难，并且没有足够的资金来支付其供应商、员工和其他运营成本，表明其运营效率低下且成本高昂。公司需要增加借款来支付其日常运营费用，而债务的增加将导致未来利息支付的增加，这将进一步影响盈利能力。但是，持续的负营业利润将影响公司的偿付能力。这需要公司重新评估业务战略，以确保可持续运营并避免长期财务损失。

3.1.3 net profit margin
3.1.3 净利润率

Naked Wines PLC's net margin has been on a downward trend except for an increase from -2.95% in 2021 to 0.68% in 2022 and decrease at -7.18% in 2024, indicating that the company is in a loss position after all expenses are paid. Companies are required to improve net profit margins by controlling direct and indirect costs, consider researching innovative products to promote revenue growth and cost management, as well as to implement enhanced reforms to return to profitability.
Naked Wines PLC 的净利润率一直呈下降趋势，除了从 2021 年的 -2.95% 增加到 2022 年的 0.68%，以及 2024 年的 -7.18%，这表明该公司在支付所有费用后处于亏损状态。 公司需要通过控制直接和间接成本来提高净利润率，研究创新产品以促进收入增长和成本管理，以及实施加强改革以恢复盈利能力。

3.1.4 return on capital employed
3.1.4 已动用资本回报率

ROCE is a measure of the return on capital invested in a business (ACCA, 2024). The return on capital employed of naked wines declined first, then rose and finally declined over the five-year period. It was -4.08% and -10.94%, respectively in 2020 and 2021, indicating that the operating and other expenses invested by the company did not help it achieve positive returns, resulting in financial instability of the company, affecting debt repayment and basic operating ability. Achieving positive value in 2022 demonstrates improved operational efficiency and greater financial flexibility for naked wines. However, negative ROCE from 2023 indicates poor management of its assets and liabilities, and reduced returns lead to a decline in investor confidence and affect the company's investment. The company should implement cost-cutting measures to improve production efficiency. Conduct asset reviews, improve asset utilization, and prioritize investment in projects that can provide a higher return on capital, thereby enhancing the overall health of the company.
ROCE 是衡量投资于企业的资本回报率的指标（ACCA，2024 年）。 裸酒的资本回报率在五年期间先下降，然后上升，最后下降。 2020 年和 2021 年分别为 -4.08% 和 -10.94%，表明公司投入的运营和其他费用并未帮助其实现正回报，导致公司财务不稳定，影响债务清偿和基本经营能力。 在 2022 年实现正价值表明裸酒的运营效率和更大的财务灵活性。 然而，从2023 年开始的实际已动用资本回报率表明其资产和负债管理不善，回报下降导致投资者信心下降并影响公司的投资。公司应实施削减成本的措施，以提高生产效率。进行资产审查，提高资产利用率，并优先投资于可以提供更高资本回报率的项目，从而增强公司的整体健康状况。

3.1.5 return on equity
3.1.5 股本回报率

ROE shows the ability of a company to generate profits from its equity investments (Corporate Finance Institute, 2024). The ROE of naked wines has generally been on a downward trend while increase from -9.71% to 2.17% between 2021 and 2022. A low return on equity indicates that the company is not using shareholders' equity effectively and is generating relatively low profits. Compared to the Virgin Wines' 6.11% of return on equity in 2024, naked wines is less attractive to investors, suggesting it has poor profitability. However, between 2021 and 2022, naked wines' return on equity improved slightly, which is a positive change for investors and shows that for the shareholders' equity invested in it, naked wines is becoming more efficient in generating profits. Overall, a high ROE means the company is good at creating shareholder value and in order to improve it, companies should reduce costs, improve operational efficiency, recapitalize and control debt management to achieve shareholder value and strengthen financial performance.
ROE 显示了公司从其股权投资中产生利润的能力（Corporate Finance Institute，2024 年）。 裸酒的 ROE 总体呈下降趋势，而 2021 年至 2022 年期间从 -9.71% 增加到 2.17%。低股本回报率表明公司没有有效利用股东权益并且产生的利润相对较低。 与 2024 年维珍酒业 6.11% 的股本回报率相比，裸酒 对投资者的吸引力较低，表明其盈利能力不佳。 然而，在2021 年和 2022 年之后，裸酒的股本回报率略有提高，这对投资者来说是一个积极的变化，表明对于投资于它的股东权益，裸酒 在创造利润方面变得更加高效。总体而言， 高 ROE 意味着 公司擅长创造股东价值，为了提高股东价值，公司应降低成本、提高运营效率、资本重组和控制债务管理，以实现股东价值并加强财务业绩。

3.2 liquidity
3.2 流动性

3.2.1 current ratios
3.2.1 电流比

The current ratio indicates a company's ability to use its current assets to meet its short-term liabilities (Husna, 2019). In the past five years, the current ratio of naked wines has remained stable and greater than 1, which indicates that the short-term financial position of the company is good. In 2020, naked wines has the highest current ratio, 1.83. It means that the company has the highest liquidity and enough short-term assets to cover its short-term liabilities (Utami, 2017). In 2024, it fell to 1.53, indicating that the company's use of cash to pay down debt and make long-term investments led to a decrease in current assets, and the assumption of more short-term debt led to an increase in current liabilities. Despite the slight changes, the current ratio remains within a healthy range.
流动比率表示公司使用其流动资产来偿还其短期负债的能力（Husna，2019 年）。近五年来，现酒比例保持稳定并大于 1，说明公司短期财务状况 良好。2020 年，裸酒的流动比率最高，为 1.83。 这意味着公司拥有最高的流动性和足够的短期资产来支付其短期负债（Utami，2017）。2024 年跌至 1.53，表明公司使用现金偿还债务和进行长期投资导致流动资产减少，承担更多短期债务导致流动负债增加。尽管变化很小，但流动比率仍处于健康范围内。

3.2.2 quick ratios
3.2.2 速动比率

The quick ratio is used to measure a company's ability to use its current assets to pay its current liabilities without having to sell inventory (CFI, 2024). Naked wines' quick ratio declined rapidly in 2021 to 2022, indicating that the company has less liquidity to meet short-term obligations without selling inventory. Usually, lower liquidity increases the risk of not being able to repay short-term liabilities. The quick ratio maintains stable from 2023 and increases slightly to 0.45 in 2024, indicating that the company has improved liquidity and can better cover short-term liabilities without liquidating inventory. However, the overall figures are less than 1 indicates potential liquidity problems for naked wines. Companies can improve their liquidity through better inventory management to improve inventory turnover, and improve operational efficiency, strictly control cash expenditures, and increase cash reserves to improve quick ratios.
速动比率用于衡量公司使用其流动资产支付流动负债而无需出售库存的能力（CFI，2024 年）。 Naked wines 的速动比率在 2021 年至 2022 年期间迅速下降，这表明该公司在不出售库存的情况下无法履行短期债务的流动性较低。 通常，较低的流动性会增加无法偿还短期负债的风险。 速动比率从 2023 年开始保持稳定，并在 2024 年略微上升至 0.45 ，表明公司流动性有所提高，可以在不清算库存的情况下更好地覆盖短期负债。然而， 总体数字小于 1 表明裸酒存在潜在的流动性问题。公司可以通过更好的库存管理来提高流动性，以提高库存周转率，并提高运营效率，严格控制现金支出，并增加现金储备以提高速动比率。

3.3 efficiency
3.3 效率

3.3.1 asset turnover
3.3.1 资产周转率

Asset turnover is a measure the efficiency of the company in using its assets to generate revenue (Patin, 2020). After rising in 2020, naked wines' asset turnover has stabilized at between 1.42 and 1.44 from 2022 to 2024. The increase in asset turnover indicates that the company has better resource management and efficient use of capital assets to generate sales. At the same time, the early growth is related to the company's technology investment and effective inventory management. After that, it has remained stable, indicating that naked wines has stepped into daily operations and achieved a level of efficiency in the utilization of assets. However, compared to Virgin wines' asset turnover of 1.47 in 2024 (Tradingview, 2024), naked wines has a large number of underutilized fixed assets and low sales per unit of assets. This requires the company to optimize its assets, explore new markets, and increase sales without increasing assets.
sset 周转率是衡量 公司利用其资产创造收入的效率的指标（Patin，2020 年）。裸酒的资产周转率在 2020 年上升后，从 2022 年到 2024 年稳定在 1.42 至 1.44 之间。资产周转率的增加表明该公司拥有更好的资源管理和有效利用资本资产来产生销售。同时，早期的增长与公司的技术投入和有效的库存管理有关。 此后一直 保持稳定，表明裸酒已经步入日常运营，在资产利用方面达到了一定程度的效率。然而，与 2024 年原生葡萄酒 1.47 的资产周转率相比（Tradingview，2024 年），裸酒存在大量未充分利用的固定资产和低单位资产销售额。这要求公司优化其资产，开拓新市场，并在不增加资产的情况下增加销售额。

3.3.2 inventory turnover
3.3.2 存货周转率

Inventory turnover is used to measure the number of times a company sells and replaces inventory in a year (Corporate Finance Institute, 2024). Naked wines has the highest inventory turnover in 2021 at 2.69, a higher inventory turnover means the company can effectively manage inventory, and the market is in high demand for products because inventory is sold and restocked quickly. In addition, high inventory turnover enhances the company's ability to repay debt and reinvest in operations. After this, the inventory turnover of naked wines showed a downward trend and was 1.36 in 2024, which combined with the inventory turnover of around 270 days, indicates that the company held inventory for a longer period, resulting in excess inventory and a decrease in cash flow. At the same time, overstock leads to increased storage costs and market demand has decreased, the company needs to reevaluate its product marketing strategy.
库存周转率用于衡量公司在一年内销售和更换库存的次数（Corporate Finance Institute， 2024）。Naked wines 在 2021 年的库存周转率最高，为 2.69，较高的库存周转率意味着公司可以有效地管理库存，并且由于库存销售和补货迅速，市场对产品的需求很高。此外，高库存周转率增强了公司偿还债务和再投资于运营的能力。在此之后，裸酒的库存周转率呈下降趋势，2024 年为 1.36，结合约 270 天的库存周转率，表明公司持有库存的时间更长，导致库存过剩和现金流减少。 同时，积压导致仓储成本增加，市场需求下降，公司需要 重新评估其产品营销策略。

References
引用

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