The group, which also owns the Tissot, Longines and Omega brands, said net profit fell to 219 million Swiss francs ($240 million) in 2024 from 890 million the previous year.
The consensus was 407 million francs, according to analysts polled by Swiss news agency AWP.
Revenue slipped 14.6 percent to 6.7 billion francs, also below expectations.
Swatch shares fell as much as seven percent in Zurich and were last down about three percent in an otherwise higher market.
In a statement, the company blamed the weaker results on "persistently difficult market situation and weak demand for consumer goods overall in China".
Looking ahead to 2025, it said "demand in China will continue to be rather restrained".
Many European luxury goods companies suffered in 2024 after three years of strong growth as China's economy was hit by a real estate crisis.
China, Hong Kong and Macau traditionally represent about a third of Swatch's sales.
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