本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2024-023 广东燕塘乳业股份有限公司 第五届监事会第九次会议决议公告 1、审议通过《关于审议<2024 年第一季度报告>的议案》。 公司根据 2024 年第一季度生产经营和管理运作的实际情况，编制了《2024 年第一季度报告》。董事会已召开会议审议并通过该报告。 全体监事经审核认为：公司董事会编制和审核公司《2024 年第一季度报告》 的程序符合法律、行政法规和中国证券监督管理委员会的规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票，回避票 0 票。 全体监事一致同意通过该报告，并同意据此出具对该报告无异议的书面审核 意见与书面确认意见。 公司《2024 年第一季度报告》的具体内容，详见公司于 2024 年 4 月 29 日 发布在巨潮资讯网的公告。 广东燕塘乳业股份有限公司（以下简称"公司"） ...

广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2024-022 广东燕塘乳业股份有限公司 第五届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广东燕塘乳业股份有限公司（以下简称"公司"）第五届董事会第十四次会 议通知于 2024 年 4 月 19 日以专人送达和短信送达相结合的方式发出，会议于 2024 年 4 月 26 日下午在公司行政楼五楼 2 号会议室现场结合通讯方式召开。公 司董事共 9 人，出席本次会议的董事共 9 人。其中，非独立董事冯立科先生、陈 茗先生、杨卫先生、马哲先生、李鸿先生以及独立董事黄晓宏先生以通讯方式出 席会议。公司监事、董事会秘书和纪委书记列席了本次会议。公司董事长兼总经 理冯立科先生因公务出差不能现场出席并主持本次会议，由公司半数以上董事共 同推举公司董事邵侠先生作为会议主持人，会议的通知、召集、召开、审议、表 决等程序均符合有关法律、行政法规、部门规章、规范性文件和《广东燕塘乳业 股份有限公司章程》的规定，会议形成的决议合法、有效。 二、董 ...

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2024-021 广东燕塘乳业股份有限公司 2023 年年度股东大会决议公告 1、本次股东大会无变更、取消、否决议案的情况； 2、本次股东大会以现场投票与网络投票相结合的方式召开。 3、本次股东大会召开前新增了临时提案《关于拟建设都市型乳业优势特色 产业集群项目的议案》。 一、会议召开和出席情况 （一）会议召开情况 1、会议召集人：公司董事会。公司于 2024 年 3 月 29 日召开的第五届董事 会第十二次会议决议召开 2023 年年度股东大会。 2、现场会议召开时间：2024 年 4 月 26 日 14:30 起，会期半天 3、现场会议召开地点：广州市黄埔区香荔路 188 号公司行政楼五楼 2 号会 议室 4、现场会议主持人：公司董事邵侠先生（董事长兼总经理冯立科先生因公 务出差不能现场出席并主持本次会议，由公司过半数董事推举公司董事邵侠先生 作为会议主持人） 5、会议表决方式：现场投票与网络投票相结合。其中，通过深圳 ...

北京市君合（广州）律师事务所 关于 广东燕塘乳业股份有限公司 2023 年年度股东大会的 《中华人民共和国证券法》等中国现行法律、行政法规、部门规章和规范性文件（以下 简称"中国法律、法规"，"中国"包括中华人民共和国香港特别行政区、澳门特别行政 区及台湾地区，为本法律意见书之目的，仅指大陆地区）以及《广东燕塘乳业股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，就公司 2023 年年度股东大会（以 下简称"本次股东大会"）有关事宜出具本法律意见书。 法律意见书 二零二四年四月 | 北京总部 | 电话: (86-10) 8519-1300 | | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 | 电话: (86-20) 2805-9088 | | 深圳分所 | 电话: (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: (86-10) 8519-1350 | | | 传真: (86-21) 5298-5492 | | 传真: (86-20) 28 ...

广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2024-020 广东燕塘乳业股份有限公司 关于召开 2023 年年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东燕塘乳业股份有限公司（以下简称"公司"）分别于 2024 年 3 月 30 日、 2024 年 4 月 3 日在巨潮资讯网披露了《关于召开 2023 年年度股东大会的通知》 （公告编号：2024-016）和《关于 2023 年年度股东大会增加临时提案暨股东大 会补充通知的公告》（公告编号：2024-019）。本次股东大会将采用现场表决与网 络投票相结合的方式进行，为充分保障全体股东行使表决权，切实保护广大投资 者合法权益，公司董事会现将有关事项再次通知如下： 一、召开会议的基本情况 （一）股东大会届次：2023 年年度股东大会。 （二）股东大会的召集人：公司董事会。公司于 2024 年 3 月 29 日下午 14:00 召开第五届董事会第十二次会议决议，审议通过了《关于召开 2023 年年度股东 大会的议案》。 （三）会议召开的合法、合规性 ...

广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2024-019 广东燕塘乳业股份有限公司 关于 2023 年年度股东大会增加临时提案暨股东大会补充通 知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东燕塘乳业股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日召开 第五届董事会第十二次会议审议通过了《关于召开 2023 年年度股东大会的议案》， 决定于 2024 年 4 月 26 日（星期五）召开 2023 年年度股东大会，并于 2024 年 3 月 30 日在巨潮资讯网刊登了《关于召开 2023 年年度股东大会的通知》。 2024 年 4 月 2 日，公司董事会收到控股股东广东省燕塘投资有限公司（以 下简称"燕塘投资"）《关于提议增加 2023 年年度股东大会临时提案的函》，提议 将《关于拟建设都市型乳业优势特色产业集群项目的议案》提交公司 2023 年年 度股东大会审议，该提议符合《中华人民共和国公司法》（以下简称"《公司法》"）、 《公司章程》等规定，董事会同意将该议案作为新增议案提交公司 20 ...

重要内容提示： 1.集群项目是公司为实现《2023-2030 年发展规划》目标的具体策略之一， 鉴于宏观经济环境、市场竞争形势、公司经营情况等不断变化，公司存在根据 未来实际情况对本项目作出相应调整的可能。敬请投资者注意投资风险。 广东燕塘乳业股份有限公司 2.在集群项目实施过程中，如涉及具体对外投资项目或关联交易的，公司 将按照法律法规、深圳证券交易所业务规则及公司《章程》等规定进一步履行 审议程序。 一、项目概述 证券代码：002732 证券简称：燕塘乳业 公告编号：2024-018 广东燕塘乳业股份有限公司 关于拟建设都市型乳业优势特色产业集群项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 在本项目实施过程中，如涉及具体对外投资项目的，公司将按照法律法规、 深圳证券交易所业务规则及公司《章程》等规定进一步履行审议程序。 二、项目的情况 公司的集群项目将以"践行大食物观，深入推进农业供给侧结构性改革"为 广东燕塘乳业股份有限公司 主线，紧抓国内大循环、国内国际"双循环"、粤港澳大湾区建设、深圳先行区 "双区驱动"等有利契机，以"补短板、强弱项、 ...

广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2024-017 广东燕塘乳业股份有限公司 第五届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广东燕塘乳业股份有限公司（以下简称"公司"）第五届董事会第十三次会 议通知于2024年4月1日以专人送达和短信送达相结合的方式发出，会议于2024 年 4 月 2 日下午在公司行政楼五楼 2 号会议室现场结合通讯方式召开。公司董事 共 9 人，出席本次会议的董事共 9 人。其中，非独立董事李鸿先生以及独立董事 黄晓宏先生、李汴生先生以通讯方式出席会议。公司监事、董事会秘书和纪委书 记列席了本次会议。本次会议由公司董事长兼总经理冯立科先生主持，会议的通 知、召集、召开、审议、表决等程序均符合有关法律、行政法规、部门规章、规 范性文件和《广东燕塘乳业股份有限公司章程》的规定，会议形成的决议合法、 有效。 二、董事会会议审议情况 与会董事经认真讨论，形成如下决议： 1、审议通过《关于拟建设都市型乳业优势特色产业集群项目的议案》。 公司于 2 ...

Financial Performance - Revenue for 2023 increased by 4.01% to 1.95 billion yuan compared to 1.875 billion yuan in 2022[20] - Net profit attributable to shareholders surged by 81.60% to 180.44 million yuan in 2023 from 99.36 million yuan in 2022[20] - Operating cash flow rose by 66.68% to 316.58 million yuan in 2023 from 189.94 million yuan in 2022[20] - Basic and diluted earnings per share increased by 82.54% to 1.15 yuan in 2023 from 0.63 yuan in 2022[20] - Weighted average return on equity improved by 5.50 percentage points to 13.71% in 2023[20] - Total assets grew by 2.24% to 1.94 billion yuan at the end of 2023 compared to 1.894 billion yuan at the end of 2022[20] - Shareholders' equity increased by 11.95% to 1.396 billion yuan at the end of 2023 from 1.249 billion yuan at the end of 2022[20] - Non-recurring gains and losses amounted to 30.67 million yuan in 2023, up from 15.64 million yuan in 2022[27] - Government subsidies received in 2023 totaled 10.02 million yuan, down from 17.45 million yuan in 2022[27] - Disposal of non-current assets resulted in a gain of 25.20 million yuan in 2023, compared to a loss of 4.46 million yuan in 2022[27] - Total revenue from distributors in 2023 reached 1,249,371,383.81 yuan, with a gross profit margin of 26.88%, up from 24.34% in 2022[46] - Revenue from online direct sales in 2023 was 314,394,556.18 yuan, with a gross profit margin of 24.63%, compared to 23.53% in 2022[49] - Revenue from lactic acid bacteria beverages in 2023 was 564,531,454.13 yuan, with a gross profit margin of 35.90%, up from 33.81% in 2022[46] - Revenue from liquid milk products in 2023 was 399,336,223.11 yuan, with a gross profit margin of 13.82%, compared to 11.15% in 2022[46] - The top five distributor clients accounted for 8.89% of the annual revenue, totaling 173,435,388.72 yuan[47] - External procurement of raw materials in 2023 amounted to 699,981,542.57 yuan, while packaging materials cost 318,711,343.28 yuan[51] - Total operating cost for 2023 was 1,432,458,656.47 yuan, a 1.34% increase compared to 2022[97] - Liquid milk category accounted for 43.95% of operating costs in 2023, with a slight increase of 0.02% compared to 2022[98] - Lactic acid bacteria milk beverage category saw a 6.20% increase in operating costs, reaching 514,386,474.17 yuan in 2023[98] - Direct materials accounted for 72.98% of main business costs in 2023, a slight increase from 72.66% in 2022[99] - Sales expenses decreased by 1.23% in 2023, totaling 199,732,170.56 yuan[104] - R&D expenses increased by 16.98% in 2023, reaching 21,089,811.43 yuan[104] - Advertising and promotional expenses accounted for 59.76% of sales expenses, with a 3.25% increase in 2023[105] - Total sales amount for the top 5 customers was 217,637,349.77 yuan, representing 11.16% of total annual sales[101] - Total procurement amount for the top 5 suppliers was 434,230,306.88 yuan, accounting for 39.44% of total annual procurement[102] - The company invested 6,924,969.48 yuan in offline advertising and 1,271,410.04 yuan in electronic new media advertising in 2023[106] - R&D investment in 2023 increased by 11.13% to RMB 78.71 million, accounting for 4.04% of total revenue[108] - Operating cash flow increased by 66.68% to 316.58 million yuan, driven by sales growth and reduced material procurement payments[110] - Investment cash inflow surged by 185.27% to 78.51 million yuan, primarily due to proceeds from property sales[110] - Financing cash inflow decreased by 52.97% to 99.9 million yuan, mainly due to reduced short-term bank borrowings[110] - Financing cash outflow rose by 60.65% to 237.28 million yuan, largely due to increased repayment of short-term bank loans[110] - Net cash and cash equivalents increased by 387.68% to 91.77 million yuan[110] - Investment cash outflow decreased by 36.98% to 165.95 million yuan, mainly due to reduced payments for fixed assets and investments in associates[110] - Asset disposal gains amounted to 30.5 million yuan, accounting for 15.30% of total profit, primarily from property sales[112] - Monetary funds increased by 4.43% to 357.45 million yuan, representing 18.43% of total assets, driven by sales growth and property disposal proceeds[114] - Inventory decreased by 2.71% to 131.89 million yuan, mainly due to reduced raw material stocks[114] - Short-term borrowings decreased by 4.71% to 89.97 million yuan, primarily due to repayment of matured bank loans[114] - Revenue for the reporting period reached 1,950.33 million yuan, a year-on-year increase of 4.01%[80] - Net profit attributable to shareholders of the listed company was 180.44 million yuan, a year-on-year increase of 81.60%[80] - Total revenue increased by 4.01% to 1.95 billion yuan in 2023, with the food manufacturing sector contributing 98.96% of the total revenue, up 4.56% year-on-year[93] - Revenue from lactic acid bacteria milk beverages grew by 7.59% to 792.93 million yuan, accounting for 40.66% of total revenue[93] - Online sales revenue surged by 19.79% to 314.39 million yuan, representing 16.12% of total revenue[93] - Revenue from the Pearl River Delta region in Guangdong increased by 6.25% to 1.47 billion yuan, accounting for 75.13% of total revenue[93] - Revenue from Guangdong regions outside the Pearl River Delta decreased by 4.16% to 445.22 million yuan, accounting for 22.83% of total revenue[93] - The company's gross profit margin for lactic acid bacteria milk beverages remained stable at 35.13%, with a slight increase of 0.85 percentage points year-on-year[95] - The company's gross profit margin for the food manufacturing sector improved by 2.36 percentage points to 25.78% in 2023[95] - Production volume in the food manufacturing sector increased by 6.40% to 220,630.28 tons in 2023[96] - The company's total compensation for directors, supervisors, and senior management in 2023 was RMB 1,045,105[159] - The chairman and general manager, Feng Like, received a total pre-tax remuneration of RMB 776,700[175] - The financial director, Shao Xia, received a total pre-tax remuneration of RMB 704,000[175] - The company's chairman, Li Zhiping, who left his position, received a total pre-tax remuneration of RMB 711,300[176] - The company's vice chairman, Xie Limin, who left his position, received a total pre-tax remuneration of RMB 474,600[176] - The total pre-tax remuneration for directors, supervisors, and senior management in the reporting period was RMB 5.2625 million[176] - The company's independent directors receive an annual allowance of RMB 88,020 (pre-tax), distributed monthly[173] - The company adjusted the non-independent director allowance scheme, which took effect after being approved by the shareholders' meeting[174] - The company strictly followed the established standards for the remuneration of directors, supervisors, and senior management during the reporting period[174] - The company's senior management compensation is based on the company's production and operation status, industry and regional salary levels, and individual contributions[174] - The company's board of directors approved the "2023 Senior Management Compensation Performance Assessment Method" during the reporting period[174] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, based on a total of 157,350,000 shares[4] - Cash dividend distribution: 23,602,500 RMB, with 1.5 RMB per 10 shares, based on a total share capital of 157,350,000 shares[193] - Total cash dividend distribution for 2022: 31,470,000 RMB, with 2.0 RMB per 10 shares[191] Corporate Governance and Structure - The company's registered address was changed to No. 188 Xiangli Road, Huangpu District, Guangzhou on July 24, 2020[16] - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 002732[16] - The company's legal representative is Feng Like[16] - The company's annual report is disclosed on the Shenzhen Stock Exchange website and major financial media such as "Securities Times"[18] - The company's annual report is available at the Board of Directors Office[18] - The company's unified social credit code is 91440000617435581X[19] - The company's main business has not changed since its listing[19] - The company's controlling shareholder has not changed since its listing[19] - The company strictly complied with relevant laws and regulations, including the Company Law and Securities Law, to improve corporate governance and internal control systems[146] - The company established a "three meetings" corporate governance structure and daily management mechanism, ensuring effective division of responsibilities and checks and balances[147] - The company's board of directors is responsible for executing resolutions of the general meeting of shareholders, formulating business plans, investment plans, financial budgets, and final accounts, and establishing basic management systems[148] - The company has established a comprehensive internal control system covering procurement, storage management, safety production, environmental control, self-distribution, market promotion, channel management, human resources, financial management, major transactions, and investment and financing management[149] - The company strictly maintains its independence as a legal entity, ensuring separation from the controlling shareholder in terms of assets, personnel, finance, organization, and business[151] - The company has an independent internal audit department that conducts special audits on external guarantees, investments, related-party transactions, asset purchases and sales, and large fund transactions[151] - The company received an "A" rating in the Shenzhen Stock Exchange's 2022-2023 annual information disclosure evaluation[152] - The company's business is independent from the controlling shareholder and actual controller, with no horizontal competition and all transactions conducted at fair market prices[154] - The company's senior management and financial personnel are independent from the controlling shareholder and do not hold positions or receive salaries from related parties[155] - The company possesses independent and complete assets, including land use rights, real estate, machinery, and patents, with no asset occupation by related parties[155] - The company has an independent organizational structure and financial system, with separate bank accounts and no shared financial resources with the controlling shareholder[156] - The participation rate for the 2023 First Extraordinary General Meeting was 54.65%[157] - The participation rate for the 2022 Annual General Meeting was 59.54%[157] - The participation rate for the 2023 Second Extraordinary General Meeting was 60.32%[157] - The participation rate for the 2023 Third Extraordinary General Meeting was 64.08%[157] - The participation rate for the 2023 Fourth Extraordinary General Meeting was 60.40%[157] - Chairman Feng Li holds 264,600 shares as of the end of the reporting period[158] - General Manager Feng Li holds 264,600 shares as of the end of the reporting period[158] - No changes in shareholdings were reported for directors Shao Xia, Chen Ming, Yang Wei, Ma Zhe, Li Hong, Guo Baochun, Huang Xiaohong, and Li Bian[158] - Vice Chairman Xie Limin resigned on June 1, 2023, due to reaching the legal retirement age[159] - Chairman Li Zhiping resigned on November 16, 2023, due to reaching the legal retirement age[160] - Chen Ming was elected as a non-independent director on November 16, 2023[160] - Ma Zhe was elected as a non-independent director on February 26, 2024[161] - Feng Like, the current Chairman and General Manager, has been with the company since 2002 and holds multiple industry leadership positions[162] - Shao Xia, the current Director and CFO, has extensive experience in finance and auditing, and holds multiple board positions in affiliated companies[162] - Chen Ming, the newly elected director, has a background in industrial economics and holds leadership roles in Guangdong State Farms Group[163] - Yang Wei, a current director, has a strong financial background and holds multiple board positions in affiliated companies[163] - Ma Zhe, the newly elected director, has a background in human resources and holds a leadership role in Guangdong State Farms Group[164] - Huang Xiaohong, born in 1978, holds a bachelor's degree and national legal professional qualification, currently serving as a senior partner at Guangdong Lianyue Law Firm and independent director of the company[165] - Li Biansheng, born in 1962, holds a Ph.D. and is a professor at South China University of Technology's School of Food Science and Engineering, also serving as an independent director of the company[165] - Yan Wenhai, born in 1968, holds a bachelor's degree and is a senior accountant, currently serving as the Chairman of the Supervisory Board and Assistant to the Financial Director of Guangdong Agricultural Reclamation Group[166] - Tang Xiaohui, born in 1978, holds a bachelor's degree and currently serves as the company's supervisor and Deputy Director of the Inspection Office, also holding the position of Assistant General Manager at Zhanjiang Yantang Dairy Co., Ltd[166] - Chen Miao, born in 1985, holds a bachelor's degree and is an economist, currently serving as the company's supervisor and Vice Chairman of the Labor Union, also holding the position of Deputy General Manager at Shantou Yantang Dairy Co., Ltd[167] - Wu Chengyun, born in 1973, holds a bachelor's degree and is an assistant political engineer, currently serving as the company's Vice President and holding multiple executive positions in subsidiary companies[168] - Li Chunfeng, born in 1976, holds a bachelor's degree and is an accountant, currently serving as the company's Vice President and Board Secretary, also holding positions in various industry associations[168] - Chen Ming serves as the legal representative, Chairman, and General Manager of Guangdong Yueken Investment Co., Ltd since February 17, 2023[169] - Yang Wei serves as a director of Guangdong Yueken Investment Co., Ltd since March 1, 2023[169] - Ma Zhe served as a member of the Party Leadership Group, Director, and Deputy General Manager of Guangdong Zhanjiang Agricultural Reclamation Group Co., Ltd from October 12, 2018, to April 29, 2019[169] - The company's 2023 annual financial budget report was reviewed and approved during the 5th Board of Directors' 3rd meeting on March 30, 2023[177] - The 2023 semi-annual report and its summary were approved during the 5th Board of Directors' 5th meeting on July 5, 2023[177] - The company's 2023-2030 development plan was approved during the 5th Board of Directors' 7th meeting on September 20, 2023[177] - The 2023 third-quarter report was reviewed and approved during the 5th Board of Directors' 8th meeting on October 30, 2023[178] - The company revised its articles of association and board meeting rules multiple times throughout 2023[177][178] - The company's independent directors actively communicated with management and provided constructive suggestions for development decisions[181] - All directors attended board meetings without any consecutive absences, with most attending over 5 meetings[179] - The company's directors strictly followed regulations and effectively fulfilled their duties, promoting scientific and objective decision-making[181] - The company's internal control self-evaluation report for 2022 was approved in March 2023[177] - The company's ESG report for 2022 was approved during the March 2023 board meeting[177] - The company approved the "2023 Development Outlook" during the board meeting on March 30, 2023, focusing on future growth strategies[182] - The company revised its charter and approved the "2023-2030 Development Plan" during the board meeting on September 20, 2023[182] - The company approved the transfer of property in the old factory area of Tianhe District, Guangzhou, to related parties on August 15, 2023[182] - The company reviewed and approved the 2022 annual financial report and internal control self-assessment report on March 30, 2023[182] - The company approved the 2023 annual financial budget report and the proposal to reappoint the accounting firm on March 30, 2023[183] - The company reviewed and approved the 2023 Q1 report on April 27, 2023[183] - The company approved the 2023 semi-annual report and revised the internal audit system on August 15, 2023[183] - The company reviewed and approved the 2023 Q3 report and revised the internal audit system again on October 30, 2023[183] - The company approved the proposal to elect non-independent directors for the fifth board of directors on October 30, 2023[183] - The company has established a comprehensive internal control system covering major aspects of corporate governance and management, ensuring continuous and effective implementation without significant omissions[195] - The company adheres to the principle of "separation of incompatible duties" to avoid overlapping

Investment Rating - The report maintains a "Buy" investment rating for the company [20][18]. Core Insights - The company achieved a total revenue of 1.95 billion yuan in 2023, representing a 4% increase, while the net profit attributable to shareholders reached 180 million yuan, up 82% [19][18]. - The revenue growth was primarily driven by a decline in raw material prices and increased consumer demand [19]. - The company has optimized its cost structure, leading to an improved gross profit margin of 26.04%, an increase of 2 percentage points [19]. - The company launched 13 new products in 2023, contributing to steady revenue growth [19]. - Online revenue growth was particularly strong, with a 20% increase, while offline revenue grew by 1% [19]. Financial Forecast - The company forecasts earnings per share (EPS) of 1.31 yuan for 2024, 1.61 yuan for 2025, and 1.92 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 14, 11, and 10 times [19][18]. - The report projects a steady revenue growth rate of 12.6% in 2024, 10.2% in 2025, and 8.4% in 2026 [4][6]. - The net profit growth rate is expected to be 14.6% in 2024, 22.5% in 2025, and 19.1% in 2026 [4][6].