Shouxiangu(SH:603896) Xin Lang Cai Jing·2025-04-29 02:40Core Viewpoint - The company experienced a significant decline in revenue and net profit in 2024, attributed to weak consumer demand, particularly affecting high-end products [1][2]. Financial Performance - In 2024, the company achieved revenue of 692 million yuan, a decrease of 11.81% year-on-year, and a net profit of 175 million yuan, down 31.34% from the previous year [1]. - For Q1 2025, revenue was 171 million yuan, a decline of 22.68% year-on-year, with a net profit of 58.37 million yuan, down 24.32% [1]. Product Category Analysis - High-end product sales, particularly Lingzhi spore powder, saw a more significant decline compared to mid- to low-end products. Lingzhi spore powder sales dropped by 16.46% to 446 million yuan in 2024 [2]. - Specific sales figures for Lingzhi spore powder products include: - Broken wall Lingzhi spore powder: 102 million yuan, down 20.23% - Broken wall Lingzhi spore powder: 221 million yuan, down 9.46% - Broken wall Lingzhi spore powder granules: 104 million yuan, down 24.46% - Broken wall Lingzhi spore powder slices: 18.63 million yuan, down 21.53% [2]. - Iron-clad Dendrobium products generated 113 million yuan in sales, a decrease of 11%, with specific declines in sales of Iron-clad Dendrobium granules and extracts [2]. Sales Volume and Pricing - The sales volume of Lingzhi spore powder products in 2024 was 25.72 tons, down 13.84%, with an average price of 17.33 yuan per gram, down 3.04% [3]. - Iron-clad Dendrobium products had a sales volume of 13.91 tons, up 7.33%, but the average price fell to 8.11 yuan per gram, down 17.08% [3]. Market Expansion and Strategy - The company reported that 65.23% of its revenue came from Zhejiang province, with only 9.61% from outside the province and 25.16% from online sales [3]. - Revenue growth rates for different regions showed declines: Zhejiang province down 7.52%, outside Zhejiang down 18.81%, and online sales down 19.51% [4]. - The company is restructuring its distributors and plans to enhance its presence in the provincial market through traditional and flagship store channels [4]. Competitive Advantage - The company has established a comprehensive supply chain model and developed proprietary technologies for its products, ensuring safety and efficacy [5]. - The company has cultivated 10 superior varieties of medicinal materials, including three types of Lingzhi and three types of Iron-clad Dendrobium [5]. - The unique low-temperature supersonic airflow breaking technology significantly enhances the absorption rates of active ingredients in its products compared to traditional methods [5]. Future Projections - Revenue projections for 2025-2027 are 732 million yuan, 815 million yuan, and 899 million yuan, representing year-on-year growth rates of 5.9%, 11.4%, and 10.2% respectively [6]. - Net profit forecasts for the same period are 191 million yuan, 219 million yuan, and 244 million yuan, with corresponding growth rates of 9.3%, 14.8%, and 11.4% [6].