NHD(002264) 新浪财经·2025-04-29 06:44Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, primarily due to high base effects from the previous year's Spring Festival and differences in revenue recognition methods, but maintains a stable supply chain and increasing online sales penetration in the liquor sector [1][2]. Financial Performance - Q1 2025 revenue was 1.106 billion yuan, down 21.1% year-on-year; net profit attributable to shareholders was 93 million yuan, down 0.6% year-on-year; and net profit excluding non-recurring items was 84 million yuan, down 10.2% year-on-year [1]. - The combined revenue for Q4 2024 and Q1 2025 was 2.008 billion yuan, a decrease of 11.2% year-on-year, while net profit attributable to shareholders was 163 million yuan, an increase of 20.5% year-on-year [1]. - The gross margin for Q1 2025 was 22.18%, a decrease of 0.31 percentage points year-on-year, while the net profit margin was 8.42%, an increase of 1.7 percentage points year-on-year [2]. Cost Management - The company received government subsidies of 10.067 million yuan in Q1 2025, contributing to other income and enhancing profits [2]. - The operating expense ratio for Q1 2025 was 14.2%, down 0.8 percentage points year-on-year, with significant reductions in sales expenses attributed to changes in revenue recognition methods and the introduction of efficient workflows [2]. Strategic Initiatives - The company is focusing on product development and collaboration with major brands, launching new customized products during the Spring Festival, which are expected to contribute to revenue growth [2][3]. - The company is actively expanding its cross-border e-commerce business through platforms like TikTok and Lazada, with a live broadcast base in Jakarta, Indonesia, which is anticipated to drive GMV growth [3]. Market Outlook - The company is expected to benefit from the ongoing recovery in liquor demand during the Spring Festival and the upcoming year-end e-commerce promotions [3]. - Long-term growth is projected through brand expansion, resource diversification, and deepening partnerships, with revenue forecasts of 4.46 billion yuan and 5.48 billion yuan for 2025 and 2026, respectively [3].