聚焦“大健康”核心战略，交大昂立经营向好

Core Viewpoint - The report highlights a black market in cross-border e-commerce health products, where domestic products are falsely labeled as imports, harming consumer rights and disrupting the market order. In contrast, Shanghai Jiao Tong University Angli Co., Ltd. (referred to as Angli) demonstrates growth and recovery in a trust-crisis industry by focusing on reliable branding and operational improvements [1][2]. Group 1: Company Performance - In 2024, Angli achieved an operating income of 325 million yuan, a year-on-year increase of 9.74%, and turned a profit with a net profit attributable to shareholders of 30.48 million yuan and a net profit after deducting non-recurring gains and losses of 5.82 million yuan [1]. - The company reported a net operating cash flow of 63.38 million yuan, reflecting a year-on-year growth of 14.12% [1]. - After years of losses from 2018 to 2022, Angli's financial situation improved significantly following a change in control in 2022, leading to a turnaround in profitability in 2023 and 2024 [2]. Group 2: Strategic Focus - Angli's strategy for 2024 emphasizes focusing on the health sector, ensuring stable operations, and enhancing product innovation, channel upgrades, and quality management [2][3]. - The company has restructured its health product segment to primarily focus on self-operated online sales, supported by special channel distributors and bulk procurement, resulting in steady sales growth [3]. - Angli has introduced new health products and improved existing ones, expanding its product line to include various health supplements [3]. Group 3: Market Position and Future Outlook - The health product industry is experiencing increased regulatory scrutiny, leading consumers to prefer reputable brands, which positions Angli favorably as it strengthens its market presence [3]. - Following the change in control, the new major shareholder has taken steps to stabilize ownership, including a 174 million yuan tender offer, increasing their stake to 30.06% [3]. - With a focus on operational efficiency and quality service in its healthcare segment, Angli's future prospects appear promising as it navigates the evolving market landscape [3].