Core Viewpoint - Company reported a revenue of 6.54 billion yuan for 2024, representing a year-on-year increase of 6.4%, while net profit attributable to shareholders was 740 million yuan, down 13.3% year-on-year [1] Group 1: Revenue Breakdown - Third-party channel revenue grew by 10.4% in 2024, with total revenue from third-party business reaching 4.57 billion yuan, accounting for 69.8% of total revenue [2] - Revenue from third-party hot pot seasoning was 2.33 billion yuan, up 6.4% year-on-year, with sales volume and price changes of +14.1% and -6.8% respectively [2] - Revenue from third-party convenient food reached 1.45 billion yuan, increasing by 11.1% year-on-year, with a notable growth of 56.7% in the revenue from sour and spicy noodles [2] Group 2: Related Party Business - Revenue from related party business was 1.97 billion yuan, down 1.8% year-on-year, accounting for 30.2% of total revenue [3] - Revenue from related party hot pot seasoning was 1.75 billion yuan, down 7.7% year-on-year, with a significant drop in sales price by 13.0% [3] - Related party revenue in the Chinese compound seasoning and convenient food segments grew by 126.8% and 87.8% respectively, driven by product diversification and low base effects from the previous year [3] Group 3: Profitability and Costs - Gross margin for the company was 31.3%, a slight decrease of 0.3 percentage points year-on-year, primarily due to pricing adjustments by related parties [5] - Net profit margin decreased by 2.6 percentage points to 11.3%, influenced by increased sales expenses [5] - Sales expense ratio increased by 2.2 percentage points to 11.8%, while management expense ratio decreased by 0.2 percentage points to 4.2% [5] Group 4: Market Expansion - Company is actively expanding its coverage in B-end and overseas markets, with a focus on small B-end clients and Southeast Asia [4] - The establishment of a supply center in Thailand is expected to enhance the company's capacity to penetrate overseas markets [4] - The company aims to increase its market share in overseas mainstream supermarkets and local B-end markets by 2025 [4]