佳禾食品：咖啡业务线上更多是做品牌，今年公司要着力控制整体费用率

Core Insights - The company is focusing on both online and offline channels for its coffee business, with a greater emphasis on brand investment online while utilizing distributors for offline sales [1] - The company identifies several growth strategies for profitability, including expanding into Southeast Asia, addressing the decline in powdered oil revenue, diversifying product offerings, and improving marketing efficiency for consumer products [1] - The increase in sales expenses for 2024 and Q1 2025 is attributed to enhanced C-end promotion efforts, particularly through social media and traditional e-commerce platforms [2] Group 1 - The coffee business encompasses both online and offline channels, with a stronger focus on brand development online and leveraging distributors for offline sales [1] - The company is actively pursuing growth in the Southeast Asian market, particularly in powdered oils, coffee, and plant-based products [1] - The company has established a diversified product structure that includes coffee, plant-based products, syrups, and innovative foods, contributing significantly to revenue [1] Group 2 - The increase in sales expenses is primarily due to intensified C-end marketing efforts, especially through platforms like Douyin and Kuaishou [2] - The company aims to control overall expense ratios to mitigate the impact on profits while continuing to invest in C-end business expansion [2]