倍加洁加强自有品牌建设改善经营质量

Core Viewpoint - The company reported a significant increase in revenue for 2024 but faced a net loss due to underperformance in its subsidiaries and impairment provisions [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.299 billion yuan, a year-on-year increase of 21.78%, but reported a net loss of 77.3161 million yuan, reversing from profit [1]. - For Q1 2025, the company generated a revenue of 324 million yuan, a year-on-year growth of 13.28%, while the net profit was 12.4105 million yuan, down 34.48% compared to the previous year [1]. Subsidiary Performance - The net profit decline in Q1 2025 was primarily attributed to increased losses from the associate company, Weimei Zi, which is currently in a loss position [2]. - Conversely, the subsidiary, Shan'en Kang, achieved a turnaround to profitability in the same quarter [2]. Product Margins - The gross margin for toothbrushes in Q1 2025 was 25.52%, an increase of 1.79 percentage points compared to 2024, while the gross margin for wet wipes was 23.14%, a decrease of 0.4 percentage points [2]. Brand Development Strategy - The company plans to focus its proprietary brand business on three main categories: toothpaste, toothbrushes, and orthodontic oral care products, aiming for scale development while ensuring reasonable profits [2]. - In Q1 2025, the proprietary brand business generated revenue of 27.74 million yuan, a year-on-year increase of 22%, accounting for 8% of total revenue [2]. Overseas Business - In 2024, the overseas business generated revenue of 784 million yuan, representing approximately 60.35% of total revenue [3]. - The company is in the process of establishing a production base in Vietnam, primarily for wet wipes and toothbrushes, with plans for factory renovation already determined [3].