SCSF(SH:600779) 2 1 Shi Ji Jing Ji Bao Dao·2025-06-18 10:25Core Viewpoint - The company is focusing on internal improvements and channel expansion to navigate the challenging external environment, aiming for growth opportunities during this period [1][10]. Financial Performance - Water Jiufang achieved a revenue of over 5 billion yuan for the first time last year, with net profit reaching a new high [1]. - In Q1 of this year, the company continued to see positive growth in revenue and net profit attributable to shareholders [1]. - The company's sales net profit margin for 2024 is 25.7%, an increase of 0.1 percentage points compared to the same period last year [6]. Sales and Marketing Strategy - The company emphasizes "动销" (sales activation) as a key focus, with a 45.1% year-on-year increase in consumer bottle-opening scans in Q1 [1]. - Water Jiufang has expanded its store count by over 24,000 as of Q1, with a focus on both traditional and new channels [3][7]. - New channels have shown significant growth, with a 184% year-on-year increase in revenue from these channels in Q1 [8]. Product Development - The company is implementing a "dual brand" strategy, with plans to launch iterative products under the "Water Jiufang" brand in the second half of the year [4][9]. - There is a focus on developing products with lower alcohol content to cater to younger consumers [4]. Operational Efficiency - The company is optimizing internal controls to enhance efficiency, with a focus on cost savings and productivity improvements [6][7]. - Despite rising costs, the company has managed to reduce overall operating costs and sales expenses in Q1 [6]. Future Outlook - The management expresses confidence in the company's ability to navigate through industry cycles and emphasizes the need for continuous internal improvement [10]. - The company is adjusting its production capacity plans in response to market conditions, with a planned investment of 4.048 billion yuan in a new production facility [11].