今世缘：去年基本盘表现优于部分规模体量相近的友商，接受行业整体利润率下行的趋势

Core Insights - The company emphasizes a strategy of "seeking progress while maintaining stability" for the next two years, focusing on stabilizing prices, market expectations, channel confidence, and market share [1] - The management anticipates that the first quarter of 2026 will face the most pressure due to a high comparison base from the previous year, but expects improvements starting from the second quarter [1] - The company acknowledges a decline in profit margins due to increased competition, indicating a trend of overall industry profit margin decline [1] - The focus for 2026 will be on optimizing and precision in expenditures rather than simple contraction, with a shift towards more effective advertising and promotional strategies [1][2] Financial Strategy - The company plans to maintain a stable total amount for fixed costs while cutting inefficient advertising projects [2] - Variable cost ratios are expected to remain relatively stable, with adjustments made to ensure efficient spending [2] - Immediate profit growth is not anticipated as various factors will continue to influence financial performance [2]