YYTM(SH:600655) EBSCN·2025-04-30 06:14Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company is undergoing a transformation process, with a significant decline in revenue and net profit in Q1 2025, showing a year-on-year revenue drop of 49.00% and a net profit decline of 71.24% [1] - The company is actively transforming across various business lines, including launching new products in the jewelry sector and expanding its presence in the cultural dining and health sectors [3] - The report has adjusted profit forecasts for 2025 and 2026 downwards by 26% and 24% respectively, while introducing a new profit forecast for 2027 [4] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 8.782 billion yuan, down 49.00% year-on-year, and a net profit of 52 million yuan, down 71.24% year-on-year [1] - For the year 2024, the company reported a revenue of 46.924 billion yuan, a decrease of 19.30% year-on-year, and a net profit of 125 million yuan, down 93.81% year-on-year [1] - The comprehensive gross margin for Q1 2025 was 16.10%, an increase of 2.36 percentage points year-on-year, while the expense ratio increased by 6.71 percentage points [2] Business Strategy and Outlook - The company is focusing on a multi-business transformation strategy, including launching products targeting younger consumers and optimizing its channel structure [3] - The real estate segment is actively exiting non-core assets, with over 10 billion yuan in cash returns achieved in 2024 [3] - The report highlights the company's strong positioning in core urban areas and its consumer brand strength as key advantages in its transformation efforts [4]