Core Viewpoint - The company is facing pressure on its main business sales, but the development of new retail channels shows promising results, leading to a maintained "buy" rating [2]. Financial Performance - In Q1 2025, the company's revenue was 450 million yuan, a year-on-year decrease of 18.5%, and the net profit attributable to shareholders was 30 million yuan, down 58.3% year-on-year [2]. - The profit forecasts for 2025-2027 have been adjusted, with expected net profits of 160 million yuan (-50 million), 180 million yuan (-30 million), and 200 million yuan, representing year-on-year growth of 4.9%, 14.5%, and 10.0% respectively [2]. Product Performance - Sales of coconut juice and canned fruit are under pressure, with coconut juice revenue at 230 million yuan (down 14.6% year-on-year) and canned fruit revenue at 160 million yuan (down 25.5% year-on-year) [3]. - The company plans to focus on upgrading the formula and packaging of canned fruit and expanding consumption scenarios, while also pushing coconut juice into snack wholesale channels [3]. Channel Analysis - Traditional channels are experiencing significant decline due to the rapid development of new retail channels, which are capturing demand from offline traditional supermarkets [4]. - The company is actively optimizing traditional channel outlets and has established partnerships with leading snack specialty chains, achieving revenue of 46.446 million yuan in Q1 2025 from snack wholesale channels, an increase of 6.149 million yuan from Q4 2024 [4]. Cost and Profitability - The gross margin decreased by 7.32 percentage points to 31.38% in Q1 2025, attributed to rising raw material prices and lower margins from snack specialty channels [4]. - The net profit margin fell by 7.27 percentage points to 7.63% due to increased expense ratios across various categories [4].

Group 1: Financial Performance - In 2024, the company achieved revenue of 1.868 billion CNY, a decrease of 1.71% year-on-year [2] - The net profit attributable to shareholders for 2024 was 84 million CNY, down 37.67% year-on-year [2] - In Q1 2025, the company reported revenue of 470 million CNY, an increase of 1.5% year-on-year, while net profit was 21 million CNY, a decrease of 37.98% year-on-year [2] Group 2: Sales Channel Performance - In 2024, direct sales revenue was 809 million CNY, accounting for 43.50% of total revenue, with a year-on-year increase of 4.34% [3] - The distribution channel generated 1.051 billion CNY in sales, representing 56.50% of total revenue, but saw a decline of 6.04% year-on-year [3] Group 3: New Retail and Market Strategy - The company established a dedicated team for new retail channels in 2024, collaborating with major retailers like Hema and Walmart [4] - In 2025, the company plans to accelerate partnerships with new retail channels to expand market reach [4] Group 4: Competitive Response - To address competition in the small B-end market, the company aims for high-quality growth through product optimization, efficiency improvements, and strategic cost management [5] - The company will shift from price competition to enhancing quality and efficiency in its operations [5] Group 5: Product Growth and Future Outlook - The frozen prepared dishes segment saw significant growth across all channels in 2024, with a focus on hot pot scenarios in direct sales and expanded product categories in distribution [7] - For 2025, the company plans to invest in R&D and production for baked goods and frozen dishes, while exploring C-end business opportunities and enhancing brand development [8]