Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue of 1.77 billion yuan and net profit of 106 million yuan, representing year-on-year growth of 29% and 95% respectively [4][5]. - The self-owned brand segment showed remarkable growth, with revenues from brand management and self-owned brands increasing by 212% and 90% respectively, contributing to an overall optimization of the revenue structure [5]. - The gross margin improved by 4.3 percentage points to 44.6% in 2024, and the net margin increased by 2 percentage points to 6%, driven by the higher proportion of self-owned brands [5]. Financial Performance Summary - For 2024, the company expects revenues to reach 1.77 billion yuan, with a growth rate of 29.3% projected for 2025, reaching 2.42 billion yuan [10]. - The forecasted net profit for 2025 is 171.71 million yuan, with a growth rate of 62.5% compared to 2024 [10]. - The earnings per share (EPS) is projected to increase from 0.64 yuan in 2024 to 1.05 yuan in 2025, reflecting the company's improving profitability [10][11].