Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is expected to be strong, with significant contributions from the consolidation of Jia Le [5] - The garment manufacturing segment is experiencing revenue growth due to acquisitions and improved production efficiency [2] - The brand management segment is actively expanding new channels, with Xiaomi continuing to launch new products [3] - The company is effectively controlling expenses, with one-time investment gains from Jia Le enhancing profits [4] - Profitability is projected to improve as overseas production efficiency increases, with sustained revenue growth anticipated from 2025 to 2027 [5] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 4.24 billion yuan (up 36.6% year-on-year) and a net profit of 0.381 billion yuan (up 229.5% year-on-year) [1] - For Q1 2025, revenue was 1.234 billion yuan (up 35.6% year-on-year) and net profit was 0.085 billion yuan (up 20.1% year-on-year) [1] Manufacturing Segment - In 2024, the garment manufacturing revenue reached 3.534 billion yuan (up 44.6% year-on-year), with bag manufacturing revenue at 2.372 billion yuan (up 20.3% year-on-year) and garment manufacturing revenue at 1.162 billion yuan (up 146.4% year-on-year) [2] - The gross margin for garment manufacturing was 22.55% (down 1.33 percentage points year-on-year), primarily due to the impact of Jia Le's consolidation [2] Brand Management - Brand management revenue in 2024 was 0.658 billion yuan (up 5.1% year-on-year), with distribution revenue at 0.498 billion yuan (up 20.8% year-on-year) and online revenue at 0.160 billion yuan (down 25.2% year-on-year) [3] - The gross margin for brand management was 25.52% (down 1.03 percentage points year-on-year) [3] Profitability and Forecast - The net profit margin for 2024 was 9.0% (up 5.3 percentage points year-on-year) [4] - Revenue forecasts for 2025 to 2027 are 5.344 billion yuan, 6.222 billion yuan, and 7.190 billion yuan, respectively, with year-on-year growth rates of 26%, 16%, and 16% [5] - Expected net profit for 2025 to 2027 is 0.384 billion yuan, 0.480 billion yuan, and 0.590 billion yuan, with growth rates of 1%, 25%, and 23% respectively [5]

Core Viewpoint - The company reported a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, while the net profit attributable to shareholders was 70 million yuan, down 8.2% year-on-year [1] Group 1: Financial Performance - In Q1 2025, the company's revenue grew by 10.3% year-on-year despite a challenging environment characterized by a misalignment of the Spring Festival and weak terminal demand [1] - The net profit margin for Q1 2025 was 9.0%, a decrease of 1.8 percentage points year-on-year, primarily due to reduced foreign exchange gains [1] - The gross profit margin for Q1 2025 was 29.9%, remaining relatively stable year-on-year, supported by scale effects and improved operational efficiency [1] Group 2: Product and Channel Development - The company’s major products, particularly fish and bean products, continued to perform well, driving revenue growth in Q1 2025 [1] - There is an expectation for marginal improvement in channels, with ongoing collaboration with snack wholesale stores and an increase in SKUs [2] - The company is transitioning from product management to brand management, enhancing product and brand strength, which is expected to support long-term revenue growth [2] Group 3: Future Outlook - The company anticipates net profits attributable to shareholders of 330 million, 390 million, and 450 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.0%, 17.2%, and 17.4% [2] - The company aims to leverage its core product lines and expand into modern channels, including membership stores, following product and brand renewals in 2024 [2] - The company has made progress in building teams and obtaining qualifications for overseas market expansion, indicating potential for further growth [2]