Group 1 - The 9th Silk Road International Expo adopts a "online and offline integration" model to enhance digital construction, creating a "never-ending Silk Road Expo" [1] - The online exhibition focuses on six core scenarios: exhibition, conference, negotiation, management, service, and operation, optimizing existing exhibition information services for domestic and international exhibitors and providing online viewing platforms for audiences [1] Group 2 - The exhibition is divided into six zones, with the Silk Road Quality Products Exhibition covering an area of 16,000 square meters, showcasing resources,特色产业, and foreign trade products from countries and regions involved in the Belt and Road Initiative [2] - The Interprovincial Cooperation Exhibition also spans 16,000 square meters, highlighting the overall image, investment environment, and cooperation areas of various provinces and regions in China [2] - The Technology Innovation Exhibition covers 10,000 square meters, emphasizing the construction of nationally influential technology innovation centers and showcasing achievements in innovation-driven platforms and specialized new production capabilities [2] - The Low-altitude Economy Exhibition, also 10,000 square meters, focuses on key industrial chains in the low-altitude economy, displaying new technologies and products [2] - The Transportation and Logistics Exhibition, covering 10,000 square meters, showcases multi-modal transport logistics, including rail, road, air, and various ports, promoting the integration of "channels + trade + industry" [2] - The Cultural and Tourism Consumption Exhibition, also 10,000 square meters, highlights the province's rich cultural tourism resources and the high-quality development of the cultural tourism industry cluster [2] - To enhance service levels, the province collaborates with China Eastern Airlines to provide dedicated flight services and conducts Silk Road Chang'an performance activities during the expo, promoting the integration of exhibitions, tourism, and dining through the distribution of consumer vouchers and gift packages [2]

Group 1: Research Basic Information - The research object is GuaiBao Pet, and the reception time is May 13, 2025. The listed company's reception staff includes the Chief Financial Officer Yuan Xue, the Board Secretary Wang Peng, the Independent Director Zhai Yueling, and the Sponsoring Representatives Chen Fenghua and Sun Xiyun [16] Group 2: Detailed Research Institutions - The reception object is investors who participated in the online performance briefing of GuaiBao Pet in 2024 via online and telephone, and the type is others [19] Group 3: Main Content Company's Operating Performance in 2024 - In 2024, the company achieved a revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit attributable to the parent company of 625 million yuan, a year-on-year increase of 45.68%. The self-owned brand business revenue was 3.545 billion yuan, a year-on-year increase of 29.14% [23] Company's Performance in Q1 2025 - In Q1 2025, the company achieved an operating income of 1.48 billion yuan, a year-on-year increase of 34.82%, and a net profit attributable to shareholders of the listed company of 204 million yuan, a year-on-year increase of 37.68% [23] Company's Dividend Plan - In 2024, the company conducted two dividends, with a cumulative cash dividend of over 200 million yuan, accounting for 32.02% of the company's net profit attributable to the parent company in 2024. The Second Board Meeting of the Ninth Session has reviewed and approved the proposal to authorize the board to formulate the mid - year dividend matters for 2025 [23] Thailand Factory's Situation - The original factory in Thailand is currently at full capacity. The new factory project in Thailand will cost about 200 million yuan and is expected to be put into production in June this year, doubling the production capacity in Thailand. The company is also planning to build a research and development center in Thailand, and the budget for this part is being calculated [23][25] Company's Internal Optimization - The company will focus on two aspects: accelerating digital transformation to improve operational efficiency and implementing continuous incubation of strategic organizational capabilities and talent echelons and optimizing the incentive mechanism [25]

Group 1 - The 49th International Museum Day in Jiangsu will focus on the theme "The Future of Museums in a Rapidly Changing Society," with the main event taking place on May 13 at the Yangzhou Grand Canal Museum [1] - The event will feature 171 themed exhibitions, 409 educational activities, 107 "Six Entering" activities, and 79 cultural markets, creating a matrix of nearly 1,000 online and offline cultural activities across 362 museums in the province [1] - The Jiangsu Provincial Department of Culture and Tourism released the "2024 Jiangsu Museum Development Report," projecting nearly 140 million visitors to museums in the province in 2024 [1] Group 2 - In the past year, Jiangsu museums hosted nearly 2,500 exhibitions, and the "See Su Rhythm: Big Exhibitions at Your Doorstep" initiative has attracted over 1.5 million visitors across 10 events [2] - The introduction of policies for high-level opening and quality development of provincial museums has spurred innovative practices in 12 cities [2] - During the "May Day" holiday, 75 museums extended their hours, leading to the emergence of a new "museum economy," with 14 museums attracting 5.317 million visitors through themed night tours [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 7.096 billion yuan for 2024, a year-on-year decrease of 8.96%, with a net profit attributable to shareholders of 903 million yuan, down 2.28% year-on-year [2][4]. - In Q4 2024, the company achieved revenue of 2.029 billion yuan, a year-on-year decline of 11.08%, but a quarter-on-quarter increase of 19.20% [10]. - The company plans to distribute a cash dividend of 9 yuan per 10 shares to all shareholders, which accounts for 73.80% of the net profit attributable to shareholders for 2024 [4]. Summary by Sections Financial Performance - For 2024, the company achieved a gross profit margin of 39.29%, a slight increase of 0.04 percentage points year-on-year [10]. - The total operating expenses for 2024 were 2.096 billion yuan, with a period expense ratio of 26.50%, an increase of 1.03 percentage points year-on-year [10]. - The company’s operating profit for 2024 was 765 million yuan, a decrease of 10.40% year-on-year [10]. Future Projections - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 976 million yuan, 1.030 billion yuan, and 1.113 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.88, 12.20, and 11.29 [10].