Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1]. - The company is expected to achieve a revenue growth of 7.7% in 2025, reaching 5 billion yuan, with a net profit growth of 8.5% to 760 million yuan [3]. - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2]. Financial Performance - In Q1 2025, the gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1]. - The company’s net profit margin increased by 0.5 percentage points to 10.2% in Q1 2025 [1]. - The projected net profit for 2025-2027 is estimated at 760 million, 853 million, and 954 million yuan respectively [3]. Business Expansion - The company’s zipper business showed strong sales, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2]. - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2]. Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the long term [3]. - The company is actively seeking to expand its customer base in Europe and Japan, adapting its production capacity to meet customer demands [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1] - The company is expected to achieve a net profit growth of 8.5% in 2025, with projected revenue growth of 7.7% to 5 billion yuan [3] - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2] Financial Performance - In Q1 2025, the company's gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1] - The company’s revenue for 2025 is projected to be 5,033 million yuan, with a year-on-year growth rate of 7.7% [5] - The expected net profit for 2025 is 760 million yuan, reflecting a year-on-year growth rate of 8.5% [5] Business Expansion - The company’s zipper business showed strong sales performance, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2] - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2] Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the medium to long term [3] - The company is actively exploring opportunities to adapt its production capacity based on customer needs, particularly in response to tariff challenges [3]

Group 1: Business Impact and Performance - The impact of recent tariff adjustments on the company's business is limited, with revenue from exports to the U.S. not reaching a significant level [1] - The company has been focusing on enhancing its core business and R&D investments to improve product competitiveness and expand business channels [2] - The company's stock performance is influenced by external factors, including market conditions and investor preferences, despite efforts to optimize governance and enhance shareholder communication [2] Group 2: Financial Performance and Dividends - For the fiscal year 2024, the company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling 20.4 million RMB, with cumulative cash dividends over the past three years amounting to 81.6 million RMB [2] - The company's operating profit increased year-on-year in the first quarter, but net profit declined due to global trade policy changes and increased operational costs [4] Group 3: Future Growth Drivers - The company aims to drive future profitability through innovation, optimizing existing products, and enhancing production efficiency [3] - There are currently 28 ongoing R&D projects, focusing on expanding the product line and entering new markets, including active medical devices [5]

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 876 million yuan and a net profit attributable to the parent company of 51 million yuan [1] - As of March 31, 2025, total assets amounted to 6.044 billion yuan, with net assets attributable to the parent company at 4.156 billion yuan [1] Group 2: Cosmetics Business - The cosmetics segment generated operating revenue of 526 million yuan in Q1, with a gross margin of 61.06% [1] - The Yilian brand experienced significant growth, with Q1 revenue of 250 million yuan, representing a 25% year-on-year increase [1] - The Yilian spray product line announced a new spokesperson, Zhang Linghe, leading to a 69% increase in sales [1] - The focus on the "Pongrun" cream as a core product resulted in a 65% year-on-year increase in sales for the Pongrun water and milk products [1] - The Aier Doctor brand accelerated its brand adjustment, achieving Q1 revenue of 236 million yuan [1] - The Aier Doctor brand launched new products, including a "probiotic special gift box" and a new cleansing product [1] - The Kemi brand focused on "collagen anti-aging" and implemented a strategy centered on collagen products, ranking first in popularity on Douyin for collagen essence [1] Group 3: Pharmaceutical Business - The pharmaceutical segment maintained stable performance with operating revenue of 108 million yuan and a gross margin of 54.80% [2] - The company continued to advance drug research and development, launching two functional beverages during the reporting period [2] - Organizational changes were made to adapt to market policy changes, including the establishment of a KA sales department and a digital marketing department [2] - The company developed 200 new clients in hospital and OTC channels [2] Group 4: Raw Materials and Additives - The raw materials and additives segment achieved operating revenue of 86 million yuan with a gross margin of 39.54% [2] - The raw materials segment focused on technological innovation, obtaining two new authorized invention patents [2] - The company established a national-level postdoctoral research workstation and progressed with domestic and international pharmaceutical-grade project applications [2] - The sales of hyaluronic acid raw materials increased by 32% year-on-year, with an 11 percentage point increase in gross margin [2]

Financial Performance - In 2024, the company achieved operating revenue of 1.441 billion yuan, a year-on-year increase of 8.96% [2] - The net profit attributable to shareholders reached 170 million yuan, up 8.44% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 138 million yuan, reflecting a 2.94% increase [2] - Operating cash flow was 262 million yuan, showing a growth of 9.81% [2] - The company proposed a cash dividend of 1.30 yuan per 10 shares, with a total cash dividend distribution amounting to 81.1979 million yuan, resulting in a cash dividend payout ratio of 90.72% [2] Business Segments - In the reflective materials sector, the company generated revenue of 1.07 billion yuan, marking a 13.67% increase, and saw a 25% growth in sales of license plate films and vehicle safety products due to enhanced market share and global expansion [3] - The optical display materials segment includes products such as diffusion films and quantum dot films, which are expected to benefit from government policies and trends in automotive display technology [3] - In the electronic functional materials area, the company’s graphene thermal conductive films have been adopted in high-end devices, indicating strong market demand [3] Research and Development - The company established the Hangzhou Research Institute in 2023, focusing on optical design and precision processing for new functional films and display materials [4] - The R&D team grew to 174 members by the end of 2024, a 20% increase, with a significant rise in personnel holding master's degrees [4] - The research institute has developed various optical solutions and is advancing into the automotive smart cockpit sector with AR-HUD technology [5] Innovation and Future Outlook - The company is actively exploring new applications in traffic safety, including the development of an intelligent traffic warning vehicle that integrates AI and remote monitoring capabilities [5] - The company aims to enhance domestic market share and accelerate overseas expansion while focusing on technology innovation and product development as core growth drivers [5]

机构调研要点 为满足消费者的需求，公司将积极开发火腿延伸产品，进一步优化产品结构，降低原材料采购成本，提 高设备利用率及劳动生产力，努力提升毛利率，谢谢。 公司大力发展火腿新品以拓展火腿应用新场景，努力创造新的消费需求，目前尚在试销阶段。公司将根 据各渠道销售反馈情况，不断调整优化，努力扩大新品销售规模。 公司积极探索海外市场，将通过参加国际展会、建立海外销售网络等方式，推动产品出口，提升品牌的 全球影响力。谢谢！ 肉食是人类生存发展的必须食品，2025年及未来几年尽管经济形势相对严峻，但对美味、安全、健康的 肉制品需求依然是乐观的，关键在于公司要密切关注市场与消费者需求，积极研发生产符合市场及消费 者需求的产品，提高市场占有率，从而提升公司经济效益。谢谢。 公司重视全国的区域市场拓展，在巩固现有市场的基础上，积极开拓新市场，特别是线上销售渠道通过 电商平台（如天猫、京东、拼多多等）和社交媒体（如抖音、快手、微信等）进行品牌推广和产品销 售，提升线上市场份额。同时，深化与线下大型商超、连锁餐饮的合作，拓展定制化业务，满足不同客 户群体的需求。同时将继续加快直营门店建设。此外，探索国际市场，通过参加国际展会、建 ...