Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by online sales and channel expansion [1][2] Financial Performance - In 2024, the company achieved revenue of 2.357 billion yuan, a year-on-year increase of 22.55%, and a net profit attributable to shareholders of 96 million yuan, up 20.02% [1] - For Q1 2025, revenue reached 714 million yuan, reflecting a year-on-year growth of 42.87%, with a net profit of 43 million yuan, up 33.52% [1] - The company plans to distribute a cash dividend of 0.14 yuan per share, totaling 37 million yuan, with a dividend payout ratio of 38.17% [1] Sales Channels and Strategy - The company implemented an online strategy to empower offline sales, achieving a multi-channel development approach [2] - In 2024, revenue from various sales channels was as follows: direct stores 270 million yuan, counters 410 million yuan, franchises 380 million yuan, and e-commerce 1.29 billion yuan, with e-commerce contributing 54.83% of total revenue [2] - The e-commerce channel saw a year-on-year revenue increase of 40.76%, significantly driving overall revenue growth [2] Store Expansion and Performance - By the end of 2024, the company operated 235 stores, netting an increase of 67 stores, covering 15 provinces and 2 cities [2] - Revenue from offline channels (including franchises) was 1.056 billion yuan, up 5.92%, primarily due to channel expansion [2] - The company’s strategy of online empowerment for offline operations led to a 87.28% revenue increase in out-of-province areas [2] Product Performance - In 2024, the company’s single-store revenue for direct and counter sales decreased by 1.92% to 6.37 million yuan, while single-store gross profit increased by 6.15% to 1.6973 million yuan [3] - The revenue from gold jewelry increased by 29% to 2.28 billion yuan, while embedded jewelry revenue fell by 54% to 68 million yuan [3] - The company focuses on appealing to Generation Z aesthetics, enhancing brand differentiation in the gold jewelry sector [3] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 3 billion yuan, 3.9 billion yuan, and 4.8 billion yuan, representing year-on-year growth of 29%, 28%, and 24% respectively [4] - Net profit projections for the same years are 128 million yuan, 165 million yuan, and 210 million yuan, with corresponding year-on-year growth rates of 33%, 29%, and 27% [4]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth projections [1]. Core Insights - The company achieved a revenue of 2.357 billion yuan in 2024, representing a year-over-year increase of 22.55%, and a net profit attributable to shareholders of 96 million yuan, up 20.02% year-over-year [1]. - The first quarter of 2025 saw revenues of 714 million yuan, a year-over-year increase of 42.87%, with a net profit of 43 million yuan, up 33.52% year-over-year [1]. - The company is focusing on an omnichannel strategy, leveraging online capabilities to enhance offline sales, with e-commerce contributing significantly to revenue growth [2]. - The company plans to distribute a cash dividend of 0.14 yuan per share for 2024, with a total cash dividend amounting to 37 million yuan, reflecting a dividend payout ratio of 38.17% [1]. Revenue Breakdown - In 2024, the revenue from various sales channels was as follows: direct stores (270 million yuan), counters (410 million yuan), franchises (380 million yuan), and e-commerce (1.29 billion yuan), with e-commerce accounting for 54.83% of total revenue [2]. - The e-commerce channel experienced a year-over-year growth of 40.76%, significantly contributing to the overall revenue increase [2]. Store Expansion and Performance - By the end of 2024, the company had 235 stores, netting an increase of 67 stores, covering 15 provinces and 2 cities [2]. - The revenue from offline channels (including franchises) was 1.056 billion yuan, a year-over-year increase of 5.92%, primarily driven by channel expansion [2]. Product Performance - The company reported a decline in revenue from embedded products, while gold products showed strong performance, driving overall single-store gross profit growth [3]. - In 2024, revenue from solid gold jewelry was 2.28 billion yuan, up 29% year-over-year, while embedded jewelry revenue was 68 million yuan, down 54% year-over-year [3]. Profit Forecast - The company is projected to achieve revenues of 3.047 billion yuan in 2025, 3.886 billion yuan in 2026, and 4.814 billion yuan in 2027, with year-over-year growth rates of 29%, 28%, and 24% respectively [4]. - The net profit attributable to shareholders is expected to reach 128 million yuan in 2025, 165 million yuan in 2026, and 210 million yuan in 2027, with corresponding growth rates of 32.9%, 29.4%, and 27.1% [4].