Investment Rating - The report maintains a "Buy" rating for the company, with an expected PE of 29 times for 2025 [7]. Core Views - The company is expected to achieve a revenue growth of 10% year-on-year in 2024, reaching 8.98 billion yuan, and a net profit growth of 20%, totaling 700 million yuan [1]. - The consumer business is experiencing rapid growth, with a projected revenue of 4.99 billion yuan in 2024, reflecting a year-on-year increase of 17.1% [3]. - The medical consumables segment is also showing healthy growth, with a revenue of 3.91 billion yuan in 2024, up 1.1% year-on-year [4]. Financial Performance Summary - For 2024, the company expects a gross margin of 47.3%, a decrease of 1.7 percentage points year-on-year, while the net profit margin is projected to increase by 0.6 percentage points to 8.3% [1]. - In Q1 2025, the company reported a revenue of 2.61 billion yuan, a 36% increase year-on-year, with a net profit also up by 36% to 250 million yuan [2]. - The company plans to distribute a cash dividend of 379 million yuan in 2024, with a payout ratio of approximately 54% [1]. Business Segment Analysis - The consumer products segment is driving growth, with core products like wet and dry cotton towels seeing revenue growth of 31% in 2024 and 39% in Q1 2025 [3]. - The medical consumables segment is expanding, particularly after the acquisition of GRI, with a revenue of 1.25 billion yuan in Q1 2025, reflecting a 46.3% year-on-year increase [4]. - The company has increased its store count to 487 by the end of 2024, with a net addition of 76 stores, and the total membership base has grown to nearly 61 million, a 15.8% increase year-on-year [3]. Future Outlook - The company anticipates a revenue growth of 23% in 2025, driven by an 18% increase in the consumer products segment and a 30% increase in the medical consumables segment [5]. - The projected net profit for 2025 is expected to reach 1.05 billion yuan, representing a 51.6% year-on-year growth [6].