Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, driven by strong brand development and product innovation [2][3]. Financial Performance - In 2024, the company achieved revenue of 2.55 billion yuan, a year-on-year increase of 32.6%, and a net profit of 680 million yuan, up 67.6% year-on-year, with a proposed cash dividend of 5.0 yuan per 10 shares [2]. - The fourth quarter of 2024 saw revenue of 700 million yuan, a 49.8% increase year-on-year, and a net profit of 250 million yuan, reflecting a 197.2% year-on-year growth [2]. Product and Market Development - The company launched multiple new products in 2024, significantly expanding market reach, with revenue from smart electric sofas, beds, and accessories reaching 1.96 billion, 350 million, and 230 million yuan respectively, with year-on-year growth of 37.1%, 20.5%, and 20.5% [3]. - 90.5% of the company's products were sold in the U.S., with 84.0% produced in Vietnam, indicating a strong reliance on the U.S. market [3]. Customer Base and Sales Channels - The company expanded its customer base by acquiring 96 new retail clients, including 14 from the top 100 furniture retailers in the U.S., enhancing its sales channel resources [3]. - Sales to U.S. retail clients accounted for 58.84% of total revenue, with 65.03% of U.S. market revenue coming from the company [3]. Brand Presence and Retail Network - The company established over 500 "MOTO Gallery" store-in-stores in the U.S. and 24 stores in Canada, creating a retail network across major North American markets [4]. Profitability and Cost Management - The company's gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, with the fourth quarter gross margin reaching 54.3%, up 14.3 percentage points [5]. - The reduction in raw material prices and continuous product structure upgrades contributed to improved profitability [5]. Operational Efficiency - The company reported a period expense ratio of 8.0% for 2024, down 3.1 percentage points year-on-year, with significant reductions in financial expenses due to increased exchange gains and interest income [5]. Production Capacity and Trade Environment - The company's Vietnamese factory has sufficient capacity to meet U.S. export demands, with potential for reduced tariffs on sofa exports from Vietnam to the U.S. following the suspension of tariffs [6].