Core Viewpoint - The company reported strong revenue growth in Q1 2025, driven by new product launches and effective channel strategies, despite facing some pressure on gross margins and net profit margins [1][3][4]. Financial Performance - The company achieved revenue of 383 million yuan in Q1 2025, representing a year-on-year increase of 39.23% [1]. - The net profit attributable to shareholders was 50 million yuan, up 16.25% year-on-year, while the net profit excluding non-recurring items was 44 million yuan, reflecting a 25.80% increase [1]. - Gross margin for Q1 2025 was 27.08%, down 4.35 percentage points year-on-year, indicating pressure on profitability [3]. Product and Channel Analysis - Revenue from poultry products, livestock products, vegetable products, and others in Q1 2025 was 325 million, 29 million, 21 million, and 0 million yuan respectively, with year-on-year growth rates of 47.18%, 20.83%, and -19.14% [2]. - Online and offline channel revenues were 24 million and 352 million yuan respectively, with year-on-year growth of 88.00% and 35.90% [2]. - The Southeast region showed significant growth with revenues of 210 million yuan, up 151.18% year-on-year, attributed to the popularity of new products in Sam's Club [2][4]. Cost and Expense Management - The company improved its cost control, with sales, management, R&D, and financial expense ratios at 8.88%, 3.13%, 0.28%, and -0.02% respectively, showing a decrease in expense ratios [3]. - The net profit margin for Q1 2025 was 13.14%, down 2.60 percentage points year-on-year, while the net profit margin excluding non-recurring items was 11.38%, down 1.22 percentage points [3]. Future Outlook - The company expects a revenue growth of no less than 20% in 2025, supported by successful product launches and a strong partnership with Sam's Club [4]. - The product pipeline includes various items such as boneless duck feet, vegetarian options, and pig skin jelly, indicating potential for future growth through innovation [4]. Investment Recommendations - Revenue forecasts for 2025-2027 have been adjusted upwards to 1.474 billion, 1.742 billion, and 1.997 billion yuan respectively, while EPS estimates have been slightly lowered to 0.45, 0.54, and 0.61 yuan [5]. - Based on the closing price of 13.5 yuan per share on April 25, the PE ratios are projected at 30, 25, and 22 times for the respective years, maintaining a "buy" rating [6].