Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In 2024, the company achieved operating revenue of 1.085 billion yuan, a year-on-year decline of 14.88%. The net profit attributable to the parent company was 10.25 million yuan, marking a return to profitability. However, the net profit after deducting non-recurring items was -3.28 million yuan, a reduction in loss of 52.72 million yuan year-on-year [2][5] - In Q4 2024, the company reported operating revenue of 249 million yuan, down 25.38% year-on-year, with a net profit of -2.85 million yuan, a reduction in loss of 31.69 million yuan year-on-year [2][5] - For Q1 2025, the company recorded operating revenue of 197 million yuan, a decline of 32.83% year-on-year, with a net profit of -1.83 million yuan, a year-on-year decline of 111.74% [2][5] Summary by Sections Revenue Performance - The company's revenue decreased by 14.88% in 2024, with specific product categories showing varied performance: eye products down 33.88%, neck products down 26.95%, and scalp products up 43.65% driven by the new Scalp 3S product. Domestic sales fell by 16.44%, while overseas sales grew by 9.49% due to increased investment in overseas online platforms [10] Profitability Analysis - The gross margin increased by 1.86 percentage points in 2024, with variations across product categories. The sales expense ratio decreased by 3.18 percentage points, while management and R&D expense ratios increased due to rising employee compensation and consulting fees. The operating profit showed a reduction in loss of 35.84 million yuan year-on-year [10] Future Outlook - The company is focused on the smart portable massager market with its brands "Breo" and "倍轻松". It aims to launch new products and optimize channel strategies, which are expected to drive high-quality growth. Projected net profits for 2025-2027 are estimated at 53 million, 85 million, and 112 million yuan respectively [10]