【导读】公募REITs获批四周年：箭指万亿蓝海，从"破冰试点"到"破浪前行" 四载春华秋实，中国公募REITs市场以破竹之势茁壮成长。 2021年5月17日，首批9只基础设施公募REITs获批，拉开这一金融万亿元级蓝海的序幕。Wind数据显 示，截至2025年5月17日，公募REITs累计发行产品66只，募集规模接近1800亿元，二级市场总市值剑 指2000亿大关， 资产类别从最初的交通、仓储物流的"独奏曲"，演进为消费基础设施、保租房、清洁能源等多领域"百 业共鸣"的生态。投资者结构从银行理财、券商、保险的"机构独舞"发展为私募基金、国有控股投资公 司、实体企业等多类型机构"生态共荣"。 在多位业内人士看来，经过四年探索，中国公募REITs市场如今已褪去青涩，迈入"常态化发行"的成熟 航道，未来随着政策红利释放、资产创新提速与生态体系完善，这一万亿元级蓝海市场正朝着"服务国 家战略、赋能实体经济"的目标稳步前行。 规模跃迁与资产蝶变 书写"中国速度"新篇章 2021年5月17日，首批9只基础设施公募REITs获批，拉开了中国公募REITs市场发展的序幕。四年弹指 一挥间，公募REITs市场发展如春潮涌动，势 ...

Brand Performance - The brand "Winona Baby" achieved revenue of over 200 million RMB, a year-on-year growth of 34% in 2024 [2] - The brand "Aikeman" generated approximately 60 million RMB in revenue, with a year-on-year increase of over 65% [2] - "Jirui" reported revenue of 470 million RMB in 2024, while "Bomei" generated over 50 million RMB, contributing significantly to the company's growth [2] Profitability and Financial Metrics - The company's gross profit margin improved from 73.74% in 2024 to 77.47% in Q1 2025 [3] - Cumulative dividends from 2021 to 2024 amounted to 1.098 billion RMB, representing 34.60% of the net profit attributable to shareholders during this period [3] - The 2024 dividend was approximately 250 million RMB, accounting for over 50% of the net profit attributable to shareholders [3] Inventory and Supply Chain Management - Inventory turnover rate increased from 1.78 times/year in 2023 to 1.87 times/year in 2024, a growth of 5.43% [3] - Inventory decreased from over 900 million RMB at the end of 2023 to 600 million RMB by the end of 2024, and further down to 560 million RMB by the end of Q1 2025 [3] Marketing and Sales Strategies - The brand "Aikeman" ranked among the top 6 new beauty brands on Tmall during the "Double 11" shopping festival in 2024 [4] - "Jirui" saw a 56% year-on-year increase in search index on Douyin for its core product, while its sunscreen category experienced a 97% increase [4] - "Bomei" achieved a 1181% year-on-year increase in search index for its flagship product on Douyin [4] Offline and Online Channel Development - The OTC distribution channel covered over 129,000 pharmacy stores nationwide by the end of 2024 [5] - The company opened 179 new brand direct stores in key urban areas, enhancing brand visibility and service capabilities [5] - The self-built OMO online sales platform saw large orders (over 1000 RMB) account for approximately 62.82% of total orders, with an average transaction value exceeding 1500 RMB [5]