来源：《中国国家历史》 在艰难的抗战岁月里，新四军驰骋华中，对敌作战2.46 万次，抗击16 万侵华日军、23万伪军。其本身也从小到大、由弱到强，由当初组建时 的1万多人，发展到抗战胜利时的25 万多人。在错综复杂的环境下，新四军是怎样壮大的？ 01 哪里有鬼子，就到哪里去 1937 年秋，根据国共双方多次谈判达成的协定，南方八省的红军和红军游击队组建为"国民革命军陆军新编第四军"，简称"新四军"。随后， 经国共协商，任命叶挺为军长，项英为副军长兼政委，张云逸为参谋长。 1937年12月25日，新四军在湖北汉口成立。1938年1月6日，移驻江西南昌。22日，迁至皖南。3月底4月初，全军集结完毕。江北部队分别集中 于河南省确山县竹沟镇和湖北省黄安县（今红安县）七里坪，江南各部亦已进至安徽省歙县岩寺，全军初编为4个支队，9个团。第一支队司令 员陈毅，副司令员傅秋涛；第二支队司令员张鼎丞，副司令员粟裕；第三支队司令员张云逸，副司令员谭震林；第四支队司令员高敬亭，共万 余人。 新四军组成后，根据党中央决定，又成立了中央东南分局及中央革命军事委员会新四军分会，以项英为分局书记兼军分会书记，陈毅为军分会 副书记。 南方三 ...

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, with a slight recovery in Q1 2025, indicating challenges in the external environment affecting various business lines [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 536 million, a year-on-year decrease of 14.87%, and a net profit of 101 million, down 27.77% [1]. - For Q1 2025, the company reported operating revenue of 105 million, a decrease of 1.6%, but net profit increased by 34.46% to 13 million [1][3]. - The overall gross margin in 2024 decreased by 1.92 percentage points to 52.42%, while the net margin fell by 4.17 percentage points to 22.55% [2]. Business Segment Analysis - Revenue from various business lines declined due to external environmental factors, with the water park segment experiencing the most significant drop of 41.28% [2]. - The revenue changes for 2024 by business line were as follows: scenic area business down 13.03%, water world down 41.28%, hot spring business down 10.4%, hotel business down 23.1%, and travel agency business down 4.54% [2]. Profitability and Cost Management - In Q1 2025, the gross margin improved by 3.27 percentage points to 41.44%, while the expense ratio increased by 1.49 percentage points to 21.24% [3]. - The company’s strategic focus includes seeking quality acquisition opportunities and upgrading existing projects, such as the Yushui Hot Spring and Longxing Island projects [3]. Strategic Outlook - The company is positioned as a leading player in the scenic area sector, with plans for future growth through new projects and geographical expansion [4]. - Projected net profits for 2025-2027 are estimated at 126 million, 144 million, and 161 million, with corresponding price-to-earnings ratios of 26X, 23X, and 20X [4].