Core Insights - The company reported a revenue of 1.087 billion yuan for 2024, representing a year-on-year growth of 13.89%, and a net profit attributable to shareholders of 111 million yuan, up 23.78% year-on-year [1] - The company continues to focus on R&D-driven product innovation, with significant revenue contributions from cream, chocolate, jam, and flavoring segments [1][2] - The direct sales channel showed remarkable growth, with a 65.37% increase in revenue, indicating successful expansion into tea and restaurant sectors [2] Revenue Breakdown - In 2024, the revenue from cream, chocolate, jam, flavoring, and other businesses was 1.008 billion, 38 million, 26 million, 13 million, and 3 million yuan respectively, with year-on-year changes of +16.25%, +25.83%, -26.93%, +38.31%, and -79.57% [1] - The cream segment continues to dominate, accounting for 92.71% of total revenue, with specific contributions from different cream types [1] Profitability Metrics - The company achieved a gross margin of 35.03% and a net margin of 10.19% in 2024, with slight changes from the previous year [2] - The operating expenses ratio decreased to 24.38%, indicating improved cost management [2] Strategic Initiatives - The company is actively enhancing its product structure and marketing network, focusing on health foods and plant-based strategies to strengthen market competitiveness [3] - Future product development will target various retail and food service segments, aiming to create "scene-based solutions" to meet diverse customer needs [3] Future Projections - Revenue forecasts for 2025-2027 are 1.357 billion, 1.716 billion, and 2.124 billion yuan, with expected growth rates of 24.79%, 26.50%, and 23.77% respectively [3] - Projected net profits for the same period are 133 million, 157 million, and 187 million yuan, with growth rates of 20.06%, 18.16%, and 18.86% [3]