Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is experiencing a decline in revenue and profit margins, with a focus on optimizing organizational management and accelerating resource integration to enhance operational efficiency [1][3] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 2.7 billion yuan, which represents 89% of the net profit attributable to shareholders for 2024 [1] - The company is adjusting its profit forecasts for 2025-2026 due to weak retail performance and the integration of online and offline channels, with expected net profits of 330 million yuan and 350 million yuan for 2025 and 2026, respectively [4] Financial Performance Summary - For Q1 2025, the company reported revenue of 480 million yuan, a year-on-year decrease of 11%, and a net profit attributable to shareholders of 80 million yuan, down 25% year-on-year [1] - For Q4 2024, the company reported revenue of 610 million yuan, a year-on-year decrease of 25%, and a net profit attributable to shareholders of 20 million yuan, down 69% year-on-year [1] - For the full year 2024, the company reported revenue of 2.2 billion yuan, a year-on-year decrease of 16%, and a net profit attributable to shareholders of 300 million yuan, down 39% year-on-year [1] Brand Performance Summary - In Q1 2025, the DA brand generated revenue of 240 million yuan, down 9% year-on-year, with a gross margin of 77% [2] - The DM brand reported revenue of 30 million yuan, down 29% year-on-year, with a gross margin of 82% [2] - The DZ brand generated revenue of 200 million yuan, down 10% year-on-year, with a gross margin of 74% [2] Strategic Initiatives - The company plans to establish a marketing center to integrate its marketing team and adopt a flat, modular management model to enhance business collaboration [3] - The e-commerce module will be optimized by adjusting the talent structure based on brand dimensions and focusing on platform characteristics to improve team capabilities [3]