Core Insights - The company reported a significant decline in revenue for 2024, with total revenue at 876 million yuan, a year-on-year decrease of 21.98%, continuing a downward trend since 2022. However, it achieved a net profit of 6.9884 million yuan, recovering from a loss of 73.3708 million yuan in 2023 [1][2][4] Group 1: Brand Performance - The core brands, "DeYa" and "Valentine," experienced substantial revenue declines, with DeYa's dairy business revenue dropping nearly 25%, significantly impacting overall revenue. Valentine beer also saw a revenue decrease of 2.96% due to competition from craft and domestic premium beers [2][4] - The second growth curve brands, such as "Henry Grains" and "Pinli Olive Oil," also faced slowing growth rates [2] Group 2: Channel Dynamics - The company's revenue structure heavily relied on online sales, which accounted for 65.18% of total revenue but saw a year-on-year decline of 22.75%, exceeding the industry average. The decline reflects challenges in adapting to new e-commerce trends and increased competition from emerging channels [3] - Offline revenue, making up 34.75% of total revenue, also fell by 20.56%, particularly in supermarket systems, as consumer foot traffic decreased post-pandemic and price sensitivity for imported goods increased [3] Group 3: Industry Trends - The overall imported food industry is facing a downturn, with a 9.7% year-on-year decrease in dairy product imports in 2024. This decline is driven by the rise of domestic alternatives, increased supply chain risks, and changing consumer preferences [4] - Domestic brands like Yili and Mengniu have improved their quality and marketing, diminishing the perceived value of imported products. The price gap between DeYa's long-life milk and Yili's premium products has narrowed from 30% in 2019 to 12% in 2024 [4] - The company must find a balance between "premiumization" and "cost-effectiveness" to navigate the current market challenges, as highlighted in their annual report [4]