Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company's performance is under pressure due to high gold prices, leading to a decline in consumer demand for gold jewelry. However, the company is focusing on brand upgrades and enhancing its product matrix [7]. - The company reported a total revenue of 138.91 billion yuan in 2024, a year-on-year decrease of 14.73%, with a net profit of 10.10 billion yuan, down 23.25% year-on-year [7]. - In Q1 2025, the company achieved revenue of 26.73 billion yuan, a significant decline of 47.28% year-on-year, primarily due to rising gold prices affecting consumer purchasing behavior [7]. - The company is expanding its self-operated stores and enhancing its brand presence through differentiated store formats, including collaborations with CCTV and new product lines [7]. Financial Summary - The company’s projected total revenue for 2025 is 15.47 billion yuan, with an expected net profit of 1.11 billion yuan, reflecting a growth rate of 10.4% compared to 2024 [6][9]. - The gross profit margin is expected to be 19.0% in 2025, down from 20.8% in 2024, indicating a shift in product mix and pricing pressures [6][9]. - The company plans to distribute cash dividends of 6.5 yuan per 10 shares for the 2024 fiscal year, totaling approximately 7.06 billion yuan [7].