Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a turnaround in profitability in FY24, with a net profit of 0.22 billion yuan compared to a loss of 15.38 billion yuan in the same period last year [2][6] - The company is actively adjusting its business structure, focusing on the development of the prepared food segment, which is expected to grow significantly in the future [7][8] Summary by Sections Financial Performance - In FY24, the company reported revenue of 10.99 billion yuan, a year-on-year decrease of 17.49%, and a net profit of 0.22 billion yuan, compared to a loss of 15.38 billion yuan in the previous year [2] - For Q4 FY24, the company generated revenue of 2.98 billion yuan, down 7.37% year-on-year, with a net loss of 0.51 billion yuan [2] - In Q1 FY25, revenue was 2.55 billion yuan, a slight increase of 1.01% year-on-year, but net profit decreased by 85.85% to 0.04 billion yuan [2] Business Segments - The company's revenue from fresh and frozen meat, cooked products, prepared foods, and import trade in FY24 was 8.99 billion, 0.21 billion, 1.69 billion, and 0.02 billion yuan respectively, with declines of 6.65%, 10.06%, 14.98%, and 98.42% year-on-year [3] - The company is focusing on maintaining existing channels while exploring new ones, particularly in the B2B and new retail sectors, resulting in a revenue increase of 7.64% in online channels [3] Profitability and Cost Management - The gross profit margin for FY24 was 3.98%, an increase of 5.56 percentage points year-on-year, while Q1 FY25 saw a gross margin of 4.91% [4] - The company has managed to reduce sales expenses in FY24, although management and financial expenses increased in Q1 FY25 [5] Future Outlook - The company plans to continue focusing on the prepared food segment, which is projected to reach a scale of around 5 billion yuan, leveraging its strong customer base in the B2B sector [8] - Revenue forecasts for FY25 and FY26 have been adjusted to 11.73 billion and 12.66 billion yuan respectively, with EPS estimates revised to 0.10 and 0.14 yuan [9]