Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown a significant recovery in Q1 2025, with a notable improvement in net profit and operational efficiency despite previous losses in 2024 due to one-time factors [7] - The company aims to become a competitive high-end fashion brand group, with a focus on domestic growth and brand acquisitions [7] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 3,036 million, with a slight decline to 3,008 million in 2025, followed by growth in subsequent years [6] - The net profit for Q1 2025 is reported at 41 million, a 40.2% increase year-on-year, indicating a positive trend in profitability [6][15] - The gross margin is expected to stabilize around 69% in the coming years, with a slight decrease noted in Q1 2025 [6][10] - The company plans to distribute a cash dividend of 0.5 yuan per share despite the overall loss in 2024, reflecting a commitment to shareholder returns [7] Brand Performance - Domestic core brands have shown positive revenue growth in 2024, with notable increases in revenue for SP, Laurèl, IRO, and the main brand [7] - Online sales have continued to grow rapidly, with a 32.4% increase in 2024, while offline sales remained stable [7] Cost and Inventory Management - The company has maintained a stable inventory level, with a slight decrease in stock compared to the previous year [7] - The sales expense ratio increased in 2024 but has shown signs of recovery in Q1 2025 [12][13]