Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][6]. Core Insights - The company is focused on building a high-end blueberry brand through a full-chain approach, which creates high-value barriers and enhances profitability [2][6]. - The company has seen rapid growth in its blueberry business, with significant revenue and profit increases projected for the coming years [6][25]. Summary by Sections Company Overview - The company, established in 1999, initially focused on pesticide formulations and has since expanded into fresh produce, particularly blueberries, and other high-end crops [14][15]. - The company has a concentrated ownership structure, with the founder holding a significant portion of shares, ensuring stable management [19][22]. Financial Performance - In 2024, the company achieved a revenue of 52.9 billion yuan, a year-on-year increase of 28.4%, with a net profit of 5.8 billion yuan, reflecting a substantial growth of 148.1% [25][26]. - The blueberry business has become a key driver of revenue, with its contribution to total revenue rising significantly [28][30]. Global Perspective on Demand and Supply - The demand for blueberries in China is expected to grow rapidly, with per capita consumption still significantly lower than in developed countries [34][36]. - China has become the largest producer of blueberries globally, with a total cultivation area of 143.82 million mu and a production volume of 780,000 tons in 2024 [46][50]. Competitive Advantages - The company has established a comprehensive supply chain from planting to sales, ensuring product freshness and quality [2][4]. - The company is leveraging its technological advancements in planting and processing to enhance yield and product quality, positioning itself favorably in the market [2][6].