Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the ongoing impact of tariff shocks and suggests focusing on high-quality retail channels and differentiated consumer brands that cater to domestic demand [4][22] - The report highlights the transformation of traditional retail, with Yonghui Supermarket leading the way in adapting to a consumer-centric retail era [4][22] - The rise of domestic brands and the recovery of consumer demand are seen as inevitable trends, with recommendations to focus on quality retail channels and differentiated brands [4][22] Summary by Sections Retail Market Review - The retail industry index rose by 2.88% during the week of April 7 to April 11, outperforming the Shanghai Composite Index, which fell by 3.11% [6][13] - The supermarket sector showed the largest increase, with a weekly rise of 13.54% [14][17] - Notable individual stock performances included Guofang Group (+61.1%), Eurasia Group (+26.3%), and Nanning Department Store (+22.4%) [19][20] Industry Dynamics - Yonghui Supermarket has opened a "green channel" for domestic manufacturers affected by export restrictions, receiving over 100 cooperation requests from various sectors [4][22] - The report discusses the approval of a new collagen product by Jinbo Bio, which is expected to strengthen its leading position in the medical beauty sector [4][23] Investment Recommendations - Investment focus areas include: - Traditional retail: Highlighting companies like Yonghui Supermarket and Aiyingshi that are adapting to consumer trends [7][27] - Gold and jewelry: Recommendations for brands like Laopu Gold and Chaohongji that possess differentiated product capabilities [7][28] - Cosmetics: Emphasizing domestic brands such as Maogeping and Shangmei that are expanding into high-potential segments [7][28] - Medical aesthetics: Focusing on companies like Aimeike and Kedi that are positioned to benefit from the recovery in medical beauty consumption [7][28] Company-Specific Insights - Laopu Gold reported a revenue of 8.506 billion yuan (+167.5%) and a net profit of 1.473 billion yuan (+253.9%) for FY2024, indicating strong growth potential [29] - Yonghui Supermarket's revenue for the first three quarters of 2024 was 54.549 billion yuan (-12.1%), with a net loss of 78 million yuan, but it is undergoing significant transformation [32] - Jinbo Bio's new collagen product is expected to provide both immediate filling effects and stimulate collagen regeneration, enhancing its competitive edge in the market [23][24]

Investment Rating - The report maintains a "Buy" rating for the company [1][10][11] Core Insights - The company achieved a record high gross margin of 47.0% in Q4 2024, driven by its IP strategy and strong performance in the overseas direct sales market [6][7] - Total revenue for 2024 reached 169.9 billion RMB, reflecting a year-on-year increase of 22.8% in Q4 [6][10] - The company expects revenue growth in the second half of 2025 to outpace the first half, despite a slight decrease in the number of new store openings compared to 2024 [6][10] Financial Performance - In Q4 2024, the company reported a net profit of 7.9 billion RMB, a 20.0% increase year-on-year, with an adjusted net profit margin of 16.8% [6][7] - The company’s total number of stores reached 7,504 by the end of 2024, with significant growth in overseas locations [7][10] - The adjusted EBITDA for Q4 was 12.3 billion RMB, showing a year-on-year increase of 23.3% [7] Revenue Breakdown - In Q4 2024, revenue from the Miniso brand was 44.3 billion RMB, up 21.3% year-on-year, with overseas revenue growing by 42.7% [7] - The TOPTOY brand contributed 2.8 billion RMB in revenue, marking a 50.3% increase year-on-year [7] Future Projections - Revenue is projected to grow to 208 billion RMB in 2025, with a year-on-year growth rate of 23% [10][11] - Adjusted net profit is expected to reach 32 billion RMB in 2025, reflecting a 19% increase [10][11] - The company anticipates a gradual increase in gross margin, supported by the rising contribution from overseas and IP sales [7][10]