Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has launched a significant new product, Ruby Oil, which is expected to expand its health supplement business [2] - The self-owned brands, Zhanjia and Feicui, are driving growth with Zhanjia projected to achieve a revenue of 5.01 billion yuan in 2024, a year-on-year increase of 90.28% [2] - The company's profitability is expected to improve due to the growth of its self-owned brands, with gross margins and net profit margins increasing in 2024 [3] - The brand management business is showing strong growth, with revenue expected to reach 5.01 billion yuan in 2024, a year-on-year increase of 212.24% [3] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards due to better-than-expected growth in self-owned brands [4] Financial Projections - Total revenue is projected to grow from 1.37 billion yuan in 2023 to 4.76 billion yuan in 2027, with a compound annual growth rate (CAGR) of 31.04% [1] - Net profit attributable to the parent company is expected to increase from 54.29 million yuan in 2023 to 302.92 million yuan in 2027, reflecting a CAGR of 30.37% [1] - The earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 1.85 yuan in 2027 [1]

Financial Performance - In 2024, the company achieved a revenue of 1.766 billion yuan, a year-on-year increase of 29.26% [3][9] - The net profit attributable to shareholders was 106 million yuan, reflecting a year-on-year growth of 94.58% [3][9] - In Q1 2025, revenue reached 574 million yuan, a 54.16% increase compared to the same period last year [7][9] - The net profit for Q1 2025 was 27.42 million yuan, showing a year-on-year growth of 113.88% [7][9] Business Strategy - The company focuses on brand management, proprietary brands, and agency operations, leveraging digital capabilities for healthy growth [9][10] - The proprietary brand "斐萃" has seen significant online performance, ranking high in various categories on platforms like Tmall and Douyin [6][10] - The company plans to continue expanding its product line, particularly in the health and beauty sectors, with around 10 new SKUs expected this year [8][10] Marketing and Sales Channels - The company is enhancing its online presence across over 20 platforms, including Tmall, Douyin, and JD [5][10] - "绽家" is focusing on online channels for growth, with plans to explore innovative offline business models [5][10] - The company is also adapting its marketing strategies to address the slowdown in growth on platforms like Taobao [10][11] Cost Management - Marketing expenses in Q1 2025 increased due to rapid growth in brand management and proprietary brand businesses [2][5] - The agency business accounted for 43.25% of revenue in 2024, with a gross margin close to 40% [10][11] Future Outlook - The health supplement market is projected to grow, with a current market size of 400 billion yuan, presenting significant opportunities [10][11] - The company aims to enhance its product offerings and marketing strategies to meet evolving consumer demands [10][11]

Core Insights - The company reported a revenue of 1.766 billion yuan in 2024, representing a year-on-year growth of 29.26%, with a net profit attributable to shareholders of 106 million yuan, up 94.58% [1] - In Q1 2025, the company achieved a revenue of 574 million yuan, reflecting a 54.16% increase, and a net profit of 27 million yuan, which is a 113.88% rise [1] - The growth of proprietary brands has significantly driven profitability, with gross margins and net profit margins improving in both 2024 and Q1 2025 [1] Revenue Breakdown - The proprietary brand "Zhanjia" generated 501 million yuan in revenue in 2024, marking a 90.28% increase and accounting for 28.37% of total revenue [2] - "Zhanjia" saw a doubling of sales across multiple channels, with significant growth on platforms like Tmall and Douyin, and achieved first place in Tmall's home cleaning new brand sales during the Double Eleven shopping festival [2] - The brand management segment reported a revenue of 501 million yuan in 2024, up 212.24%, while the agency operation segment saw a revenue of 764 million yuan, down 18.95% [2] Profitability and Forecast - The company’s gross margin for 2024 was 44.57%, with a net profit margin of 5.98%, both showing year-on-year increases [1] - The company has adjusted its net profit forecasts for 2025-2026 from 140 million and 190 million yuan to 190 million and 280 million yuan, respectively, with a new forecast for 2027 at 400 million yuan [3] - The company maintains a "buy" rating based on its strong growth potential in the household cleaning and health supplement sectors, supported by its proprietary brands [3]