4月19日，2025"春游齐鲁"服务消费季、第42届潍坊国际风筝会暨2025潍坊风筝嘉年华在潍坊世界风筝 公园拉开帷幕，来自51个国家和地区的2000余只风筝在蓝天白云间"争奇斗艳"。 作为世界风筝之都，潍坊今年将传统技艺与商业智慧完美融合。在风筝放飞现场，本着"万物皆可飞"的 创意，各种IP风筝争奇斗艳，"脑洞大开"地展示创意：18名放飞员协作操控的75米港珠澳大桥风筝横贯 天际，中欧班列主题风筝以百米身长演绎穿云破雾的壮美。各大消费品牌也在风筝节PK起品牌创意， 美团外卖小哥人偶与快递盒组成"上天派送队"；盼盼食品直接将企业董事长头顶平底锅的形象制成巨 型"背锅侠"风筝，被网友调侃："建议给风筝加个自动烹饪功能，实现空中煎蛋"。此外，盒马鲜生 携"躺平生蚝""不想上班大黄鱼""蟹蟹大螃蟹"风筝组成打工人天团，被网友戏称"会飞的打工人嘴替"， 相关话题目前已有470余万阅读量。 据悉，截至2025年，山东已拥有16家盒马门店，足迹遍布济南、青岛、东营、潍坊，未来还将向临沂、 烟台等城市延伸。4月19日，烟台大悦城与盒马鲜生正式签约，宣布其烟威地区首店将于2025年暑期开 业，门店面积超4000平方米。此外， ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company achieved a revenue of 21.606 billion yuan in 2024, representing a year-on-year growth of 2.71%. The net profit attributable to the parent company was 1.988 billion yuan, up 5.68% year-on-year, and the net profit excluding non-recurring items was 1.792 billion yuan, an increase of 1.54% year-on-year. In Q4 2024, the company reported a revenue of 4.142 billion yuan, a 15.69% increase year-on-year, and a net profit of 434 million yuan, up 34.23% year-on-year [2][4][10]. - For Q1 2025, the company expects a net profit attributable to the parent company of approximately 605 million yuan, a year-on-year growth of 25.12%, and a net profit excluding non-recurring items of about 593 million yuan, a growth of 31.57% [2][4][10]. - The company demonstrated solid operational performance and resilience in a challenging industry environment, driven by enhanced product offerings, brand strength, and competitive channel advantages [10]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 21.606 billion yuan, with a net profit of 1.988 billion yuan and a net profit excluding non-recurring items of 1.792 billion yuan. The Q4 2024 results showed a revenue of 4.142 billion yuan and a net profit of 434 million yuan [2][4][10]. - The company anticipates continued growth in 2025, with projected net profits of 2.607 billion yuan and 3.038 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 18.5, 14.1, and 12.1 times [10]. Market Outlook - The company is expected to benefit from the continuation of national subsidies and the introduction of new products, which are anticipated to drive sales growth in 2025. The market response to new models has been positive, and the company is well-positioned to capitalize on the demand for upgrades and replacements [10]. - The implementation of new national standards is expected to optimize the industry landscape, favoring leading manufacturers like the company [10].