Group 1: Dividend and Profit Distribution - The company has distributed a total of 1.179 billion CNY in dividends since its restructuring in 2015 [1] - The proposed profit distribution plan for 2024 is to distribute 0.40 CNY (including tax) per 10 shares, totaling approximately 98.19 million CNY, pending shareholder approval [1] Group 2: Current Profitability and Business Transformation - The company is actively implementing effective business transformation, resulting in steady revenue growth and stable gross margin, despite short-term losses due to brand building and marketing investments [2] - The company has reduced brand licensing for "Nanji Ren" and is optimizing its supply chain and distribution channels, supporting partners willing to upgrade while amicably exiting those unable to progress [3] Group 3: Future Growth Points - The company operates multiple well-known brands and is focusing on enhancing product quality and brand image through a shift from open licensing to a franchise model [4][5] - The strategic focus includes "high-quality recovery + high-quality incubation" for brand services and steady growth in self-operated product sales and mobile internet marketing services [5] Group 4: Industry Performance and Competitive Position - The company has established a diversified brand matrix and a robust supply chain, maintaining good relationships with industry partners and achieving positive consumer feedback through product upgrades [5] - The company is committed to sustainable and high-quality development, aiming for steady growth through structural adjustments and professional team integration [5] Group 5: Industry Outlook - The company is optimistic about the consumption industry's future, focusing on brand image innovation and meeting diverse consumer needs through a global and strategic supply chain [6][7] - The business will continue to deepen its presence in e-commerce, social platforms, and AI advertising, enhancing internal efficiency and technology investment [7]

| | 国泰君安证券 | | --- | --- | | | GUOTAI JUNAN SECURITIES | | | 目 录 | | | --- | --- | --- | | | 每日报告回放（2025-02-14 09:00——2025-02-17 15:00） 3 | | |  | 事件点评：《私人部门风险偏好抬升》2025-02-15 3 | | |  | 专题研究：《关税 的三种"极致"推演》2025-02-14 2.0 4 | | |  | 海外策略研究：《美股进入对风险回报要求更高环境中》2025-02-16 5 | | |  | A 股策略观察：《被动资金流出扩大，两融余额环比下降》2025-02-16 6 | | |  | A 股策略专题：《DeepSeek 本地化部署推升 AI 资本开支需求》2025-02-16 7 | | |  | A 股策略周报：《反弹之后，股指料将横盘震荡》2025-02-16 8 | | |  | 海外策略研究：《港股重视定价权的重塑》2025-02-16 9 | | |  | 行业事件快评：机器人《新时达发布定增预案，海尔集团或入主成为实控人 ...