Core Insights - The company achieved robust growth in 2024 and Q1 2025, with revenue increasing by 28% and net profit by 33% in 2024, and Q1 2025 revenue up by 44% and net profit by 25% [1][2] Financial Performance - In 2024, the company reported revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.8% [2] - Q4 2024 revenue was 281 million yuan, a 34.01% increase year-on-year, while net profit decreased by 13.28% [2] - Q1 2025 revenue reached 240 million yuan, a 44% increase year-on-year, with net profit at 44 million yuan, up 24.6% [2] Product Category Performance - In 2024, the core product categories showed strong growth, with mosquito repellent revenue at 439 million yuan (up 35.39%) and baby care revenue at 690 million yuan (up 32.42%) [3] - In Q1 2025, baby care revenue surged by 65.57% to 179 million yuan, while mosquito repellent revenue increased by 10.5% [3] Profitability and Cost Structure - The overall gross margin for 2024 was 58.17%, an increase of 1.82 percentage points, with a net profit margin of 22.77% [4] - In Q1 2025, the gross margin was 57.67%, with a net profit margin of 18.41%, reflecting a decrease of 2.87 percentage points [4] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 389 million yuan, 481 million yuan, and 583 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 30%, 24%, and 21% [1][4]