Core Insights - The company achieved operating revenue of 2.417 billion yuan in 2024, a year-on-year increase of 25.49%, and a net profit attributable to shareholders of 1.049 billion yuan, marking a turnaround from losses [1] - In Q1 2025, the company reported operating revenue of 561 million yuan, a slight increase of 0.26% year-on-year, but a decline in net profit attributable to shareholders by 2.18% [1] - The company’s main projects showed varied performance, with new projects performing exceptionally well, particularly the Guangdong Qianguqing scenic area, which became profitable in its first year [1][2] Financial Performance - The company’s gross margin in Q4 2024 was 46.39%, an increase of 6.82 percentage points year-on-year [2] - Sales, management, R&D, and financial expenses accounted for 4.28%, 7.00%, 1.50%, and -3.72% respectively, with sales expenses increasing due to higher advertising investments [2] - The company expects revenue growth to continue, projecting operating revenues of 2.739 billion, 3.079 billion, and 3.332 billion yuan for 2025-2027, with corresponding net profits of 1.186 billion, 1.346 billion, and 1.466 billion yuan [3] Business Expansion - The company is focusing on light asset expansion, with the Sanxia Qianguqing scenic area generating over 100 million yuan in revenue within its first 100 days of operation [2] - The signing of the "Silk Road Qianguqing" project cooperation agreement indicates further light asset output and an elevation in industry and brand status [2] - New projects in cities like Foshan and Shanghai are expected to contribute to growth, alongside a recovery in group and individual customer segments [3]