Overview of Operating Performance - The company reported a total revenue of 268 million yuan for 2024, a year-on-year decrease of 1.01% [1] - The net profit attributable to shareholders was 50.39 million yuan, down 21.7% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 45.39 million yuan, a decline of 24.5% year-on-year [1] - In Q4, the total revenue was 51.45 million yuan, a decrease of 5.23% year-on-year, while the net profit increased by 122.88% to 12.61 million yuan [1] Financial Indicators Analysis - The main products include Huangqi Shengmai Drink, Western Ginseng Oral Liquid, and Shenjindan Capsules, with Huangqi Shengmai Drink contributing 73.32% of main revenue at 196 million yuan and a gross margin of 34.13% [2] - Western Ginseng Oral Liquid accounted for 15.17% of main revenue at 40.60 million yuan, with a gross margin of 37.46% [2] - Shenjindan Capsules contributed 8.76% of main revenue at 23.45 million yuan, with a gross margin of 37.13% [2] Operating Situation Review - The company faced challenges in 2024, with declines in both total revenue and net profit [3] - However, the significant growth in net profit during Q4 indicates signs of recovery [3] - Huangqi Shengmai Drink remains the dominant product, while other products showed relatively weak performance [3] Future Development Outlook - The company will continue to focus on the pharmaceutical sector, particularly in traditional Chinese medicine, and will actively respond to national policies [4] - Plans include strengthening existing sales channels and exploring new ones to enhance marketing effectiveness [4] - The company aims to improve operational management to address industry policy changes and market competition pressures [4] Key Financial Metrics - Gross margin was 33.83%, down 18.04% year-on-year [6] - Net margin was 18.83%, a decrease of 20.9% year-on-year [6] - Earnings per share were 0.31 yuan, down 22.5% year-on-year [6] - Operating cash flow per share increased by 0.27% to 0.33 yuan [6] - Cash and cash equivalents totaled 503 million yuan, down 7.45% year-on-year [6] - Accounts receivable increased by 18.14% to 11.80 million yuan [6]