Group 1: Financial Performance - In 2024, the company's revenue slightly decreased by 0.27%, while net profit increased by 54.44% due to cost control and product structure optimization [6] - The gross profit margin improved by 3.14 percentage points to 20.79% [8] - The company reported a credit impairment loss of 3.1068 million and inventory impairment loss of 12.3583 million in 2024 [4] Group 2: Market Strategies - The company achieved an online GMV exceeding 70 million yuan in 2024, with a year-on-year growth of over 20% [1] - In the Shanghai region, sales growth reached 58% through targeted channel management [3] - The company’s offline special channel business revenue grew by 58% in 2024, primarily from hospital surrounding stores and long-term care insurance projects [4] Group 3: Product Development and Innovation - The "Absorbent Treasure 2.0" series received positive market feedback, with some items achieving monthly sales exceeding classic models by 50% [2] - The high-absorption composite core technology has been applied in the production of baby and adult diapers, enhancing product differentiation [4] - The company’s investment in smart manufacturing has led to significant improvements in logistics efficiency and production control [2] Group 4: R&D and Future Plans - R&D investments in 2024 focused on high-absorption composite core technology and other patented technologies [3] - The company plans to expand its ODM business, which saw a revenue decline of 21.8% in 2024, by acquiring new domestic and international clients [5] - The company has initiated a cross-border e-commerce strategy, with overseas sales expected to grow significantly [10] Group 5: Corporate Governance and Investor Relations - The management's high compensation is deemed reasonable compared to industry peers, with a commitment to long-term growth in the aging economy sector [6] - The company implemented a cash dividend policy, distributing 99.77% of 2023 net profit and planning to distribute 59.83% of 2024 net profit [11] - A share buyback plan was initiated in 2024, completing the repurchase of 5,435,800 shares, accounting for 2.00% of the total share capital [11]