Group 1: Strategic Adjustments in Response to Market Conditions - The company is adjusting its strategy to boost sales and performance in response to high gold prices affecting consumer demand, particularly for mid to high-weight gold jewelry [2][3] - The brand matrix development plan includes targeting high-end markets with the "Zhou Dasheng X National Treasure" brand and enhancing the main brand's retail approach to focus on customer-centric strategies [3][4] Group 2: Operational Enhancements - In Q1 2025, the direct sales channels contributed nearly 50% to the overall gross profit, indicating a significant improvement in operational efficiency [4] - The company plans to enhance its e-commerce operations by adopting a multi-brand and multi-category approach, aiming for synchronized growth across online and offline channels [4][5] Group 3: Product Structure Optimization - The company is expanding its non-gold product offerings, such as fashion silver jewelry and jade, to mitigate the impact of gold price fluctuations and improve overall gross margins [5][6] - There is a focus on increasing the proportion of high-margin products, including IP collaborations and high-craftsmanship gold items, to enhance profitability [6][9] Group 4: Financial Performance and Cost Management - In 2024, total expenses increased by 23.21% to CNY 1.314 billion, primarily driven by sales expenses related to personnel, rent, and advertising [6][7] - The gross profit margin for Q1 2025 improved to 26.21%, a 10.64 percentage point increase, due to a higher proportion of self-operated business and optimized product structure [8][9] Group 5: Dividend Policy and Future Outlook - The company maintains a high dividend payout ratio, with plans for stable cash dividends as long as cash flow remains strong and no significant capital expenditures arise [10][11] - For 2025, the company projects a revenue growth of 5-15% and a net profit increase of 5-15%, despite a challenging economic environment [12][13] Group 6: Market Positioning and Competitive Strategy - The company aims to enhance its market position by leveraging cultural elements in product design, particularly through collaborations that resonate with the rising interest in traditional Chinese culture [14][15] - The company is strategically adjusting its store layout and structure to improve efficiency and effectiveness, with plans to open new stores in targeted regions while closing underperforming ones [14][15]