Core Insights - The company, Yiatong, reported a decline in both revenue and net profit for the year 2024, marking the first revenue drop since 2020 and a continuous decline in net profit for three consecutive years [2][3] Revenue Performance - In 2024, Yiatong achieved a total revenue of 77.62 billion yuan, a year-on-year decrease of 17.80%, with a net profit of 106 million yuan, down 24.92% [2][4] - The fourth quarter revenue was 19.18 billion yuan, reflecting a 26.64% decline year-on-year, while net profit for the same period increased by 77.56% to 44.59 million yuan [2] - The distribution and marketing segment saw a significant reduction of approximately 17.9 billion yuan compared to the previous year, which was the primary reason for the revenue decline [4][5] Business Segment Analysis - The supply chain business generated revenue of 68.87 billion yuan, excluding AI computing power supply chain business, which represented a year-on-year decrease of 20.89% [5] - The AI computing power supply chain business, however, reported revenue of 827 million yuan, marking a growth of 27.30% [5] - The brand operation segment's revenue decreased from 24.72 billion yuan in 2023 to 22.87 billion yuan in 2024 [6] - Cross-border and logistics services achieved revenue of 5.87 billion yuan, a year-on-year increase of 23.85%, while inter-platform transactions reported a loss of 322 million yuan, improving by 34.41% [7] Brand Development - Yiatong has been focusing on developing its proprietary brands, including the "Datang Secret Brew," to explore new growth opportunities, despite not disclosing specific revenue figures for its liquor business [8][11] - The company's liquor brand operation revenue has declined from 1.245 billion yuan in 2021 to 588 million yuan in 2023 [9] - In 2024, a subsidiary responsible for liquor wholesale and supply chain management reported revenue of 552 million yuan, with a net profit of 1.82 million yuan [10] Market Position - As of the latest trading session, Yiatong's stock price was 4.77 yuan per share, with a daily increase of 9.91%, resulting in a total market capitalization of 12.39 billion yuan [13]