Core Viewpoint - Shunxin Agriculture reported a revenue decline of 13.85% in 2024, despite turning a profit with a net income of 231 million yuan, indicating a struggle with "profit without revenue growth" after shedding its real estate business [1][2][3]. Revenue Performance - The company's total revenue for 2024 was approximately 9.126 billion yuan, down from 10.593 billion yuan in 2023, marking a continuous decline over four years [2][3][4]. - Revenue has decreased nearly 40% from 14.869 billion yuan in 2021 to under 10 billion yuan in 2024 [3][4]. Business Segments - The white liquor segment generated about 7.041 billion yuan in 2024, a 3.19% increase year-on-year, contributing nearly 80% of total revenue [5][9]. - The pork business, however, saw a significant revenue drop of 27.21%, with earnings of approximately 1.891 billion yuan in 2024 [5][15]. Profit Margins - The overall gross margin for the white liquor business was 44.99%, down 5.23 percentage points from the previous year, with declines across all product categories [12][11]. - The pork business reported a gross margin of only 2.42%, continuing a trend of declining profitability since 2021 [15][16]. Quarterly Performance - Shunxin Agriculture has consistently reported losses in the second, third, and fourth quarters from 2022 to 2024, with the first quarter being the only profitable period [8]. - In the first quarter of 2025, both revenue and net profit showed a year-on-year decline, raising concerns about the company's ability to meet annual performance targets [8]. Market Dynamics - The white liquor market is experiencing intensified competition, particularly in the low-end segment, which has seen rapid growth in recent years [10][11]. - Despite having established brands like "Niulanshan," the company has struggled to capitalize on market trends, leading to a decline in gross margins across all liquor categories [11][12].