Core Viewpoint - The company reported a mixed performance in Q1 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite revenue increases [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 595 million yuan, a year-on-year increase of 10.26% [1]. - The net profit attributable to shareholders was 68 million yuan, down 8.21% year-on-year, while the net profit excluding non-recurring items was 53 million yuan, a decrease of 8.61% [1]. - The gross margin for Q1 2025 was 29.91%, a decline of 0.11 percentage points year-on-year, primarily due to rising costs of raw materials [2]. - The company’s expense ratio increased to 19.01%, up 1.68 percentage points year-on-year, with sales expenses at 13.36%, management expenses at 4.05%, R&D expenses at 1.98%, and financial expenses at -0.37% [2]. - The net profit margin for Q1 2025 was 11.34%, down 2.28 percentage points year-on-year, while the net profit margin excluding non-recurring items was 8.96%, a decrease of 1.85 percentage points [2]. Growth Drivers - The company is focusing on channel expansion through fast-growing avenues such as snack wholesale, membership stores, and e-commerce, with product innovation expected to drive growth [2]. - Key products like quail eggs, soft-boiled quail eggs, and short-shelf-life tofu are being pushed for wider distribution, which is anticipated to contribute to revenue growth [2]. Future Projections - Revenue forecasts for 2025-2027 are 2.896 billion, 3.436 billion, and 4.083 billion yuan, representing year-on-year growth rates of 20.08%, 18.63%, and 18.85% respectively [3]. - Expected net profits for the same period are 316 million, 372 million, and 443 million yuan, with growth rates of 8.53%, 17.61%, and 19.11% respectively [3]. - The projected price-to-earnings ratios for 2025-2027 are 18.4, 15.6, and 13.1 times [3].

Core Viewpoint - The company emphasizes the importance of healthy competition in the industry and aims to strengthen brand barriers, enhance R&D innovation, and accelerate international expansion [1][3]. Financial Performance - In 2024, the company's total revenue reached 2.412 billion, representing a year-on-year growth of 16.79%, while the net profit attributable to shareholders was 291 million, up 39.01% [3][5]. - The company plans to distribute a cash dividend of 0.3 per share, which exceeds 60% of its net profit, higher than the industry average [7]. Market Competition - The chairman noted that the market for quail eggs is becoming increasingly competitive, with many companies entering the sector, leading to price competition [3]. - The company intends to combat high-similarity products through legal means and has successfully handled related cases recently [3]. Product Development - The company plans to launch a new brand of soybean products by May 2025 to further diversify its product matrix [3]. - The company has established a technical barrier in producing soft-boiled quail eggs, a capability that is currently unmatched globally [3]. International Expansion - In 2024, the company's overseas revenue nearly doubled, surpassing 30 million, with a focus on Southeast Asia, Japan, South Korea, and Europe [7]. - The company anticipates that the growth rate of its overseas market will exceed that of the domestic market by 2025 [8].