Group 1 - The core viewpoint is that the company is accelerating its overseas expansion, particularly in Southeast Asia, with established industrial centers in Thailand and Malaysia, aiming to replicate domestic channel and supply chain efficiencies [1] - The company has launched three major product series in Southeast Asia, including hot pot base, compound seasonings, and convenient instant foods, targeting various local channels such as KA supermarkets, wholesale, and e-commerce [1] - The company is experiencing a recovery in internal growth, with projected revenue of 6.54 billion yuan in 2024, reflecting a 6.4% increase, while net profit is expected to decline by 13.3% to 740 million yuan [1] Group 2 - The company is maintaining a high dividend payout ratio of 94.5% for 2024, signaling stable cash flow and operational strength, which helps to stabilize shareholder return expectations [2] - The forecast for net profit for 2025-2027 is adjusted to 842 million, 948 million, and 1.028 billion yuan respectively, due to slower-than-expected recovery in third-party business and increased expenses [2] - The company is assigned a target price of 15.1 HKD for 2025, based on a 17x PE ratio, maintaining a "buy" rating despite short-term profit pressures [2]

Core Insights - The company reported a net profit attributable to shareholders of approximately RMB 739 million for 2024, a decrease of 13.28% year-on-year [1] - Revenue reached approximately RMB 6.54 billion, reflecting a year-on-year increase of 6.4% [1] - Gross profit was around RMB 2.046 billion, which is a 5.4% increase compared to the previous year [1] Revenue Breakdown - The group achieved revenue of RMB 4.566 billion from third-party businesses, marking a year-on-year growth of 10.4%, driven by refined channel management and improved product development mechanisms [1] - In the hot pot base category, the beef tallow hot pot base generated RMB 584 million in revenue, up 12.1%, while the tomato hot pot base reached RMB 424.3 million, increasing by 8.6% [2] - The compound seasoning category saw the crawfish seasoning perform exceptionally well, with revenue of RMB 222.8 million, a growth of 31.5% [2] - Instant food products, particularly the spicy sour noodles, were popular among consumers, generating RMB 135.6 million in revenue, a significant increase of 56.7% [2] Channel Management - The company emphasizes refined and standardized management strategies in channel construction, adapting to market changes through in-depth market research and regional layout [3] - E-commerce channels achieved revenue of RMB 398.7 million, reflecting a year-on-year growth of 30.9% [3] - The company implements differentiated management based on channel and regional characteristics, optimizing the "partner" assessment system with an incentive mechanism focused on "incremental" growth [3]