Core Viewpoint - After going public, the company's profitability has been continuously declining despite revenue growth [3][5]. Financial Performance - In 2024, the company achieved revenue of 2.017 billion yuan, a year-on-year increase of 4.32%, while net profit was 661 million yuan, a year-on-year decrease of 11.77%, marking two consecutive years of decline [5][9]. - The company reported a revenue of 1.934 billion yuan in 2023, with a year-on-year growth of 9.29%, but net profit fell by 11.56% to 749 million yuan [5][4]. - For Q1 2025, the company reported revenue of 301 million yuan, a year-on-year decrease of 26.39%, and net profit of 91.384 million yuan, down 39.77% [9][10]. Expense Analysis - In 2024, sales expenses reached 748 million yuan, a year-on-year increase of 40.53%, significantly outpacing revenue growth and accounting for approximately 37% of total revenue [5][6]. - The company's R&D expenses were 34.82 million yuan in 2024, growing by 6.04%, but this growth was much lower than that of sales expenses [5][6]. Production Capacity and Utilization - The company increased its cosmetic production capacity in 2024, but the utilization rate dropped significantly, with medical device capacity utilization at 79.18% and cosmetic capacity at 59.66% [5][6][8]. - The company had a medical device capacity of approximately 141.12 million standard units and cosmetic capacity of about 176.4 million standard units in 2024 [6][8]. Dividend Distribution - Since going public, the company has distributed a total of 1 billion yuan in cash dividends, with the controlling shareholder receiving approximately 840 million yuan [11].