Group 1 - The Zhejiang Jian Sheng Group has been focusing on the sock and seamless sportswear manufacturing sector for many years, while Zhejiang Saifang Textile Co., Ltd. specializes in the research, production, and sales of multifunctional composite fabrics and home textile products [1] - The local government encourages companies to respond calmly to uncertainties in the international economic and trade environment, enhance development confidence, and strengthen technological research and brand leadership [1] - Emphasis is placed on expanding domestic and international market channels, improving companies' risk resistance capabilities, and enhancing competitiveness [1] Group 2 - The government aims to leverage the advantages of government, enterprises, village collectives, and villagers to deepen the collaborative development of "science and technology innovation + agricultural innovation" [2] - There is a focus on protecting and utilizing historical resources to revitalize old streets and enhance the commercial appeal of ancient villages [2] - The importance of innovation in consumer experiences and creating consumption hotspots to better empower rural revitalization is highlighted [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company is expected to experience a seamless business transition in 2025, with a focus on improving operational efficiency and profitability through various strategic initiatives [2][3] - The company's revenue for 2024 is projected to be 2.6 billion, representing a 13% increase, while the net profit is expected to reach 330 million, a 20% increase [1][4] - The report highlights the strong demand for cotton socks and the potential recovery of the seamless apparel segment, driven by improved orders and overseas production capacity [3] Financial Performance Summary - For Q4 2024, the company reported revenue of 650 million, a 4% year-on-year increase, and a net profit of 60 million, a 12% decrease [1] - The revenue breakdown for 2024 includes 300 million from knitted casual cotton socks (4% increase), 1.6 billion from knitted sports cotton socks (19% increase), and 600 million from seamless sports apparel (17% increase) [1] - The company anticipates EPS of 1.06, 1.20, and 1.39 for 2025-2027, with corresponding P/E ratios of 10, 9, and 7 [3][4] Strategic Focus Areas - The company plans to enhance its management system, focusing on operational efficiency and cost control to achieve new profit breakthroughs [2] - There is a commitment to expanding the sales team to capture new customers and increase market share, particularly in the seamless apparel segment [2] - The production team will concentrate on improving efficiency and quality control to ensure product competitiveness [2]