Core Viewpoint - The company experienced a decline in performance in 2024 due to foreign exchange losses, but the proportion of C-end revenue continues to rise, with a strong start to 2025 as the net profit attributable to shareholders increased by 67.98% year-on-year in Q1 2025 [1] Financial Performance - In 2024, the company achieved operating revenue of 13.296 billion yuan, a year-on-year increase of 15.77%, while the net profit attributable to shareholders was 450 million yuan, a year-on-year decrease of 41.63% [2] - In Q4 2024, the company reported operating revenue of 3.511 billion yuan, a year-on-year increase of 18.38% but a quarter-on-quarter decrease of 14.44%, with a net profit of 109 million yuan, a year-on-year increase of 119.23% but a quarter-on-quarter decrease of 32.08% [2] - In Q1 2025, the company achieved operating revenue of 2.686 billion yuan, a year-on-year decrease of 0.26% and a quarter-on-quarter decrease of 23.49%, with a net profit of 257 million yuan, a year-on-year increase of 67.98% and a quarter-on-quarter increase of 136.59% [2] Business Development - The company is focusing on the growth of its TO C business, with the revenue share from TO C increasing from 33.82% in 2023 to 37.65% in 2024, and the TO C business gross margin rising to 28.99%, an increase of 0.09% year-on-year [3] - The company has seen an increase in its EU and North America business share, rising from 5.69% in 2023 to 9.75% in 2024, and the share of insecticide and fungicide business revenue increased from 25.41% to 25.71% [3] - The company has strengthened its biopesticide segment by establishing a global bioproducts team, achieving first-year sales of approximately 10 million USD [3] - The company has enhanced its global marketing network, obtaining over 1,000 new registrations in 2024, totaling over 7,700 pesticide registration certificates domestically and internationally by December 31, 2024 [3]