Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a leading player in the ODM (Original Design Manufacturer) sector for skincare products, with significant growth potential driven by R&D and testing capabilities, as well as expanding overseas markets [1][4] - The company has demonstrated strong revenue growth, with a 48.27% year-on-year increase in revenue for 2024 and a 40.15% increase in Q1 2025 [3][4] - The company is focusing on a "big client, big product" strategy to enhance service quality and product value, which is expected to drive market share growth domestically and internationally [4] Financial Performance Summary - In 2024, the company achieved revenue of 6.95 billion yuan, a 48.27% increase year-on-year, and a net profit of 453.9 million yuan, a 10.28% increase [3] - For Q1 2025, the company reported revenue of 1.62 billion yuan, a 40.15% increase year-on-year, and a net profit of 8.62 million yuan, an 8.81% increase [3] - The company’s revenue projections for 2025, 2026, and 2027 are 9.66 billion yuan, 11.21 billion yuan, and 12.85 billion yuan respectively, with year-on-year growth rates of 39.0%, 16.1%, and 14.6% [5] - The projected net profit for 2025, 2026, and 2027 is 610 million yuan, 800 million yuan, and 1.01 billion yuan respectively, with corresponding EPS of 0.54, 0.72, and 0.91 yuan per share [5] Product and Market Insights - The company’s main product categories, including skincare (excluding masks), masks, and hair care, have shown significant revenue growth, with skincare revenue increasing by 49.56% year-on-year [4] - The company has successfully registered new raw materials with the National Medical Products Administration, which is expected to enhance its product offerings [4] - The overseas revenue for 2024 reached 526.29 million yuan, a remarkable 361.52% increase year-on-year, indicating strong international market potential [4]

Meeting Overview - The annual shareholder meeting of Yuanjiang Shengbang Security Technology Group Co., Ltd. is scheduled for May 19, 2025 [1] - The meeting will follow the regulations set forth in the Company Law, Securities Law, and the company's articles of association [1][2] Attendance and Registration - Shareholders and their representatives must arrive at least 30 minutes before the meeting to complete registration [2] - Required documents include a securities account card, identification, and any necessary authorization letters [2][3] Meeting Procedures - The meeting will proceed according to the agenda outlined in the notice [2] - Shareholders have the right to speak, inquire, and vote during the meeting [2][3] - Each shareholder can speak or ask questions up to two times, with each speech limited to five minutes [3] Voting Process - Voting will be conducted through a combination of on-site and online methods [4] - Shareholders must express their opinions on the resolutions as "agree," "disagree," or "abstain" [4][8] Agenda Items - The meeting will cover several key resolutions, including: - Approval of the 2024 Board of Directors' work report [7] - Approval of the 2024 Supervisory Board's work report [9] - Approval of the 2024 financial settlement report, which indicates a net profit of RMB 1,628,506.74 [10] - Approval of the profit distribution plan, which states no cash dividends will be distributed due to negative cash flow [11][12] - Proposal to reappoint the accounting firm for the 2025 financial report [14][16] Financial Performance - The company reported a revenue of RMB 294 million for 2024, reflecting a 0.93% increase year-on-year [26] - The net profit attributable to the parent company was RMB 1.628 million [26] Strategic Focus - The company aims to enhance its competitive edge through increased investment in research and development, particularly in network security products [27] - The company is focusing on expanding its marketing network and upgrading its service systems to support business growth [12][27] Governance and Compliance - The company has established a robust governance structure, with regular meetings of the Board of Directors and Supervisory Board [30][34] - The independent directors have actively participated in meetings and provided oversight on company operations [30][36] Future Directions - The company plans to maintain a steady growth trajectory and ensure the effective execution of shareholder resolutions [32] - There is a commitment to enhancing transparency and investor relations management [32][33]