Core Insights - The company reported a revenue of 5.36 billion in 2024, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 790 million, up 18.2% [1] - In Q4 2024, the company achieved a revenue of 1.27 billion, a decrease of 10.0%, and a net profit of 230 million, down 6.8% [1] - For Q1 2025, the company recorded a revenue of 1.17 billion, an increase of 3.4%, and a net profit of 150 million, up 11.9% [1] Revenue Breakdown - For the full year 2024, the revenue from various brands was as follows: Hengshui Laobai Gan 2.59 billion (+10.0%), Bancheng Shaoguo Jiu 860 million (-10.3%), Wuling 1.1 billion (+12.3%), Wenwang Gong 550 million (+0.5%), and Kongfu Family 230 million (+28.1%) [2] - Regional revenue growth in 2024 was: Hebei +2.6%, Hunan +12.3%, Anhui +0.5%, Shandong +31.4%, Other provinces +20.7%, and Overseas +1.7% [2] - In Q1 2025, products priced above 100 yuan generated 660 million in revenue (+25.5%), while those below 100 yuan generated 500 million (-15.7%) [2] Cost and Efficiency - The company maintained a gross margin of 66.0% in 2024, a decrease of 1.2 percentage points, while the net profit margin was 14.7%, an increase of 2.0 percentage points [3] - In Q1 2025, the gross margin improved to 68.6%, an increase of 5.9 percentage points, with a net profit margin of 13.1%, up 1.0 percentage point [3] - Contract liabilities at the end of Q1 2025 were 1.88 billion, an increase of 34.3% from the beginning of the year [3] Strategic Focus - The company is committed to its dual-brand strategy focusing on "Hengshui Laobai Gan" and "Shibashijiu," aiming to enhance market penetration of high-end products in North China [3] - The expansion of Hunan Wuling sauce liquor continues, and the company is implementing cost control measures to improve performance [3] - Projected net profits for 2025-2027 are estimated at 890 million, 970 million, and 1.06 billion, with corresponding EPS of 0.97, 1.06, and 1.16, indicating a PE ratio of 18, 17, and 15 times respectively [3]