在人们印象当中，荣泰健康与奥佳华均以按摩椅而知名，不过从业绩看，奥佳华落后于同行，2023年， 按摩椅市场景气度欠佳是行业共同面临的问题，不过荣泰健康的营收今年一季度已重回增长轨道，约为 4亿元，同比微增3.86%，而从净利润方面看，荣泰健康更是连着两个会计季度实现增长，今年一季度 约为6274万元，同比上升67.31%。 奥佳华复苏困难的原因还要从业务结构上去找，虽然两家外销营收均超过内销，不过奥佳华的外销占比 更大，从去年年报数据看，其国外销售营收约为33.9亿元，在总营收中占比高达68.94%，而荣泰健康去 年的内销、外销规模分别约为8亿元、10亿元，相对而言比较平均。 正因如此，海外需求疲弱拖累了奥佳华的业绩。从地区分布来看，奥佳华的产品主要卖到欧洲、北美、 东南亚等地，需求不足叠加地区热点问题频发，让奥佳华的复苏举步维艰。 至于今年二季度情况如何，奥佳华方面的回复较为模糊，只表示"面对复杂的市场环境积极应对、寻求 突破""争取为投资者带来更好的回报"。 按摩椅难在哪？ 在业内观点看来，依赖海外是按摩椅市场的基本格局，相对于国内市场，这也让市场状况更难预期，让 企业的产销计划面临更多风险。 5月19日 ...

Core Viewpoint - Rongtai Health reported a decline in revenue and net profit for 2024, with a significant drop in Q4 and Q1 of 2025, while maintaining a high dividend payout ratio of 59.3% [1][4] Financial Performance - 2024 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.6 billion, 190 million, and 160 million yuan, respectively, representing year-on-year declines of 14%, 5%, and 12% [1] - Q4 2024 figures were 430 million, 50 million, and 40 million yuan, with year-on-year declines of 22%, 3%, and 30% [1] - Q1 2025 figures were 390 million, 40 million, and 30 million yuan, with year-on-year changes of -1%, -30%, and -47% [1] Sales Performance - In 2024, revenue from massage chairs, small massage appliances, and experiential massage services were 1.52 billion, 50 million, and 5 million yuan, with year-on-year changes of -14%, -29%, and +0.8% [2] - Domestic and overseas market revenues in 2024 were 650 million and 920 million yuan, with year-on-year declines of 20% and 10% [2] - The overseas market showed mixed results, with declines in Korea and the US, while Europe and the Middle East saw stable growth [2] Profitability Metrics - Gross margin for 2024 and Q1 2025 were 31.7% and 32.5%, with year-on-year changes of +1.1 and -3.0 percentage points [3] - Expense ratios for sales, management, R&D, and financial expenses in 2024 were 11.3%, 5.4%, 5.0%, and -1%, with year-on-year changes of +0.5, +1.2, +0.7, and -0.2 percentage points [3] - Net profit margin for 2024, Q4 2024, and Q1 2025 were 12%, 11.4%, and 11.1%, with year-on-year changes of +1.1, +2.3, and -4.5 percentage points [3] Investment Outlook - The company is a leader in the domestic massage chair industry, focusing on channel reform and online content investment, with expected benefits from national subsidy policies in 2025 [4] - The company is expanding overseas and exploring new business areas such as automotive lightweight massage components and smart home devices [4] - The new employee stock ownership plan reflects long-term confidence in development, with projected net profits of 210 million and 240 million yuan for 2025 and 2026, corresponding to EPS of 1.2 and 1.3 yuan [4]