Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 44.0% year-on-year in Q1 2025, with a net profit growth of 24.6% [6] - The company is expected to benefit from the launch of new products, particularly in the summer sunscreen category, which is anticipated to drive sales growth [8] - The financial forecasts for 2025-2027 have been adjusted upwards, with projected net profits of 3.92 billion, 4.99 billion, and 6.24 billion respectively [6] Financial Performance Summary - In 2024, the company achieved a revenue of 1.318 billion (up 27.6% YoY) and a net profit of 300 million (up 32.8% YoY) [6] - For Q1 2025, the revenue was 240 million (up 44.0% YoY) and net profit was 44 million (up 24.6% YoY) [6] - The company’s gross margin improved to 58.2% in 2024 and 57.7% in Q1 2025, driven by a higher proportion of high-margin baby care products [7] Product and Market Strategy - The company launched over 90 new products in 2024, including children's sunscreen and other personal care items, and plans to continue expanding its product line in 2025 [8] - The company is focusing on online direct sales channels and has established partnerships with various offline retailers, contributing to rapid growth [8] - The baby care segment accounted for 52.4% of total revenue in 2024, reflecting strong performance in this category [7]