Core Insights - The company reported a revenue of 5.943 billion yuan in 2024, a year-on-year decrease of 15.12%, while the net profit attributable to shareholders was 177 million yuan, an increase of 133.5% [1] - For Q1 2025, the company achieved a revenue of 1.486 billion yuan, a year-on-year decrease of 2.11%, with a net profit of 103 million yuan, up 38.63% year-on-year [1] - The company plans to distribute a cash dividend of 1.28 yuan per 10 shares, totaling 44.0279 million yuan [1] Financial Performance - The gross profit margin for 2024 was 9.57%, the highest in the last six years; for Q1 2025, it was 13.55%, also the best for the same period in six years [1] - The asset-liability ratio at the end of 2024 was 46.13%, a decrease of 11.06 percentage points from the previous year [1] Sales and Market Position - The company maintained resilient sales, with packaging oil sales reaching 347,200 tons in 2024, a year-on-year increase of 3.3%, and 209,500 tons in the second half of the year, up 6.95% [2] - The company ranked 7th in the 2024 China Brand Power Index (C-BPI) for edible oil, improving by 4 places from 2023, indicating enhanced brand recognition and reputation [2] Product Development - The company is expanding its high-margin seasoning oil products, launching new products such as sesame oil series in 2024, which enhances profitability and risk resilience [2] Distribution and Risk Management - The number of distributors increased to 1,305, a year-on-year growth of 8.57%, with a significant focus on the East China region, where distributor numbers rose by 19.3% [3] - The company effectively utilizes futures as a procurement and risk management tool, ranking 7th among listed companies in terms of hedging profitability in 2023, achieving a total profit and loss of approximately 540 million yuan from hedging tools [3] Supply Chain and Regulatory Environment - The company has shifted its soybean import sources to Brazil, mitigating the impact of tariffs on U.S. soybeans [4] - The company is monitoring the anti-dumping investigation on Canadian canola seeds and the subsequent tariff changes on canola oil and meal, which could affect future operations [4] Profit Forecast - The company anticipates revenues of 6.26 billion yuan, 6.64 billion yuan, and 7.25 billion yuan for 2025-2027, with net profits of 222 million yuan, 285 million yuan, and 350 million yuan respectively [4]