Core Viewpoint - Helen's performance in 2024 showed a decline in revenue due to a weak consumer market, but the company successfully expanded its franchise business and maintained profitability through strategic adjustments [2][3]. Financial Performance - The company reported revenue of RMB 752 million in 2024, a decrease from RMB 1,209 million in 2023, primarily due to a decline in direct sales revenue as a result of market conditions [2]. - Despite the revenue drop, adjusted net profit for 2024 was RMB 100.6 million, indicating effective cost management and operational efficiency [3]. Business Strategy - Helen's franchise business, "Hi Beer Partner," saw significant growth, with revenue increasing by 85.7% from RMB 105 million in 2023 to RMB 195 million in 2024 [3]. - The company is focusing on platform-based development and expanding its bar network, increasing the total number of stores from 479 at the end of 2023 to 560 by the end of 2024 [3]. Profitability Metrics - The gross profit margin for the store level remained stable at 69%, with the proprietary beverage gross profit margin increasing from 75.7% in 2023 to 76.6% in 2024 [3]. - The proportion of high-margin beverage alcohol in proprietary beverage revenue rose from 79.8% in 2023 to 82.4% in 2024, reflecting consumer preference for new product offerings [3]. Future Outlook - The company plans to continue expanding its bar network through the "Hi Beer Partner" program and enhance supply chain management and environmental design capabilities [3].