Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is steadily advancing transformation and optimization, with expectations for multi-brand contributions to incremental growth [1] - The main brand continues to deepen its focus on sensitive skin, while the multi-brand layout is expected to contribute additional growth [2] - Online channel optimization is improving operational efficiency, and offline channels are steadily expanding to reach more customers [3] - The brand matrix is essentially complete, and the main brand is continuously optimizing its product structure, with self-research and investment in multi-brands poised to contribute to a second growth peak [4] Financial Performance Summary - In 2024, the company is projected to achieve revenue of 5.736 billion yuan, a year-on-year increase of 3.87%, and a net profit attributable to shareholders of 503 million yuan, a decrease of 33.53% [1] - The gross profit margin is expected to remain stable at approximately 73.74% [1] - For Q1 2025, the company is expected to report revenue of 949 million yuan, a year-on-year decrease of 13.51%, with a net profit of 28 million yuan, a decrease of 83.97% [1] - The company anticipates revenue growth of 6.368 billion yuan in 2025, with net profits of 751 million yuan, reflecting a significant recovery in profitability [4] Brand and Product Performance Summary - The skincare category accounts for 84.13% of the company's self-owned brand sales, with the main brand Winona performing well in the sensitive skin segment [2] - Winona Baby brand achieved revenue of 200 million yuan, a year-on-year increase of 34.03%, while the Aikeman brand saw revenue growth of 65.59% [2] - The company is focusing on private domain member operations, achieving high repurchase rates, particularly among the 18-30 age group targeted by the Beifuting brand [2] Channel Strategy Summary - The company’s online, OMO, and offline channels account for 68.55%, 9.13%, and 22.32% of its main business, respectively [3] - Online sales from major platforms such as Alibaba and Douyin have shown varied performance, with Douyin sales increasing by 31% [3] - The company has expanded its offline distribution, covering over 129,000 pharmacy stores nationwide and opening 179 new brand stores [3] Future Earnings Forecast - Revenue projections for 2025-2027 are set at 6.368 billion yuan, 7.198 billion yuan, and 8.200 billion yuan, respectively, with net profits expected to recover to 751 million yuan, 924 million yuan, and 1.031 billion yuan [4][6]