Core Viewpoint - After three consecutive years of losses, Mogo Co. not only failed to turn a profit in 2024 but also saw its losses widen [1] Financial Performance - In 2024, Mogo Co. achieved revenue of approximately 329 million yuan, a year-on-year increase of 65.38% [1] - The net profit attributable to shareholders was approximately -52.08 million yuan, compared to a loss of 41.44 million yuan in the same period last year, indicating an expanded loss [1] Business Segment Analysis - Mogo's wine business, traditionally a representative of high-end Chinese wine, generated revenue of approximately 60.56 million yuan in 2024, a decline of 17.41% year-on-year, contributing less than 20% to total revenue [1][2] - The wine segment became the lowest revenue-generating business among Mogo's various operations in 2024 [2] - The decline in wine revenue was attributed to increased competition and insufficient consumer demand, exacerbated by the domestic liquor industry's pressure on the wine sector [3] - The biodegradable materials and products segment accounted for over 30% of total revenue, achieving approximately 110.81 million yuan in revenue, a significant increase of 114.56% year-on-year [3] - The pharmaceutical business generated approximately 67.12 million yuan in revenue, reflecting a year-on-year growth of 35.71% [3] Profitability Metrics - The gross margin for the wine business was 50.5% in 2024, a decrease of 5.91 percentage points compared to the previous year [6] - The pharmaceutical segment's gross margin was 48%, an increase of 14.2 percentage points year-on-year [6] - The gross margin for biodegradable materials and membrane products was negative [6] Q1 2025 Performance - In the first quarter of 2025, Mogo Co. reported revenue of 61.52 million yuan, a year-on-year decline of 24.08% [10] - The net profit attributable to shareholders was a loss of 10.01 million yuan, compared to a profit of 0.81 million yuan in the same period last year [10]