Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In 2024, the company achieved operating revenue of 10.275 billion yuan, a year-on-year increase of 56.55%, while the net profit attributable to the parent company was 214 million yuan, a decrease of 36.19% [2][4]. - In Q4 2024, the company reported operating revenue of 3.474 billion yuan, up 58.66% year-on-year, but the net profit attributable to the parent company dropped by 83.46% to 19 million yuan [2][4]. - For Q1 2025, the company generated operating revenue of 2.458 billion yuan, reflecting a year-on-year increase of 36.65%, with a net profit of 47 million yuan, down 45.35% [2][4]. Summary by Sections Financial Performance - The company’s revenue from apparel maintained rapid growth, with a 57% year-on-year increase in 2024. The apparel and non-apparel categories grew by 59% and 34% respectively [10]. - Key brands such as Coofandy, Ekouaer, Avidlove, and Zeagoo saw significant growth, with Zeagoo achieving a doubling in sales [10]. - The gross profit margin was 43.8%, a decline of 2.1 percentage points, primarily due to high shipping costs and the impact of hardware inventory reduction [10]. - In Q1 2025, the company continued to show strong revenue growth despite a high base, with a gross profit margin decrease of 3.3 percentage points attributed to hardware inventory reduction [10]. Inventory and Cost Management - The company’s inventory levels decreased consistently, with figures of 2.1 billion yuan, 1.8 billion yuan, and 1.6 billion yuan for Q3 2024, Q4 2024, and Q1 2025 respectively [10]. - The sales expense ratio increased due to higher promotional costs in the previous year, contributing to a decline in net profit margin by 3.0 percentage points [10]. Future Outlook - The company is expected to maintain its growth trajectory in the apparel sector, with projected net profits of 410 million yuan, 490 million yuan, and 560 million yuan for 2025, 2026, and 2027 respectively [10].