WEIXING NBM(SZ:002372)2025-04-30 11:30Financial Performance - In Q1 2025, the company achieved revenue of 895 million CNY, a year-on-year decrease of 10.20% [2] - Net profit attributable to shareholders was 114 million CNY, down 25.95% year-on-year [2] - Net profit excluding non-recurring gains and losses also stood at 114 million CNY, reflecting a decline of 19.42% [2] Key Highlights - Despite a challenging external environment and intense price competition, the company's gross margin remained resilient due to strategic adjustments focusing on "three highs": high-end brand, high-end service, and high-end value [3] - Effective cost control measures led to a reduction in sales expenses by over 10 percentage points [3] - The company maintained good operational quality with effective management of accounts receivable and cash flow [3] - The "Star Housekeeper" service user base remained stable, indicating a solid market foundation [3] Business Segmentation - In Q1 2025, retail and engineering business revenue accounted for approximately 71% and 29%, respectively [4] - The waterproof business saw a slight decline in revenue, but the number of service users continued to grow [5] - The net water business model is still in the process of exploration and improvement [5] Market Competition and Strategy - The competitive landscape remains unchanged, primarily among brand enterprises, with ongoing price wars [4] - The company is actively adjusting its strategies based on market conditions and consumer demand, reinforcing its "three highs" market positioning and "win-win" business philosophy [4] Regional Market Outlook - The company's market share varies across different regions, influenced by local consumption habits, economic development, competition, and internal capabilities [6] - Significant improvements in market share across all regions will require a longer time frame [6] International Expansion - In 2024, the company's overseas business showed significant growth, although its overall share remains low [7] - The company plans to accelerate its overseas market layout, targeting the larger international market and learning from successful products and technologies in Europe and the US [7] Pricing Strategy - The company maintains a pricing strategy focused on high-quality products and services, aligning with market demand for superior offerings [8] - Although this strategy may lead to short-term challenges, it is viewed as a correct long-term choice [8] Shareholder Returns - The company's dividend policy is stable and transparent, with plans to continue adhering to its charter and shareholder return guidelines [8]