SEAMILD FOODS(002956)2025-04-30 15:12Group 1: Company Performance Overview - The company focuses on a big product strategy, driving product upgrades through R&D, leading to record-high operating performance in 2024 [1] - In 2024, the net profit reached 133 million CNY, with a year-on-year growth of over 15% [2] - In Q1 2025, the net profit increased by 27.66% year-on-year, outpacing revenue growth [1] Group 2: Revenue Growth Drivers - Revenue growth in 2024 was primarily driven by traditional oat products and the launch of new products [2] - E-commerce sales showed significant growth in Q1, particularly from traditional e-commerce platforms, which have higher profitability compared to interest-based platforms [2] - The oat+ product line has maintained high growth rates, indicating strong market acceptance [4] Group 3: Cost Management and Expense Planning - The company aims to maintain a stable expense ratio while allowing total expenses to grow with sales scale [3] - There is a focus on optimizing expense efficiency through strategic adjustments [3] Group 4: Product Development and Market Strategy - Potential high-growth products include oat+ composite products, health-oriented products, and leisure-oriented oat products [4] - For 2025, the company plans to enhance its offline channel strategy by promoting new products in strong provinces and building distribution networks in weaker provinces [4] - The company expects increased revenue contribution from the acquisition of Desai Kanggu in 2025, despite initial challenges in production capacity [4]