NHD(002946) 经济网·2025-04-25 11:00Core Insights - New Dairy achieved a revenue of 10.665 billion yuan and a net profit of 538 million yuan in the 2024 annual report, marking five consecutive years of double-digit growth [1] - In Q1 2025, the company reported a revenue of 2.625 billion yuan, a year-on-year increase, with a net profit of 133 million yuan, up 48.46% year-on-year [1] - The company continues to implement its "Fresh Cube Strategy" to enhance core business and drive consumer demand amidst a slowing dairy market [2][3] Financial Performance - The operating cash flow for 2024 was 1.491 billion yuan, with a sales net profit margin increasing by 1.17 percentage points [1] - The asset-liability ratio decreased by 5.86 percentage points compared to the beginning of the period [1] - In Q1 2025, the net profit margin was 5.25%, an increase of 1.69 percentage points year-on-year, with a significant improvement in operating cash flow [1] Strategic Initiatives - The company remains committed to the "Fresh Cube Strategy," focusing on core product categories, with low-temperature fresh milk and yogurt showing mid-to-high single-digit growth [2] - New Dairy is actively pursuing product innovation and market expansion, with new product revenue maintaining double-digit growth for four consecutive years [2] - The company aims to enhance its core product growth capabilities and profitability through continuous innovation and market adaptation [2][3] Product Development - The high-end series of "24-hour" fresh milk saw a revenue increase of over 15% year-on-year [2] - The "Original" yogurt line has been successful in addressing health trends, contributing to double-digit growth across the series [2] - The "Active" yogurt brand has gained positive reviews and achieved double-digit growth by aligning with health-conscious consumer trends [2]