北京康比特体育科技股份有限公司 证券代码：833429 证券简称：康比特 公告编号：2025-056 关于取消监事会并修订《公司章程》的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、修订内容 根据《公司法》及《上市公司章程指引》、《北京证券交易所股票上市规则》 等相关规定，公司拟修订《公司章程》的部分条款，修订对照如下： | 原规定 | 修订后 | | --- | --- | | 第一条 为维护公司、股东和债权 | 第一条 为维护公司、股东、职 | | 人的合法权益，规范公司的组织和行为， | 工和债权人的合法权益，规范公司的 | | 根据《中华人民共和国公司法》（以下 | 组织和行为，根据《中华人民共和国 | | 简称"《公司法》"）、《中华人民共 | 公司法》（以下简称《公司法》）、 | | 和国证券法》（以下简称"《证券法》"）、 | 《中华人民共和国证券法》（以下简 | | 《北京证券交易所上市公司持续监管办 | 称《证券法》）、《北京证券交易所 | | 法（试行）》、《北京证券交易 ...

本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 一、 减持主体的基本情况 证券代码：833429 证券简称：康比特 公告编号：2025-053 北京康比特体育科技股份有限公司 股东拟减持股份的预披露公告（再次披露） | 股东名称 | | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | | | | （股） | （%） | | | 张炜 | 持股 | 5%以上股 | 12,345,210 | 9.92% | 北京证券交易所上市 | | | | 东 | | | 前持有的股份 | | 陈庆玥 | 持股 | 5%以上股 | 3,380,000 | 2.71% | 北京证券交易所上市 | | | 东一致行动人 | | | | 前持有的股份 | 注：陈庆玥与持股 5%以上股东张炜系夫妻关系，为持股 5%以上股东一致行动人。 二、 本次减持计划的主要内容 | | | 计划减 | | | | | | | --- | --- | --- | --- ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [3][8]. Core Views - The company is positioned as a leader in the sports nutrition sector, benefiting from steady market growth and its own technological innovations, product advantages, and customer layout [5]. - The company has launched new products, such as "Kangbiter Probiotic Electrolyte Powder," and is expanding its production capacity to address bottlenecks in protein powder and energy gel production [5]. - The company’s revenue for Q1 2025 reached 194 million yuan, a year-on-year increase of 26%, while net profit attributable to the parent company was 12.04 million yuan, up 9.66% year-on-year [5]. - The company is focusing on product innovation and channel expansion, with significant growth in its core categories, such as protein gain products and energy gels, which saw revenue increases of 72.64% and 94.52% respectively in 2024 [5]. - The company plans to deepen its dual-track layout of "protein + energy" and enhance its digital strategy, supported by favorable policies in health and sports digitalization [5]. Summary by Sections Financial Performance - The company’s projected revenue for 2023 is 843 million yuan, with a growth rate of 33% year-on-year, and is expected to reach 1.74 billion yuan by 2026 [3]. - The net profit attributable to the parent company is forecasted to grow from 88 million yuan in 2023 to 250 million yuan by 2027, reflecting a compound annual growth rate of 33% [3]. - The company’s P/E ratio is projected to decrease from 33.2 in 2023 to 11.7 by 2027, indicating an improving valuation as earnings grow [3]. Cost and Margin Analysis - The company experienced a 47.83% increase in operating costs in Q1 2025, primarily due to high raw material prices and expanded procurement for military orders [5]. - The gross margin is expected to improve from 39.4% in 2024 to 42.9% by 2027, reflecting better cost management and product mix [7]. Investment and Expansion Plans - The company is investing in expanding its production capacity, with the second phase of its production base expected to be operational by August 2026 [5]. - The company has increased its R&D expenses by 15.45% to 8.61 million yuan in Q1 2025, indicating a commitment to enhancing its technological capabilities [5].

Group 1: Investor Relations Activities - The company conducted investor relations activities from June 16 to June 18, 2025, in Beijing [3] - Participating institutions included Shenwan Securities, Guotai Junan Securities, and others, with attendance from invited investors [3] - Key company representatives included the Chief Financial Officer and the Board Secretary, Mr. Lv Lifu [3] Group 2: Market Competition and Strategy - The company welcomes new brands in the sports nutrition market, highlighting the low penetration rate and significant market potential [3][4] - The company emphasizes a multi-channel approach, integrating online platforms like Douyin and Xiaohongshu with offline experiences through fitness events [5] - In the energy supplement market, the company focuses on educating consumers about energy gels through targeted marketing and event participation [5] Group 3: Profitability and Operational Efficiency - The company has established a high-quality management indicator system, focusing on growth, profitability, operational capability, and financial risk control [6] - Recent improvements in inventory turnover and accounts receivable turnover rates indicate enhanced operational efficiency [6] - Future strategies include diversifying product offerings and optimizing processes to improve both effectiveness and efficiency [6] Group 4: Digital Sports Technology and Competitive Advantage - The company has early investments in digital sports technology, leveraging accumulated expertise and data to offer personalized nutrition solutions [7] - Continuous high-tech research and development efforts contribute to strong industry barriers and core competitiveness [7] Group 5: Distribution and Sales Strategy - The company plans to cultivate more leading and mid-tier distributors, enhancing channel management and brand value [9] - Direct sales are prioritized for national teams, while provincial teams and clubs are served through local distributors [11] Group 6: Quality Assurance in Procurement - A comprehensive raw material procurement system ensures quality through supplier selection, procurement procedures, and contract execution [10] - The company maintains a qualified supplier list and employs a multi-level evaluation mechanism for supplier assessment [10]

证券代码：833429 证券简称：康比特 公告编号：2025-051 北京康比特体育科技股份有限公司 股东拟减持股份的预披露公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 一、 减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | （%） | | | 张炜 | 持股 5%以 | 12,345,210 | 9.92% | 北京证券交易所上市 | | | 上股东 | | | 前持有的股份 | | 陈庆玥 | 持股 5%以 上股东一 | 3,380,000 | 2.71% | 北京证券交易所上市 | | | | | | 前持有的股份 | | | 致行动人 | | | | 注：陈庆玥与持股 5%以上股东张炜系夫妻关系，为持股 5%以上股东一致行动人。 二、 本次减持计划的主要内容 | | | 计划减 | | | | | | | --- | --- | --- | --- | --- | --- ...

Group 1 - Major shareholders Zhang Wei and Chen Qingyue plan to reduce their holdings by a maximum of 1.00% of the company's total share capital, which amounts to no more than 1.245 million shares [1] - The reduction will occur within three months after a 30 trading day period from the announcement date [1] - The reason for the reduction is stated as a need for funds, with the selling price to be determined based on market conditions [1]

Group 1: Company Overview - Tongli Co., Ltd. (834599.BJ) - The report highlights that Tongli Co., Ltd. is positioned to benefit from the growing demand for autonomous mining trucks, with an expected increase in China's autonomous mining truck shipments from approximately 1,400 units in 2024 to about 5,500 units by 2026 [2][5] - The global market for autonomous mining trucks is projected to grow from around 2,100 units in 2024 to approximately 8,700 units in 2026, with significant demand expected from regions such as the Middle East, Australia, and South America [2][5] - The company has established deep collaborations with Yikong Zhijia and Borei Technology, with an estimated delivery of over 700 autonomous vehicles by 2024, capturing more than half of the domestic market share for controlled chassis [6][7] Group 2: Financial Performance and Dividends - Tongli Co., Ltd. is the only company listed on the Beijing Stock Exchange included in the CSI Dividend Index, with a dividend yield of 5.49% in 2024, reflecting a commitment to returning value to investors [7][8] - The company's dividend payouts from 2021 to 2024 were 179 million, 226 million, 226 million, and 317 million respectively, with corresponding dividend yields of 4.07%, 7.06%, 4.73%, and 5.49% [8] - The forecasted net profits for Tongli Co., Ltd. from 2025 to 2027 are expected to be 887 million, 994 million, and 1.114 billion respectively, with corresponding EPS of 1.94, 2.17, and 2.43 [8] Group 3: Industry Overview - Sports Nutrition Market - The report indicates that the sports nutrition market in China is expected to experience significant growth, with a projected CAGR of 23% from 2015 to 2024, driven by increasing consumer health awareness and low current penetration rates [11][12] - Key products such as whey protein and energy gels are anticipated to see substantial sales growth, with whey protein revenue expected to increase by 73% in 2024 and energy gels by 95% [11][12] - The company, Kangbiter (833429.BJ), is expanding its product offerings into the mass market, successfully launching electrolyte drinks and entering major retail channels, which positions it well for future growth [12][13] Group 4: Competitive Positioning - Kangbiter has established a strong competitive advantage through its extensive experience in the sports nutrition sector and its innovative product development, which has led to a leading market share in whey protein on e-commerce platforms [11][12] - The company is leveraging its brand strength and established sales channels to penetrate the broader health food market, with plans to introduce more products aimed at general consumers [12][13] - The report anticipates that Kangbiter will maintain a significant market presence due to its brand power, technological expertise, and ongoing expansion into new consumer segments [12][13]

Group 1 - The report highlights that Kangbiter has over 20 years of experience in the sports nutrition industry, focusing on product development and manufacturing, and has consistently ranked high in sales and product categories within the National Sports Administration's procurement directory [1] - The management team possesses a multidisciplinary background, with former chief technical advisor Yang Zeyi being a pioneer in anti-doping and sports nutrition theory in China, contributing to the company's credibility [1] - The company is expected to achieve over 1 billion yuan in revenue in 2024, driven by significant growth in core products such as whey protein and energy gels [1] Group 2 - The sports nutrition market in China is projected to grow at a CAGR of 23% from 2015 to 2024, indicating substantial future potential due to low current penetration and per capita spending [2] - Kangbiter's core products, particularly protein gain products, are expected to see a 73% year-on-year revenue increase in 2024, attributed to differentiated research formulas and comprehensive marketing strategies [2] - The company's energy gel products are anticipated to grow by 95% in revenue in 2024, benefiting from diverse usage scenarios and deep engagement in event marketing [2] Group 3 - As consumer health awareness increases, the demand for functional beverages, particularly electrolyte drinks, is on the rise, with the functional beverage market expected to grow at a CAGR of 8.3% from 2019 to 2024 [3] - Kangbiter has launched electrolyte powder products that combine vitamins and probiotics, successfully entering 56 Sam's Club locations, enhancing brand visibility and access to the mass market [3] - The company is gradually expanding its product offerings to include energy drinks for the general public, indicating a broad market potential beyond professional athletes [3] Group 4 - Profit forecasts for Kangbiter indicate net profits of 106 million, 137 million, and 189 million yuan for 2025-2027, with corresponding PE ratios of 33.7, 26.1, and 18.8 times [4] - The company is compared with peers such as Tongchen Beijian and Xianle Health, reflecting its strong growth in the sports nutrition sector and its strategic expansion into health nutrition products [4] - The report maintains a positive outlook on Kangbiter's potential in both professional and mass market segments, assigning an "accumulate" rating [4]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment in the future [5]. Core Viewpoints - The company is positioned to transition from a professional to a mass-market brand, leveraging both brand strength and channel expansion in the sports nutrition sector [5]. - The sports nutrition market in China is expected to grow significantly, with a projected CAGR of 23% from 2015 to 2024, indicating substantial growth potential [6][47]. - The company has established a strong market presence with its core products, including whey protein and energy gels, which are expected to drive revenue growth [6][9]. Summary by Sections Business Overview - The company, established in 2001, focuses on sports nutrition, health food R&D and manufacturing, and digital sports technology services, catering to various consumer segments including competitive athletes and the general public [14]. - In 2024, sports nutrition products accounted for 75.9% of total revenue, with a revenue growth rate of 71.4% [17]. Financial Performance - Revenue forecasts for 2023 to 2027 show a steady increase, with expected revenues of 843 million RMB in 2023, growing to 2,217 million RMB by 2027 [5]. - The company’s net profit is projected to rise from 88 million RMB in 2023 to 189 million RMB in 2027, reflecting a strong growth trajectory [5]. Market Position and Strategy - The company has a competitive edge in the sports nutrition market due to its differentiated product offerings and established sales channels, which include both online and offline strategies [9][41]. - The introduction of electrolyte drinks and other health products aims to capture a broader consumer base, moving from professional athletes to the general health-conscious public [6][9]. Research and Development - The company emphasizes innovation and has increased its R&D investment, holding 198 authorized patents as of 2024, which positions it as a leader in the industry [42]. - The R&D team comprises a significant proportion of master's and doctoral graduates, enhancing the company's capability to innovate [43]. Future Outlook - The report anticipates that the company will maintain a high market share in the sports nutrition sector, driven by strong product demand and effective marketing strategies [6][9]. - The overall market for sports nutrition products is expected to grow from 6.27 billion RMB in 2024 to 14.8 billion RMB by 2034, indicating a robust growth environment for the company [9][47].

Core Insights - 康比特's entry into Sam's Club with its probiotic electrolyte powder reflects the booming demand for sports nutrition products in China, driven by a nationwide fitness trend [1] - The partnership with Sam's Club allows 康比特 to reach a broader consumer base and tap into the growing health-conscious market [3][6] Industry Trends - The sports nutrition market in China is integrating into the larger fast-moving consumer goods (FMCG) sector, with consumers increasingly prioritizing health and quality in their purchases [2] - The fast-moving consumer goods industry is projected to grow from 5.2 trillion yuan in 2019 to 8.2 trillion yuan by 2024, with functional beverages experiencing significant growth [4] - The consumption of functional beverages among the lightweight sports demographic has increased from 18% in 2019 to an expected 35% by 2024, indicating a substantial market opportunity [4] Company Strategy - 康比特 is leveraging its 24 years of experience in sports nutrition and a robust supply chain to enhance its market presence through Sam's Club [2][3] - The company is innovating its product offerings, such as the probiotic electrolyte powder, to meet the hydration needs of a diverse consumer group, including office workers and outdoor enthusiasts [4][5] - 康比特 aims to expand its product range into health management with its CPT fit sub-brand, which includes various protein products [5] Future Outlook - The collaboration with Sam's Club is expected to boost 康比特's sales and enhance its brand image, positioning the company for significant growth in the health and wellness market [6] - With its core advantages in channels, technology, and branding, 康比特's target market size is anticipated to grow from a hundred billion yuan level to a trillion yuan level, indicating substantial valuation growth potential [6]