Investment Rating - The report gives an "Accumulate" rating for the company, marking it as the first coverage of the stock [6]. Core Viewpoints - The company is positioned as a leader in the sports nutrition industry, focusing on innovation and technology to drive growth in both sports nutrition products and digital sports technology services [7][10]. - The sports nutrition market is expected to grow significantly, with the global market projected to reach $25.19 billion by 2027, and the Chinese market expected to grow at a CAGR of 12.82% from 2024 to 2026 [8][43]. - The company has a strong competitive position, holding approximately 18% market share in the domestic sports nutrition sector, and is recognized for its role in setting industry standards [9][50]. Company Overview - The company, 康比特 (Kangbiter), operates in the food processing sector, with a total share capital of 124.5 million shares and a market capitalization of approximately 3,035.31 million yuan [3][6]. - The company focuses on four core business areas: sports nutrition products, health nutrition products, digital sports technology services, and contract processing [16][17]. Financial Performance - The company has shown steady revenue growth, with projected revenues of 1,040 million yuan in 2024, representing a 23% year-over-year increase [6]. - The net profit attributable to shareholders is expected to reach 124 million yuan in 2025, reflecting a 39% increase from the previous year [6]. - The company’s revenue from sports nutrition products accounted for 75.89% of total revenue in 2024, indicating a strong focus on this segment [24]. Industry Growth - The sports nutrition industry is experiencing robust growth, with the Chinese market reaching $950 million in 2023 and expected to grow significantly due to increasing fitness awareness among the population [8][45]. - The digital sports technology market is also expanding rapidly, with a projected growth from 492.6 billion yuan in 2024 to 657.8 billion yuan by 2027, driven by consumer demand for personalized health management solutions [10][61]. Competitive Landscape - The domestic sports nutrition market is characterized by high concentration, with major players including 西王食品 (Xiwang Food), 康比特 (Kangbiter), and 汤臣倍健 (Tongchen Beijian) collectively holding 64% of the market share [9][50]. - The company has established itself as a key supplier for national training teams and has a strong portfolio of proprietary technologies and patents, enhancing its competitive edge [53][55]. Research and Development - The company emphasizes research and development, with a dedicated team and significant investment in innovation, resulting in 226 proprietary intellectual properties as of the end of 2023 [9][32]. - The R&D expenditure reached 32.62 million yuan in 2024, representing a commitment to maintaining product competitiveness and technological advancement [32][53].

2024 年年度股东会的法律意见书 北京市君致律师事务所 关于北京康比特体育科技股份有限公司 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《北京 证券交易所股票上市规则》以及《北京康比特体育科技股份有限公司章程》（以 下简称《公司章程》）的要求，按照律师行业公认的业务标准、道德规范和勤勉 尽责精神，对本次股东会的召集与召开程序、出席会议人员资格、召集人资格、 会议表决程序和表决结果等重要事项进行核查和验证，并据此发表法律意见如下： 一、本次股东会的召集、召开程序 致：北京康比特体育科技股份有限公司 北京市君致律师事务所（以下简称"本所"）接受北京康比特体育科技股份 有限公司（以下简称"公司"）的委托，指派律师出席了公司于 2025 年 5 月 9 日召开的 2024 年年度股东会（以下简称"本次股东会"）。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法 律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实 真实、 ...

证券代码：833429 证券简称：康比特 公告编号：2025-048 北京康比特体育科技股份有限公司 2024 年年度股东会决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 5 月 9 日 2.会议召开地点：北京市昌平区何营路九号院康比特健康产业园 2 号楼 2 层 会议室 3.会议召开方式：现场投票与网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长白厚增先生 本次会议召集、召开、议案审议程序等方面符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 16 人，持有表决权的股份总数 60,271,292 股，占公司有表决权股份总数的 48.95%。 其中通过网络投票参与本次股东会的股东共 3 人，持有表决权的股份总数 11,237,384 股，占公司有表决权股份总数的 9.13%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 ...

Group 1: Investor Relations Activities - The company conducted investor relations activities including specific object research and performance briefings from May 7 to May 8, 2025 [3] - Participants included various securities and asset management firms, with key company representatives present [3] Group 2: Sales and Market Strategy - The company is optimizing its e-commerce operations but cannot disclose specific sales growth rates due to lack of data from platforms [4] - The company plans to enhance marketing efforts for its sub-brand, 康食季, to improve product visibility [5] - There are no current plans to expand overseas sales channels, but the company is focusing on building a physical sales network [6] Group 3: Product Development and Innovation - The company is exploring the development of non-sport beverages and plans to launch a new sports drink, focusing on taste and packaging improvements [6] - The company has signed military supply orders for 2024, which will be executed in 2025, with military products accounting for approximately 10% of revenue [8] - The company is investing 100 million yuan in expanding its production capacity for sports nutrition products [9] Group 4: Financial Performance and Management - Accounts receivable increased due to military sales, while inventory rose to ensure business continuity [10] - The company aims to enhance gross margins through technological innovation and supply chain optimization [11] - The company has 198 authorized patents, with significant advancements in product development, including a new high-quality protein product [20] Group 5: Social Responsibility and Community Engagement - The company launched the "Public Energy Rabbit" initiative to support runners in marathons, participating in nearly 470 events in 2024 [14] - Future plans include expanding social responsibility projects and promoting sports nutrition knowledge in communities [15] Group 6: Market Trends and Regulatory Environment - The health and sports nutrition industry is experiencing growth due to government policies promoting health consumption and sports participation [21] - The company plans to establish four product project teams targeting protein supplementation, energy products, weight control, and professional sports markets [22] Group 7: Profitability and Operational Efficiency - The company is focused on high-quality operations, with improved inventory turnover from 2.34 in 2022 to 3.02 in 2024 [23] - The accounts receivable turnover increased from 9.5 in 2022 to 14.84 in 2024, indicating enhanced operational efficiency [23]

Investment Rating - The report maintains an "Outperform" rating for the North Exchange market [5] Core Insights - The North Exchange has entered the "920 era," marking the emergence of the first ST companies [1] - The North Exchange's total number of listed companies is 265, with a total market capitalization of 737.724 billion and a circulating market capitalization of 441.839 billion, reflecting a quarter-on-quarter increase of 5.2% and 4.3% respectively [1][11] - The North Exchange 50 Index experienced a significant rebound, ending the month with a 4.72% increase, while other major indices declined [2][30] - The report highlights that 16 out of 22 industries on the North Exchange saw gains, with notable increases in beauty care, transportation, food and beverage, textiles, and agriculture, with median increases exceeding 15% [2][35] Market Overview - The North Exchange's trading volume for April was 30.945 billion shares, with a total transaction value of 630.962 billion, representing a quarter-on-quarter decrease of 14.4% and 20.2% respectively [1][17] - The average daily margin balance for April reached 5.262 billion, remaining at a historically high level [22] - As of April 30, the North Exchange 50 Index's price-to-earnings ratio (PE-TTM) was 45.31, placing it in the 99.79th percentile over the past two years [24][27] Industry Performance - The highest median price-to-earnings ratios by industry were recorded in the computer sector at 111, followed by telecommunications at 110, construction materials at 91, light industry manufacturing at 74, and social services at 72 [24][27] - The report indicates that 23 stocks reached historical highs in price during the month, with Huaguang Yuanhai achieving a remarkable 65.42% increase [2][39] Company Announcements - In April 2025, 232 companies on the North Exchange released their annual reports, with Jinbo Biological reporting the highest earnings per share at 8.27 yuan [3][12] - The report notes that there were no new listings in April, but one new stock, Tiangong Co., was issued [3][11] Policy and Important Events - The North Exchange introduced several policies in April 2025 related to refinancing, trading management, broker performance evaluation, and delisting supervision, marking a strategic move towards market independence and specialization [3][14]

Group 1: Investor Relations Activities - The company conducted investor relations activities from April 24 to April 28, 2025, at the company meeting room and online [3] - Participating institutions included various securities and asset management firms, totaling over 30 attendees [4] Group 2: Company Products and Competitive Advantage - The main customers for the company's digital sports technology products are training bases, sports schools, vocational colleges, and universities [4] - The company leverages its long-term experience in sports nutrition technology to provide personalized solutions, establishing a strong competitive edge [4] Group 3: Raw Material Costs and Management - The company faces cyclical increases in protein powder raw material costs but has strategies to mitigate risks, including long-term supplier relationships and diversified sourcing [5] - The company actively monitors market dynamics to adjust procurement strategies and negotiate better pricing with suppliers [5] Group 4: Product Development and Innovation - The company has weight control products, including L-carnitine and protein bars, and plans to innovate further in this area [6] - A comprehensive market research methodology supports product development, focusing on consumer needs and product trials [8] Group 5: Sales Strategy - The company currently sells protein products primarily online but is increasing investments in offline sales to enhance consumer interaction and experience [10] Group 6: Intellectual Property and R&D - As of the end of 2024, the company holds 198 authorized patents, including 103 invention patents, contributing to a high technical barrier [11] - Recent innovations include a new high-quality protein formula and optimized energy gel products, enhancing competitive differentiation [11] Group 7: Shareholder Returns and Incentives - The company completed a share buyback on March 25, 2025, for employee stock ownership plans or equity incentives [12] - For 2024, the company plans to distribute a cash dividend of 2.5 yuan for every 10 shares to shareholders [13] Group 8: Future Business Strategy - The company aims to enhance brand building, innovation, talent development, and digital strategies while focusing on high-quality positioning and consumer insights [14]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% within the next six months [5]. Core Insights - The company, Kangbiter (833429.BJ), reported a significant increase in sales of protein muscle gain products, with a 2024 revenue of 1.04 billion yuan, representing a year-on-year growth of 23.34%. The net profit attributable to shareholders was 89 million yuan, up 1.38% year-on-year [3][4]. - In Q1 2025, the company achieved a revenue of 194 million yuan, a year-on-year increase of 26.08%, with a net profit of 12 million yuan, reflecting a 9.66% growth compared to the same period last year [3]. - The company’s core products, including whey protein and energy gels, have seen substantial sales growth, with protein muscle gain products revenue reaching 529 million yuan in 2024, a 72.64% increase year-on-year [3][4]. Financial Summary - For 2024, the total revenue is projected at 1.04 billion yuan, with a net profit of 89 million yuan. The earnings per share (EPS) for 2025 and 2026 are estimated to be 0.89 yuan and 1.19 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 26 and 19 [4]. - The company’s gross margin for Q1 2025 was 38.64%, showing a year-on-year decline of 9.03 percentage points, while the net profit margin was 6.21%, down 0.94 percentage points year-on-year [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company reported a revenue of 1.94 billion yuan in Q1 2025, representing a year-on-year increase of 26% and a net profit attributable to shareholders of 12.04 million yuan, up 10% year-on-year [5] - The company is focusing on high-end, differentiated competition, leveraging its brand, technology research and development, and sales channel advantages [5] - The company expects net profits for 2025-2027 to be 1.23 billion, 1.42 billion, and 1.83 billion yuan respectively, with corresponding EPS of 0.99, 1.14, and 1.47 yuan per share, indicating a positive outlook for its energy gel and whey protein products [5] Financial Summary - In 2024, the company achieved a revenue of 1.04 billion yuan, a year-on-year growth of 23.34%, and a net profit of 89.31 million yuan, a growth of 1.38% [5] - The gross margin for 2024 was 39.41%, a decrease of 0.69 percentage points from 2023 [5] - The company’s revenue is projected to grow from 1.33 billion yuan in 2025 to 1.92 billion yuan in 2027, with corresponding net profits increasing from 123 million yuan to 183 million yuan [9] Product Innovation and Market Expansion - The company launched a higher quality CPT pro specialized nutrition whey protein in 2024, leading to a 72.64% increase in revenue from protein muscle gain products [6] - The company developed a new 7-layer energy gel, achieving a revenue of 38.79 million yuan in 2024, a year-on-year increase of 48.64% [6] - The company collaborated with nearly 470 events, including marathons and trail races, in 2024, enhancing brand exposure and market influence [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company reported a revenue of 1.94 billion yuan in Q1 2025, representing a year-on-year increase of 26% and a net profit attributable to shareholders of 12.04 million yuan, up 10% year-on-year [5] - The company is focusing on high-end, differentiated competition, leveraging its brand, technology research and development, and sales channel advantages [5] - The company expects net profits for 2025-2027 to be 1.23 billion, 1.42 billion, and 1.83 billion yuan respectively, with corresponding EPS of 0.99, 1.14, and 1.47 yuan per share, indicating a positive outlook for its energy gel and whey protein products [5] Financial Summary - In 2024, the company achieved a revenue of 1.04 billion yuan, a year-on-year growth of 23.34%, and a net profit of 89.31 million yuan, a growth of 1.38% [5][9] - The gross margin for 2024 was 39.41%, a decrease of 0.69 percentage points from 2023 [5] - The company’s revenue is projected to grow from 1.33 billion yuan in 2025 to 1.92 billion yuan in 2027, with corresponding net profits increasing from 123 million yuan to 183 million yuan [9] Product Innovation and Market Expansion - The company launched a higher quality CPT pro specialized nutrition whey protein in 2024, leading to a 72.64% increase in revenue from protein muscle gain products [6] - The company developed a new 7-layer energy gel and established core patents for high branched cyclic dextrin combinations, resulting in a 48.64% increase in energy gel revenue [6] - The company collaborated with nearly 470 events, including marathons and trail races, in 2024, enhancing brand exposure and market influence [7]

Core Viewpoint - Company 康比特 has reported record-high revenue and net profit for 2024, indicating strong profitability and growth momentum, driven by the dual trends of "sports nutrition + health consumption" [1] Financial Performance - In 2024, 康比特 achieved revenue of 1.04 billion yuan, a year-on-year increase of 23.34%, with a compound annual growth rate (CAGR) exceeding 30% from 2020 to 2024 [1] - The company reported a net profit of 87.17 million yuan, up 15.07% year-on-year, with a CAGR exceeding 60% from 2020 to 2024 [1] - For Q1 2025, 康比特's revenue was 194 million yuan, a 26.08% increase year-on-year, and net profit was 12.04 million yuan, up 9.66% year-on-year [1] Business Segments - The military supply business saw a revenue decline of 45.1% in 2024, totaling 132.44 million yuan, primarily due to the cyclical nature of military procurement [2] - Despite the decline, 康比特 maintained a leading position in military procurement, and future demand for military products is expected to remain strong due to ongoing national defense modernization [2] Industry Trends - The sports nutrition industry is entering a golden development period, driven by the "Healthy China" strategy and consumption promotion policies [3] - The market for sports nutrition products in China has significant growth potential, as awareness and consumption habits are still developing compared to developed countries [3] - Recent government initiatives, such as the "Weight Management Year" action plan, are expected to boost demand for weight control products, including protein supplements [4] Product Development - 康比特's core products, particularly protein muscle gain products, have seen significant revenue growth, with a 72.64% increase to 52.91 million yuan in 2024 [5] - The company plans to establish four product project teams focusing on protein muscle gain, energy supplementation, weight control, and professional sports markets to enhance resource integration and market responsiveness [5] Sales Strategy - 康比特 has implemented a robust channel strategy, expanding distribution through traditional e-commerce and new media channels, and engaging consumers through events and competitions [6] - The company has reached 4.24 million runners through 470 events in 2024, leveraging its partnership with the Chinese Athletics Association [6] Market Outlook - Analysts project 康比特's net profit to reach 115 million yuan in 2025, with a corresponding price-to-earnings (PE) ratio of 28 [7] - The company is viewed as an attractive investment opportunity in the sports nutrition sector, with a current stock price that is considered undervalued compared to its growth potential [7]