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]

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

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].

证券代码：833429 证券简称：康比特 公告编号：2025-046 北京康比特体育科技股份有限公司 本次年度报告业绩说明会将采用网络方式召开，投资者可登陆全景网"投资 者关系互动平台"（http://ir.p5w.net）参与本次年度报告业绩说明会。 三、 参加人员 公司董事长：白厚增先生 公司董事、总经理：李奇庚女士 公司财务总监、董事会秘书：吕立甫先生 公司保荐代表人：洪吉通先生、刘冬先生 2024 年年度报告说明会预告公告 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、 说明会类型 北京康比特体育科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日在北京证券交易所官方信息披露平台（http://www.bse.cn/）发布了《2024 年年度报告》及《2024 年年度报告摘要》，为方便广大投资者更深入了解公司 2024 年年度经营业绩的具体情况，加强与投资者的互动交流，公司拟召开 2024 年年 度报告业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：202 ...

证券代码：833429 证券简称：康比特 公告编号：2025-044 北京康比特体育科技股份有限公司 持股 5%以上股东减持股份结果公告 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、 减持主体减持前基本情况 | 股东名称 | | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | 银晖国际有限公司 | 持股 | 5%以上股东 | 11,471,286 | 9.21% | 北京证券交易所上 | | | | | | | 市前取得 | 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 | | | 已减 | 减 | | 减持价格区 | | 减持 | 当前持股数 | 当前 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 已减持数 | 持 | 持 | 减持 ...

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]

Investment Rating - The report maintains an "Outperform" rating for the company [2][10]. Core Insights - The company reported a total revenue of 1.04 billion yuan in 2024, representing a year-on-year growth of 23.3%, and a net profit attributable to shareholders of 89 million yuan, with a growth of 1.4% [7]. - The company has a strong market position in the sports nutrition sector, with significant growth in core product categories such as protein supplements and energy products, driven by innovative product development and effective marketing strategies [7][10]. - The company is expected to benefit from the upcoming peak season for sports and fitness, particularly during the marathon events in April and May [10]. Financial Data and Profit Forecast - The company’s projected revenues for 2025 are estimated at 1.41 billion yuan, with a year-on-year growth rate of 35.2% [6]. - The net profit for 2025 is forecasted to be 115 million yuan, reflecting a growth of 29.3% compared to the previous year [6]. - The gross margin for 2024 was reported at 39.4%, slightly down from the previous year, primarily due to rising costs of whey protein [7][10]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.93 yuan [6]. Revenue Breakdown - In 2024, the revenue from sports nutrition products accounted for 75.9% of total revenue, with significant contributions from protein and energy supplements, which grew by 72.6% and 71.7% respectively [7]. - The military supply business generated 132 million yuan in revenue, although it saw a decline of 45.1% due to changes in procurement cycles [7]. - The company is actively increasing its inventory of whey protein to manage production costs effectively [7][10].