证券代码：833429 证券简称：康比特 公告编号：2025-015 北京康比特体育科技股份有限公司 回购股份达到 1%暨回购股份结果公告 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、 回购方案基本情况 （一） 审议情况 北京康比特体育科技股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召 开第六届董事会第七次会议、第六届监事会第七次会议，审议通过《关于公司回购股 份方案的议案》；公司于 2025 年 2 月 10 日召开第六届董事会第十次会议，审议通过 了《关于调整股份回购价格上限及延长实施期限的议案》。根据《北京证券交易所上 市公司持续监管指引第 4 号——股份回购》《公司章程》等相关规则制度规定，前述 事项均无需提交股东大会审议。 （二） 回购股份的目的 基于对公司未来发展的信心和对公司价值的认可，提升公司股票长期投资价值， 综合考虑公司经营情况、财务状况以及未来的盈利能力等因素，公司拟以自有资金回 购公司股份。本次回购的股份将用于实施股权激励，以此进一步完善公司治理结构 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The recent signing of marathon runner Jiaorenjia as a brand ambassador is expected to enhance brand recognition and consumer trust, potentially driving sales [7] - The marathon industry in China is experiencing significant growth, with an increase in the number of events and participants, supported by favorable policies [7] - The company is actively developing a comprehensive product matrix to cater to runners' needs, including energy supplements and recovery products [7] - The company is building a running ecosystem to foster customer loyalty and encourage repeat purchases through sponsorship of events and partnerships with running groups [7] - The financial forecasts for the company remain stable, with projected net profits of 0.89 billion, 1.15 billion, and 1.56 billion for 2024, 2025, and 2026 respectively, indicating strong growth potential [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 843 million in 2023 to 1,873 million by 2026, with a compound annual growth rate (CAGR) of approximately 33.2% [3] - The net profit attributable to the parent company is expected to increase from 88 million in 2023 to 156 million in 2026, reflecting a CAGR of around 35.1% [3] - Earnings per share (EPS) is forecasted to rise from 0.71 in 2023 to 1.25 in 2026 [3] Market Data - As of March 26, 2025, the closing price of the stock is 19.09, with a price-to-earnings (PE) ratio of 27 [4] - The company has a market capitalization of 2,163 million [4] - The stock has a dividend yield of 1.05% based on the most recent dividend announcement [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The weight management industry is identified as a golden growth track, with significant potential driven by increasing health consciousness and supportive policies [6][11] - The company is strategically positioning itself to capitalize on the booming weight management sector, aiming to establish it as a third growth pillar alongside its existing business lines [6][11] - The report slightly raises profit forecasts for 2024-2026, reflecting positive business developments and market conditions [6] Financial Data and Profit Forecast - Total revenue projections are as follows: 2023: 843 million, 2024E: 1,041 million, 2025E: 1,406 million, 2026E: 1,873 million, with growth rates of 32.8%, 23.4%, 35.0%, and 33.2% respectively [5] - Net profit forecasts are: 2024E: 89 million, 2025E: 115 million, 2026E: 156 million, with growth rates of 1.6%, 28.7%, and 35.1% respectively [5] - Earnings per share are projected to be 0.72, 0.93, and 1.25 for 2024E, 2025E, and 2026E respectively [5] - The price-to-earnings ratio is expected to be 26, 20, and 15 for the years 2024E, 2025E, and 2026E respectively [5] Industry Insights - The weight management sector is characterized by a large domestic consumer base and strong demand, with projections indicating that the number of overweight/obese individuals in China will exceed 500 million by 2030 [6][12] - The report highlights the increasing trend of health-conscious consumption among younger demographics, particularly women, who are prioritizing fitness and wellness [20][21] - The company is launching a new sub-brand, CPTfit, targeting the female market with a focus on high-protein products, which aligns with current consumer trends [6][11] Policy and Market Dynamics - The government is actively promoting weight management initiatives, with a national plan set to enhance public awareness and improve lifestyle habits [51][54] - The report draws parallels with Japan's weight management industry, emphasizing the role of government support in fostering market growth and innovation [54][56]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 1.041 billion yuan for 2024, representing a year-on-year growth of 23.44%, and a net profit attributable to shareholders of 89.5 million yuan, which is a 1.59% increase year-on-year [4] - The company is focusing on high-end, differentiated competition, leveraging its brand, technology research and development, and sales channels to create value [4] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 89 million, 123 million, and 142 million yuan respectively, with corresponding EPS of 0.72, 0.99, and 1.14 yuan per share [4] Financial Performance Summary - Revenue for 2024 is projected at 1.041 billion yuan, with a year-on-year growth rate of 23.5% for 2025 and 21.7% for 2026 [5][10] - The net profit attributable to shareholders is expected to be 89 million yuan in 2024, 123 million yuan in 2025, and 142 million yuan in 2026, with year-on-year growth rates of 37.7% and 14.8% respectively [5][10] - The gross margin is projected to be 39.8% in 2024, improving to 40.8% in 2025 and 40.9% in 2026 [10][11] - The company plans to increase its participation in various outdoor events to enhance brand visibility and consumer loyalty [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Insights - The company reported a revenue of 1.041 billion yuan for 2024, representing a year-on-year growth of 23.44%, and a net profit attributable to shareholders of 89.5 million yuan, which is a 1.59% increase year-on-year [4][5] - The company is focusing on high-end, differentiated competition, leveraging its brand, technology research and development, and sales channels to create value [4] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 89 million, 123 million, and 142 million yuan respectively, with corresponding EPS of 0.72, 0.99, and 1.14 yuan per share [4][5] Financial Performance Summary - Revenue and net profit projections for 2024-2026 are as follows: - Revenue: 1.041 billion (2024), 1.248 billion (2025), 1.518 billion (2026) - Net profit: 89 million (2024), 123 million (2025), 142 million (2026) - Year-on-year growth rates for revenue are projected at 23.5% (2024), 19.8% (2025), and 21.7% (2026) [5][10] - The company’s gross margin is expected to be around 39.8% in 2024, with a slight increase to 40.8% in 2025 and 40.9% in 2026 [10][11] Market Strategy - The company plans to increase sponsorship of outdoor events such as cycling, hiking, and team sports to enhance brand visibility and consumer loyalty [6] - The strategy includes linking events with e-commerce promotions to drive product sales effectively [6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near future [6]. Core Insights - The company has demonstrated strong revenue growth driven by innovation, with a projected revenue increase from 8.43 billion CNY in 2023 to 15.90 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.22% [2][8]. - The net profit attributable to shareholders is expected to grow from 0.88 billion CNY in 2023 to 1.35 billion CNY in 2026, with a notable profit growth rate of 52.92% in 2023, followed by more moderate growth in subsequent years [2][8]. - The company is actively expanding its production capacity, increasing its investment in the "Sports Nutrition Food Production Base" from 126 million CNY to 309 million CNY, which will enhance its market position and supply capabilities [6][8]. Financial Forecast Summary - **Revenue Forecast**: - 2023: 8.43 billion CNY - 2024: 10.41 billion CNY (growth rate: 23.46%) - 2025: 12.80 billion CNY (growth rate: 22.96%) - 2026: 15.90 billion CNY (growth rate: 24.22%) [2][8] - **Net Profit Forecast**: - 2023: 0.88 billion CNY - 2024: 0.89 billion CNY (growth rate: 1.58%) - 2025: 1.11 billion CNY (growth rate: 23.61%) - 2026: 1.35 billion CNY (growth rate: 22.11%) [2][8] - **Earnings Per Share (EPS)**: - 2023: 0.71 CNY - 2024: 0.72 CNY - 2025: 0.89 CNY - 2026: 1.09 CNY [2][8] Market Position and Product Innovation - The company is focusing on continuous product innovation, with the introduction of new formulations and flavors, which is expected to significantly boost sales in the sports nutrition sector [6][8]. - The sports nutrition market in China is still developing, with low penetration rates, indicating substantial growth potential for the company as consumer awareness and demand for nutritional supplements increase [6][8].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near future [6]. Core Insights - The company has demonstrated strong revenue growth driven by innovation, with a projected revenue increase from 8.43 billion yuan in 2023 to 15.90 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.22% [2][6]. - The net profit attributable to shareholders is expected to grow from 0.88 billion yuan in 2023 to 1.35 billion yuan in 2026, with a notable profit growth rate of 52.92% in 2023, followed by more moderate growth in subsequent years [2][6]. - The company is actively expanding its production capacity, increasing its investment in the "Sports Nutrition Food Production Base" from 126 million yuan to 309 million yuan, which will enhance its market position and supply capabilities [6][8]. Financial Forecast Summary - **Revenue Forecast**: - 2023: 8.43 billion yuan - 2024: 10.41 billion yuan (growth rate: 23.46%) - 2025: 12.80 billion yuan (growth rate: 22.96%) - 2026: 15.90 billion yuan (growth rate: 24.22%) [2][8] - **Net Profit Forecast**: - 2023: 0.88 billion yuan - 2024: 0.89 billion yuan (growth rate: 1.58%) - 2025: 1.11 billion yuan (growth rate: 23.61%) - 2026: 1.35 billion yuan (growth rate: 22.11%) [2][8] - **Earnings Per Share (EPS)**: - 2023: 0.71 yuan - 2024: 0.72 yuan - 2025: 0.89 yuan - 2026: 1.09 yuan [2][8] - **Price-to-Earnings (P/E) Ratio**: - 2024: 25.37 - 2025: 20.53 - 2026: 16.81 [2][8]

证券代码：833429 证券简称：康比特 公告编号：2025-014 北京康比特体育科技股份有限公司 回购进展情况公告 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、 回购方案基本情况 （一） 审议及表决情况 北京康比特体育科技股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召 开第六届董事会第七次会议、第六届监事会第七次会议，审议通过《关于公司回购股 份方案的议案》；公司于 2025 年 2 月 10 日召开第六届董事会第十次会议，审议通过 了《关于调整股份回购价格上限及延长实施期限的议案》。根据《北京证券交易所上 市公司持续监管指引第 4 号——股份回购》《公司章程》等相关规则制度规定，前述 事项均无需提交股东大会审议。 （二） 回购股份的目的 基于对公司未来发展的信心和对公司价值的认可，提升公司股票长期投资价值， 综合考虑公司经营情况、财务状况以及未来的盈利能力等因素，公司拟以自有资金回 购公司股份。本次回购的股份将用于实施股权激励，以此进一步完善公司治理结构， 构建长期激 ...

Financial Performance - The company achieved operating revenue of CNY 1,040,907,963.00, representing a year-on-year growth of 23.44%[4] - Net profit attributable to shareholders reached CNY 89,499,500.01, an increase of 1.59% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 87,353,650.72, reflecting a growth of 15.32% year-on-year[5] - Basic earnings per share were CNY 0.72, up 1.41% from the previous year[5] - Total assets at the end of the reporting period amounted to CNY 1,178,317,860.24, a growth of 10.23% from the beginning of the period[5] - Shareholders' equity attributable to the company was CNY 859,169,573.61, increasing by 7.68% compared to the beginning of the period[5] - The weighted average return on equity was 10.78%, down from 11.50% in the previous year[4] Product Performance - The company's core products, including whey protein and energy gels, saw significant growth in both sales volume and revenue[6] External Factors - The company experienced a decrease in government subsidies compared to 2023, which impacted the growth rate of net profit attributable to shareholders[6] Investment Strategy - The company emphasizes the importance of cautious investment decisions due to the preliminary nature of the financial data provided[7]

证券代码：833429 证券简称：康比特 公告编号：2025-012 北京康比特体育科技股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 (券商策略会) 二、 投资者关系活动情况 公司采取多渠道立体营销的销售和服务模式。针对竞技体育市场采取线下销 售为主，直营与经销相结合的模式。其中国家队以直营为主，大部分省市级运动 队、俱乐部和体育院校由各地经销商与客户沟通谈判，并根据各地采购招标要求 进行推广销售；针对军需市场，考虑到客户对产品质量、安全、创新以及供应体 系有较高要求，公司采取线下直营模式，通过参加招投标方式取得销售；针对需 求增长迅速且竞争激烈的大众健身健康市场，公司采用以线上、线下相结合，经 销为主、直营为辅的销售模式。 活动时间：2025 年 2 月 19 日至 2025 年 2 月 21 日 活动地点：北京金融街丽思卡尔顿酒店、线上 ...