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]

证券研究报告 食品饮料 | 食品加工 北交所|首次覆盖报告 hyzqdatemark 2025 年 06 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 06 | 月 | 日 | 2025 | | | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 28.61 | | | | | | | 一 年 高 低 | 最 | 最 | | | 34.00/8.28 | | | 内 | / | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 3,561.95 | | | | | | | 流通市值（百万元） | | | | | 3,241.20 | | | | | | | 总股本（百万股） | | | | | 124.50 ...

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]

证券代码：833429 证券简称：康比特 公告编号：2025-050 北京康比特体育科技股份有限公司 2024 年年度权益分派实施公告 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。 北京康比特体育科技股份有限公司 2024 年年度权益分派方案已获 2025 年 5 月 9 日召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间未 超过两个月。 现将权益分派事宜公告如下： 本次权益分派基准日合并报表归属于母公司的未分配利润为 401,729,879.04 元，母公司未分配利润为 392,302,442.61 元。本次权益分派共计派发现金红利 30,783,468.50 元。 一、权益分派方案 以公司股权登记日应分配股数 123,133,874 股为基数（应分配总股数等于股 权登记日总股本 124,500,000 股减去回购的股份 1,366,126 股，根据《公司法》等 规定，公司持有的本公司股份不得分配利润），向参与分配的股东每 10 股派 2.5 元人民币现金。 2、扣税说明 （1）个人股 ...

Summary of Key Points from Conference Call Records Industry/Company Overview - **Industry**: Rare Earths, Highway Operations, Satellite Communication, Waste Management, Sports Nutrition, E-commerce SaaS, Data Center Cooling - **Companies Mentioned**: 四川成渝 (Sichuan Chengyu), 普大科技 (Puda Technology), 潮蓝坏境 (Chao Lan Environment), 康比特 (Kangbiter), 光云科技 (Guangyun Technology), 磁谷科技 (Magnetic Valley Technology), 广晟有色 (Guangsheng Color), 中国稀土 (China Rare Earth), 英思特 (Instech), 大地态 (Dadi Tai) Core Insights and Arguments Rare Earths Industry - Overseas medium and heavy rare earth prices have surged, with European prices for oxide rising by 204%, leading to a domestic price increase due to widening price differentials [1][7] - The Chinese government has implemented export controls on certain rare earth products, which may lead to a supply shortage in the international market [7] - The price of rare earths is expected to rise as the supply becomes more concentrated and import minerals are controlled [7] Highway Operations (四川成渝) - 四川成渝 has shown significant growth in net profit, with a 16.61% year-on-year increase in Q1 2025, reaching 4.56 billion yuan [2] - The company is expected to maintain a high dividend payout ratio of over 60% in 2024, with a projected dividend yield of 5.05% [2] - Future profit forecasts for 2025-2027 are estimated at 15.8 billion, 17.1 billion, and 18.4 billion yuan, with corresponding PE ratios of 11, 10, and 10 times [2] Satellite Communication (普大科技) - The company is positioned to play a key role in satellite operations due to its core advantages in ground networks and satellite communication [2] - Expected net profit growth from 2.54 billion to 4.21 billion yuan from 2025 to 2027, indicating a significant growth trajectory [2] Waste Management (潮蓝坏境) - The company is set to become the second-largest national waste incineration operator in A-shares after acquiring 粤丰环保 [2] - Projected net profit growth from 17.7 billion to 20.4 billion yuan from 2025 to 2027, with a commitment to increase cash dividends by at least 10% annually [2] Sports Nutrition (康比特) - The sports nutrition market is rapidly growing, with a projected CAGR of 12.82% from 2024 to 2026 [2] - The company has a leading position in product categories and has developed a comprehensive digital sports technology service system [2] E-commerce SaaS (光云科技) - The company is a leader in e-commerce SaaS, with products widely used across major platforms [2] - Expected EPS growth from 0.02 to 0.14 yuan from 2025 to 2027, indicating strong future performance [2] Data Center Cooling (磁悬浮压缩机) - The demand for magnetic levitation compressors is expected to grow rapidly, with a market demand increase of at least 50% this year [2] - These compressors can improve energy efficiency by 10% to 40% compared to traditional models [2] Other Important Insights - The overall market sentiment has improved following progress in US-China tariff negotiations, but challenges remain for growth-oriented investments [4][5] - The focus is shifting towards large-cap value stocks and sectors benefiting from policy catalysts, such as military and non-ferrous metals [6] - The A-share market is seeing a significant interest in sectors like healthcare, machinery, and electronics, indicating a broadening of investment focus [10]

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 ...