食品饮料 公 司 研 究 / 公 司 深 度 报告原因:首次覆盖 | 市场数据: | 年 06 月 27 日 | |--------------------------|----------------------------| | 收盘价(港币) | 7.09 | | 恒生中国企业指数 | 6324.05 | | 52 周最高 / 最低(港币) | 7.55/4.30 | | H 股市值(亿港币) | 306.24 | | 流通 H 股(百万股) | - | | 汇率(人民币/港币) | 1.0956 | 一年内股价与基准指数对比走势: 64% -36% 06/2707/2708/2709/2710/2711/2712/2701/2702/2703/2704/2705/2706/27 HSCEI 统一企业中国 资料来源:Bloomberg | 证券分析师 | |--------------------------| | 吕昌 A0230516010001 | | lvchang@swsresearch.com | | 周缘 A0230519090004 | | zhouyuan@swsresearch.co ...

Financial Performance - Revenue for the year 2023 reached RMB 28,591,271 thousand, a 1.2% increase from RMB 28,257,432 thousand in 2022[10] - Gross profit for 2023 was RMB 8,711,731 thousand, up 6.4% from RMB 8,187,917 thousand in 2022[10] - Profit before income tax in 2023 was RMB 2,239,924 thousand, a 29.4% increase from RMB 1,730,829 thousand in 2022[10] - Net profit attributable to equity holders of the company for 2023 was RMB 1,667,060 thousand, a 36.4% increase from RMB 1,222,157 thousand in 2022[10] - Basic earnings per share for 2023 were RMB 38.60 cents, a 36.4% increase from RMB 28.30 cents in 2022[10] - Dividends for 2023 were RMB 1,833,769 thousand, a 25% increase from RMB 1,466,588 thousand in 2022[10] - The Group's revenue in 2023 reached RMB 28,591.3 million, a 1.2% increase year-over-year, with post-tax profits of RMB 1,667.1 million, up 36.4%[12] - Revenue for 2023 increased by 1.2% to RMB28,591.3 million compared to RMB28,257.4 million in 2022[123] - Gross profit increased by 6.4% to RMB8,711.7 million, with gross profit margin rising by 1.5 percentage points to 30.5%[123] - Operating profit increased by 33.5% to RMB1,996.5 million, partly due to a one-off gain of RMB351.4 million from land disposal[123] - Profit attributable to equity holders increased by 36.4% to RMB1,667.1 million, with earnings per share at RMB38.60 cents[123] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 22,134,218 thousand, a 1.6% increase from RMB 21,784,355 thousand in 2022[11] - Total liabilities as of December 31, 2023, were RMB 8,751,841 thousand, a 1.7% increase from RMB 8,603,002 thousand in 2022[11] - Total equity as of December 31, 2023, was RMB 13,382,377 thousand, a 1.5% increase from RMB 13,181,353 thousand in 2022[11] - Cash and cash equivalents as of December 31, 2023, were RMB 931,995 thousand, a 758.7% increase from RMB 108,519 thousand in 2022[11] - Cash and bank balances increased to RMB7,565.5 million as of December 31, 2023, up from RMB6,654.2 million in 2022[125] - Total financial liabilities increased by 24.1% to RMB1,079.4 million, primarily due to short-term borrowings[125] - Cash and cash equivalents increased by RMB823.5 million year-on-year, with net cash inflow from operating activities of RMB3,053.5 million, net cash outflow from investing activities of RMB947.0 million, and net cash outflow from financing activities of RMB1,282.5 million[130][134] - Capital expenditure for 2023 was RMB1,078.8 million, a significant increase from RMB545.9 million in 2022, primarily due to investments in marketing assets and facility upgrades[130][134] - Net trade receivables decreased by RMB234.1 million to RMB585.8 million, mainly due to delayed product preparation for Chinese New Year[131][135] - Inventories decreased by RMB396.6 million to RMB2,125.9 million, with inventory turnover days reduced by 2 days to 42 days[136][137] - Trade payables decreased by RMB552.4 million to RMB2,122.6 million, also influenced by the delayed Chinese New Year preparation[136][137] - Financial assets at fair value through profit or loss increased to RMB1,618.7 million from RMB1,018.5 million in 2022[129][132] - The gearing ratio increased to -48.47% from -43.89% in 2022, calculated as net cash divided by total equity[128][132] - Cash at bank and on hand reached RMB7,565.5 million, with 99.90% denominated in Renminbi[126] Business Segments - The beverages segment achieved a compound annual growth rate (CAGR) of 12.3% since 2020, contributing significantly to the overall revenue growth[12] - "The King of Tomato" brand doubled its revenue CAGR over the past three years, showing strong market favorability[12] - "Uni Green Tea" and "Haizhiyan" brands achieved high double-digit year-on-year revenue growth, capitalizing on post-pandemic consumer trends[12] - The food business recorded revenue of RMB 9,846.8 million in 2023, focusing on product quality, flavor optimization, and diversified consumption scenarios[26][27] - The instant noodles business generated revenue of RMB 9,594.3 million in 2023, emphasizing product quality, innovation, and catering to personalized consumer needs[28][29] - Beverages business revenue in 2023 reached RMB17,775.5 million, an increase of 8.4% year-over-year[40] - Tea drinks business revenue in 2023 amounted to RMB7,579.5 million, representing a 9.0% growth compared to the previous year[41] - Revenue from the juice business in 2023 reached RMB 3,404.2 million, a 13.3% increase year-over-year, accounting for 19.2% of beverage revenue, a seven-year high[55][58] - Milk tea business revenue in 2023 reached RMB6,305.2 million, a 5.0% increase year-over-year, driven by Uni Assam Milk Tea and the launch of CITEA milk tea[71][72] - Coffee business focused on the "A-Ha" brand strategy in 2023, introducing new flavors like coconut latte to attract the new generation of consumers[76] Brand and Product Performance - "Soup Daren（湯達人）" rice noodles sales increased rapidly, gaining significant consumer recognition[31] - "Soup Daren Genki Music Festival（湯達人元氣音樂節）" achieved record-high on-site attendance and online exposure, significantly boosting brand awareness and reputation[31] - "Uni-President Lao Tan Pickled Cabbage and Beef Noodles（統一老壇酸菜牛肉麵）" revenue gradually recovered due to increased consumer trust and intimacy[32] - "The King of Tomato（茄皇）" brand visual symbol was renewed and upgraded, enhancing brand recognition and reducing cognitive costs[33] - "Kai Xiao Zao（開小灶）" frozen fried rice series won the 2022-2023 Innovative Product Award for the Instant Food Industry in China[37] - "Kai Xiao Zao（開小灶）" products ranked first in multiple categories during the 2023 Double 11 Shopping Festival[37] - "Kai Xiao Zao（開小灶）" launched the "Private Kitchen（私房菜）" gift box in mid-December 2023, targeting the high-end gift market[37] - Uni Green Tea focused on health attributes and value through sugar-free products and marketing campaigns targeting young consumers[42][43] - Uni Ice Tea upgraded its product by adding real lemon juice and targeted Z-generation consumers through Bilibili marketing, aiming to expand brand exposure and influence[46][47] - Uni Plum Green Tea emphasized its unique selling point of "Grade A plums" and sponsored Bilibili's graduation concert to enhance brand awareness in target groups[48][52] - Uni Shuangcui Lemon Tea was upgraded with an innovative concept of "Double Tea Base with 7-minute Extraction" and launched a regional Cantonese-style lemon tea campaign to attract young consumers[49][53] - Classmate Xiaoming leveraged ACG culture and partnered with Bilibili and the Chinese comics IP "Link Click" to target younger student groups[50][51] - The Group's "Haizhiyan" electrolyte drink achieved high double-digit revenue growth in 2023, with a strong compound annual growth rate over the past three years[61][62] - "Uni Orangeate" continued to emphasize its "More Fiber" and "More Vitamin C" image, with a focus on expanding sales points in dining and gift box scenarios[63] - The Group launched a new flavor, "Uni Plum Juice," in 2023, which performed well in the market and became a new growth driver[64] - "Chai Li Won" introduced fresh leaf juice in its green tea category in 2023, enhancing product freshness and delivering a "freshly brewed" taste[56] - Uni Sweet-sour Plum Juice launched in 2023, driving incremental growth with excellent market performance[65] - Uni Crystal Sugar Pear Drink enhanced product quality and packaging in 2023, targeting young consumers with a focus on "Moist" core value[66] - Vitality Awakening 100% fruit (vegetable) juice focused on cultivating 100% juice market in key first-tier cities and expanded online platforms like O2O and groceries delivery services[67][69] - Uni Assam Milk Tea introduced new flavors and packaging formats in 2023, including cans and tetra packs, to capitalize on gift box sales opportunities[73] - CITEA milk tea launched in Q4 2023, targeting young consumers with a "sweet but not greasy, flavourful and aromatic" product using innovative slow-boiling techniques[74][75] - The new flavor of Raw Coconut Latte was well received by the new generation of consumers and has established a market base[79] - ALKAQUA launched a 5L water barrel in December 2023, focusing on e-commerce channels to target the family drinking water market[81][82] - The Group launched four types of flavoured 8-degree sparkling wine under the brand "Uni-Wonder" in 2023, targeting young consumers[84][85] - The premium coffee brand "MANYA" launched CAFÉ Au Lait, combining tea and coffee, exclusively in the Sam's system[87][88] Strategic Initiatives - The Group proposed a final cash dividend of RMB 42.45 cents per share, totaling approximately RMB 1,833.8 million for 2023[15][16] - The Group is focusing on digital transformation to empower all aspects of its business operations[13][14] - The Group plans to deepen market penetration by expanding both offline and online channels, aiming to extend consumption scenarios and get closer to consumers[13][14] - In 2024, the Group will continue to adapt to changing consumer needs by providing safe, high-quality, and innovative products to maintain competitiveness[20][21] - The Group's strategy includes maintaining healthy inventory levels and focusing on freshness control as a fundamental operational policy[13][14] - The Group aims to build long-term competitive barriers through brand power and cultivate future trendy products with a long-term perspective[13][14] - The Group adhered to a value-based marketing strategy, expanding both offline and online channels to meet consumer needs in various scenarios[23] - The Group strengthened its focus on sustainability, implementing measures in areas such as climate change, water resources management, and green production[24] - The Group actively accumulated brand assets and optimized product strengths and product mix, achieving record-high revenue while maintaining sound operation[24] - The Group emphasized the importance of omni-channel expansion in response to rapidly changing market conditions and consumer trends[23] - The Group continued to enhance its organizational coordination and risk management capabilities, maximizing resource utilization efficiency[23] - The Group plans to focus on health, safety, and unique characteristics in innovative products to meet consumer emotional value in 2024[39] - The Group aims to integrate healthy ingredients into national flavors and promote Chinese culinary culture to satisfy personalized, diversified, and healthy consumer needs[39] - The Group will establish strong emotional connections with consumers through product-driven brand concepts to gain emotional resonance[39] - The company plans to expand its young consumer base through low-sugar and sugar-free product lines for Uni Green Tea[44][45] - Uni Ice Tea aims to address product category pain points in 2024 by adding special black tea to enhance flavor and launching a sampling campaign of one million bottles[47] - Uni Plum Green Tea will continue to promote "Grade A plums" in 2024 to further capture consumer attention[52] - The Group plans to expand its presence in family, catering, and O2O channels in 2024 to capture market trends and new opportunities[57] - "Haizhiyan" will focus on the promotion of "Drink Haizhiyan after sweating" in 2024, aiming to strengthen consumer communication and expand electrolyte drink market share[62] - The Group's juice business aims to expand market share in 2024 by launching upgraded product series with better taste and health benefits[70] - The coffee business plans to expand its market presence in 2024 by focusing on ice coffee market penetration and consumer cultivation for coconut latte[78] - The Group will focus on expanding the base of the "A-Ha" brand in 2024, targeting the secondary market of iced coffee and cultivating consumers of Raw Coconut Latte[80] - ALKAQUA will continue to cultivate the Shanghai market in 2024, targeting four highly "involuting" groups and strengthening channel construction[83][85] - The Group explored O2O new e-commerce represented by Meituan Grocery and set up three themed livestreaming rooms on platforms like Douyin Shop and Pinduoduo[90][91] - The Group's business research institute developed new products to facilitate steady revenue growth, focusing on value innovation and securing supply[92][93] - The Group has accumulated 164 authorized patents and 48 pending patents as of December 2023, building competitive barriers[95] - The Group focused on empowering its featured products, particularly those with over 1 billion in sales, to maintain market competitiveness[96] - Uni Assam Milk Tea achieved all-around product quality improvement through front-end management of tea raw material quality, refined control of production process, and sound finished product monitoring standards, with new flavors White Peach Guanyin and Green Grape Jasmine launched in 2023 to meet diversified consumer tastes[97][100] - Uni Green Tea established a monitoring system from source to finished product, completed supplier assessment of over 20 tea processing factories, and launched sugar-free green tea in response to consumer health demands[101] - The Group accumulated 164 licensed patents and 48 patents under applications as of December 2023, continuously building competitive technological barriers[98] - Haizhiyan grasped the electrolyte drink trend, developed a new "isotonic" version, and contributed to national electrolyte drink standards formulation[102][103] - Uni-President Lao Tan Pickled Cabbage and Beef Noodles strengthened source monitoring and fermentation craftsmanship to enhance sour characteristics and meet consumer preferences[104] - The King of Tomato optimized production craftsmanship, launched Tomato Bolognese Instant Pasta, and leveraged Xinjiang factory advantages to ensure stable tomato supply and quality[105][106] - CITEA milk tea was launched in 2023 with Da Hong Pao and Rose flavors, using real milk and original tea leaves for a rich, non-greasy texture[107][108] - Uni Shuangcui Lemon Tea features double extraction of black tea and oolong tea, with Ya Shi Xiang flavor positioning as authentic Cantonese lemon tea[109] - In Love With Tomato 100% NFC tomato juice was launched in January 2024, using juice from about 24 cherry tomatoes per bottle for optimal taste[110][111] - Little Raccoon High Fiber Konjac entered the casual snacks market with a chewy texture, spicy taste, and high dietary fiber content for health benefits[112][113] - The Group launched the "Kai Xiao Zao Private Kitchen" series, targeting the home consumption trend with pre-cooked cuisine frozen at -30°C to maintain quality[116] - In 2023, the Group successfully applied tea roasting and aroma-keeping techniques to sugar-free beverages like "Chai Li Won Raw Green Tea" and "Uni Sugar-Free Green Tea"[117][118] - The Group developed and launched new products such as the "CITEA milk tea" series through collaborative innovation with domestic and overseas R&D centers[117][118] - A full-process digital management system for R&D projects was implemented in 2023, improving efficiency and facilitating knowledge inheritance[115][119] - The Group utilized Alibaba's big data model for consumer research, combining "big data + small samples" to empower product innovation and engage consumers in the R&D process[120] - The Food Safety and Quality Committee, led by the General Manager, oversees the design and optimization of the food safety and quality assurance system[120] - Three lines of defense for food safety were established: qualification review, field assessment, and food safety testing to manage supplier risks[120] Corporate Governance and Shareholding - The Group has 26 subsidiaries accredited with ISO 22000 certification, 1 with FSSC 22000, and 6 with HACCP certification[122] - The Food Safety Testing Centre has passed 173 projects under CNAS accreditation as of 2023[122] - The Group's total number of employees as of 31 December 2023 was 33,539[145] - Total staff costs (including directors' remuneration) for the year were RMB4,474.7 million, compared to RMB4,324.3 million in 2022[149] - The Group did not hold any significant investments with a value of 5% or more of its total assets as of 31 December 2023[144] - The Group had no material contingent liabilities or charges on group assets as of 31 December 2023[144] - The Group did not engage in any material acquisition or disposal of subsidiaries, associates, or joint ventures during the year[144] - The Group has no plans for any material investment or acquisition of capital assets beyond its ordinary business of manufacturing and selling beverages and instant noodles[144] - The Group's financial policy aims to reduce the impact of interest rate and exchange rate fluctuations on its overall financial position[143] - The Group maintained an automated reconciliation system, which significantly improved capital efficiency and accounting treatment effectiveness during the year[143] - The Group's treasury policy avoids high-risk investments, speculative derivatives, and financial products with significant leverage or risks[144] - The Group's remuneration policy rewards employees and directors based on performance, qualifications, demonstrated capabilities, and market comparable information[148] - The Board recommends a final dividend of RMB42.45 cents per share, totaling approximately RMB1,833.8 million[160][161] - The proposed final dividend is subject to shareholder approval at the Annual General Meeting

[Table_MainInfo] 公司研究/食品 证券研究报告 统一企业中国(0220.HK)公司研究报告 2024年03月 08日 盈利能力&分红提升，期待 24 年收入增速 复苏 [Table_Summary] 投资要点： 事件：2024 年 3月 6日公司披露 2023年末期业绩公告，其中实现总营业收  入 292.25亿元（YOY2.54%），实现主营收入285.91亿元（YOY1.2%），实现 归母净利润 16.67亿元（YOY36.4%）。此外公司公告分红约18.34亿元（对应 股利支付率109.99%）。 收入有所疲软，盈利能力提升。23年整体来看，收入毛利端，公司主营业务  收入同比增长 1.18%（自2020年以来公司收益年复合增长率达7.9%），此外 由于部分原物料价格回落及产品结构的优化，毛利率同比上升 1.49pct 至 30.47%，因此毛利额同比增长 6.40%。费用端，公司期间费用率同比上升 1.21pct，其中主要来自于销售费用率+1.13pc（t 销售费用增长主要系品牌建设、 营销资产折旧、业务人员薪酬同比增加所致）。此外 2023年全年公司处置位 于中国合肥的分厂部分土 ...

[Table_MainInfo] 公司研究/食品 证券研究报告 统一企业中国(0220.HK)公司研究报告 2024年03月 08日 [Table_InvestInfo] 盈利能力&分红提升，期待 24 年收入增 投资评级 优于大市 维持 速复苏 股票数据 0[3T月ab0l8e日_收St盘o价ck（InHfKoD]） 5.52 [Table_Summary] 52周股价波动（HKD） 4.30-5.64 投资要点： 总股本（百万股） 4319.33 总市值/流通市值（百万 21207.93 /21207.93 HKD）  事件：2024年3月6日公司披露2023年末期业绩公告，其中实现总营业收 相关研究 入292.25亿元（YOY2.54%），实现主营收入285.91亿元（YOY1.2%）， [《T下a半bl年e_营R收e加p速o，rt盈In利fo能] 力改善，继续看好 实现归母净利润 16.67 亿元（YOY36.4%）。此外公司公告分红约 18.34 亿 未来增长中枢提升》2023.03.13 元（对应股利支付率109.99%）。 《单三季度利润降幅明显收窄，期待后续利润 水平进一步改善回升》2022 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 220 （股份代號： ） 2023 年末期業績公告 財務摘要 • 28,591.3 1.2% 收益為人民幣 百萬元，較去年上升 。 • 30.5% 1.5 集團毛利率為 ，較去年上升 個百分點。 • 3,425.4 16.8% 未計利息、稅項、折舊及攤銷前盈利為人民幣 百萬元，較去年上升 。 • 1,667.1 36.4% 本公司權益持有人應佔溢利為人民幣 百萬元，較去年上升 。 末期股息 • 2023 42.45 建議 年末期股息每股人民幣 分。 ...

Interim Report 中期報告 CONTENTS 目錄 目錄 CONTENTS 頁次 Pages 2 公司資料 Corporate Information 4 管理層討論及分析 Management Discussion and Analysis 24 其他資料 Other Information 27 中期財務資料審閱報告 Report on Review of Interim Financial Information 29 簡明綜合中期損益表 Condensed Consolidated Interim Income Statement 30 簡明綜合中期全面收益表 Condensed Consolidated Interim Statement of Comprehensive Income 31 簡明綜合中期資產負債表 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 220 （股份代號： ） 2023 年中期業績公告 • 14,571.9 4.5% 收益為人民幣 百萬元，上升 • 31.1% 1.0 集團毛利率為 ，上升 個百分點 • 1,793.7 22.9% 未計利息、稅項、折舊及攤銷前盈利為人民幣 百萬元，上升 • 876.6 42.7% 本公司權益持有人期間應佔溢利為人民幣 百萬元，上升 統一企業中國控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然提呈本公司及其附屬公 2023 6 30 6 司（合稱「本集團」或「我們」）截至 年 月 日止 個月（「回顧期」）未經審核簡明綜合中期財務資 料。該簡明綜合中期財務資料未經審核，但已由董事會之審核委員會（「審核委員會」）及本公司獨 2410 立核數師羅兵咸永道會計師事務所按照香港會計師公會頒布之香港審閱準則第 號「由實體的 ...

统一企業中國控股有限公司 UNI-PRESIDENT CHINA HOLDINGS LTD. (a company incorporated in the Cayman Islands with limited liability) (一家於聞曼群島註冊成立的有限公司) (Stock Code 股份編號: 220) Annual Report 年報 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|------------|--------------------------|--------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 鲜橙多 314 | lllB | | | | | | | | ...