近日，在成都举行的"2025中国食品行业趋势发布会"上，养元饮品旗下六个核桃荣膺"中国食品工业发 展70年领军企业"殊荣。中国食品产业分析师指出，作为中国植物蛋白饮料行业的领军品牌，六个核桃 在推动核桃产业转型升级和持续创新方面成效显著。此次获评，不仅记录了六个核桃二十余年的创新足 迹，也见证了中国食品工业从规模扩张到价值创造的战略转型。 全产业链布局筑牢品质根基 据介绍，在食品行业数十年的发展历程中，周期性波动的挑战一直存在，优秀的品牌能够穿越周期，实 现持续发展。六个核桃便是其中的佼佼者，它用二十年时间在核桃产业中深深扎根。 作为国内最大的核桃深加工企业，六个核桃自创立之初就确立了新疆、云南、太行山三大黄金产区的专 属原料基地布局，并实施"3·6·36"采购标准，涵盖6大检测指标和36项理化指标，从源头确保了产品品 质。每年的核桃使用量超过1亿公斤，2024年获得弗若斯特沙利文"核桃采购量全国第一"认证。 据悉，在激烈的市场竞争中，六个核桃持续保持领先优势，得益于其不断的研发投入。熟悉食品饮料行 业的分析人士表示"没有任何捷径可走，如果说对品质的坚守是六个核桃的生存根基，那么对科研的极 致投入则塑造了它的 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 5.27 HKD per share based on a 14x PE valuation for 2025E [9]. Core Insights - The company reported total revenue of 21.49 billion RMB for 2024, reflecting a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 861 million RMB, up 3.36% year-on-year. The second half of the year showed significant revenue growth improvement, driven by average price increases despite a decline in sales volume [2][8]. - The gross profit margin increased by 2.61 percentage points to 37.79%, with gross profit rising by 7.65% year-on-year. The sales expense ratio increased due to heightened market competition and promotional spending [2][8]. - The company is focusing on restructuring to enhance customer experience and operational efficiency, with notable performance in the soda and functional drinks categories [2][8]. Financial Data and Forecast - Total revenue projections for 2025-2027 are 23.13 billion RMB, 24.62 billion RMB, and 26.05 billion RMB, respectively. Net profit attributable to shareholders is expected to be 975 million RMB, 1.10 billion RMB, and 1.24 billion RMB for the same years, with corresponding EPS of 0.35 RMB, 0.39 RMB, and 0.44 RMB [2][5][8]. - The company achieved revenue of 16.37 billion RMB in the soda category for 2024, a year-on-year increase of 2.50%, maintaining the leading market share [3][8]. - The juice category reported revenue of 3.13 billion RMB, down 7.46% year-on-year, focusing on profit packaging development [3][8]. Business Strategy and Performance - The company is optimizing its customer structure and marketing network, achieving significant growth in direct sales and maintaining a controllable business revenue ratio of approximately 90% [4][5]. - The smart retail business has shown rapid revenue growth, and the COFCO Enjoy Club has also seen revenue increases with improved average product prices [2][8]. - The company is expanding its product offerings, including new packaging for soda and innovative marketing strategies targeting younger consumers [3][4][8].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company's revenue is under pressure due to weak short-term demand, but its core product market share remains stable, and efforts to improve quality and efficiency are expected to enhance profitability [5][7]. - The company achieved total revenue of 21.492 billion HKD in 2024, with a year-on-year growth of 0.2%, and a net profit attributable to the parent company of 861 million HKD, reflecting a year-on-year increase of 3.36% [7]. - The report emphasizes significant improvement in revenue growth in the second half of the year, driven by an increase in average prices, despite a decline in sales volume [7]. Financial Data and Forecast - Total revenue projections for the company are as follows: 2023: 21.511 billion HKD, 2024: 21.492 billion HKD, 2025E: 23.133 billion HKD, 2026E: 24.617 billion HKD, 2027E: 26.049 billion HKD [6]. - Net profit forecasts are: 2023: 833 million HKD, 2024: 861 million HKD, 2025E: 975 million HKD, 2026E: 1.103 billion HKD, 2027E: 1.235 billion HKD [6]. - The report projects a diluted EPS of 0.30 HKD for 2023, increasing to 0.31 HKD in 2024, and reaching 0.44 HKD by 2027 [6]. Market Performance - The company’s soda category showed resilience with a revenue of 16.373 billion HKD in 2024, growing by 2.5% year-on-year, maintaining the leading market share despite overall market decline [7][8]. - The juice category experienced a revenue decline of 7.46%, totaling 3.134 billion HKD, but profitability metrics improved [8]. - The water category saw a significant revenue drop of 28.57%, amounting to 0.891 billion HKD, with plans to focus on high-quality water products in the future [8]. Strategic Initiatives - The company is focusing on restructuring its marketing network and enhancing direct sales, achieving a significant increase in the number of direct service customers [9][10]. - The digital transformation efforts through platforms like the "Happy Meeting" mini-program have led to double-digit growth in online sales [10]. - The report notes that the company is actively engaging with younger consumers through innovative marketing strategies, including campus events and promotions [9].

Group 1 - The 2025 (Spring) China Food Industry Trend Release Conference was held during the 112th National Sugar and Wine Commodity Fair, showcasing the latest trends, data, investment reports, and new products in the food industry [1] - In 2024, the food industry accounted for 4.7% of total assets in large-scale industries, 6.6% of revenue, and 8.7% of profits, contributing positively to high-quality industrial development [1] - The food industry faces a complex external environment in 2025, with a gradual recovery in internal effective demand, emphasizing the need to enhance food consumption through safety, variety, and new consumption scenarios [1] Group 2 - The "Tribute to 70 Years of Food Industry Development - Great National Food Craftsmen" award was presented to ten individuals, highlighting their contributions to the industry [2] - Notable companies recognized as part of the 70 brands in the food industry include Yili, Mengniu, Feihe, Shuanghui, and Moutai, reflecting their significant role in the sector's development [2]

Core Insights - The article highlights the recognition of Wangwang Group at the "China Food Industry Trend Release Conference," where it received the "Double 70" honor for its significant contributions to the high-quality development of the Chinese food industry [1][6]. Group 1: Company Achievements - Wangwang Group was awarded the title of "70 Brands in China's Food Industry Development" and its Production and R&D Director, Cao Yongmei, was recognized as one of the "70 People in China's Food Industry Development" [1][6]. - The company has evolved from producing rice snacks to a diversified product matrix that includes snacks, dairy products, and beverages, with iconic products like Wangzai Milk and QQ Candy [2][6]. - Wangwang has consistently invested in R&D, launching products targeting specific consumer groups, such as the FixXBody series for health-conscious individuals and Bond Coffee for office consumers [2][6]. Group 2: Social Responsibility and Sustainability - Wangwang Group actively practices social responsibility and is committed to sustainable development, having received numerous accolades such as the "China Industrial Award" and "National Green Factory" [3][6]. Group 3: Leadership and Innovation - Cao Yongmei, with a PhD in Food Science and an MBA, has played a crucial role in enhancing production efficiency and product quality at Wangwang Group [4][5]. - Under her leadership, the company has implemented world-class management practices and developed its unique Wangwang Standard Management System (WSM), achieving significant improvements in quality and resource efficiency [5][6]. Group 4: Future Outlook - Wangwang Group aims to continue its legacy of "inheritance and innovation," increasing R&D investment to create more high-quality products and contribute to the high-quality development of the Chinese food industry [6].

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份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：506） （於百慕達註冊成立之有限公司） 截至2024年12月31日止年度 之全年業績公告 業績摘要 中國食品有限公司（「本公司」或「中國食品」）及其附屬公司（統稱「本集團」）截至2024年12 月31日止年度（「本年度」）的末期業績與2023年同期業績相比如下： | | | 截至2024年 | 截至2023年 | | | --- | --- | --- | --- | --- | | | | 12月31日 | 12月31日 | | | | | 止年度 | 止年度 | 變動 | | | | （人民幣 | （人民幣 | | | | | 百萬元） | 百萬元） | | | • | 收入 | 21,492 | 21,446 | +0.2% | | • | 毛利率 | 37.8% | 35.2% | +2.6ppt | | • | 經調整EBIT* | 1,865.9 | 1,757.4 | +6. ...

Business Operations - China Foods holds an exclusive franchise to manufacture and distribute Coca-Cola products across 19 provincial-level regions, covering approximately 50% of mainland China's population[10]. - The company has around 10,000 salespersons serving over 2.5 million customers, with controllable business orders accounting for nearly 90% of overall business[10]. - The smart retail business achieved rapid revenue growth during the interim period, with equipment units ranking among the best in the industry[11]. - COFCO Yuexiang Club saw a year-on-year revenue increase, with gross profit margins improving and its D2C business more than doubling[11]. - The sparkling drinks category maintained a market share of over 50% in operating regions, outperforming major competitors[24]. - The ready-to-drink coffee segment experienced a double-digit year-on-year revenue increase, driven by the introduction of new flavors like Vanilla Cheesecake Latte and Hazelnut White Chocolate Latte[31][32]. - The smart retail business expanded its device count, achieving nationwide coverage across 31 provinces and over 280 cities, with continued rapid year-on-year revenue growth[35][36]. Financial Performance - In the first half of 2024, China Foods reported a revenue of RMB 11,335.1 million, a decline of 9.0% compared to RMB 12,455.9 million in the same period of 2023[21]. - The gross profit margin decreased by 0.9 percentage points year-on-year, reflecting challenges in the sparkling drinks category due to reduced demand[21]. - The overall revenue decreased by 9.0% year-on-year, primarily due to a 15.7% drop in sales volume[38][42]. - Other income, gains, and losses decreased by 41% year-on-year, largely due to a one-off gain from asset disposal recorded in the previous period[40][44]. - The company reported a profit and total comprehensive income of RMB 5,077,951 for the period ended June 30, 2024, up from RMB 4,694,741 for the same period in 2023, reflecting a growth of approximately 8.2%[94]. - The profit before tax for the first half of 2024 was RMB 1,269,297,000, compared to RMB 1,327,611,000 in the first half of 2023, indicating a decrease of about 4.4%[146]. - Profit before tax was RMB 1,269,297, a decrease of 4.4% from RMB 1,327,611 in the prior year[86]. Market Trends - China's GDP reached RMB 61.68 trillion in the first half of 2024, with a year-on-year growth of 5.0%[17]. - Per capita consumption expenditure in China grew by 6.7% year-on-year, supporting overall sales in the non-alcoholic ready-to-drink sector[17]. Product Development - The "Minute Maid" brand launched a new visual identity system to strengthen consumer connections, enhancing brand image and product packaging[26]. - The new "Chun Yue pH9.0+ White Peach Flavoured Soda Water" was introduced, achieving tens of millions in revenue shortly after launch[28]. - The newly launched "Pure Joy pH9.0+ Sparkling Water" and "LOHAS Natural Sparkling Water" have achieved significant sales, with the latter becoming a million-unit seller within months of its launch[30]. - China Foods plans to enhance the profitability of its water segment by promoting mainstream and premium water products[29]. Corporate Governance - The Company complied with the Corporate Governance Code throughout the reporting period, except for specific provisions C.2.1 and F.2.2[66]. - The Chairman and Chief Executive roles are held by the same individual, Mr. Qing Lijun, which is an exception to the governance code[67]. - The new appointments and resolutions reflect the company's ongoing commitment to corporate governance and transparency[75]. Financial Position - As of June 30, 2024, the Group's net assets attributable to owners of the parent were approximately RMB6,167 million, an increase from RMB6,015 million as of December 31, 2023[47]. - The Group's net cash position was approximately RMB3,662 million as of June 30, 2024, up from RMB2,293 million as of December 31, 2023, with a gearing ratio of nil[47]. - Current assets increased to RMB 6,673,432, up from RMB 5,975,180 as of December 31, 2023[88]. - Total equity attributable to owners of the Company rose to RMB 6,166,675, compared to RMB 6,015,432 at the end of 2023[90]. - The total equity as of June 30, 2024, was RMB 10,203,025, compared to RMB 9,405,608 as of June 30, 2023, indicating an increase of about 8.5% year-over-year[94]. Employee and Management - The Group employed 17,821 staff as of June 30, 2024, down from 18,889 as of December 31, 2023[50]. - The Group emphasizes a "contributor-oriented" talent development concept, providing a robust career development platform and comprehensive training[54]. - The total compensation to key management personnel was RMB 8,423,000, a decrease of 8.3% from RMB 9,185,000 in the same period of 2023[157]. Cash Flow and Investments - For the six months ended June 30, 2024, the net cash from operating activities was RMB 1,639,722, an increase from RMB 1,478,089 in the same period of 2023, representing a growth of approximately 10.9%[96]. - The net cash used in investing activities for the six months ended June 30, 2024, was RMB 211,619, slightly higher than RMB 202,245 in the same period of 2023[96]. - Cash and cash equivalents at the end of the period on June 30, 2024, were RMB 3,661,582, compared to RMB 2,276,257 at the end of June 30, 2023, showing a significant increase of approximately 60.8%[98]. Shareholder Information - As of June 30, 2024, China Foods (Holdings) Limited holds 2,072,688,331 shares, representing approximately 74.10% of the issued shares[60]. - The total number of issued shares of the Company as of June 30, 2024, is 2,797,223,396 shares[65]. - The Group's weighted average number of ordinary shares remained constant at 2,797,223,396 for both periods[122][126].

Investment Rating - The report assigns an "Outperform" rating to the company [1][7]. Core Views - The company reported a total revenue of 11.379 billion yuan for the first half of 2024, a year-over-year decline of 8.9%, with a net profit of 565 million yuan, down 5.89% year-over-year [2][3]. - Weak demand and rising aluminum prices have pressured revenue and gross profit, but active cost optimization measures have helped maintain profitability [2][3]. - The company is focusing on product brand restructuring and optimizing its product mix to enhance customer experience and operational efficiency [3][5]. Summary by Sections Financial Performance - In the first half of 2024, the company's main business revenue decreased by 9.00% to 11.335 billion yuan, with a sales volume drop of 15.7% [2][3]. - The gross margin fell by 0.91 percentage points to 34.56%, resulting in a gross profit decline of 11.33% to 3.918 billion yuan [2][3]. - The company implemented cost optimization strategies, reducing the expense ratio by 1.84 percentage points [2][3]. Product Performance - The company's market share in the soda category remains above 50%, despite a revenue decline of 7.83% to 8.577 billion yuan [3][5]. - Juice category revenue fell by 14.00% to 1.661 billion yuan, reflecting overall industry pressure [3][5]. - Water category revenue saw a significant drop of 32.3% to 532 million yuan, attributed to intense price competition in the bottled water market [5]. - Other products, including ready-to-drink coffee, grew by 30.55% to 564 million yuan, indicating strong performance in this segment [5]. Future Outlook - The company expects to maintain stable growth in its soda business, projecting a revenue decline of 4% for 2024, with a recovery anticipated in the second half of the year [6]. - The juice business is also expected to improve, with a projected revenue decline of 5% for 2024 [6]. - The water category is forecasted to face challenges, with revenue predictions of -30% for 2024 [6]. - Other business segments are expected to grow significantly, with revenue growth forecasts of 30% for 2024 [6]. Valuation - The company is projected to achieve total revenues of 20.584 billion yuan in 2024, with net profits of 838 million yuan, corresponding to an EPS of 0.30 yuan [7][10]. - The report suggests a PE valuation range of 11-14 times for 2024, translating to a share price range of 3.30-4.20 HKD [7][8].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 11,335.1 million, a decrease of 9.0% compared to RMB 12,455.9 million in the same period of 2023[2] - Gross profit margin decreased to 34.6%, down 0.9 percentage points from 35.5% in the previous year[2] - Adjusted EBIT for the period was RMB 1,271.9 million, an increase of 2.8% from RMB 1,237.7 million in 2023[2] - Adjusted EBITDA rose to RMB 1,682.5 million, reflecting a 1.2% increase from RMB 1,662.8 million in the prior year[2] - The company reported a net profit of RMB 965.5 million for the period, down from RMB 1,016.9 million in the same period last year[6] - Basic and diluted earnings per share decreased to RMB 20.21, compared to RMB 21.47 in the previous year[6] - Total revenue for the six months ended June 30, 2024, was RMB 11,335,111,000, a decrease of 9.0% compared to RMB 12,455,896,000 for the same period in 2023[14] - Revenue from carbonated beverages was RMB 8,577,161,000, down from RMB 9,305,769,000, representing a decline of 7.8%[14] - Juice revenue decreased to RMB 1,661,095,000 from RMB 1,931,396,000, a drop of 13.9%[14] - Other income for the six months ended June 30, 2024, was RMB 134,846,000, an increase of 8.5% from RMB 123,985,000 in the same period of 2023[18] - Basic earnings per share for the period were RMB 565,232,000, compared to RMB 600,610,000 for the same period in 2023, reflecting a decrease of 5.9%[25] - The total cost of goods sold for the six months ended June 30, 2024, was RMB 7,423,252,000, compared to RMB 8,067,854,000 in 2023, indicating a decrease of 8.0%[21] - The gross margin for the first half of 2024 decreased by 0.9 percentage points compared to the previous year[38] - In the first half of 2024, the company's revenue decreased by 9.0% year-on-year, primarily due to a 15.7% drop in sales volume[48] - The gross profit margin declined year-on-year, influenced by a significant increase in procurement prices for aluminum cans, while other major raw material prices remained stable[48] Cash and Assets - Cash and cash equivalents increased significantly to RMB 3,661.6 million from RMB 2,293.0 million at the end of 2023[8] - Total assets as of June 30, 2024, were RMB 10,765.8 million, compared to RMB 10,266.0 million at the end of 2023[8] - The company's trade receivables as of June 30, 2024, were RMB 633,739,000, an increase from RMB 369,973,000 as of December 31, 2023[27] - As of June 30, 2024, accounts payable increased to RMB 974,887,000 from RMB 774,354,000 as of December 31, 2023, representing a growth of 25.9%[28] - As of June 30, 2024, the company's cash and cash equivalents totaled approximately RMB 3.662 billion, up from RMB 2.293 billion at the end of 2023[51] - The company has no interest-bearing bank borrowings, maintaining a zero leverage ratio as of June 30, 2024[52] Dividends and Shareholder Returns - The company did not declare an interim dividend for the period[2] - The company declared a final dividend of RMB 413,989,000 for the year ended December 31, 2023, compared to RMB 337,361,000 for the previous year, an increase of 22.7%[24] - The board did not declare an interim dividend for the period ending June 30, 2024, consistent with the previous year[55] Operational Insights - The distribution and selling expenses ratio improved to 22.5%, down from 24.4% in the previous year[2] - The company operates in 19 provincial-level regions in China, covering approximately 50% of the population, with a sales team of about 10,000 serving over 2.5 million customers[34] - The company aims to enhance operational efficiency and profitability through supply chain optimization and digital transformation initiatives[35][36] - The non-alcoholic beverage industry in China showed stable sales performance, with GDP growth of 5.0% year-on-year in the first half of 2024[37] - The company plans to focus on product quality, efficiency improvements, and innovation to achieve sustainable high-quality development[35][36] - The smart retail business expanded its scale, covering over 280 cities across 31 provinces, with revenue maintaining rapid growth[45] Acquisitions and Subsidiaries - The company acquired five subsidiaries for a total consideration of RMB 554,179,000, with cash and cash equivalents amounting to RMB 51,064,000 included in the acquisition[31] - Revenue from the five acquired subsidiaries for the period from January 1, 2023, to June 30, 2023, was RMB 32,000, with a net profit of RMB 8,996,000[33] - The company received cash payments of RMB 63,000,000 related to the acquisition during the interim period[31] Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with all applicable code provisions, except for C.2.1 and F.2.2[55] - The chairman and CEO roles are held by the same individual, Mr. Qing Lijun, which the board believes benefits the execution of business strategies[56] - The board consists of six experienced members, ensuring a balance of power and authority within the management[56] - The interim financial information for the six months ending June 30, 2024, has been reviewed by the company's auditors[58] - The interim report will be published on the company's website and the Hong Kong Stock Exchange's disclosure platform at an appropriate time[59] Employee Matters - As of June 30, 2024, the group employed 17,821 employees in mainland China and Hong Kong, a decrease from 18,889 employees as of December 31, 2023[54] - The company emphasizes the importance of talent development and has established policies to ensure employee rights and non-discrimination[54] - The company provides various employee benefits, including retirement and medical insurance, in compliance with local laws[54]

研究报告 Research Report 18 Jul 2024 中国食品 China Foods (506 HK) 碳酸业务阶段性承压,低估值高股息值得关注 Carbonated is under pressure, low valuation and high dividends are worth paying attention to [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |-----------------------------------------------|---------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$2.80 | | 目标价 | HK$3.54 | | HTI ESG | 2.4-3.4-4.0 | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | --- | --- | |--------- ...