Core Viewpoint - Xiamen Yan's Nest Industry Co., Ltd. (referred to as "Yan's Nest") has entered the capital market after multiple IPO attempts, but its performance post-listing has been weak, with revenue growth accompanied by a significant decline in net profit in 2024 [1] Financial Performance - In 2024, Yan's Nest reported a revenue increase of 4.37% year-on-year to 2.05 billion yuan, while net profit plummeted by 24.18% to 160 million yuan, marking the first time net profit margin fell below 10% [1] - The sales revenue from pure bird's nest products was 1.795 billion yuan, accounting for 87.6% of total revenue, with a mere 0.06% growth year-on-year [2] Marketing and Cost Structure - Sales and distribution expenses surged by 19% year-on-year to 670 million yuan, representing 32.7% of total revenue, primarily due to high-profile endorsements and increased promotional costs [2] - The strategy of relying on celebrity endorsements and e-commerce channels has led to a significant increase in promotional expenses, with over 60% of revenue coming from e-commerce [2] Competitive Landscape - Yan's Nest faces intensified competition, with brands like Xiaoxian Stewed and pharmaceutical-backed companies entering the health market, while prices for ready-to-eat bird's nest products have dropped significantly [3] - The company's attempt to diversify with "bird's nest+" products has seen limited success, with these products only accounting for 11.3% of revenue and lacking technological barriers [3] Consumer Trust and Market Dynamics - The industry continues to grapple with trust issues, particularly following past incidents related to product safety, which have led to consumer skepticism about quality [3] - The core customer base is shifting, with younger consumers gravitating towards more affordable health products, while high-end customers are increasingly attracted to competing brands [3] Strategic Challenges - Yan's Nest's strategies, such as cost reduction through smart factories and expanding into county markets, are unlikely to reverse the profit decline in the short term [3] - Without significant breakthroughs in research and development or product innovation by 2025, the company's leading position in the market may be at risk [3]

| 股東如對末期股息的稅項有任何疑問，務請諮詢彼等的專業顧問。 | | | | | --- | --- | --- | --- | | 有關進一步詳情請見公司日期為2025年4月16日的通函。 | | | | | 股東類型 | | 稅率 | 有關代預扣所得稅之更多補充 | | | | | （如適用） | | 非居民企業 | | | | | （非中國內地登記地址） | | 10% | 公司向名列H股股東名冊的非居 | | | | | 民企業股東派發現金股息時, 須按 | | | | | 10%的稅率代扣代繳企業所得稅。 | | | | | 任何以非個人股東名義（包括以香 | | | | | 港中央結算（代理人）有限公司、 | | | | | 其他代名人、代理或受託人、其他 | | | | | 組織或團體名義）登記的H股均被 | | | | | 視為非居民企業股東所持的股份 | | 非個人居民 | | | | | （非中國內地登記地址） | | 10% | 如H股個人股東為香港或澳門居民 | | | | | 或其他與中國就向彼等派發的現金 | | | | | 股息簽訂10%稅率的稅收協議的國 | | | | | ...

Financial Performance - Revenue increased by 4.37% from RMB1,964.2 million in 2023 to RMB2,050.0 million in 2024[12] - Net profit for 2024 was RMB160.4 million, down from RMB211.6 million in 2023[12] - Gross profit rose by 1.79% from RMB994.9 million in 2023 to RMB1,012.8 million in 2024[33] - Net profit decreased by 24.18% from RMB211.6 million in 2023 to RMB160.4 million in 2024[33] - Revenue for the year ended December 31, 2024, is projected to be RMB 2.05 billion, reflecting a growth of 4.4% compared to RMB 1.96 billion in 2023[35] - Revenue from pure EBN products increased by 0.06% from RMB1,794.2 million to RMB1,795.4 million, while revenue from EBN+ and +EBN products surged by 63.31% from RMB142.0 million to RMB231.9 million[116] - Cost of sales rose by 7.01% from RMB969.3 million to RMB1,037.2 million, aligning with revenue growth[113] - Gross profit margin decreased to 49.4% in 2024 from 50.7% in 2023[161] - Net profit margin declined to 7.8% in 2024 compared to 10.8% in 2023[162] - Return on equity fell to 20.5% in 2024 from 33.3% in 2023[161] - Current ratio decreased to 1.7x in 2024 from 2.1x in 2023[161] - Gearing ratio slightly improved to 17.0% in 2024 from 17.3% in 2023[161] Sales and Market Position - Yan Palace maintained its leadership in the bird's nest industry, recognized as "No. 1 in national sales volume of EBN" and "World's largest EBN factory"[13] - The company maintained the largest market share in China's EBN market for eight consecutive years, indicating strong brand influence and sales growth[39] - The company ranked first in the China Brand Power Index (C-BPI®) EBN brand ranking for five consecutive years, showcasing its brand strength[40] - E-commerce revenue reached RMB 1.24 billion in 2024, accounting for 60.6% of total revenue, with a year-on-year increase of 12.5%[54] - The total number of online visitors in 2024 exceeded 340 million, representing a significant year-on-year increase of 47.9%[55] - Total annual orders in 2024 reached 1.389 million, marking a year-on-year increase of 36.2%[55] - The cumulative number of registered members on the platform in 2024 surpassed 8.3 million, enhancing the company's private domain traffic pool for precision marketing[55] Product Development and Innovation - The company launched innovative products such as One Nest – Orange Sincerity and E-Jiao bird's nest, enhancing growth drivers[18] - The company developed Bazhen freeze-dried bird's nest products available in over 300 Freshippo boutique supermarkets, and customized products for Sam's Club[67] - The company launched new EBN products, including One Nest – Orange Sincerity and One Nest – President, targeting the gift market and men's nutrition market respectively[80][83] - Cumulative sales of EBN porridge exceeded 7.358 million bowls in 2024, generating revenue of RMB 90.7 million, marking it as a new growth point for the company[81][83] - The company expanded its product offerings by scientifically combining EBN with new food raw materials, enriching consumption scenarios and flavors[76][79] Operational Efficiency and Technology - AI technology was leveraged to increase sales conversion and optimize operational efficiency[16] - The smart EBN factory commenced operations in May 2024, achieving over 200 million exposures through live streaming[22] - The new intelligent manufacturing industrial park increased production efficiency by over 30% through automation and innovative processes[84][87] - The intelligent management platform at the new factory integrates various subsystems, improving management response efficiency and enabling visualized control of the supply chain[85] - The company continues to deepen innovative research on EBN peptides, promoting recognition of their scientific value across the industry[82] Corporate Governance and Leadership - Wang Yalong has been a non-executive Director since May 25, 2023, and has extensive experience in investment management, previously serving as vice president at Everbright Financial Holdings[184] - Huang Danyan was appointed as an executive director on May 25, 2023, and is responsible for the company's supply chain, production, and procurement operations[186] - Xiao Wei has been an independent non-executive Director since December 2020, providing independent advice on the group's operations and management[190] - The company has a strong governance structure with a mix of executive and independent directors, enhancing oversight and strategic direction[193] - The board's diverse expertise in finance, supply chain, and legal matters positions the company well for future growth and market expansion[193] Strategic Goals and Future Plans - The company aims to double revenue in five years, focusing on composite nourishment solutions and expanding the health ecosystem[28] - The company plans to open offline stores in New York and Singapore by 2025 and launch cross-border e-commerce in the United States and Southeast Asia[99] - The company will enhance marketing efficiency through refined content operations, including short videos and key opinion leader recommendations[100] - The company will optimize channel structure to penetrate the mass market, targeting the top 100 counties with strong consumption power by 2025[94] - The company will strengthen the super single product of EBN porridge to construct an omni-regional growth model[96] - The company plans to develop high-potential new products for online distribution channels to promote long-term stable growth[101] - The company will leverage technology to build stronger protection from competition and deepen market value[105] Corporate Social Responsibility - The company actively engages in corporate social responsibility, including educational support and disaster relief efforts[23] - Collaborated with the National Research and Innovation Agency of Indonesia for scientific research on swiftlet ecology and industry standards[17] - In April 2024, the company led the drafting of China's first industry standard for edible bird's nest products, laying a normative foundation for the industry's healthy development[68]

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通告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任 何部分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。 XIAMEN YAN PALACE BIRD'S NEST INDUSTRY CO., LTD. 廈門燕之屋燕窩產業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1497） 普通決議案 (b) 就本決議案而言： 通過普通決議案方式，考慮並酌情通過是否修訂以下決議案為普通決議案： – 1 – 1. 有關2024年董事報告的決議案 2. 有關2024年獨立非執行董事報告的決議案 3. 有關2024年監事報告的決議案 4. 有關2024年年度報告的決議案 5. 有關2024年利潤分配的決議案 6. 有關2025年預算方案的決議案 7. 有關2024年經審計綜合財務報表的決議案 8. 有關2025年建議續聘核數師的決議案 特別決議案 年度股東大會通告 通過特別決議案方式，考慮並酌情通過是否修訂以下決議案為特別決議案： – 2 – 茲通告，廈門燕之屋燕窩產業股份有限公司（「本公司」）將於2 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已將名下廈門燕之屋燕窩產業股份有限公司的股份全部售出或轉讓，應立即將本通函連同隨附的代表委 任表格送交買主或承讓人或經手買賣或轉讓的銀行、持牌證券交易商或證券註冊機構或其他代理商，以便轉交 買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因依賴該等內容而導致的任何損失承 擔任何責任。 XIAMEN YAN PALACE BIRD'S NEST INDUSTRY CO., LTD. 廈門燕之屋燕窩產業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1497） (1) 2024年董事報告； 及 年度股東大會通告 董事會函件載於本通函第5至15頁。 廈門燕之屋燕窩產業股份有限公司謹訂於2025年5月9日（星期五）上午十時正於中國福建省廈門市思明區蓮前街 道前埔路188號才子匯22樓舉行年度股東大會，大會通告載 ...

Core Viewpoint - Wang Shi has been announced as the brand ambassador for Yanzhiwu's "President Bowl Bird's Nest," targeting the male health supplement market [1][3][4]. Group 1: Product and Pricing - The "President Bowl Bird's Nest" is sold in a pack of six bowls, priced at 3168 yuan, averaging 528 yuan per bowl [2][10]. - Yanzhiwu has reportedly sold nearly 10,000 boxes of the "President Bowl Bird's Nest," generating approximately 30 million yuan in revenue [11][12]. Group 2: Brand Strategy and Endorsements - Yanzhiwu has previously engaged high-profile endorsements, including Gong Li and Wang Yibo, to enhance brand visibility and appeal to different demographics [6][7]. - The choice of Wang Shi as a brand ambassador is seen as a strategic move to attract middle-aged male consumers, a demographic previously overlooked [9]. Group 3: Financial Performance - Yanzhiwu's revenue from 2021 to 2023 showed a steady increase, with figures of 15.07 billion yuan, 17.3 billion yuan, and 19.64 billion yuan, but the growth rate has been declining [7]. - In 2024, Yanzhiwu's revenue is projected to reach 20.5 billion yuan, a modest growth of 4.37%, while net profit is expected to decline by 24.18% to 1.6 billion yuan [8]. Group 4: Marketing and Sales Costs - Yanzhiwu's sales and marketing expenses have increased significantly, reaching 6.71 billion yuan in 2024, accounting for approximately 33% of total revenue [14]. - The cost structure indicates that a substantial portion of the price of the "President Bowl Bird's Nest" is allocated to sales expenses, with about 174 yuan per bowl spent on sales alone [15]. Group 5: Nutritional Value and Consumer Perception - There are concerns regarding the actual nutritional value of Yanzhiwu's products, with studies indicating that the nutritional content of their bird's nest products is inferior to that of common foods like eggs and milk [18][19]. - Despite claims of high nutritional value, many consumers find the taste of bird's nest products unappealing, raising questions about their market viability [18][22].

当74岁的地产大佬王石在广告片中打开一碗"总裁款"碗燕，燕之屋试图用这场跨界营销打破大众对燕窝多适用于女性滋补的认知，给其去年"未见水花"的男 士专属碗燕带来新一轮曝光。 然而，代言消息传出10日内，定价3168元的"总裁款"碗燕礼盒在三大电商平台的销售总量不足50单，不及同品牌其他千元级碗燕礼盒的零头。竞争愈发激烈 的燕窝市场中，另辟蹊径打开男士燕窝赛道，等待燕之屋的是更大市场还是更大挑战？不断扩大的代言人阵容和新品，能否帮助"燕窝第一股"摆脱净利下滑 窘境？ 王石代言"总裁款"碗燕遇冷 3月18日，74岁的万科集团创始人王石在个人微博发布一条广告宣传片并配文称，"燕之屋全球首款男人的燕窝——总裁燕窝，助力新高度，成就每一个挑 战。"画面中的王石经历登山、攀岩、读书、健身等场景后，表示"每一次挑战，健康始终是支点"，随后展示出一碗金黄色包装的燕之屋"总裁款"碗燕。燕 之屋也转发微博宣布"欢迎王石成为燕之屋品牌代言人"。 燕之屋表示，王石是企业家，也是攀登珠峰、横渡大西洋的极限运动挑战者，品牌将通过本次代言，开启在男士滋补领域的合作，王石也将以"用户+代言 人"双重身份诠释男士高端滋补新范式。 早在王石代言前 ...

签约仪式前，京东健康团队参观了燕之屋燕窝智能工厂，沉浸式体验燕窝行业的智能未来。燕之屋燕窝 智能工厂位于厦门市同安区，整个园区占地面积36亩，建筑面积82410㎡，于去年5月正式投产，致力于 引领全球燕窝制造技术，打造燕窝行业第一家绿色"智慧工厂"。在实地参观中，京东健康一行依次走访 燕窝文化展览馆、燕之屋生产车间、燕之屋燕窝研究院，直观地看到了燕之屋"高品质好燕窝"的产品生 产过程，见识到行业头部品牌卓越的智能制造实力。 正值燕之屋与京东携手共进的第11个年头，燕之屋依托京东强大的平台势能与资源整合能力，与京东健 康在打造燕窝品类线上增长实现了品牌声量与市场占有的双赢。为深化双方合作，共探燕窝行业新未 来，燕之屋携手京东健康举办战略合作签约仪式。京东健康CEO金恩林、京东健康副总裁、营养保健业 务部总经理宋昊航、京东健康市场营销部总经理王丁虓，燕之屋执行董事、总裁李有泉、燕之屋副总经 理、电商事业部总经理李良杰等双方高层代表及核心业务负责人共同出席本次会议。 会议伊始，燕之屋执行董事、总裁李有泉发表开场致辞，他说道："消费市场多元化趋势下，希望双方 积极思变应变，共同把健康市场做好、把企业做好，共同为客户创 ...

Core Viewpoint - The article discusses the challenges faced by Yan Zhi Wu, a leading brand in the bird's nest industry, as it attempts to pivot towards the male consumer market while grappling with declining sales and the controversy surrounding its high-priced products [3][4]. Company Performance - Yan Zhi Wu reported a revenue of 2.05 billion yuan for 2024, reflecting a slight increase of 4.37% year-on-year, but its net profit fell by 24.18% to 156 million yuan, marking the first negative growth in five years [3]. - The company's stock price has halved since its peak in 2024, with a market capitalization of less than 3 billion HKD as of March 21 [3]. Marketing Strategy - The company has invested heavily in sales and marketing, with expenses reaching 671 million yuan, accounting for 32.7% of total revenue, while research and development spending was only 28.54 million yuan, less than 5% of marketing costs [4]. - The launch of the "President Bowl Bird's Nest," marketed towards high-net-worth males, is seen as an attempt to break through growth bottlenecks, as the previous core consumer base of women aged 30-50 has become saturated [4]. Market Dynamics - The male health supplement market in China is projected to approach 100 billion yuan in 2024, presenting a new growth opportunity for Yan Zhi Wu [4]. - However, the relevance of bird's nest products to male consumers remains questionable, as initial sales of the new product were disappointing, with only 30 boxes sold in the first three days [4]. Brand Perception - Yan Zhi Wu's brand has been historically associated with high-end female consumers, making the transition to a male-oriented market challenging [4]. - The company relies heavily on its pure bird's nest product line, which accounts for over 90% of its revenue, and faces difficulties in diversifying its product offerings [4]. Industry Trends - The shift from a "wealthy women's economy" to a "male elite narrative" reflects broader anxieties within the traditional health supplement industry [5]. - As consumers become more rational, the industry faces the urgent challenge of using scientific backing to dispel the "intelligence tax" label and innovate products for diverse consumption scenarios [5].

Summary of Yanzhi House Conference Call Company Overview - **Company**: Yanzhi House - **Year**: 2024 - **Revenue**: 2.05 billion CNY - **Profit**: 160 million CNY - **Revenue Structure**: Online channels accounted for 60.6%, while offline channels accounted for 39.4% [3][4] Key Financial Metrics - **Online Gross Margin**: 45% - **Offline Gross Margin**: 55.7% - **Sales Expense Ratio**: Increased to 32.7% from 28.7% - **Management Expense Ratio**: Decreased to 6.6% from 8.1% - **R&D Expense Ratio**: Maintained at approximately 1.4% [4][5][6] Sales and Marketing Strategies - **Brand Endorsement**: Utilized dual celebrity endorsement strategy with Gong Li and Wang Yibo, leading to a 47% increase in online traffic and a 36% increase in total transaction users [4][7] - **Membership Growth**: Registered members exceeded 8.3 million, enhancing targeted marketing efforts [4][11] - **Online Sales Growth**: Achieved a 12.5% increase in online sales, surpassing industry average growth [11] Product Development and Innovation - **Product Mix**: Pure bird's nest products remained stable, while bird's nest plus and derivative products increased from 7.2% to 11.3% of total sales [4][5] - **New Product Launches**: Introduced various innovative products, including bird's nest porridge, which achieved a revenue target of 90 million CNY in 2024 [12][21] Market Expansion - **International Presence**: Opened stores in Flushing, New York, and plans to open in Singapore. Products are now available in California Costco and other premium supermarkets [4][8] - **Channel Strategy**: Focused on optimizing existing channels in high-tier cities and expanding into top 100 counties and major supermarkets [13][19] Research and Development - **Industry Standards**: Led the drafting of industry standards for bird's nest products and collaborated with Peking University for human trials on fresh bird's nest [9] - **Health Research**: Engaged in research on the health benefits of bird's nest, including partnerships with other health brands [9][21] Future Growth Plans - **Revenue Doubling Goal**: Aiming to double revenue in the next five years by deepening the value of bird's nest and expanding health ecosystems [10] - **Product Strategy**: Focus on high-end positioning while meeting diverse consumer needs with a range of products [10][22] - **Marketing Adjustments**: Plans to reduce hard advertising costs in favor of deeper interactions with brand ambassadors [24] Challenges and Responses - **Sales Performance in Specific Markets**: Addressed poor sales in Guiyang and Nanning by reclaiming market control from underperforming distributors [19] - **Offline Sales Pressure**: Maintained offline advantages through high-end channel networks and customer engagement strategies [16] Financial Outlook - **2025 Projections**: Anticipates double-digit growth in both revenue and profit, with a focus on balancing profit margins with sales growth [25]