毛利率的话会在这个是一个这个逐步U型回暖的这么一个过程啊那么今年明年上半年的毛利率可能会比今年毛利率更好啊那么明年下半年比明年上半年会更好啊逐步再回到一个常态化的一个毛利率啊那么在这个26年之后我们再回到一个这个我们觉得normalize可能是一个 那么在净利润这端的话 我也会一方面随着我们的这个销售规模和毛利的回归也会在逐步在二五年下半年回来那么明年我们还会继续有一些这个 本增效的举措那么这24年大家知道是我们在包括市场营销这些投入上是有一个投入的一个peak这些其实有些是比较one off一次性的费用包括像资金费然后有灾人等等这些其实是相对one off的净化我们提供的过多的市场营销的费用那么在其他的然后研究 这个优化的我们觉得费用率呢长期来看的话也是比较稳定能够平化的所以从这个收入上来看我们觉得这个二五年还是能保持稳定然后这个成本也是在逐步的这个平化利润的话可能在这个二五年下半年之后回到一个这个回升的一个状态 以上好的谢谢左总下一个问题是关于港武通初通的问题因为我们也观察到其实公司市值确实还是有一定的回调那么回调之后的话其实可能和港武通的标准可能就是有一些大了差距就大了公司是不是也预期可能会在 未来的某 ...

•周二：避险需求推动美债收高，收益率曲线走平，美国2年期国债收益率基本持平，报4.2803%，美国 10年期国债收益率下跌1.77个基点，报4.3962%。 俄乌战争升级导致避险情绪升温，欧元区债券上涨，欧洲股市跌至8月份以来最低，国防股大涨，英国 10年期国债收益率下跌2.3个基点，报4.442%，德国10年期国债收益率下跌3.6个基点，报2.338%。 （数据来源：彭博、债券交易平台汇总） ...

•周一：美国国债周一扭转跌势收高。 在早盘收益率上升之后，期货市场出现逢低买进的大宗买盘，美国2年期国债收益率下跌2.31个基点， 报4.2802%，美国10年期国债收益率下跌2.56个基点，报4.4138%。 随着市场下调欧洲央行降息押注，德国国债收益率下跌，欧洲股市走低，英国10年期国债收益率下跌 0.6个基点，报4.465%，德国10年期国债收益率上涨1.8个基点，报2.373%。 （数据来源：彭博、债券交易平台汇总） ...

•周五：美国国债收盘涨跌互现，收益率曲线趋平，继续受到美国大选结果的影响，2年期美国国债收益 率上涨5.45个基点，报4.2539%，10年期美国国债收益率下跌2.14个基点，报4.3043%。 德国和英国国债上涨，投资者平仓"特朗普交易"。 欧洲股市连续第三周收低，历峰集团上半财年利润大幅下滑，英国10年期国债收益率下跌6.3个基点， 报4.435%，德国10年期国债收益率下跌7.8个基点，报2.367%。 （数据来源：彭博、债券交易平台汇总） ...

•周五：美国国债下跌，抹去非农就业报告带来的涨幅，2年期美国国债收益率上涨3.52个基点，报 4.2054%，10年期美国国债收益率上涨9.92个基点，报4.3836%。 英国国债抛售潮逐渐消退，投资者在英国公布政府预算案后趁着高收益率入场。 利洁时飙升提振欧洲股市，英国10年期国债收益率下跌0.1个基点，报4.445%，德国10年期国债收益率 上涨1.5个基点，报2.405%。 （数据来源：彭博、债券交易平台汇总） ...

周四：美国国债小幅上涨，摆脱英债大跌拖累，美国2年期国债收益率下跌1.23个基点，报4.1702%，美 国10年期国债收益率下跌1.6个基点，报4.2844%。 英国国债大跌，英国政府宣布扩张性财政政策后，货币市场大幅削减对英国央行降息幅度的押注。 欧洲股市录得一年来最大单月跌幅，法国巴黎银行等公司财报令人失望，英国10年期国债收益率上涨 9.4个基点，报4.446%，德国10年期国债收益率上涨0.2个基点，报2.39%。 （数据来源：彭博、债券交易平台汇总） ...

Store Operations and Expansion - The company upgraded nearly 6,000 franchised stores to enhance brand awareness[3][5] - The Group's offline store network expanded to 6,025 stores across 190 cities in 22 provinces and municipalities in China as of June 30, 2024[66] - The Group recorded a net increase of 67 retail stores in H1 2024 compared to June 30, 2023[66] - Total retail stores increased by 1.1% from 5,958 in June 2023 to 6,025 in June 2024, driven by franchisee confidence in China's fruit retail industry[67][68] - Total retail stores decreased by 1.1% from 6,093 in December 2023 to 6,025 in June 2024 due to reduced consumer spending and increased rent[67][68] - Revenue from franchised stores supervised by the Group was RMB 4,004,869 thousand in 2024, accounting for 99.3% of total revenue[70] - The company upgraded nearly 6,000 franchised stores in H1 2024 to enhance brand awareness, including standardizing store decorations and optimizing product displays[70][72] - Two large-scale innovative stores exceeding 150 square meters were operational in Yueyang City, Hunan Province as of June 30, 2024[72] - The number of franchised stores decreased by 1.9% from 4,795 in 2023 to 4,707 in 2024[111] - Average half-year revenue per franchised store decreased by 13.7% from RMB1.0 million in 2023 to RMB0.9 million in 2024[111] - Number of franchised stores supervised decreased by 1.9% from 4,795 in June 2023 to 4,707 in June 2024, with average semi-annual revenue per store dropping 13.7% from RMB1.0 million to RMB0.9 million[113] Sales and Revenue Performance - The sales of fruit gift boxes accounted for 13.0% of total store sales in the first half of 2024[3][5] - The 2B business unit grew by approximately 30.0% year-on-year in the first half of 2024[6][8] - Shenzhen Banguo achieved a gross merchandise value (GMV) of RMB1,469.7 million in the first half of 2024[6][8] - The company introduced 42 category brands, accounting for 16.0% of total store sales as of June 30, 2024[6][9] - The Group's revenue decreased by 11.1% from RMB6,294.3 million in H1 2023 to RMB5,594.1 million in H1 2024[63] - The Group's gross profit decreased by 13.2% from RMB712.5 million in H1 2023 to RMB618.5 million in H1 2024[63] - The Group's profit attributable to owners decreased by 66.1% from RMB260.8 million in H1 2023 to RMB88.5 million in H1 2024[63] - Revenue from direct sales of fruits and other food products increased by 30.0% to RMB712.8 million in the first half of 2024 compared to the same period in 2023[79][81] - Overseas market direct sales of fruits increased by 29.4% year-on-year in the first half of 2024[79][81] - Shenzhen Banguo's GMV reached RMB1,469.7 million in the first half of 2024, with the addition of 1 main warehouse and 138 city warehouses[79][82] - Excellent and Grade A fruits accounted for 64.0% of the company's gross store retail sales in the first half of 2024[83][85] - Self-branded fruits accounted for 16.0% of the company's gross store retail sales in the first half of 2024[83][85] - The company launched 5 new Excellent fruit brands in the first half of 2024, bringing the total to 42[83][85] - Total revenue decreased by 11.1% from RMB6,294.3 million in 2023 to RMB5,594.1 million in 2024[104] - Revenue from sales of fruits and other food products accounted for 97.2% of total revenue in both 2023 and 2024[104] - Direct sales revenue increased by 30.0% from RMB548.3 million in 2023 to RMB712.8 million in 2024[107] - Revenue from franchised stores decreased by 15.2% from RMB4,732.1 million in 2023 to RMB4,011.8 million in 2024[107] - Overseas market sales increased by 29.4% from RMB109.0 million in 2023 to RMB141.0 million in 2024[108] - Domestic market sales to 2B customers increased by 30.2% from RMB439.3 million in 2023 to RMB571.8 million in 2024[109] - Cost of sales decreased by 10.9% from RMB5,581.8 million in H1 2023 to RMB4,975.6 million in H1 2024, in line with reduced revenue from fruit and other food sales[112][114] - Gross profit decreased by 13.2% from RMB712.5 million in H1 2023 to RMB618.5 million in H1 2024, with gross profit margin slightly declining from 11.3% to 11.1%[113][115] - Other income increased by 27.7% from RMB21.5 million in H1 2023 to RMB27.4 million in H1 2024, primarily due to increased government grants[117][121] - Selling expenses increased by 22.6% from RMB242.0 million in H1 2023 to RMB296.6 million in H1 2024, driven by brand renewal campaign costs[119][123] - Administrative expenses increased by 14.9% from RMB146.9 million in H1 2023 to RMB168.7 million in H1 2024, due to higher staff costs and legal fees[120][124] - Research and development expenses decreased by 10.5% from RMB74.1 million in H1 2023 to RMB66.3 million in H1 2024, primarily due to reduced R&D headcount[127][130] - Finance income increased by 35.8% from RMB20.5 million in H1 2023 to RMB27.9 million in H1 2024, while finance costs rose 36.7% from RMB38.4 million to RMB52.5 million due to increased bank borrowings[128][131] - Profit before tax decreased by 63.6% from RMB272.5 million in H1 2023 to RMB99.3 million in H1 2024, mainly due to reduced retail sales and increased brand renewal expenses[134] - Income tax expense decreased by 30.2% from RMB21.9 million in H1 2023 to RMB15.3 million in H1 2024, primarily due to reduced operating profit and taxable income[135][139] - Net profit decreased by 66.5% from RMB250.5 million in H1 2023 to RMB84.0 million in H1 2024, with net profit margin dropping from 4.0% to 1.5%[136][140] - Profit before tax decreased by 63.6% from RMB272.5 million in H1 2023 to RMB99.3 million in H1 2024, mainly due to reduced retail sales and increased brand renewal expenses[138] - Share of losses from associates and joint ventures was RMB4.0 million in H1 2024, compared to a profit of RMB7.5 million in H1 2023[137] - Adjusted net profit for H1 2024 was RMB88.9 million, with an adjusted net profit margin of 1.6%, after adding back share-based payment expenses of RMB4.96 million[147] Marketing and Brand Awareness - The company held two Excellent fruits press conferences in April and July 2024 to enhance consumer awareness[6][9] - The company implemented a new strategy of "expert and leader in high-quality fruit industry" at the beginning of 2024[4][10] - The company aims to become a world-leading fruit eco-technology company[11] - The company's mission is to offer delicious fruits and enjoyable lifestyle to people[12] - The company's core values include conscience, trust, altruism, innovation, and results[13] - Douyin live broadcast views reached 70.93 million in H1 2024, a 218.5% increase compared to the same period in 2023[74][75] - The company achieved over 100 million exposures in a single month and daily single product sales exceeding RMB 500,000 on Douyin instant retail in H1 2024[75] - Fruit gift box sales increased from 10.6% of total store sales in 2023 to 13.0% in H1 2024[76] - The company had over 84 million members across all distribution channels and 1,071 thousand paying members as of June 30, 2024[77] - WeChat mini-program users reached 69.39 million, an 11.9% increase compared to the same period in 2023[77] - Online orders accounted for 26.1% of the company's total orders in the first half of 2024[78][80] - The number of WeChat community followers increased by 5.2% year-on-year to over 17.3 million as of June 30, 2024[78][80] - The company's new strategy of "expert and leader in high-quality fruit industry" aims to strengthen distribution channels and products, enhancing consumer brand awareness and market leadership[100] Financial and Operational Metrics - The company's H Shares were listed on the Hong Kong Stock Exchange on January 16, 2023[45] - The 2023 Share Award Scheme was approved by shareholders at the first extraordinary general meeting on September 28, 2023[31] - The company's registered office is located at No. 3018 Shayan Road, Tianxin Community, Shatoujiao Street, Yantian District, Shenzhen, Guangdong Province, China[26] - The company's principal place of business in Hong Kong is at the 40th Floor, Dah Sing Financial Centre, No. 248 Queen's Road East, Wanchai, Hong Kong[26] - The company's H Share registrar is Computershare Hong Kong Investor Services Limited, located at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong[27] - The company's principal banks include China Merchants Bank, Longhua Branch, Bank of Communications, Xiangzhou Branch, and Shanghai Pudong Development Bank, Shenzhen Fuqiang Branch[27] - The company's overseas auditor is PricewaterhouseCoopers, located at 22/F, Prince's Building, Central, Hong Kong[23] - The company's domestic auditor is ShineWing Certified Public Accountants LLP Shenzhen Branch, located at 19-20/F, MFC, No. 9, Pengcheng 1st Road, Futian District, Shenzhen, China[24] - The company's compliance adviser is Somerley Capital Limited, located at 20th Floor, China Building, 29 Queen's Road Central, Hong Kong[26] - The company's website is www.pagoda.com.cn[27] - China's fruit imports reached US$11.23 billion in H1 2024, a 3.8% increase compared to the same period in 2023[58] - The consumer price index (CPI) for fresh fruits in China decreased by 7.8% in H1 2024 compared to H1 2023[58] - Shenzhen Banguo Technology Co., Ltd. is owned 51.00% by Pagoda Investment, 15.00% by Mr. XU Yusheng, 23.93% by Mr. LI Jiang, and 10.07% by Beijing Banguo Yuhuoban Technology Development Center[49] - The upgraded smart ordering 3.0 system improved sales forecast accuracy by 10% in the first half of 2024[87][90] - The company's wholly-owned subsidiary, Good Fruit Inspection and Testing (Guangdong) Co., Ltd., obtained the Qualification Certificate from the Inspection and Testing Agency in February 2024, allowing the use of the CMA mark in fruit test reports[92] - In July 2024, the company collaborated with Jinan Fruit Research Institute to issue the industry's first Raw Materials for Fresh-cut Fruits enterprise standard, categorizing fruits into five main categories and setting standards based on key indicators[93] - The company plans to optimize the franchise model by reducing royalty fees, enhancing brand marketing resources, and providing training support to improve single-store profitability[97] - The company will upgrade its scientific pricing system, improving algorithms and adjusting category structure and pricing strategy based on detailed urban business district data[97] - The company aims to expand domestic and overseas distribution channels, develop new fruit gift boxes for 2B customers, and strengthen product development capabilities through exclusive distribution rights[99] - The company will implement the "Buy Globally, Sell Globally" strategy to promote high-quality fruits from various production areas to be circulated and traded globally[99] - The company will continue to introduce advanced agricultural and seedling technologies to suppliers to improve fruit quality and quantity, aiming to establish a competitive umbrella category brand[100] - Cash and bank balances increased to RMB3,122.9 million as of June 30, 2024, including unrestricted cash and equivalents of RMB2,840.5 million[150] - Net asset value as of June 30, 2024 was RMB3,344.4 million, with current assets of RMB5,778.6 million and current liabilities of RMB4,544.0 million[149] - The company received net proceeds of HK$474.0 million from its Global Offering and Listing in Q1 2023, which it intends to use for expansion and operations[148] - The Group completed its Global Offering and Listing in Q1 2023, raising net proceeds of HK$474.0 million[152][156] - As of June 30, 2024, the Group had net assets of RMB3,344.4 million, with current assets of RMB5,778.6 million and current liabilities of RMB4,544.0 million[153] - The Group's cash and bank deposits increased to RMB3,122.9 million as of June 30, 2024, from RMB2,537.1 million as of December 31, 2023[154] - The Group's gearing ratio increased from 56.8% as of December 31, 2023 to 87.7% as of June 30, 2024, primarily due to increased bank borrowings[160][162] - The Group allocated HK$229.5 million (48.4% of net proceeds) to improve and enhance operation and supply chain systems[158] - The Group allocated HK$127.5 million (26.9% of net proceeds) to upgrade and improve core backbone IT systems and infrastructure[158] - The Group allocated HK$91.5 million (19.3% of net proceeds) to repay part of interest-bearing bank borrowings[158] - The Group had non-current bank borrowings of RMB168.9 million and short-term bank borrowings of RMB2,765.2 million as of June 30, 2024[160][162] - The Group pledged right-of-use assets of RMB47.3 million and buildings of RMB22.6 million as collateral for bank borrowings as of June 30, 2024[161][163] - The Group had RMB272.6 million of unutilized net proceeds as of June 30, 2024, deposited in short-term interest-bearing deposits[158][159] - Net cash generated from operating activities increased to RMB277.7 million in H1 2024 from RMB225.1 million in H1 2023, driven by decreases in deposits, prepayments, and other receivables of RMB81.6 million and inventories of RMB45.4 million[165][167] - Net cash used in investing activities was RMB1,002.7 million in H1 2024, primarily due to net acquisition of financial assets at FVTPL of RMB458.9 million and long-term bank deposits of RMB435.0 million[165][167] - Net cash generated from financing activities was RMB905.8 million in H1 2024, mainly from bank borrowings of RMB1,730.1 million, compared to RMB639.9 million in H1 2023[165][168] - Structured deposits accounted for as financial assets at FVTPL increased to RMB652.1 million as of June 30, 2024, from RMB180.4 million as of December 31, 2023[171][172] - Other financial assets at FVTPL decreased to RMB78.2 million as of June 30, 2024, from RMB86.5 million as of December 31, 2023[171][172] - Financial assets at FVOCI increased to RMB33.8 million as of June 30, 2024, from RMB30.6 million as of December 31, 2023[171][172] - Capital expenditures amounted to RMB86.6 million in H1 2024, primarily for the construction of a new office building in Shenzhen[172][175] - The Group subscribed to structured deposit products from CITIC Bank with total principal amounts of RMB125 million, RMB25 million, RMB50 million, RMB100 million, and RMB125 million, with expected annualized returns ranging from 1.05% to 2.61%[178] - Subscribed to CITIC structured deposit products with principal amounts totaling RMB125 million, RMB25 million, RMB50 million, and RMB100 million, with expected annual return rates ranging from 1.05% to 2.61%[179] - Subscribed to BOB structured deposit products with principal amounts totaling RMB100 million and RMB300 million, with expected annual return rates ranging from 1.30% to 2.88%[180][181] - Average inventory turnover days increased from 9.2 days in H1 2023 to 10.9 days in H1 2024[185][187] - Average trade receivables turnover days increased from 31.7 days in H1 2023 to 34.2 days in H1 2024[185][187] - Average trade payables

百果园集团（2411） 更新报告 买入 2024 年 9 月 13 日 水果零售业务承压，直销业务持续高增 1H24 业绩情况：1H24 公司录得营收 55.9 亿元，同比-11.1%；归母净 利 润 0.9 亿 元 ， 同 比 -66.1% 。 期 内 公 司 毛 利 率 / 净 利 率 分别为 11.1%/1.6%,同比-0.3pct/-2.6pct。销售/管理/研发/财务费用率分 别为 5.3%/3.0%/1.2%/0.4%，同比+1.5/+0.7/持平/+0.2pct。 水果零售业务承压，直销业务持续高增：分各个业务来看，上半年公司 水果及其他食品销售/特许权使用费及特许经营收入/会员收入/其他 收 入 分 别 为 54.4/0.7/0.4/0.5 亿 元 ， 同 比 -11.1%/-31.8%/- 19.9%/+72.1%。按各分销渠道来看，加盟门店/自营门店/区域代理/直 销 /线 上 渠 道 分 别 实 现 收 入 40.1/0.2/6.3/7.1/0.6 亿 元 ，同比 - 15.2%/-13.8%/-3.8%/+30.0%/-61.1%。由于国内整体消费环境偏弱， 上半年公司零售渠道均有承压 ...

商贸零售/专业连锁Ⅱ 公 司 研 究 上半年水果零售业务有所承压，2B 事业群表现良好 百果园集团（02411.HK） 2024 年 08 月 22 日 ——港股公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 luozheng@kysec.cn 证书编号：S0790524040008 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/22 | | 当前股价(港元) | 1.710 | | 一年最高最低(港元) | 6.680/1.610 | | 总市值(亿港元) | 27.16 | | 流通市值(亿港元) | 20.22 | | 总股本(亿股) | 15.89 | | 流通港股(亿股) | 11.83 | | 近 3 个月换手率(%) | 6.97 | 公司 2024H1 营收同比-11.1%，归母净利润同比-66.1%，整体有所承压 公司发布中报：2024 年上半年实现营收 55.94 亿元（同比-11.1%）、归母净利 ...

[Table_Author] [Table_OtherReport] 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 百果园集团(2411.HK) 投资评级 上次评级 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 百果园集团(2411.HK)24H1 点评：受消费力 走弱及费用投放加大影响，24H1 收入/净利 分别同降 11%/66% [Table_ReportDate] 2024 年 8 月 22 日 [Table_S 公司发布ummar 2024y] 年中期报告： 24H1 公司实现营业收入 55.94 亿元/同比11.1%，归母净利润 0.89 亿元/同比-66.1%，毛利率 11.1%/-0.3pct，净利率 1.5%/-2.5pct。 业务数据方面：1）截至 202 ...