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。 Shenzhen Pagoda Industrial (Group) Corporation Limited 深 圳 百 果 園 實 業（ 集 團 ）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：2411） 截至二零二四年六月三十日止六個月 中期業績公告 | --- | --- | --- | --- | |----------------------------------------------------|------------------------|------------|----------| | | | | | | 財務摘要 | | | | | 下表載列本集團於所示期間的若干關鍵財務資料。 | | | | | | 截至六月三十日止六個月 | | | | | 二零二四年 | 二零二三年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | % | | ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 [Table_Industry] 批零贸易业 证 券 研 究 报 告 同店及拓店承压，静待企稳修复 ——百果园集团更新报告 | --- | --- | --- | |-----------------|---------------------|--------------------------| | [table_Authors] | 刘越男(分析师) | 陈笑(分析师) | | | 021-38677706 | 021-38677906 | | | liuyuenan@gtjas.com | chenxiao015813@gtjas.com | | 登记编号 | S0880516030003 | S0880518020002 | 本报告导读： 当前消费环境较弱，公司拓店及同店承压，静待企稳修复。 投资要点： [Table_Summary] 维持增持。考虑到当前的消费环境较弱以及门店战略焕新等的费用支 出，下调预测 2024-26 年经调整净利至 1.98/2.8 ...

Store Expansion and Retail Network - The company's total number of stores reached 6,093 in 2023, with a net increase of 443 stores, covering more than 170 cities in 22 provinces and municipalities[5] - The company's retail network includes self-operated APP, WeChat Mini-program, and third-party platforms like Douyin, Meituan, and Ele.me[5] - The company's retail business unit expanded its store network by 443 stores, reaching a total of 6,093 stores across more than 170 cities in 22 provinces and municipalities[36][37] - Total number of retail stores increased by 7.8% to 6,093 as of December 31, 2023, compared to 5,650 in 2022[54][55] - Revenue from franchised stores supervised by the Group accounted for 99.4% of total revenue, amounting to RMB 8,495,143 thousand in 2023[58] - The Group established a franchisee committee and organized six exchange and learning activities in 2023 to enhance franchisee satisfaction[59] - Revenue from franchised stores decreased by 4.0% from RMB8,851.5 million in 2022 to RMB8,499.8 million in 2023, despite a 5.3% increase in the number of stores to 4,818[92][94] - Average annual revenue per franchised store decreased by 9.8% from RMB2.0 million in 2022 to RMB1.8 million in 2023[94][96] Online Sales and Digital Channels - Online orders accounted for approximately 27.6% of total sales in 2023[5] - Cumulative number of users of the WeChat mini-program reached 68 million, a 26% increase compared to 2022[60] - Total number of store-based WeChat groups increased to 27,455 with over 16.2 million followers, a 25.6% year-on-year increase[60] - Orders placed through online channels accounted for 27.6% of total orders in 2023[60] - Total number of customers purchasing through Douyin increased by 190% in 2023 compared to 2022[62] - Retail sales of fruits and fruit products through Douyin ranked first among all fruits and fruit products traded on the platform in 2023[62] - The Group's Tasty Fruit Festival in October 2023 attracted over 120 million online views and trended nationally on Weibo[62] Business Unit Performance - The 2B business unit grew by approximately 42.5% year-on-year in 2023[6] - The 2B business unit achieved a year-on-year revenue growth rate of 42.5% in 2023[38] - Revenue from direct sales (2B business) increased by 42.5% from RMB723.8 million in 2022 to RMB1,031.5 million in 2023[92] - Overseas 2B sales grew by 62.0% from RMB154.4 million in 2022 to RMB250.0 million in 2023, driven by increased demand for quality fruits[92][93] - Domestic 2B sales increased by 37.2% from RMB569.4 million in 2022 to RMB781.5 million in 2023, due to favorable pricing strategies[92][93] - The company restructured into three business units: retail, 2B, and category business units to align with long-term growth goals[48] Financial Performance - Revenue for the year ended December 31, 2023 was RMB11,390.6 million, an increase of 0.7% compared to 2022[32][33] - Gross profit for 2023 was RMB1,314.8 million, a slight increase of 0.04% compared to 2022[32][33] - Profit attributable to owners of the company for 2023 was RMB361.7 million, an increase of 11.9% compared to 2022[32][33] - The company's revenue increased by 0.7% from RMB 11,312.0 million in 2022 to RMB 11,390.6 million in 2023[47] - The company's gross profit slightly increased by 0.04% from RMB 1,314.3 million in 2022 to RMB 1,314.8 million in 2023[47] - The company's profit attributable to owners increased by 11.9% from RMB 323.3 million in 2022 to RMB 361.7 million in 2023[47] - Total revenue increased by 0.7% from RMB11,312.0 million in 2022 to RMB11,390.6 million in 2023[88] - Revenue from sales of fruits and other food products accounted for 97.2% of total revenue in 2023, up from 97.1% in 2022[88] - Direct sales revenue increased by 42.5% from RMB723.8 million in 2022 to RMB1,031.5 million in 2023[91] - Franchised stores revenue decreased by 4.0% from RMB8,851.5 million in 2022 to RMB8,499.8 million in 2023[91] - Operating profit increased from RMB384.998 million in 2022 to RMB416.612 million in 2023[85] - Net profit attributable to owners of the Company rose from RMB323.297 million in 2022 to RMB361.717 million in 2023[85] - Revenue from regional dealers increased by 15.4% from RMB1,072.740 million in 2022 to RMB1,238.641 million in 2023[91] - Royalty and franchising income decreased from RMB168.844 million in 2022 to RMB144.582 million in 2023[88] - Membership income increased from RMB90.132 million in 2022 to RMB95.345 million in 2023[88] - Gross profit margin slightly decreased from 11.6% in 2022 to 11.5% in 2023, with gross profit increasing by only 0.04% to RMB1,314.8 million[96][98] - Other income decreased by 9.8% from RMB40.8 million in 2022 to RMB36.8 million in 2023, mainly due to reduced government grants and franchisee penalty income[99][100] - Net other gains increased by 16.7% from RMB25.4 million in 2022 to RMB29.6 million in 2023, driven by foreign exchange gains from overseas direct sales[101][103] - Selling expenses decreased by 3.4% to RMB482.0 million in 2023, partly due to a 4.7% reduction in transportation costs to RMB204.6 million[102][104] - Administrative expenses decreased by 2.5% to RMB313.5 million in 2023, as administrative staff headcount reduced from 538 to 525[105][107] - Net impairment losses on financial assets increased from RMB2.2 million in 2022 to RMB23.5 million in 2023, primarily due to defaults and insolvency of 2B business customers[108] - Research and development expenses decreased by 15.8% from RMB173.0 million in 2022 to RMB145.6 million in 2023, driven by a reduction in R&D staff from 491 to 361[109][110] - Finance income increased by 28.7% from RMB31.8 million in 2022 to RMB40.9 million in 2023, mainly due to higher interest income from bank deposits[111][113] - Finance costs decreased by 9.5% from RMB83.7 million in 2022 to RMB75.8 million in 2023, primarily due to lower interest expenses on bank borrowings and lease liabilities[111][113] - Share of losses from associates and joint ventures was RMB0.7 million in 2023, compared to a profit of RMB13.3 million in 2022, mainly due to losses in avocado and pitaya cultivation ventures[112][114] - Profit before income tax increased by 10.0% from RMB346.4 million in 2022 to RMB381.0 million in 2023[115][118] - Income tax expense increased by 2.0% from RMB40.2 million in 2022 to RMB41.0 million in 2023, driven by higher taxable income[116][119] - Net profit increased by 11.1% from RMB306.1 million in 2022 to RMB340.0 million in 2023, with net profit margin rising from 2.71% to 2.98%[117][120] - Adjusted net profit and adjusted net profit margin are presented as non-HKFRS measures, excluding listing expenses related to the Group's global offering and listing in January 2023[121] - The Group uses non-HKFRS measures to evaluate financial performance by excluding non-recurring items, though these measures have limitations and should not replace HKFRS-based analysis[122][123] - Net profit for the year 2023 was RMB 339,992 thousand, an increase from RMB 306,137 thousand in 2022[126] - Adjusted net profit for 2023 was RMB 342,184 thousand, with an adjusted net profit margin of 3.00%, compared to 2.99% in 2022[126] Supply Chain and Logistics - The company operates 29 warehouses and distribution centers, supporting its expansion into new cities[5] - The company gained control over Shenzhen Banguo in 2023, enhancing supply chain advantages and expanding market share[6] - In November 2023, the company gained control over Shenzhen Banguo to expand its B2B integrated procurement service platform[38] - The Group operates 29 warehouses across China, with a total floor area of over 207,000 sq.m., including 16 self-operated preliminary processing and distribution centers[72] - Transportation costs decreased by approximately 4.7% in 2023 compared to 2022 due to the upgraded transportation management system (TMS)[73] - The purchase amount from suppliers provided with agricultural technology and related services increased from 35.0% in 2022 to 41.0% in 2023[73] - The Group completed the construction of 16 warehouses in 16 production areas, covering 10 types of fruits across 11 provinces and cities in China[73] - The Group will upgrade its warehousing and transportation management systems to improve efficiency and reduce costs[79][81] - The Group will continue to expand and upgrade its network of preliminary processing and distribution centers to support the growth of its 2B fruit business and fresh grocery business[79][81] Product Development and Branding - The company successfully introduced 37 category brands to the market by the end of 2023, accounting for approximately 14% of total retail sales[9] - The company has developed 37 product brands, with Excellent products contributing approximately 14% of the total retail volume of its stores[39] - The Group introduced six new Excellent fruit product brands in 2023, bringing the total to 37 self-owned product brands, which accounted for 14.0% of total store retail sales[69][70] - Sales of Fruit Corn increased by 3,076% and Golden Venus Apple sales grew by 515% in 2023 compared to 2022[71] - Aggregate sales of fruits under Excellent and Grade A categories accounted for 66.5% of the total store retail sales of Pagoda stores in 2023[66][68] Strategic Goals and Future Plans - The company's strategy focuses on becoming an expert and leader in the high-quality fruit industry[10] - The company's vision is to become a world-leading fruit eco-technology company[11] - The company's mission is to offer delicious fruits and an enjoyable lifestyle to people[12] - The company plans to focus on enhancing store profitability and expanding the "healthy fruit gift" market in 2024[40][42] - The company aims to improve supply chain efficiency and market share through synergy with Shenzhen Banguo[40][42] - The Group aims to improve retail store profitability by increasing the sales proportion of Excellent fruits and creating high-quality fruit gift boxes[75][77] - The Group plans to expand its OMO distribution network by penetrating low-tier cities and expanding stores in existing cities[75][77] - The Group will strengthen its 2B business by developing customized fruit gift boxes and expanding its 2B customer base through omni-channel strategies[78][80] - The Group plans to invest in IT research and development, leveraging AI and deep learning to improve data processing and management capabilities[83] Subsidiaries and Corporate Structure - Baiguo Digital Industrial Park Co., Ltd. is a wholly-owned subsidiary established in the PRC on March 12, 2020[22] - Baiguo Technology (Shenzhen) Co., Ltd. is a wholly-owned subsidiary established in the PRC on November 18, 2014[23] - Baihui Life Technology Co., Ltd. is a wholly-owned subsidiary established in the PRC on November 16, 2020[23] - Baixin Investment Development Co., Ltd. is a wholly-owned subsidiary established in the PRC on September 10, 2021[23] - Beijing Aoxiang Technology Co., Ltd. is a wholly-owned subsidiary established in the PRC on August 20, 2013[23] - Hainan Pagoda Supply Chain Management Service Co., Ltd. established on September 18, 2020, as a wholly-owned subsidiary[25] - Shenzhen Jinnong Supply Chain Management Co., Ltd. established on May 12, 2021, with 75% ownership by Pagoda Investment and 25% by an independent third party[26] - Shenzhen Pagoda Brand Management Co., Ltd. established on January 18, 2019, as a wholly-owned subsidiary[26] - Jiangxi Wangpin Agricultural Technology Development Co., Ltd. established on May 13, 2003, as a wholly-owned subsidiary[25] - Shenzhen Hengyili Investment Development Center Limited Partnership established on December 1, 2015, as an employee shareholding platform and controlling shareholder[25] - Shenzhen Hongyuan Shanguo Investment Development Limited Partnership established on April 13, 2015, as an employee shareholding platform and controlling shareholder[24] - Hainan Tiantu Xingzhou Venture Capital Partnership established on September 14, 2021, as a connected person of the company[24] - Shenzhen Guodao Yunxin Education Consulting Co., Ltd. established on May 24, 2017, as a connected person of the company[24] - Pagoda Seeds is a non-wholly owned subsidiary, with 60.24% ownership by Pagoda Investment, 5.48% by Youguolian, and 34.28% by Guangxi Zhencheng Agriculture Co., Ltd.[27] - Shenzhen Banguo is a non-wholly owned subsidiary, with 51.00% ownership by Pagoda Investment, 15.00% by Mr. XU Yusheng, 23.93% by Ms. WU Weixin, and 10.07% by Beijing Banguo Yuhuoban Technology Development Center[28] - Shenzhen Sangeling is a non-wholly owned subsidiary, indirectly controlled by the Company (56.53%), Zhixin Bainong (25.44%), and Hainan Tiantu (18.03%)[29] - Shenzhen Youxian is a non-wholly owned subsidiary, with 65% ownership by Baiguo Technology and 35% by Tanlian Information Technology (Beijing) Co., Ltd.[29] Market and Industry Trends - China's total fruit imports reached US$18,340 million in 2023, a year-on-year increase of 16.3%[46] - Fresh durian imports in China grew significantly, reaching US$6,720 million in 2023, a year-on-year increase of 66.0%[46] Corporate Governance and Leadership - The company's 2023 Share Award Scheme was approved by shareholders at the first extraordinary general meeting held on September 28, 2023[22] - The Annual General Meeting (AGM) is scheduled to be held on Thursday, June 6, 2024[22] - Mr. TIAN Xiqiu, aged 50, is an executive Director and vice-chairman, responsible for assisting in formulating the overall development strategies of the company[169] - Mr. JIAO Yue, aged 37, is an executive Director and executive deputy general manager, overseeing the day-to-day business operation of the company[169] - Mr. ZHU Qidong, aged 49, is an executive Director and deputy general manager, responsible for overseeing the procurement, wholesale, and sales of the company[170] - Mr. ZHU Qidong has been an executive director of several subsidiaries, including Pagoda Investment, Pagoda Supply Chain, and Shenzhen Yimiaotong since August 2019[171] - Mr. ZHU Qidong has been the chairman of the board of Pagoda Seeds and Jinnong Supply Chain since July 2020 and May 2021, respectively[171] - Mr. ZHU Qidong has been a director of Hainan Shengjie Agricultural Development Co., Ltd. since October 2019, a company engaged in the production, sales, and transportation of agricultural products[172] - Mr. ZHU Qidong attended courses in business administration at Peking University from April 2016 to July 2018[172] - Dr. JIANG Yanbo, aged 57, is an independent non-executive director, responsible for providing independent opinions on the company's operations and management[173] - Dr. Jiang Yanbo has been an independent non-executive director of BYD Company Limited from September 2020 to September 2023, a company engaged in rechargeable batteries and photovoltaic business[176] - Dr. Jiang Yanbo has been serving as an independent non-executive director of Mubang High-tech Co., Ltd. since November 2021, a company listed on the Shanghai Stock Exchange (stock code: 603398)[175] - Dr. Jiang Yanbo has been an independent non-executive director of Shenzhen Minkave Technology Co., Ltd. since September 2021, a company listed on the Shenzhen Stock Exchange (stock code: 300506)[175] - Dr. Jiang Yanbo has been an independent director of Guangdong Yingde Rural Commercial Bank Company Limited since April 2023[175] - Dr. Jiang Yanbo was an independent non-executive director of Guangdong Dowstone Technology Co., Ltd. from April 2017 to April 2023, a technology company listed on the Shenzhen Stock Exchange[176] - Dr. Jiang Yanbo served as an independent non-executive director of Kangda New Materials (Group) Co.,

商贸零售/专业连锁Ⅱ 公 司 百果园集团（02411.HK）渠道规模稳健扩张，2024 年转向高质量增长战略 研 究 2024年03月30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（联系人） huangzepeng@kysec.cn luozheng@kysec.cn 证 书编号：S0790519110001 证书编号：S0790122040015 日期 2024/3/28 港 当前股价(港元) 3.280  事件：公司2023年营收同比+0.7%，归母净利润同比+11.9% 股 一年最高最低(港元) 6.720/2.310 公司发布年报：2023年实现营收113.91亿元（同比+0.7%）、归母净利润3.62亿 公 司 总市值(亿港元) 52.10 元（同比+11.9%）。考虑到公司品牌焕新等投入，我们下调公司 2024-2025 年盈 信 流通市值(亿港元) 38.79 利预测并新增2026年盈利预测，预计2024-2026年归母净利润为 3.44（-0.14） 息 总股本(亿股) 15.89 /4.15（-0.08）/5.16亿元，对应EPS为0.22（-0.01）/ ...

[Table_Title] 证券研究报告 百果园集团（2411.HK）：利润稳健增长，致 公司研究 力成为高品质水果专家与领导者 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年3月29日 [T百ab果le园_S集toc团kA（nd2R4an1k1]. HK） [Table_Summary] 投资评级 — 百果园发布2023年年度报告：23年公司实现营业收入113.90亿元/同比 +0.7%，实现归母净利润3.62亿元/同比+11.9%，毛利率11.5%/-0.1pct，净利率 上次评级 — 2.98%/0.27pct；23H2营业收入50.96亿元/同比-5.58%，归母净利润1.01亿元/- [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 21.7%。 执业编号：S1500522110002 业务数据方面：1）截止23年末门店共6093家，较上年末+443家，其中加盟门店 联系电话：15000310173 6081家/+450家，自营门店12家/-7家，一线、二线、三线城市门店分布占比分别 邮 箱：liujiaren@cindasc.com 为2 ...

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。 Shenzhen Pagoda Industrial (Group) Corporation Limited 深 圳 百 果 園 實 業（ 集 團 ）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：2411） 截至二零二三年十二月三十一日止年度 年度業績公告 | --- | --- | --- | --- | |----------------------------------------------|--------------------------|-------------------------|------------| | | | | | | 財務摘要 | | | | | 下表載列本集團於所示年度的若干關鍵財務資料。 | | | | | | | | | | | 截至十二月三十一日止年度 | | | | | 二零二三年 人民幣千元 | 二零二二年 人民幣千元 ...

深圳百果園實業(集團)股份有限公司 Shenzhen Pagoda Industrial (Group) Corporation Limited (於中華人民共和國註冊成立的股份有限公司) (A joint stock company incorporated in the People's Republic of China with limited liability) ( 股份代號 : 2411) ( Stock code：2411 ) 2023 中期報告 2023 INTERIM REPORT P G 目錄 公司介紹 Company Introduction 2 公司資料 Corporate Information 4 釋義 Definitions 8 業務回顧及展望 Business Review and Outlook 13 管理層討論及分析 Management Discussion and Analysis 25 企業管治及其他資料 Corporate Governance and Other Information 42 中期財務資料的審閱報告 Report on Review of Int ...

[0 -> 13] 来有请白果园集团公司进行路演以及投资者交流时长40分钟有请白果园集团代表感谢各位投资人今天周空来参加白果园的路演 [13 -> 34] 首先我花几分钟时间给大家过一下我们的一些上半年的更新的数据和一些业务情况,然后也欢迎我们的投资者就问题和我进行一些沟通。我本人是白果园集团的董秘副小业,我目前负责的是整个资本市场的一个RR工作。 [37 -> 48] 那相信就是在座的投资人呢尽管可能不是白果园的股东但我也相信一定是白果园的消费者对白果园的水果呢还是相对比较熟悉的对呃那呃 [49 -> 72] 我首先给大家讲一下我们白骨园其实在今年上半年是有一些数据包括有一些组织架构的一些更新我先就这一个花几分钟时间介绍一下目前在白骨园整个集团里面是分为三大事业线首先第一个就是零售事业群第二个是2B事业群第三个是品类事业群 [72 -> 94] 那零售事业群呢就是我们目前的一个主攻的方向那主要还是在开这一个以线下门店拓展为主那同时呢做好这一个门店的线上线下一体化的一个经营那整个现在百股源集团呢是有5958家门店遍布在全国22个省150多个城市 [94 -> 118] 那这150多个城市呢是涉足到了这一个一二 ...

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。 Shenzhen Pagoda Industrial (Group) Corporation Limited 深 圳 百 果 園 實 業（ 集 團 ）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：2411） 截至二零二三年六月三十日止六個月 中期業績公告 財務摘要 | --- | --- | --- | --- | |----------------------------------------------|------------------------|------------|----------| | | | | | | | | | | | 下表載列本集團於所示期間的若干關鍵財務資料。 | | | | | | | | | | | 截至六月三十日止六個月 | | | | | 二零二三年 | 二零二二年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | % ...

深圳百果園實業(集團)股份有限公司 Shenzhen Pagoda Industrial (Group) Corporation Limited (於中華人民共和國註冊成立的股份有限公司) (A joint stock company incorporated in the People's Republic of China with limited liability) ( 股份代號 : 2411) ( Stock code：2411 ) 2022 年度報告 ANNUAL REPORT P G 目錄 公司介紹 Company Introduction 2 公司資料 Corporate Information 4 釋義 Definitions 8 董事長致辭 Chairman's Statement 16 業務回顧及展望 Business Review and Outlook 20 管理層討論及分析 Management Discussion and Analysis 33 董事、監事及高級管理 人員履歷 Biographies of Directors, Supervisors and Senior Ma ...