Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report suggests a positive outlook on the company's growth potential and market position. Core Viewpoints - The company is positioned as a leading global kitchenware brand, with strong online presence and product capabilities supporting category expansion. It has established a solid brand foundation in major markets, achieving impressive net profit growth of +242.9% in 2022, +118.0% in 2023, and +58.4% in Q1 2024 [2][3]. - The company’s brand business generated revenue of 1.38 billion (87.2% of total revenue) in 2023, with the US market contributing 740 million (46.8% of total revenue). The company has entered Walmart's offline channels, which is expected to enhance its growth trajectory and brand recognition [2][3]. - The company is adopting region-specific strategies in China, Western Europe, and Japan to create incremental growth. In China, it plans to leverage platforms like Tmall and expand into JD and Douyin. In Western Europe, a tailored approach is anticipated due to diverse consumer environments, while in Japan, partnerships with local wholesalers are being pursued [3]. - The company is focusing on its core cookware category while efficiently launching new products in other categories such as knives and thermos cups, leveraging its product development expertise [3]. Financial Summary - The company’s projected financial performance includes revenues of 1.583 billion in 2023, expected to grow to 3.872 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 33% [6][9]. - The net profit is forecasted to increase from 237 million in 2023 to 582 million by 2026, with a corresponding P/E ratio decreasing from 9.0X in 2024 to 5.4X in 2026 [6][9]. - Key financial metrics indicate a significant improvement in profitability, with net profit margins projected to remain robust, and return on equity (ROE) expected to decline from 106.5% in 2023 to 36.25% in 2026 [9].

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之內容概不負責，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 該等內容而引致之任何損失承擔任何責任。 CAROTE LTD 卡羅特（商業）有限公司 （於開曼群島註冊成立的獲豁免有限公司） （股票代號：2549） 卡羅特（商業）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司中國總部地址將自 2025 年 1 月 20 日起變更為中國浙江省杭州市蕭山區日耀 之城 6 幢 1 單元 3-5 樓。 本公司的電話號碼及網站保持不變。 承董事會命 CAROTE LTD 卡羅特（商業）有限公司 章國棟先生 董事會主席 中國杭州 2025 年 1 月 20 日 於本公告日期，本公司董事為：執行董事章國棟先生、呂伊俐女士及夏宸顥先生以及獨 立非執行董事楊雪芬女士、陳天衛博士及施周峰先生。 總部地址變更 ...

Investment Rating - The report assigns an **Overweight** rating to the company, with a target price of RMB 10 [1][3] Core Views - The company is positioned as a leading player in the global kitchenware market, leveraging its product development capabilities, brand strength, and flexible supply chain [2][3] - The company has achieved rapid revenue and profit growth, with revenue increasing from RMB 675 million in 2021 to RMB 1,583 million in 2023, representing a CAGR of 53.1% [3][4] - Adjusted net profit grew from RMB 32 million in 2021 to RMB 243 million in 2023, with a CAGR of 177% [3][4] - The company's gross margin improved from 18.7% in 2021 to 35.7% in 2023, and further to 41.6% in Q1 2024 [3][4] Business Model and Strategy - The company operates primarily through a **DTC (Direct-to-Consumer)** model, with Amazon, Walmart, and Tmall being its key sales platforms, accounting for over 85% of revenue [3][42] - The company has a diversified product portfolio, with over 2,500 SKUs covering cookware, kitchenware, and drinkware [29][38] - The company has transitioned from OEM to ODM and finally to its own brand, CAROTE, which now accounts for 90% of its revenue [3][36] - The company has a flexible, asset-light supply chain model, similar to SHEIN, which allows for rapid product turnover and cost efficiency [4][29] Market Position and Competitive Advantages - The company ranks among the top five in the online cookware market in key regions, including China (4th), the US (2nd), Western Europe (3rd), Southeast Asia (2nd), and Japan (3rd) [4][29] - The company has a strong presence in the US market, which accounted for 60% of its revenue in Q1 2024, followed by China at 19% [3][46] - The company's product development capabilities are a key competitive advantage, with an average development cycle of 50 days for core cookware products, significantly faster than industry standards [32][37] Financial Performance - Revenue is expected to grow from RMB 2,232 million in 2024 to RMB 4,020 million in 2026, with a CAGR of 33% [19][20] - Net profit is projected to increase from RMB 350 million in 2024 to RMB 643 million in 2026, with a CAGR of 35% [19][20] - The company's ROE improved significantly from 44.9% in 2021 to 166.8% in Q1 2024, driven by higher profitability and asset turnover [55][56] Industry Overview - The global kitchenware market is expected to grow from USD 107 billion in 2023 to USD 120.5 billion in 2028, with a CAGR of 2.4% [4][63] - Cookware, kitchenware, and drinkware are the main segments, with cookware accounting for 28.9% of the market in 2023 [4][63] - The US, China, and Western Europe are the largest markets, accounting for 16.7%, 25.5%, and 22.8% of the global cookware market, respectively [68][69] Risks and Challenges - The company faces risks related to third-party platform operations, international trade friction, and increasing industry competition [4] - The company's reliance on Amazon and other e-commerce platforms exposes it to potential changes in platform policies and fees [4][42]

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之內容概不負責，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 該等內容而引致之任何損失承擔任何責任。 CAROTE LTD 卡羅特（商業）有限公司 （於開曼群島註冊成立的獲豁免有限公司） （股票代號：2549) 須予披露交易 收購物業 董事會欣然宣佈，於 2024 年 11 月 8 日，買方（為本公司間接全資附屬公司） 與賣方訂立協議，據此，根據協議的條款和條件，買方同意購入而賣方同意出 售物業，且總代價為人民幣 66,500,000 元。 由於根據上市規則第 14.07 條就收購事項計算的一項或多項適用百分比率高於 5%，惟所有適用百分比率均低於 25%，因此，根據上市規則第十四章，其構 成本公司的須予披露交易，並須遵守通知及公告規定。 緒言 茲提述招股章程有關本公司計劃在中國杭州購買合適的辦公場所，以配合不斷擴 大的業務需求，並在完成全球發售後降低租賃成本。 董事會欣然宣佈，於 2024 年 11 月 8 日，買方（為本公司間接全資附屬公司）與 賣方訂立協議，據此，根據協議的條款和條件，買方同意購入 ...