国家疾控局相关负责人表示，广东省基孔肯雅热疫情仍处在高位平台期，疫情形势还相当严峻。 | 作者 | | 小鑫 | | --- | --- | --- | | 编辑 | | 小白 | 据广东省佛山市顺德区卫生健康局7月23日通报，截至2025年7月22日，该区累计报告基孔肯雅热确诊 病例2934例，主要集中在乐从镇、北滘镇、陈村镇，均为轻症病例。 对比7月21日，7月22日一天内 病例数就增长了463例。 7月15日，佛山市顺德区卫生健康局首次通报基孔肯雅热疫情，当天全区累计报告确诊病例478例。短 短一个多星期时间，确诊病例数增加超过两千多例。与此同时，澳门、北京等地也已出现个别病例。 7月22日，世卫组织表示，目前已有119个国家和地区发现基孔肯雅病毒传播情况，约550万人面临这 种蚊媒病毒的风险，而且可能出现大范围疫情，给卫生系统带来压力。 603193 国内驱蚊产品线上龙头，产品包括电热蚊香液、 驱蚊液、驱蚊贴等含避蚊胺(DEET)产品。 2024年驱蚊系列营收4.4亿元(同比+35.4%), 毛利率54.2%。 线上龙头 35%增长 刷图： 更新日期:2025-07-24 佛山累计确诊病例:2934例 ...

内容概况：宠物香波是指给宠物洗澡的香皂和沐浴露之类的清洁用品。宠物香波用品一般呈偏碱性，其 配方一般包括保湿剂、杀菌剂、驱虫剂、去离子水、表面活性剂、活性精华等成分。近年来，随着居民 生活水平提升，以及居民消费观念改变，国内宠物数量的增加和宠物主生活水平的提高，宠物护理意识 日益增强，宠物香波作为宠物清洁用品，其市场需求也不断释放，行业规模持续扩大。数据显示，中国 宠物香波行业市场规模从2020年24亿元增长至2024年的110亿元，年复合增长率为46.32%。当前，宠物 香波正从"基础清洁"向"健康护理+情感体验"升级，消费者需根据宠物品种、肤质及场景需求，优先选 择天然成分、功能适配的产品。未来，随着宠物人性化、环保意识增强，兼具安全性与差异化功能的宠 物香波产品将成为市场主流，国货品牌有望通过技术创新与精准营销持续扩大份额，预计2025年中国宠 物香波市场规模将达到120亿元。 相关上市企业：朝云集团（06601）、丽臣实业（001218）、皇马科技（603181）、赞宇科技 （002637）、诺普信（002215）、亿帆医药（002019）、科思股份（300856）、裕同科技（002831）、 华瑞达 ...

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [2][51]. Core Insights - The pet industry is experiencing a significant shift from "basic subsistence" consumption to "quality upgrade" consumption, with a notable 73% year-on-year increase in sales of pet products in live streaming sessions [4][11]. - The 618 shopping festival saw total sales in the pet food sector reach 7.5 billion yuan, indicating resilience in demand and structural upgrades within the industry [5][19]. - The rise of domestic brands is evident, with a substantial increase in the number of new products launched during the 618 festival, reflecting a strong response to consumer demand for quality and innovation [16][19]. Summary by Sections Live Streaming Sales - Sales of pet products in Li Jiaqi's live streaming room increased by 73% year-on-year, with essential items like staple food, snacks, and cat litter making up 92% of total sales [10][11]. - The new generation of pet owners (67% being post-90s and post-00s) is shifting their purchasing criteria from "having food" to "prioritizing ingredient lists," emphasizing the importance of quality and health in pet food [4][10]. 618 Shopping Festival Insights - The 2025 618 shopping festival saw pet food sales reach 7.5 billion yuan, showcasing the industry's robust demand and structural upgrades [5][19]. - The competition landscape is evolving, with platforms like Taobao and Tmall shifting focus from price wars to long-term value, promoting a healthier growth model based on brand loyalty and consumer engagement [5][19]. Offline Marketing Strategies - Brands are increasingly adopting experiential marketing strategies to enhance consumer engagement and drive premiumization, with examples including themed pop-up stores and integrated service models [6][32][41]. - The "4S model" by Chaoyun Group integrates various pet services, creating a comprehensive service ecosystem that enhances customer experience and brand loyalty [41]. Investment Recommendations - The report suggests focusing on domestic brands that are rapidly emerging in the pet economy, particularly those aligned with the dual themes of "domestic substitution" and "consumption upgrade." Recommended stocks include: Guibao Pet, Petty Co., Zhongchong Co., and Lusi Co., with a watch on Chaoyun Group [6].

5月27日，港股的朝云集团（06601.HK）大涨7.66%，报2.95港元/股，市值39.33亿港元。 值得注意的是，朝云集团今年以来走势强劲，至今累计涨幅已超过63%，其股价也创下2022年以来的新高，公司正稳步走出底部震荡区间。 资料显示，朝云集团是中国头部家居护理企业，公司旗下拥有众多知名品牌，如"超威"、"贝贝健"、"威王"等等。另外，公司在宠物市场的布局也取得了显 著成效，其先后推出了"倔强尾巴""倔强嘴巴"等品牌，通过精准定位和高品质的产品，迅速赢得了市场的认可和消费者的喜爱。 业绩方面，2024年，朝云集团实现收入18.20亿元（人民币，下同），同比增长12.7%。实现毛利为8.94亿元，同比增长24.5%。公司毛利率为49.1%，相比上 一年度提升4.6个百分点。 其中，2024年，朝云集团旗下宠物品类呈现出高速增长的强劲势头，全年实现营收1.27亿元，同比大幅增长64.5%，该业务毛利率提升至54.7%，同比大幅增 加11.5个百分点。公司的宠物板块有望为公司打造第二增长曲线。 | | | 截至12月31日止年度 | | | --- | --- | --- | --- | | | 2024 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue reached RMB 1,820.1 million, representing a 12.7% increase from RMB 1,615.6 million in 2023[10]. - Gross profit for the same period was RMB 894.3 million, up 24.5% from RMB 718.3 million in 2023[10]. - The company reported a net profit of RMB 195.2 million for the fiscal year 2024, an increase of 12.9% compared to RMB 172.8 million in 2023[10]. - Revenue from home care products was RMB 1,633.8 million, an increase of 11.0% from the previous year[13]. - Revenue from pet stores and pet products surged to RMB 127.2 million, marking a 64.5% increase year-over-year[13]. - Online sales generated RMB 670.9 million, reflecting a 22.1% growth compared to the previous year[13]. - The company's total assets as of December 31, 2024, amounted to RMB 3,801.7 million, a slight decrease from RMB 3,836.1 million in 2023[11]. - The equity attributable to owners of the company increased to RMB 2,990.9 million in 2024, up from RMB 2,927.4 million in 2023[11]. - The company's revenue increased by 12.7% from RMB 1,615.6 million in 2023 to RMB 1,820.1 million in 2024, driven by successful market opportunities and rapid sales channel development[20]. - Profit before tax increased by 11.6% from RMB 217.3 million in 2023 to RMB 242.5 million in 2024[37]. - Net profit increased by 13.0% from RMB 172.8 million in 2023 to RMB 195.2 million in 2024, maintaining a net profit margin of 10.7%[39]. Revenue Breakdown - Home care products generated RMB 1,633.8 million in revenue, an increase of 11.0% from RMB 1,471.9 million in 2023, accounting for 89.8% of total revenue[21][22]. - Pet store and pet product revenue surged by 64.5% to RMB 127.2 million in 2024, up from RMB 77.3 million in 2023, representing 7.0% of total revenue[22]. - Online sales revenue rose by 22.1% to RMB 670.9 million, making up 36.9% of total revenue, while offline sales increased by 7.8% to RMB 1,149.2 million, accounting for 63.1%[23][24]. Gross Profit and Margins - Gross profit increased by 24.5% from RMB 718.3 million in 2023 to RMB 894.3 million in 2024, with an overall gross margin improvement from 44.5% to 49.1%[25]. - For the year ended December 31, 2024, the gross profit for home care products was RMB 804.3 million, with a gross margin increase from 45.0% in 2023 to 49.2% in 2024[29]. - The gross profit for pet stores and pet products was RMB 69.5 million, with a gross margin increase from 43.2% in 2023 to 54.7% in 2024[29]. - The gross profit for personal care products was RMB 22.5 million, with a gross margin increase from 40.3% in 2023 to 42.2% in 2024[29]. - Online channel gross profit reached RMB 374.6 million, with a gross margin increase from 47.8% in 2023 to 55.8% in 2024[31]. - Offline channel gross profit was RMB 519.7 million, with a gross margin increase from 42.7% in 2023 to 45.2% in 2024[31]. Strategic Plans and Investments - The company plans to continue focusing on product innovation and market expansion to meet consumer demands[6]. - The company plans to expand its high-end natural home care product line and enhance distribution coverage for home cleaning products in 2025[16]. - The company aims to accelerate mergers and acquisitions in personal care, cosmetics, and pet industries to identify quality projects with stable cash flow and clear profit models[19]. - Continuous investment in technology research and development is planned to maintain industry-leading capabilities and introduce differentiated products[16]. - The company is investing $30 million in R&D for new technologies aimed at enhancing product efficiency[5]. - Market expansion plans include entering three new international markets by Q4 2024[6]. Cost Management and Expenses - The management emphasized effective cost management measures to ensure stable growth in revenue and profits[12]. - Selling and distribution expenses increased by 26.8% from RMB 425.0 million in 2023 to RMB 538.8 million in 2024[33]. - Other income decreased by 6.9% from RMB 123.5 million in 2023 to RMB 115.0 million in 2024, accounting for 6.3% of total revenue[32]. Shareholder Returns and Dividends - The company is committed to a stable high dividend policy to maximize shareholder returns[19]. - The company reported a final dividend of RMB 0.0682 per share, equivalent to HKD 0.0739, for the fiscal year ending December 31, 2024, compared to RMB 0.0640 per share for the previous year[83]. - The total dividend for the year amounts to RMB 0.1220 per share, with a payout ratio of approximately 80.0%[83]. Governance and Compliance - The company has established a strong governance structure with independent directors providing oversight and strategic guidance[66]. - The company has established an ESG committee to oversee its environmental, social, and governance management[80]. - The company has complied with the environmental, social, and governance reporting guidelines as per the stock exchange requirements[165]. - The company is committed to high standards of corporate governance and has adopted the corporate governance code as its own[168]. - The board consists of three independent non-executive directors, accounting for one-third of the total board members[176]. Risk Management - The company identified key risks including reliance on brand reputation, intense industry competition, and changing consumer preferences[78]. Human Resources and Management - The company is committed to improving its human resources management to support its growth strategy[71]. - The management team emphasized the importance of sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2025[10]. - The company encourages continuous professional development for directors to update their knowledge and skills[178]. Related Party Transactions - Independent non-executive directors confirm that the ongoing related party transactions are conducted on normal commercial terms and are in the overall interest of the company's shareholders[146]. - The company has entered into a new property service framework agreement with major shareholders, with annual transaction caps of approximately RMB 11.4 million, RMB 11.7 million, and RMB 12.1 million for the years ending December 31, 2024, 2025, and 2026, respectively[136].

本次电话会与警工部和国海证券投资者适当性管理要求的客户以及受邀客户使用会议嘉宾的观点仅代表其个人观点不代表国海证券的观点 也不构成任何投资建议会议原定录音或转发否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资是谨慎主讲嘉宾提示本次会议中应避免传播尚未公开的内幕信息诋毁同行的言论确保会议内容合法合规 各位投资者大家下午好,我是博海新闻营销售经理,欢迎大家参加招募集成2027年年报EP出名会,我们今天非常有幸邀请到了公司CFO周总,大家跟赵总在第一时间和各位投资人针对公司业绩进行一个分享,首先的话我们今天的会议分为三个环节,那我们第一个环节的话先请赵总帮我们分享并介绍一下公司2024年的第一表现,然后我们会进入互通问答, 那我们先有请赵总帮我们介绍一下公司二十年的总体的情况欢迎赵总 喂 好的 敬礼敬礼老师那线上的投资人大家好2024年呢我们招云集团的盈利能力也是稳步的提升收入利润实现了连续两个年度的双位数增长其中24年的收入是18.2亿元同比增长13%在这里面线上和线下渠道都实现了正增长然后新面商渠道更是同比增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The report highlights that the company achieved a year-on-year revenue growth of 12.6% to 1.82 billion RMB and a net profit growth of 13% to 195 million RMB in 2024, with a gross margin of 49.14%, an increase of 4.68 percentage points year-on-year [6][10]. - The company is expected to continue its multi-brand and multi-category channel development strategy, enhancing its competitive advantages through product innovation and channel optimization [10]. Revenue and Profit Growth - The home care product segment showed stable growth, with revenue reaching 1.634 billion RMB, a year-on-year increase of 11%, and a gross margin improvement from 45.0% in 2023 to 49.2% in 2024 [7]. - The pet product segment experienced rapid growth, with revenue of 127 million RMB, a year-on-year increase of 64.49%, and a gross margin increase from 43.2% to 54.7% [7]. Channel Development - Online sales channels achieved revenue of 671 million RMB, a year-on-year increase of 22.1%, with gross margins rising from 47.8% to 55.8% [7]. - Offline sales channels generated 1.149 billion RMB in revenue, a year-on-year increase of 7.8%, with gross margins improving from 42.7% to 45.2% [7]. Research and Innovation - The company has a strong focus on research and development, with over 172 patents by the end of 2024, and notable product performance in various categories [7][10]. - Key products such as the "Super Mosquito Repellent Green Bottle" and "Pet Food Fresh Package" have seen significant sales growth, indicating strong market demand [7]. Financial Projections - The company is projected to achieve revenues of 2.006 billion RMB, 2.206 billion RMB, and 2.420 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 225 million RMB, 247 million RMB, and 271 million RMB [10][11]. - The expected price-to-earnings (P/E) ratios for the next three years are 12, 11, and 10 respectively, indicating a favorable valuation outlook [10].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,820.1 million, an increase of 12.7% compared to RMB 1,615.6 million for the year ended December 31, 2023[3]. - Gross profit for the year was RMB 894.3 million, reflecting a growth of 24.5% from RMB 718.3 million in the previous year[3]. - Net profit for the year increased by 13.0% to RMB 195.2 million, up from RMB 172.8 million in the prior year[5]. - The overall gross margin improved by 4.6 percentage points due to enhanced brand power and supply chain efficiency[5]. - The company reported a net profit of RMB 195,249 thousand for 2024, compared to RMB 172,817 thousand in 2023, reflecting a growth of approximately 12.9%[11]. - Profit before tax increased by 11.6% from RMB 217.3 million in 2023 to RMB 242.5 million in 2024[66]. - The total tax expense for the year was RMB 47,270,000 in 2024, compared to RMB 44,449,000 in 2023, reflecting an increase of approximately 6.3%[37]. - Employee costs rose from RMB 173,485,000 in 2023 to RMB 212,735,000 in 2024, an increase of about 22.6%[38]. - The company reported a basic earnings per share of RMB 0.1520 for the year ending December 31, 2024, based on a profit attributable to shareholders of RMB 203,379,000, compared to RMB 0.1315 and RMB 175,016,000 for the previous year[41]. Revenue Breakdown - Online sales revenue grew by 22.1% to RMB 670.9 million, while offline sales revenue increased by 7.8% to RMB 1,149.2 million[7]. - Revenue from home care products reached RMB 1,633.8 million, an increase of 11.0% year-over-year[7]. - Revenue from pet stores and pet products surged by 64.5% from RMB 77.3 million for the year ending December 31, 2023, to RMB 127.2 million for the year ending December 31, 2024[51]. - Revenue from home care products rose by 11.0% from RMB 1,471.9 million for the year ending December 31, 2023, to RMB 1,633.8 million for the year ending December 31, 2024[50]. Dividend and Shareholder Returns - The company declared a final dividend of RMB 0.0682 per share, with a total dividend payout for the year amounting to RMB 0.1220 per share, representing a payout ratio of approximately 80.0%[4]. - The company declared a final dividend of RMB 0.0682 per share for the year ending December 31, 2024, with a total dividend payout of RMB 0.1220 per share, resulting in a payout ratio of approximately 80.0%[82]. Strategic Initiatives - The company plans to enhance its marketing strategies through digitalization and personalization to further boost brand recognition and product sales[8]. - The company plans to expand its home care product line and enhance product gross margins, focusing on high-end natural home care products[10]. - The company aims to increase the number of pet stores and improve single-store profitability as part of its pet business expansion strategy[10]. - The company plans to enhance its online sales channels and strengthen its market position on platforms like Taobao and JD.com[10]. - The company is actively pursuing acquisition opportunities in personal care, cosmetics, and pet industries to enhance its market position[10]. Financial Position - Cash and cash equivalents totaled RMB 2,707.6 million as of December 31, 2024, indicating a strong liquidity position[5]. - Total assets as of December 31, 2024, were RMB 3,321,678 thousand, compared to RMB 3,142,059 thousand in 2023, showing an increase of approximately 5.7%[13]. - The company’s net asset value increased to RMB 2,989,234 thousand in 2024 from RMB 2,937,472 thousand in 2023[15]. - Trade receivables totaled RMB 97,460,000 as of December 31, 2024, compared to RMB 87,632,000 for the previous year[42]. - Trade payables increased to RMB 189,907,000 as of December 31, 2024, from RMB 170,201,000 for the previous year[45]. - The company reported a total of RMB 406,182,000 in trade and other payables as of December 31, 2024, down from RMB 435,921,000 for the previous year[45]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[86]. - The roles of Chairman and CEO are currently held by the same individual, which the board believes ensures cohesive leadership and effective strategic planning[87]. - An audit committee has been established, consisting of three independent non-executive directors and one non-executive director, to oversee the company's accounting principles and practices[92]. - The financial data for the fiscal year ending December 31, 2024, has been agreed upon by the auditors, ensuring consistency with the audited consolidated financial statements[93]. Market and Operational Insights - The company operates primarily in China, focusing on pest control, home cleaning, air care, personal care, and pet products[25]. - The company has not early adopted any new international financial reporting standards that have been issued but are not yet effective[21]. - The company's public float meets the listing rules, with at least 25% of the total issued shares held by the public[90]. - There are no significant post-reporting events following the reporting period[91].

| 总股本（百万股） | 1333 | | --- | --- | | 流通股本（百万股） | 1333 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 30 | | 流通市值（亿港元） | 30 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 朝云集团 [Table_StockNameRptType] （6601.HK） 公司点评 产品战略持续推进，高质量稳利润发展 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-03-21 | | [Table_BaseData] 收盘价（港元） 2.29 | | 近 12 个月最高/最低（港元） 2.35/1.45 | 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 1. 家居护理基石稳固，宠物线下实体 门店服务业态助力高增长，高股息率 保障股东权益 2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focused on continuous product strategy advancement, achieving high-quality and stable profit growth. It offers a one-stop platform for home care, personal care, and pet products, covering various segments with seven core brands [3][4] - In the first half of 2024, the company reported revenue of 1.249 billion yuan, a year-on-year increase of 10.3%, and a net profit of 176 million yuan, up 29.6% year-on-year. The offline channel grew by 12.2%, while online revenue increased by 10.7%, with new e-commerce channels experiencing a remarkable growth rate of 300% [3][4] - The company signed a strategic cooperation agreement with Yangnong Chemical, marking the start of its fourth five-year strategic partnership, aimed at enhancing product quality and expanding its pet store network [3][4] Summary by Sections Financial Performance - The company achieved a revenue of 1.616 billion yuan in 2023, with projections of 1.813 billion yuan in 2024, 2.002 billion yuan in 2025, and 2.194 billion yuan in 2026, reflecting year-on-year growth rates of 12% for 2024 and 10% for 2025 and 2026 [9][10] - The net profit for 2023 was 175 million yuan, expected to rise to 213 million yuan in 2024, 237 million yuan in 2025, and 262 million yuan in 2026, with growth rates of 22% for 2024 and 11% for the following years [9][10] - The company maintains a strong cash flow with cash and cash equivalents totaling 2.665 billion yuan [3] Product Strategy - The company has successfully launched several products that have gained popularity, such as the Super We mosquito repellent spray and the Weiwang pine wood orange fragrance toilet cleaner, both achieving top rankings on platforms like Douyin [4][6] - The company is actively enhancing its product offerings across various segments, including high-end natural home cleaning products and innovative pet food solutions [4][6] Market Position - The company is recognized as a leading platform in China for multi-category home care, personal care, and pet products, with a significant focus on expanding its offline pet store presence [7][9] - The strategic initiatives and product innovations are expected to drive the company's growth trajectory, establishing a second growth curve through the pet business [7][9]