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 ...

| 公司簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 財務摘要 | 4 | | 董事長致辭 | 5 | | 管理層討論與分析 | 9 | | 董事及高級管理層履歷詳情 | 15 | | 董事會報告 | 21 | | 企業管治報告 | 46 | | 獨立核數師報告 | 61 | | 綜合損益及其他全面收益表 | 66 | | 綜合財務狀況表 | 67 | | 綜合權益變動表 | 69 | | 綜合現金流量表 | 70 | | 綜合財務報表附註 | 72 | 公司簡介 朝雲集團有限公司（「本公司」，連同其附屬公司統稱「本集團」、「我們」或「我們的」）是中國領先的一站式多品類家居護 理、寵物及寵物產品以及個人護理平台，開發及製造各種家居護理產品、寵物及寵物產品以及個人護理產品，擁有多 家寵物線下門店。 我們致力通過專注於八個支柱，為消費者提供一站式生活方式，以支持我們的組織、運營和業務結構，而我們認為 這造就了我們迄今的成功。八個支柱為洞察(Insight)、品牌(Brand)、研發(R&D)、營銷(Marketing)、銷售(Sales)、合作 (Cooperation)、管理(Ma ...

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 ...

2025 年 03 月 27 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 林昕宇 S0350522110005 linxy01@ghzq.com.cn 证券分析师： 赵兰亭 S0350524080004 zhaolt@ghzq.com.cn 联系人 ： 孙馨竹 S0350124060027 sunxz@ghzq.com.cn [Table_Title] 营收利润同比双增长，看好履带式爆品矩阵 增长可持续 ——朝云集团（06601）2024 年报点评 最近一年走势 | 相对恒生指数表现 | | 2025/03/27 | | | | --- | --- | --- | --- | --- | | | 1M | 3M | 12M | 表现 | | 13.1% | | 25.1% | 48.8% | 朝云集团 | | -0.6% | | 17.4% | 43.8% | 恒生指数 | | 市场数据 | 2025/03/27 | | --- | --- | | 当前价格（港元） | 2.24 | | 52 周价格区间（港元） | 1.54-2.38 | | 总市值（百万） | 2,986.67 | | 流通 ...

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。 Cheerwin Group Limited 朝雲集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6601） 截 至2024年12月31日止年度之 全年業績公告 | 財務摘要 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 至12月31日止年度 | 截 | 2024年 | 2023年 | 變動 | | | | | | | 人民幣千元 | 人民幣千元 | (%) | | | | | | | | | 1,820,108 | 收 | 入 | 1,615,585 | 12.7 | 894,341 | 毛 | 利 | 718,258 | 24.5 | | 242,519 | 除稅前溢利 | 217 ...

| 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]

宠物业务潜力十足，家居护理地位稳固 朝云集团(6601) ——朝云集团更新报告 [Table_Industry] 耐用消费品 [Table_Invest] 评级： 增持 | [table_Authors] 刘佳昆(分析师) | 曹冬青(分析师) | | | | --- | --- | --- | --- | | | | [当前价格 Table_CurPrice] (港元)： | 2.30 | | 021-38038184 | 0755-23976666 | | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.co | | | | | m | [Table_Market] 交易数据 | | | 登记编号 S0880524040004 | S0880524080001 | | | | | | 52 周内股价区间（港元） | 1.45-2.35 | 本报告导读： 宠物行业发展空间广阔，公司宠物业务有望打造第二增长曲线，增长潜力较大，此 外家居护理业务市场地位稳固。 投资要点： 证 券 研 究 报 告 -12% 0% 13% 25% 38% 50% 20 ...

Investment Rating - The report assigns a "Buy" rating to the company [1][2]. Core Insights - The company is positioned as a leading one-stop multi-category platform for home care, personal care, and pet products in China, with a solid foundation in home care and promising growth in the pet segment, supported by a dividend yield of approximately 7%-8% [1][10]. - The company achieved a revenue of 1.249 billion RMB in H1 2024, representing a year-on-year growth of 10.3%, and a net profit of 179 million RMB, reflecting a year-on-year increase of 31.5% [1][15]. - The company has established a strong market presence in various segments, including pest control, home cleaning, and air care, and is actively expanding its pet business through offline store services [1][10][11]. Summary by Sections Overview - The company offers a comprehensive range of home care, personal care, and pet products, covering various categories such as insect repellent, home cleaning, air care, hand sanitizers, and pet food [1][10]. - It has maintained the leading market share in the insect repellent sector for nine consecutive years and ranks second in home cleaning and air care markets [1][10]. Pet Business - The company has significantly invested in the pet segment, launching brands like "Stubborn Tail" for pet care products and "Stubborn Mouth" for high-end pet food, establishing a dual-track strategy in pet supplies and food [1][11]. - The pet business has shown remarkable growth, with revenue increasing from 0.02 billion RMB in 2019 to 0.77 billion RMB in 2023, achieving a CAGR of 158.1% [15][17]. Home Care Business - The home care segment remains the core revenue driver, contributing 93.1% of total revenue in H1 2024, with a year-on-year growth of 11.5% [15][17]. - The company has optimized its product structure and enhanced its online and offline sales channels to boost profitability [1][10]. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 1.813 billion RMB, 2.002 billion RMB, and 2.194 billion RMB, with respective year-on-year growth rates of 12%, 10%, and 10% [1][2]. - Net profit forecasts for the same period are 213 million RMB, 237 million RMB, and 262 million RMB, with year-on-year growth rates of 22%, 11%, and 11% [2][15].

Financial Performance - For the six months ended June 30, 2024, Cheerwin Group reported revenue of RMB 1,249.1 million, a 10.3% increase from RMB 1,132.8 million in the same period of 2023[4] - Gross profit for the same period was RMB 579.0 million, reflecting a 23.8% increase compared to RMB 467.8 million in the prior year[4] - The company achieved a profit before tax of RMB 220.1 million, up 26.4% from RMB 174.1 million year-on-year[4] - Net profit for the period was RMB 175.9 million, representing a 29.6% increase from RMB 135.7 million in the previous year[4] - Basic earnings per share increased to RMB 13.46, compared to RMB 10.24 for the same period last year, reflecting a growth of 31.8%[68] - The company reported a total comprehensive income of RMB 184,113 thousand for the period, compared to RMB 174,976 thousand in the previous year, an increase of 5.0%[68] Revenue Breakdown - Revenue from home care products reached RMB 1,163.6 million, an 11.5% increase compared to the same period last year[5] - Revenue from pet and pet products was RMB 47.6 million, a 5.3% increase year-on-year[5] - Revenue from personal care products decreased by 18.4% to RMB 34.8 million compared to the same period in 2023[5] - Online sales revenue was RMB 405.9 million, marking an 18.9% increase from the previous year[5] - Offline sales revenue reached RMB 843.3 million, a 6.5% increase compared to the same period last year[5] Asset and Equity Position - The total assets of the company as of June 30, 2024, were RMB 3,670.2 million, down from RMB 3,836.1 million at the end of 2023[4] - The company’s equity attributable to owners increased to RMB 3,023,302 thousand from RMB 2,927,365 thousand, a rise of 3.3%[69] - The company’s total equity as of June 30, 2024, was RMB 3,027,292 thousand, an increase from RMB 2,969,594 thousand as of June 30, 2023, reflecting a growth of 1.9%[71] Cost and Expenses - Employee costs rose to RMB 112.1 million from RMB 95.3 million, driven by the expansion of the pet offline store business and increased performance bonuses[34] - Sales and distribution expenses totaled RMB 317,747,000, up 20% from RMB 264,799,000 in the previous year[85] - The company’s administrative expenses for the six months ended June 30, 2024, were RMB 41,629,000, slightly up from RMB 40,779,000 in the previous year, indicating a marginal increase of about 2.1%[90] Dividend and Shareholder Information - The interim dividend declared is RMB 0.0538 per share, equivalent to HKD 0.0588, maintaining a stable payout ratio of 40.0%[35] - The company will suspend share transfer registration from September 13 to September 17, 2024, to determine eligibility for the interim dividend[36] - Major shareholders, including Ma Huizhen and Li Ruohong, each hold 990,000,000 shares, accounting for 74.25% of the company's equity[40] Strategic Initiatives - The company aims to enhance brand strength and product capabilities while expanding distribution channels in the second half of 2024[8] - The focus will be on increasing the sales proportion of high-margin products and optimizing supply costs to achieve cost reduction and efficiency goals[8] - The company plans to actively pursue acquisition opportunities in the domestic and international pet and fast-moving consumer goods sectors[8] Stock Options and Restricted Shares - The total number of stock options available for grant under the stock option plan as of January 1, 2024, and June 30, 2024, is 128,533,350 options each, representing approximately 9.64% of the issued share capital of 1,333,333,500 shares[44] - The maximum number of restricted shares that can be granted under the Restricted Share Award Scheme is capped at 25,000,000 shares, equivalent to 1.87% of the total issued shares as of the report date[48] - A total of 9,600,000 restricted shares have been granted under the scheme, with various executives and employees as participants[50] Financial Health and Cash Flow - Operating cash outflow for the six months ended June 30, 2024, was RMB 159.7 million, compared to RMB 74.0 million in the same period of 2023[24] - Cash and cash equivalents at the end of the period on June 30, 2024, amounted to RMB 842,328 thousand, compared to RMB 769,326 thousand at the end of June 30, 2023, showing an increase of 9.5%[72] - The company’s financing activities resulted in a net cash outflow of RMB 18,465 thousand for the six months ended June 30, 2024, compared to RMB 5,150 thousand for the same period in 2023[72] Market Position and Competitive Advantage - The company has maintained its leading market share in insect repellent products in China for ten consecutive years, according to NielsenIQ data[6] - The company continues to innovate in product development, focusing on differentiated and effective products to enhance overall profitability[6] Compliance and Governance - The company has adopted a corporate governance code and has complied with all applicable provisions during the reporting period[58] - The board of directors consists of eight members, including three independent non-executive directors, ensuring sufficient independent opinions to protect the interests of the company and its shareholders[58]