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 ...

朝云集团 [Table_StockNameRptType] （6601.HK） 首次覆盖 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 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]

证券研究报告 | 半年报点评 gszqdatemark 2024 09 16 年 月 日 朝云集团（06601.HK） 公司稳步巩固市场地位，坚持高比例派息 公司上半年营收/净利润同增 10.3%/31.5%，坚持高比例派息。公司 2024 上半年实现营业收入 12.5 亿元，同增 10.3%，净利润实现 1.8 亿 元，同增 31.5%，产品及渠道结构持续优化叠加供应链提效，毛利率同比 提升 5.1pcts 至 46.4%，销售净利率同比提升 2.10pcts 至 14.07%。此外， 公司现金流强劲，截至 2024 上半年，现金、现金等价物及各项银行存款 总额达 26.65 亿元，中期派息每股 0.0538 元（即每股 0.0588 港元），对 应派息率达 40%。 家居护理业务稳步巩固市场地位，宠物业务高质量发展。2024 上半年分 品类来看：家居护理产品收入 11.6 亿元，同增 11.5%，驱蚊类爆品表现 向好，如超威驱蚊小绿瓶、免拆蚊香等全渠道 GMV 分别同增 1057%/89%， 根据尼尔森统计，公司在杀虫驱蚊/洁厕品类市场份额均位列第一，市占率 分别达 17.5%/20.7%；宠物及宠物产品 ...

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 朝云集团（6601）公司公告点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------|------------------------------------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 04 日收盘价 ] | 1.90 港元 | | 52 周股价波动 | 1.21~1.96 港元 | | 总股本 / 流通港股 | 13.33 亿 /13.33 亿 | | 总市值 / 流通市值 | 25 亿港元 /25 亿港元 | | 相关研究 | | | [T 《全年高派息 able_ReportInfo] & | 业绩高增长，宠物线下实体门 | | 店服务业态加速布局》 | 2024.04.09 | | | 《家居护理主业基石稳固，宠物相关业务快速 | | 放量，利润率 & | 派息率大幅提升》 2023.09.14 | 市 ...