Share Award Scheme - The total number of restricted shares available for grant under the Restricted Share Award Scheme was 10,600,000 shares as of January 1, 2023, and increased to 15,400,000 shares by December 31, 2023[1] - The company is committed to transparency in accordance with the listing rules and has provided additional information regarding the share award scheme[1] - The increase in restricted shares may indicate a strategy to incentivize key personnel and align their interests with shareholders[1] Governance Structure - The board of directors consists of four executive directors and three independent non-executive directors, ensuring a diverse governance structure[1] - The executive director and chairman is Chen Danxia, highlighting leadership continuity[1] Compliance and Reporting - The announcement does not affect other information contained in the 2023 Annual Report, which remains unchanged[1] - The company adheres to the listing rules under Chapter 17, ensuring compliance with regulatory requirements[1] - The company emphasizes the importance of accurate and complete information dissemination to avoid potential liabilities[1] Communication with Stakeholders - The announcement was made on August 19, 2024, indicating ongoing communication with stakeholders[1] - The company is registered in the Cayman Islands, reflecting its international operational footprint[1]

Q：您提到我们革新大单品，有这种檀香香的产品，还有一些蚊 香液，如果这几个传统的檀香电、蚊香液，还有一些新型的精油 户外，大概一个产品结构是怎么样的？ | --- | |-------------------------------------------------------------| | | | A: 目前我们看到 | | 这种点火的，它还是每年销售都会过亿。它的 销量完全没有减， | | 甚至有一点点的增长。 大家主要买的其实还是这种。点火的盘香、 | | 电、蚊液之类的。新产品是户外的喷雾的这些是之前看可能没那 | | 么多需求，现在需求在增。但是它的量跟传统的这些差距比较大 | | 明白。所以我们判断传统 的这些形式在近几年它的这种体量的趋 | 净利润将实现双位数增长。家居清洁产品有望实现约 10%的增长， 而宠物业务被视为第二增长曲线，预计 5 年后将占公司总收入的 其中单店收入以活体宠物销售为主，占比 50%。 全文概要 多品类发展战略。在家居清洁市场，公司仍有提升空间，与市场 领先者相差约 10 个百分点。 Q：我们的家居清洁产品类市场份额还有提升空间，未来的打法 是怎样的? 一，家居清 ...

明白明白好的好的嗯 然后还想请教一下从销售费用率角度来看当然我们能够看到的是公司总体的会包含不同的业务整体的销售费用率在25%以上未来我们在宠物业务方面单独来看的话比如说这块的销售费用我们怎么去展望以及对整体公司的销售费用率可能会有一个什么样的影响能不能请您给我们分享一下 我们其实在今年开始我们因为我们要大力布局宠物线下的这种实体门店嘛但是那个其实我们开店的成本也不是很多就比如说这个我们那个因为我们米勒怪可能它偏向大店呢它这种商场店它的那个单店初始投资也就50万然后爪爪那个品牌也就30万 所以它不会造成太大的这种费用的特别增长然后其他的整体的费用来说因为我们今年的整体的收入肯定还要同比去年还是要涨的 所以整体的我们预计的费用率会可能增加一点点但是我们目前看到的和我们计划的宠物这一块今年的综合费用率也就是增加一个百分点什么的所以也不会对我们大盘会造成太大的影响另外我们现在原有的业务 嗯今年的费用率应该比去年会下降一点点但是可能就是一个点或者是一个百分点或者是零点五个百分点这样所以整体的那个也不会偏差太大啊嗯明白明白好的就是宠物门店呃之外我们公司的这些就是呃产品方面啊比如说您刚刚提到的这个食品啊用品啊这一些就是 ...

选期货投资者适当性管理办法本次电话会议仅服务于华安证券研究所百名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险华安证券不对任何人因使用会议内容而引致的任何损失承担任何责任 为经华安证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究及法律责任的权利各位投资者大家好欢迎参加华安证券的中期策略会那么我是这个华安证券进攻中小范首席取材 今天参加我们交流的上市公司是赵云集团,然后这个出席的领导是公司的IR赵总,然后赵云集团也是我们长期看好的一个基本面非常扎实的一家公司,那么从23年的年报的数据来看, 发现公司实现了12%的收入端的同比增长,以及170%的利润端同比增长,同时公司的派息的比例达到了80%,所以也是展示了公司长期发展的一个强劲的动员和势头,并且从投资汇报的角度来讲也是一家性价比非常优质的一个公司。 所以首先我们还是把这个时间交给赵总为我们就这个年报的一些事项做一个简要的一个梳理包括对公司的一个发展战略做一些将来的一个远期发展的一个展望赵总好的谢谢徐老师各位线 ...

香港股市 | 消费 更新报告 净利润提升 170%；宠物线下实体门店服务业态开 启扩张模式 2023 净利润扭转颓势 FY23 家居护理品类收入恢复增长，期内收入同比增长 13.5%至 14.7 亿元；当中杀虫驱蚊 和家居清洁产品收入增速为 13.5%和 14%。朝云在杀清类产品市场龙头地位稳固，杀虫驱 蚊产品市占率约 16%，连续八年名列第一；家居清洁市占率第二。FY23 家居护理品类毛 利率同比提升 3.1 百分点至 45.0%， 2019 年以来最高。 朝云集团（6601 HK） | 2024 年 4 月 2 日 朝云集团 (6601 HK) 评级：买入 目标价：2.90 港元 朝云集团 FY23 收入 16.2 亿元（人民币，下同），同比增长 12.0%，其中家居护理/宠物品 类占比 91.1%/4.8%。在产品结构改善的作用下，公司整体毛利率 44.5%，下半年毛利率 创新高提升至 51.9%。FY23 公司降本增效效果明显，销售/行政费用占收入比例从 FY22 的 41.5%下降至 37.9%。全年经营利润率从 6.0%大幅提升至 13.5%。在主打产品销售恢复、 费用控制得益的双重作用下，FY2 ...

本报告仅供海通证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况下， 本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致 的任何损失负任何责任。 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可能 会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。 本报告仅向特定客户传送，未经海通证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或 复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及标记均为本公 司的商标、服务标记及标记。如欲引用或转载本文内容，务必联络海通证券研究所并获得许可，并需注明出处为海通证券研究所，且 不得对本文进行有悖原意的引用和删改。 根据中国证监会核发的经营证券业务许可，海通证券股份有限公司的经营范围包括证券投资咨询业务。 请务必阅读正文之后的信息披露和法律声明 本人具有中国证券业协会授予的证券投资咨询执 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months [1][11]. Core Views - The company achieved an annual revenue of 1.616 billion yuan in 2023, representing a year-on-year growth of 11.68%, with a net profit of 173 million yuan, up 164.02% year-on-year [9]. - The company continues to maintain a high dividend payout ratio of 80% during the operational period, reflecting strong cash flow management [1]. - The home care segment shows steady growth, with online sales channels maintaining a stable proportion of total revenue [1]. Financial Performance - Revenue breakdown for 2023 includes home care at 1.472 billion yuan (up 13.49%), personal care at 61 million yuan (down 4.55%), and pet products at 77 million yuan (up 0.47%) [1]. - The company's gross margin and net margin for 2023 were 44.46% and 10.70%, respectively, both showing improvements of 2.89 and 6.17 percentage points year-on-year [1]. - The company’s cash and cash equivalents stood at 2.901 billion yuan as of December 31, 2023 [9]. Business Strategy - The home care segment remains the core business, with the company maintaining its leading market position in insecticides and home cleaning products while launching differentiated high-margin products [1]. - In the pet segment, the company is actively building its supply chain and distribution capabilities, expanding its presence through strategic partnerships and investments [1]. - The company is pursuing a multi-channel strategy, integrating online and offline sales to drive growth across various dimensions [1]. Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 1.788 billion yuan, 1.937 billion yuan, and 2.083 billion yuan, respectively, with corresponding net profits of 183 million yuan, 195 million yuan, and 210 million yuan [3][9]. - The expected earnings per share (EPS) for the same years are 0.14 yuan, 0.15 yuan, and 0.16 yuan, with price-to-earnings (P/E) ratios of 11.46, 10.80, and 10.02 [3][9].

2024 年 04 月 01 日 公司研究 评级：增持(首次覆盖) 3 月 25 日，朝云集团发布 2023 年年度报告：公司 2023 年实现营业收入 16.16 亿元/同比增长+11.7%，实现归母净利润 1.73 亿元/同比增长 +164%；盈利水平优化提升，毛利率 44.5%同增 2.9pct，净利润率 10.4% 同增 6.2pct；年度派息率约 80%并有望继续保持，股息率约 8%。 最近一年走势 投资要点： 表现 1M 3M 12M 总股本（万股） 133,333.35 多品牌多品类全渠道战略落地，线上线下均实现快速增长。线下渠 道方面，公司加强毛利产品分销，提高分销点质量，推行多品类的 分销覆盖，通过打造品牌终端形象标准店，强化驱蚊专业第一的品 牌形象、威王家居清洁的专业品牌形象，公司线下渠道迎来疫后恢 复并实现快速增长，2023 年线下实现营收 10.66 亿元/同比增长 +12.2%。线上销售渠道方面，公司深耕京东、拼多多及淘宝渠道， 快速发展社群业务和抖音等销售渠道，2023 年线上实现营业收入 5.50 亿元/同比增长+10.7%。 证券研究报告 派息分红比例持续提升并有望维持较高水平 ...

证 券 研 究 报 告 [Table_MainInfo] [Table_Title] 朝云集团（6601） 股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 盈利能力显著提升，宠物业务增长可期 公司 2023 年盈利提升显著，强品牌力支撑产品结构持续改善，宠物业务加速线下开 | --- | --- | |----------------------------|------------| | | 耐用消费品 | | [Table_Invest 评级： ] | 增持 | | 当前价格（港元）： | 1.67 | | | 2024.03.27 | | --- | --- | |----------------------------|-----------| | | | | [Table_ 交易数据 Market] | | | 52 周内股价区间（港元） | 1.30-1.85 | | 当前股本（百万股） | 1,333 | | 当前市值（百万港元） | 2,227 | 52周内股价走势图 -24% -18% -12% -6% 0% 6% 2023/32023/42023/52023/62023/72023 ...

Financial Performance - Revenue increased by 11.7% to RMB 1,615.6 million for the year ended December 31, 2023, compared to RMB 1,446.6 million for the year ended December 31, 2022[10]. - Gross profit rose by 19.4% to RMB 718.3 million, with a gross margin increase of 2.9 percentage points due to ongoing product mix optimization and supply chain reforms[11]. - Net profit surged by 164.0% to RMB 172.8 million, up from RMB 65.5 million in the previous year[10]. - Basic and diluted earnings per share increased by 164.7% to RMB 13.13, compared to RMB 4.96 for the previous year[10]. - Total revenue for the year ended December 31, 2023, was RMB 1,615,585 thousand, an increase of 11.7% from RMB 1,446,638 thousand in 2022[54]. - The company reported a profit attributable to owners of RMB 175,016 thousand for the year ended December 31, 2023, compared to RMB 66,101 thousand for the year ended December 31, 2022[93]. - The company's profit increased by 164.0% from RMB 65.5 million for the year ended December 31, 2022, to RMB 172.8 million for the year ended December 31, 2023[193]. - The net profit margin improved from 4.5% for the year ended December 31, 2022, to 10.7% for the year ended December 31, 2023[193]. Revenue Breakdown - Offline sales channels generated revenue of RMB 1,065.9 million, reflecting a 12.2% increase year-on-year[14]. - Online sales channels also saw growth, with revenue increasing by 10.7% year-on-year, driven by platforms like Douyin and various direct sales channels[11]. - Revenue for the pet and pet product category for the year ended December 31, 2023, was RMB 773 million, an increase of 0.5% compared to the year ended December 31, 2022[29]. - Revenue from online channels for the year ended December 31, 2023, was RMB 5,496 million, representing a growth of 10.7% compared to the previous year[29]. - Revenue from home care products reached RMB 1,471,917 thousand, up from RMB 1,296,901 thousand, reflecting a growth of 13.5%[54]. - Revenue from home care products was RMB 1,471,917,000, accounting for 91.1% of total revenue, up from RMB 1,296,901,000 (89.6%) in the previous year[126]. Dividends and Shareholder Returns - The board declared a final dividend of RMB 0.0640 per share, with a total dividend payout for the year amounting to RMB 0.1050 per share, representing a payout ratio of approximately 80.0%[11]. - The total interim dividend declared for the six months ended June 30, 2023, was approximately RMB 54,667,000, compared to RMB 22,400,000 for the same period in 2022[92]. - The board has resolved to declare a final dividend of RMB 0.0640 per share to shareholders listed on June 26, 2024[181]. Cash and Liquidity - As of December 31, 2023, the company held cash and cash equivalents totaling RMB 2,901.3 million, indicating strong liquidity[11]. - Cash and cash equivalents, including time deposits, amounted to RMB 3,142,059 thousand, compared to RMB 2,364,700 thousand in the previous year[37]. - Operating cash inflow for the year ended December 31, 2023, was RMB 326.9 million, compared to RMB 71.7 million for the year ended December 31, 2022[141]. Strategic Plans and Investments - The company plans to enhance its home care product lineup and expand distribution in the high-end market, focusing on pest control product upgrades and marketing across both online and offline channels[19]. - The company aims to strengthen cost management through supply chain optimization and strategic partnerships to enhance cost competitiveness[19]. - The company plans to continue strengthening its multi-brand and multi-category channel development strategy in 2024[33]. - The company aims to expand its pet business through strategic investments and optimizing mergers and acquisitions[33]. - The company plans to establish and optimize its overseas online and offline sales networks, with an investment of 5.0% of the net proceeds, totaling RMB 120.9 million[178]. - The company is expected to fully utilize the funds for various strategic initiatives by the end of 2026[178]. Acquisitions - The company acquired 100% equity of Guangdong Zhongke Research Cosmetics Technology Co., Ltd. for RMB 5,036,000 thousand, completed on April 6, 2023[43]. - The company also acquired 75.0% of Shenzhen Mile Cloud Information Technology Co., Ltd. on September 21, 2023, focusing on pet products and services[173]. Cost Management and Efficiency - The company aims to deepen its digital strategy with an investment of RMB 241.9 million, anticipated to be fully utilized by the end of 2026[1]. - Continuous supply chain reforms are being implemented to enhance operational performance and profitability[31]. - The company is focused on product innovation and upgrading to improve the proportion of high-margin products[30]. Employee and Operational Metrics - The total employee count rose to 1,040 as of December 31, 2023, from 919 as of December 31, 2022, with total employee costs increasing to RMB 173.5 million from RMB 158.8 million year-over-year[176]. - The company reported a total employee cost of RMB 173,485,000 for the year ended December 31, 2023, compared to RMB 158,762,000 in 2022, reflecting an increase of approximately 9.3%[114]. Financial Position and Assets - Non-current assets totaled RMB 694,086 thousand, an increase of 66.1% from RMB 417,855 thousand in the previous year[37]. - Current assets net value was RMB 2,274,316 thousand, down from RMB 2,425,395 thousand, a decrease of 6.2%[37]. - The company’s total liabilities were RMB 3,160,304 thousand, reflecting a significant increase compared to the previous year[37]. - The company's goodwill increased to RMB 6,280 thousand from RMB 3,925 thousand, a growth of 60.0%[37]. - The company's reserves increased to RMB 2,927,363 thousand from RMB 2,817,269 thousand, an increase of 3.9%[39]. - The group's net asset value as of December 31, 2023, is RMB 2,937,472,000, an increase from RMB 2,824,568,000 in 2022, representing a growth of approximately 4%[63].