香飘飘食品股份有限公司 投资者关系活动记录表 | --- | --- | |-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

[Table_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：10.74 元 香 飘 飘（603711）食品饮料 目标价：——元（6 个月） 利润端短期亏损，期待渠道调整成效 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现营业收入 11.8亿元，同比增长 0.8%； 实现归母净利润-0.3 亿元，同比减亏 0.15 亿元。其中 24Q2 实现营业收入 4.5 亿元，同比下滑 7.5%；实现归母净利润-0.55 亿元。 冲泡淡季控节奏，重新定义即饮产品。1、分品类看，2024H1 冲泡、即饮分别 实现收入 6.1亿元（-2.1%）、5.5亿元（+3.8%）。1）冲泡方面，二季度为销售 淡季，公司主要保证渠道及终端健康库存，销售节奏放缓。公司持续推动对奶 茶产品的创新升级，推出手作燕麦奶茶"0 添加"等健康化产品。2）即饮方面， 重新规划产品发展路径，将 Meco 如鲜果茶产品重新定义为"茶饮店之外的第 二选择"，体现差异化的产品特点；继续培育兰芳园冻柠茶产品，重新定义为"健 康的冰爽饮料"。2、分渠道看，2024 ...

隐证券 食品饮料/饮料乳品 公 司 研 究 香飘飘（603711.SH） 2024 年 08 月 29 日 组织变革双轮渠道，产品渠道布局旺季 ——公司信息更新报告 投资评级：增持（维持） 张宇光（分析师） 陈钟山（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 chenzhongshan@kysec.cn 证书编号：S0790524040001 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/28 | | 当前股价 ( 元 ) | 10.74 | | 一年最高最低 ( 元 ) | 21.13/10.42 | | 总市值 ( 亿元 ) | 44.11 | | 流通市值 ( 亿元 ) | 44.11 | | 总股本 ( 亿股 ) | 4.11 | | 流通股本 ( 亿股 ) | 4.11 | | 近 3 个月换手率 (%) | 30.34 | 收入略低于预期，布局下半年旺季，维持"增持"评级 公司发布 2024 半年报，实现营业收入 11.79 亿元，同比增长 0.75%，归 ...

证券研究报告·公司点评报告·饮料乳品 香飘飘（603711） 2024 年半年报点评：主业阶段承压，即饮蓄 势待发 2024 年 08 月 29 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3128 | 3625 | 3822 | 4189 | 4576 | | 同比（ % ） | (9.76) | 15.90 | 5.42 | 9.62 | 9.22 | | 归母净利润（百万元） | 213.90 | 280.30 | 305.51 | 356.20 | 408.52 | | 同比（ % ） | (3.89) | 31.04 | 9.00 | 16.59 | 14.69 | | EPS- 最新摊薄（元 / 股） | 0.52 | 0.68 | 0.7 ...

香飘飘（603711.SH）2024 年中报点评 短期业绩承压，静待改革成效 2024 年 08 月 28 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 2024 年中报，2024H1 实现营收 11.79 亿元，同比+0.75%； 实现归母净利润-0.30 亿元，同比减亏 0.15 亿元；经测算，公司 24Q2 实现营收 4.54 亿元，同比-7.54%；实现归母净利润-0.55 亿元，同比亏损增加 0.05 亿元。 ➢ 即饮产品稳健增长，冲泡类产品略承压。分产品看，2024 上半年，冲泡类 产品/即饮类产品营收分别为 6.14/5.47 亿元，收入分别同比-2.13%/+3.83%。 冲泡产品方面，2024 年上半年，公司持续推动对奶茶产品的创新升级，推进技 术升级，丰富产品储备。即饮方面，2024 年上半年，公司在原有"桃桃红柚" "泰式青柠""樱桃莓莓""红石榴白葡萄""荔枝百香""芒果芭乐" 等主要 口味的基础上，进一步丰富产品线，增加了"夏杏金萱"季节限定新口味，以满 足消费者对多样化口味的追求。同时，上半年，原冲泡团队优化调整为"全品类 团队"，充分发挥协同作用；即 ...

证 2024 年 08 月 28 日 报 告 基本数据 2024-08-27 当前股价（元） 10.95 总市值（亿元） 45 总股本（百万股） 411 流通股本（百万股） 411 52 周价格范围（元） 10.95-19.43 日均成交额（百万元） 42.7 公 司 研 究 究 买入(维持) 事件 —香飘飘（603711.SH）公司事件点评报告 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 市场表现 0 (%) 香飘飘 沪深300 -40 -30 -20 -10 10 20 30 资料来源：Wind，华鑫证券研究 相关研究 1、《香飘飘（603711）：盈利实现 减亏，期待新产品定位效果》2024- 07-09 2、《香飘飘（603711）：利润高增 超预期，降本增效成果显著》2024- 04-18 3、《香飘飘（603711）：职业化转 型决心重大，即饮放量增长可期》 2023-12-29 业绩表现承压，产品焕新期待改善 2024 年 8 月 27 日，香飘飘发布 2024 年半年报。 ...

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 08 月 27 日 香飘飘 (603711) ——24Q2 表现承压 静待调整成效 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 10.95 | | 一年内最高 / 最低（元） | 21.13/10.42 | | 市净率 | 1.3 3.20 | | 息率（分红/股价） | 4,498 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 7.77 | | | | | 资产负债率 % | ...

华福证券 原材料成本上涨风险，新产品推广不顺风险，食品安全问题等 香飘飘（603711.SH） 收入端略微承压，渠道调整完毕亟待启航 事件：香飘飘发布 2024 年上半年报告，公司 24H1 实现营业收入 11.79 亿 元，同比+0.75%，实现归属于母公司股东的净利润-0.30 亿元，同比+33.02%， 实现扣非归母净利润-0.43 亿元，同比+46.23%。根据中报，公司 24Q2 单 季度实现营收 4.54 亿元，同比-7.54%，归母净利润-0.55 亿元，同比-9.67%， 扣非归母净利润-0.63 万元，同比+14.11% 冲泡业务承压，饮料业务维持稳健 1） 24H1，公司实现冲泡业务收入 6.14 亿元，同比-2.13%；实现 即饮业务收入 5.47 亿元，同比+3.83%。公司上半年积极推动冲泡业务 健康化年轻化发展，并且对即饮产品定位重新梳理，Meco 如鲜果茶产 品以"杯装"定位为"茶饮店之外的第二选择"，新品"夏杏金萱" 亦市场反馈良好；兰芳园冻柠茶当前处于"0-1"的发展阶段，主打"健 康化"迎合消费的趋势，公司未来即饮业务成长性仍可期待。 2） 24Q2 单季度来看，公司实现冲 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[7]. - The company's operating revenue for the first half of 2024 was ¥1,179,345,118.80, representing a 0.75% increase compared to ¥1,170,522,062.30 in the same period last year[10]. - The company reported a net profit attributable to shareholders of -29.5011 million yuan, reducing losses by 14.5414 million yuan compared to the same period last year[18]. - The total comprehensive income for the first half of 2024 was a loss of CNY 29,695,500.78, compared to a loss of CNY 44,356,028.71 in the first half of 2023[67]. - The company's total profit for the first half of 2024 was a loss of CNY 49,749,635.15, compared to a loss of CNY 77,328,116.43 in the same period of 2023[66]. Market Expansion and Product Development - User data indicates a growth in active customers to 5 million, a 20% increase compared to the previous year[7]. - The company plans to launch two new product lines in Q3 2024, focusing on health-oriented beverages[7]. - Market expansion efforts include entering three new provinces, aiming for a 10% increase in market share by the end of 2024[7]. - The company successfully introduced the Meco fruit tea product line, which quickly gained popularity due to its taste and health attributes, expanding its flavor offerings in 2024[13]. - The company is actively exploring the ready-to-drink beverage market, with successful products like "Lan Fang Yuan" frozen lemon tea, which received positive market feedback[13]. Research and Development - The company has allocated RMB 200 million for research and development of new technologies in beverage processing[7]. - R&D expenses increased by approximately 21.40% year-on-year, reflecting the company's commitment to innovation and product development[19]. - The company launched the "T/CIET 405-2024 General Requirements for Healthy Beverages" standard, which was officially implemented on April 22, 2024, enhancing product innovation capabilities and market competitiveness[14]. Financial Health and Cash Flow - The net cash flow from operating activities was -¥244,636,420.40, showing a reduction in cash outflow compared to -¥378,814,958.40 last year[10]. - The company's cash and cash equivalents were reported at CNY 2.05 billion, down from CNY 2.71 billion, reflecting a decline of 24.4%[61]. - The company's total assets decreased by 17.60% to ¥4,314,228,256.21 from ¥5,235,443,834.76 at the end of the previous year[10]. - The company's operating cash inflow for the first half of 2024 was CNY 1,368,359,885.32, an increase of 2.0% compared to CNY 1,331,518,022.38 in the same period of 2023[70]. Risk Management - The company has identified potential risks related to raw material price fluctuations and changing consumer preferences, which are detailed in the risk management section[7]. - The company faces risks related to product quality and safety control in the beverage manufacturing industry[32]. - The company acknowledges the increasing regulatory scrutiny in the food and beverage industry, which may lead to higher operational costs[33]. Environmental Compliance - All production bases comply with national environmental protection laws and standards, with no penalties incurred for environmental issues during the reporting period[39]. - The company’s wastewater discharge meets the secondary standards of the "Comprehensive Discharge Standard for Wastewater" (GB8978-1996) and other relevant local standards[39]. - The company has implemented advanced equipment and technology to reduce noise and improve environmental compliance[40]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 12,513[55]. - The largest shareholder, Jiang Jianqi, holds 50.44% of the shares, totaling 207,196,230 shares, with a decrease of 20,537,290 shares during the reporting period[55]. - The company did not propose any profit distribution or capital reserve increase for the first half of the year[36]. Corporate Governance - The company appointed a new financial director, Zou Yongjian, following the resignation of the previous director, Li Chaonan[35]. - The company has committed to enhancing its market competitiveness by closely monitoring consumer trends and expanding market reach[33]. Financial Reporting and Compliance - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[83]. - The company follows a 12-month operating cycle, aligning its accounting year from January 1 to December 31[87][88]. - The company emphasizes the importance principle in disclosing financial information, ensuring materiality is considered[85].

2024 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十 二号--酒制造》的相关规定，现将香飘飘食品股份有限公司（以下简称"公司"） 2024 年半年度主要经营数据（未经审计）公告如下： 一、 公司 2024 年上半年度主要经营情况 证券代码：603711 证券简称：香飘飘 公告编号：2024-025 香飘飘食品股份有限公司 合计 1,160,924,276.14 1,154,075,244.94 0.59 | | | | | | | | | 单位：元 | 币种：人民币 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 区域 | 2024 年 | 1-6 | 月 | 2023 年 1-6 | 月 | 增减变动幅度 | | | | 销售收入 | | | 销售收入 | | （%） | | | 华东 | 437,322,174.66 | | | 417,893,895.49 | | ...