本次担保金额及已实际为良品工业提供的担保余额：公司本次以连带责 任保证的形式为良品工业担保的最高债权额为人民币 2 亿元。截至 2025 年 5 月 9 日，公司已实际为良品工业提供的担保余额为 19,067.32 万元。 证券代码：603719 证券简称：良品铺子 公告编号：2025-018 良品铺子股份有限公司 关于为全资子公司提供银行授信担保的进展公告 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。 重要内容提示： 本次被担保人为湖北良品铺子食品工业有限公司（以下简称"良品工业"）， 为良品铺子股份有限公司（以下简称"公司"）全资子公司，不属于公司关联人。 特别风险提示：截至本公告披露日，公司及控股子公司担保金额超过最 近一期经审计净资产 50%，均为公司对全资子公司提供的担保，敬请投资者注意 相关风险。 一、担保情况概述 近日，公司（即保证人）与招商银行股份有限公司（即债权人，以下简称"招 商银行"）签署了担保合同，约定公司为全资子公司良品工业（即债务人）向招 商银行申请银行综合授信提供担保，本次被担保最高债权额为人民币 ...

Group 1: Plant-Based Beverage Industry - The plant-based beverage industry is experiencing a divergence in performance among major companies, with some like Yangyuan Beverage seeing profit growth despite a slight revenue decline, while others like Huanlejia face declines in both revenue and profit [2] - Traditional plant-based beverages are limited by seasonal demand and face competition from emerging categories, necessitating innovation to meet the health-conscious preferences of younger consumers [2] Group 2: Chinese Condiment Industry - The Chinese condiment industry has evolved from a focus on export during the planned economy era to becoming a global rule-maker, with companies like Haitian Flavoring and Lee Kum Kee leading the way [3][4] - The industry is leveraging cultural exports and technological innovation to reshape its landscape, emphasizing quality and innovation to support the globalization of Chinese flavors [4] Group 3: Community Supermarkets - Community supermarkets are gaining traction, with brands like Ole' and Hema NB expanding rapidly, focusing on middle-class consumers and enhancing product quality and efficiency [5] - The core competitiveness of community supermarkets lies in product control and operational efficiency, requiring deep supply chain engagement and digital tool application [5] Group 4: Health and Wellness Trends - There is a growing trend among young consumers towards "light wellness" products, with a focus on health-conscious beverages that are low in sugar and calories [6] - Boxed water products have seen significant sales growth, with products like fig and flaxseed water experiencing a 130% increase in sales [6] Group 5: Instant Food Market - The instant food market is shifting from high-end products to a focus on affordability, with budget products now accounting for nearly 50% of the instant noodle market [7] - Future opportunities lie in diversifying flavors and adjusting strategies to meet the differentiated demands of various market segments [7] Group 6: Aging Population and Bakery Market - The aging population is driving demand for soft-textured baked goods, with health-oriented and age-appropriate products becoming market hotspots [9] - Innovations inspired by Japanese practices, such as low-sugar and low-salt options, are key directions for the industry [9] Group 7: Snack Food Market Forecast - The Chinese snack food market is projected to grow to 972 billion yuan by 2025, with nut snacks holding the largest market share [10] - The industry is witnessing a shift towards health-oriented ready-to-eat products, with e-commerce and live streaming becoming significant growth drivers [10] Group 8: Beverage Market Dynamics - The beverage market is undergoing adjustments, with significant growth in electrolyte water and tea beverages, while packaged water sales are declining [12] - Companies like Nongfu Spring and Eastroc Beverage are experiencing contrasting performance, highlighting the competitive landscape [12] Group 9: Pre-made Dishes Market - The pre-made dishes market is experiencing a cooling phase, with many leading companies facing revenue declines due to changing consumer demands and increased competition [14] - Opportunities remain in local specialties and high-end products, with new retail channels emerging as growth points [14] Group 10: Health Drink Innovations - The market for Chinese herbal health drinks is expanding rapidly, with sales increasing from 0.1 billion yuan in 2018 to an expected 10 billion yuan by 2028 [19] - Companies are focusing on packaging, formulation, and marketing to differentiate themselves in a competitive landscape [19] Group 11: Functional Beverage Market - The functional beverage market is becoming increasingly diverse, with brands like Zhenguanzhuang entering the market with zero-sugar options targeting health-conscious consumers [32] - The collaboration between Zhenguanzhuang and Super Extreme Drink aims to fill market gaps and cater to the preferences of the younger generation [32] Group 12: Snack Food IPO Trends - Recent trends show a surge in snack food companies seeking IPOs in Hong Kong, with brands like Three Squirrels aiming to solidify their market position [21] - These companies face challenges related to competition and growth bottlenecks, despite their ambitions for expansion [21]

Investment Rating - The report maintains a "Buy" investment rating for the company [5]. Core Views - The company is experiencing pressure on profits due to strategic adjustments, with a focus on lean management to improve efficiency [2][9]. - The introduction of new products is expected to drive revenue growth, particularly in the group buying segment, which saw a 19% increase in revenue [3]. - The company is actively optimizing its store model and reducing the number of underperforming stores to enhance profitability [3][9]. Financial Performance Summary - In 2024, the company reported total revenue of 7.159 billion yuan, a decrease of 11% year-on-year, with a net loss of 46 million yuan, a decline of 126% [1][11]. - The gross margin for 2024 and Q1 2025 decreased by 2 percentage points to 26.14% and 24.64%, respectively, primarily due to price reductions on certain products [2]. - The net profit margin also declined, with figures of -0.69% for 2024 and -2.10% for Q1 2025, attributed to reduced gross margins and increased asset impairments [2]. Earnings Forecast - The company is projected to launch a new brand focused on "natural healthy snacks" in 2024, which may initially pressure profits but is expected to perform well post-upgrade [4]. - Earnings per share (EPS) estimates for 2025-2027 are 0.06, 0.19, and 0.29 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 198, 62, and 41 times [9][11].

证券代码：603719 证券简称：良品铺子 公告编号：2025-017 良品铺子股份有限公司 本次权益变动前，达永有限持有公司股份 76,836,126 股，占公司总股本 的 19.16%；本次权益变动后，达永有限持有公司股份 75,641,726 股，占公司总 股本的 18.86%，持股变动跨越 1%的整数倍。 本次变动未违反信息披露义务人已作出的承诺、意向、计划。 一、信息披露义务人的基本信息 | | 名称 | 达永有限公司（SUMDEX LIMITED） | | | --- | --- | --- | --- | | 信息披露 | 股东性质 | 境外法人 | | | 义务人 基本信息 | | 控股股东、实际控制人及其一致行动人 | □是 √否 √是 □否 | | | 身份类别 | 持股5%以上股东 | | | | | 董事、监事和高级管理人员 | □是 √否 | | | | 其他：不适用 | | 上述信息披露义务人无一致行动人。 二、权益变动触及 1%刻度的基本情况 股东权益变动触及 1%刻度的提示性公告 信息披露义务人达永有限公司（英文名称 SUMDEX LIMITED）保证向本公司 提供的信息真实、 ...

2025 年 5 月 6 日 公司研究 持续调整，静待改善 ——良品铺子（603719.SH）2024 年年报及 2025 年一季报点评 要点 事件：良品铺子发布 2024 年年报和 2025 年一季报，2024 全年实现营业收入 71.59 亿元，同比-11.02%；归母净亏损 0.46 亿元，23 年同期盈利 1.80 亿元； 扣非归母净亏损 0.75 亿元，23 年同期盈利 0.65 亿元。其中，24Q4 单季度实现 营业收入 16.79 亿元，同比-17.95%；归母净亏损 0.65 亿元，23 年同期亏损 0.11 亿元；扣非归母净亏损 0.72 亿元，23 年同期亏损 0.57 亿元。25Q1 实现营业收 入 17.32 亿元，同比-29.34%；归母净亏损 0.36 亿元，24 年同期盈利 0.62 亿元； 扣非归母净亏损 0.40 亿元，24 年同期盈利 0.55 亿元。 春节错期叠加竞争加剧，各业务条线持续调整。分渠道看，25Q1 公司营收端仍 处于调整期，公司线上/线下渠道分别实现营业收入 9.01/10.38 亿元，同比 -30.00%/-28.83%。线上渠道受电商平台整体流量下滑及春 ...

Core Insights - Hubei province has seen the emergence of several regional public brands such as Qianjiang crayfish, Suizhou mushrooms, Honghu lotus root, and Wudang Mountain tea, aiming to expand these high-quality agricultural products to national and global markets [1][2] Group 1: Agricultural Product Development - The "Taste of China Good Raw Materials and CMG Rural Revitalization Launch Series Event" was initiated in Qichang County, Hubei, which is known for its high-quality navel oranges [1] - Qichang County has a history of 2300 years in orange cultivation, with over 130 varieties, a planting area exceeding 400,000 acres, and an annual production of over 1 million tons, generating a comprehensive output value of 20.3 billion yuan [1][2] Group 2: Technological and Market Innovations - The introduction of a million-yuan optical sorting line allows for rapid assessment of fruit quality, enabling the sale of navel oranges by individual pieces rather than by weight, resulting in sales of 3.2 million pounds and revenue exceeding 24 million yuan in just five days [2] - The brand value of "Qichang Navel Orange" has reached 16.678 billion yuan, establishing it as a nationally recognized agricultural product brand [2] Group 3: Lotus Root Industry Growth - Honghu City, a major lotus root cultivation area, has a planting area of 220,000 acres and an annual production of nearly 300,000 tons, with a comprehensive output value surpassing 6.5 billion yuan [4] - The provincial government has implemented the "Lotus Seven Measures" to support the development of the "Honghu Lotus Root" brand, allocating 10 million yuan annually [4][5] Group 4: E-commerce and Tourism Integration - Honghu's lotus root industry has embraced e-commerce, with nearly 8 billion yuan in annual online sales, supported by 682 registered e-commerce entities related to the lotus root industry [5] - The integration of tourism with the lotus root industry has attracted 287,000 visitors, generating a comprehensive income of 900 million yuan from tourism [5] Group 5: Strategic Collaborations - Hubei's cities have formed strategic partnerships with Liangpinpuzi to promote regional public brands through direct sourcing, standardization, and brand promotion [5] - The emphasis on merging local agricultural products with regional public brands is seen as crucial for expanding market reach, with consumer trust being the ultimate goal [5]

Core Insights - The snack industry has seen significant revenue growth, driven by new product launches and channel restructuring, including social e-commerce and discount stores [1][2] - Despite revenue growth, snack companies are facing challenges in maintaining profitability, with fluctuating sales expenses and gross margins [1][8] Revenue Growth Drivers - Major snack companies reported substantial revenue figures for 2024, with Three Squirrels leading at 10.622 billion, followed by other companies like Liangpinpuzi and Qiaqia Foods [2] - New product development has been highlighted as a key contributor to revenue, with Three Squirrels launching over 20 new products that achieved significant sales [3][4] Channel Expansion - The restructuring of sales channels has provided new opportunities for snack companies, with a focus on e-commerce and discount stores [5][6] - Three Squirrels reported an 81.73% increase in revenue from Douyin, indicating the effectiveness of digital marketing strategies [4] International Market Growth - Companies are increasingly targeting international markets, particularly Southeast Asia, to expand their growth potential [6][7] - Qiaqia Foods and other companies have reported significant growth in overseas sales, with Qiaqia's overseas revenue increasing by approximately 90% [6] Profitability Challenges - Many snack companies have experienced rising sales expenses, with increases ranging from 15.55% to 50.92%, primarily due to higher advertising costs [8][9] - Gross margins have shown volatility, with some companies reporting declines due to rising raw material costs and competitive pricing strategies [10] Dividend Distribution - Several companies have announced substantial cash dividends, reflecting confidence in their operational performance and future growth [11][12] - The total cash dividends and share buybacks for some companies represent a significant portion of their net profits, indicating a strong commitment to returning value to shareholders [11]

Core Viewpoint - The event "Seeking China's Good Ingredients" initiated by the Central Radio and Television Station and local governments aims to promote rural revitalization and brand integration through innovative models combining media credibility, local resources, digital platforms, and brand industrialization [1][3]. Group 1: Event Launch and Collaboration - The event was launched at Qu Yuan Temple Square, featuring a performance that highlighted the cultural significance of the region [3]. - Good Products has been designated as a strategic partner for regional public brand ecological cooperation, collaborating with seven county governments to promote ingredient traceability and rural revitalization [3][5]. Group 2: Product Offerings and Cultural Significance - Good Products focuses on geographical indication raw materials from Hubei, introducing a series of culturally rich Dragon Boat Festival gift boxes featuring local specialties [5]. - The company has developed high-value products such as orange peel toast and lotus root snacks, enhancing the economic value of local agricultural products [5][8]. Group 3: Strategic Goals and Future Plans - Good Products emphasizes the importance of high-quality raw materials, committing to long-term direct sourcing and quality standard development in collaboration with local governments [8]. - The company plans to establish 10 core raw material bases across 50 production areas nationwide, aiming to create a complete value chain from soil to food [8].

Group 1 - Wangwang invested RMB 138 million in a business jet to facilitate management's domestic and international travel, with a focus on expanding overseas operations [1] - In the fiscal year 2023, Wangwang's overseas business grew by double digits, with snack revenue reaching RMB 5.977 billion, accounting for approximately 20% of total revenue [1] - Southeast Asia has become a primary target for Chinese snack brands due to its large population and cultural similarities, with many brands already establishing a presence in the region [2][5] Group 2 - Companies like Qiaqia, Jinzhai, and Panpan have successfully penetrated the Southeast Asian market, with Qiaqia's Thailand subsidiary contributing RMB 400 million in revenue and nearly RMB 90 million in net profit in 2023 [2] - The Southeast Asian snack market is projected to reach USD 13.1 billion by 2029, with a compound annual growth rate of 10.60% [3] Group 3 - Salted snacks and other unique Chinese products are gaining traction in Southeast Asia, with brands like Yanjin and Qiaqia focusing on local market education to introduce their products [11][12] - The entry strategies of Chinese snack brands vary by country, with some targeting mature markets like Thailand and Singapore, while others focus on emerging markets like Vietnam and Indonesia [11] Group 4 - The retail landscape in Southeast Asia is diverse, with traditional community stores still dominating in Indonesia, where 80% of consumption occurs outside modern retail channels [17] - Successful market entry often relies on innovative channel strategies, as demonstrated by the ice cream brand Aice, which focused on community stores rather than traditional retail [14] Group 5 - Compliance with local regulations is crucial for market entry, with specific requirements for product certification and labeling in countries like Thailand and Indonesia [27] - Localization of products and supply chains is essential for success, with brands adapting flavors and ingredients to meet local preferences [28][31]

出品｜搜狐财经 作者｜柴鑫洋 编辑｜李文贤 4月28日晚， 良品铺子发布的2024年年报及2025年一季报。 去年年报显示，公司2024年营业收入为71.59亿元，同比下降11.02%；净亏损4610.45万元，同比下降 125.57%；扣非净亏损7476.14万元，同比下降214.77%。 4月28日晚， 良品铺子发布的2024年年报显示，公司2024年营业收入为71.59亿元，同比下降11.02%； 净亏损4610.45万元，同比下降125.57%；扣非净亏损7476.14万元，同比下降214.77%。 其中2024年第四季度，公司收入16.79亿元，净亏损6549.48万元，扣非后净亏损7161.55万元。 年报显示，2024年末良品铺子门店数为2704家，报告期内共闭店794家。 2025年一季度，公司实现营收17.32 亿元，同比下降29.34%；净亏损3614.86万元，同比下降157.85%； 扣非后净亏损为4018.22万元，同比下降173.21%。 对于良品铺子当前存在的问题，大消费行业分析师杨怀玉认为："良品铺子当前亟需跳出"价格战内 卷"，构建以品牌力为核心的质量竞争壁垒。此前降价策略初 ...