Investment Rating - The report maintains a "Buy" rating for the company [7][13]. Core Views - The company reported a decline in revenue and net profit for 2023, with total revenue of 8.046 billion yuan, down 14.76% year-on-year, and a net profit of 180 million yuan, down 46.26% year-on-year [4]. - The first quarter of 2024 showed signs of recovery with a revenue increase of 2.79% year-on-year, reaching 2.451 billion yuan, although net profit decreased by 57.98% year-on-year [4][12]. - The company is undergoing product structure adjustments which have impacted gross margins, but there are expectations for improved profitability in 2024 due to online channel reforms and enhanced management [5][13]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 8.046 billion yuan, with a net profit of 180 million yuan and a significant drop in net profit margin to 2.24% [4][5]. - For Q4 2023, revenue was 2.046 billion yuan, with a net loss of 11 million yuan [4]. - Q1 2024 saw revenue of 2.451 billion yuan, with a net profit of 62 million yuan, indicating a recovery from the previous quarter [4][12]. Profitability Metrics - The gross margin for 2023 was 27.75%, with a decline in Q4 to 25.43% and a slight recovery to 26.43% in Q1 2024 [5]. - The net profit margin for Q1 2024 was 2.55%, showing a recovery from a negative margin in Q4 2023 [5]. Revenue Breakdown - In Q1 2024, online revenue was 1.286 billion yuan, up 6.65% year-on-year, while offline revenue was 1.459 billion yuan, up 0.28% year-on-year [12]. - The company faced challenges in its offline business, with a net decrease of 140 stores in Q1 2024 [12]. Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025, now expecting net profits of 287 million yuan and 317 million yuan respectively, reflecting a downward revision of 25.58% and 26.53% [13]. - The report emphasizes that ongoing adjustments in the business model are expected to benefit long-term growth, maintaining a "Buy" rating [13].

证券研究报告 ＃industryId＃ 休闲零食 ＃investSuggestion＃ | --- | --- | |----------------------------|-----------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-4-26 | | 收盘价（元） | 14.71 | | 总股本（百万股） | 401.00 | | 流通股本（百万股） | 401.00 | | 净资产（百万元） | 2,553.77 | | 总资产（百万元） | 4,833.03 | | 每股净资产（元） | 6.37 | ＃relatedReport＃ ＃分析师： emailAuthor＃ 林佳雯 linjiawen95@xyzq.com.cn S0190522070009 公 司 研 究 ＃ investSug gestionCh ange＃ 维持 ） 汪润 投资要点 ＃⚫summary 事件：＃公司公告 2023 年年报及 2024 年一季报，2023 年公司实现收入/归母净利润/扣非归母净利润 80.46/1.80/0.65 亿元，同比-14.76%/-46.26% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [21] Core Views - The company reported a revenue of 8.05 billion yuan in 2023, a year-on-year decrease of 14.8%, and a net profit attributable to shareholders of 180 million yuan, down 46.3% year-on-year. In Q1 2024, revenue rebounded to 2.45 billion yuan, up 2.8% year-on-year, while net profit attributable to shareholders was 60 million yuan, down 58.0% year-on-year. The decline in 2023 was primarily due to a significant drop in e-commerce revenue as traffic shifted to content e-commerce platforms. However, Q1 2024 saw rapid growth in group buying business due to channel expansion and marketing efforts during the New Year festival, leading to a recovery in revenue growth. Despite this, profit margins were pressured due to price reductions [23][24]. Financial Summary - The company's revenue is projected to recover to 8.575 billion yuan in 2024, with a year-on-year growth of 6.6%. The net profit attributable to shareholders is expected to be 186 million yuan, reflecting a slight increase of 3.4% [25]. - The company's gross margin is forecasted to be 26.5% in 2024, with a net margin of 2.2% [25]. - Earnings per share (EPS) are projected to be 0.46 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 31.6, 26.7, and 22.8 for 2024, 2025, and 2026 respectively [23][25]. Business Performance - The company has optimized its multi-channel layout, enhancing e-commerce, direct retail, and group buying operations. E-commerce revenue grew by 6.7% to 1.29 billion yuan in Q1 2024, while direct retail revenue increased by 10.2% to 640 million yuan. The group buying business saw a significant increase of 57.3% to 180 million yuan during the same period [24].

请阅读最后一页重要免责声明 3 证券研究报告 ▌ 食品饮料组介绍 孙山山：经济学硕士，6 年食品饮料卖方研究经验，全面覆盖食品饮料行业， 聚焦饮料子板块，深度研究白酒行业等。曾就职于国信证券、新时代证券、国 海证券，于 2021 年 11 月加盟华鑫证券研究所担任食品饮料首席分析师，负责 食品饮料行业研究工作。获得 2021 年东方财富百强分析师食品饮料行业第一 名、2021 年第九届东方财富行业最佳分析师食品饮料组第一名和 2021 年金麒 麟新锐分析师称号。注重研究行业和个股基本面，寻求中长期个股机会，擅长 把握中短期潜力个股；勤于思考白酒板块，对苏酒有深入市场的思考和深刻见 解。 肖燕南：湖南大学金融硕士，于 2023 年 6 月加入华鑫证券研究所，研究方向 是次高端等白酒和软饮料板块。 廖望州：香港中文大学硕士，CFA，3 年食品饮料行业研究经验，覆盖啤酒、卤 味、徽酒领域。 ▌ 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 ...

民生证券研究院： 门店业态持续调整，短期业绩承压 2024 年 04 月 27 日 ➢ 产品调价毛利下降，收入规模下滑费效有所降低。23 年实现毛利率 27.75%， 同比+0.18pcts；23Q4 起公司调整产品价格，集中在成本优化但不影响品质以 及复购率高的零食上，23Q4 毛利率同比-0.43pcts 至 25.43%，24Q1 毛利率同 比-2.74pcts 至 26.43%。费用端，23 年销售/管理/研发/财务费用率分别 19.55%/5.55%/0.54%/-0.14%，同比+0.94/+0.47/+0.01/+0.24pcts，费用率 有所提升预计系收入下滑费效略有下降。23 年实现扣非净利率 0.81%，同比- 1.4pcts；24Q1 实现扣非净利率 2.24%，同比-2.25pcts。 推荐 维持评级 当前价格： 14.71 元 [盈利预测与财务指标 Table_Forcast] ➢ 坚持实施"好货不贵"价格策略，门店业务持续调整。分渠道：23 年电商/ 加盟/直营零售/团购业务收入分别 31.67/24.0/18.94/4.90 亿元，同比- 32.58%/-6.67%/+21.69 ...

良品铺子股份有限公司 2023 年度财务报表及审计报告 t and 良品铺子股份有限公司 2023 年度财务报表及审计报告 | | 页码 | | --- | --- | | 审计报告 | 1 - 7 | | 2023 年度财务报表 | | | 合并资产负债表 | 1-2 | | 公司资产负债表 | 3-4 | | 合并利润表 | 5 - 6 | | 公司利润表 | 7 | | 合并现金流量表 | 8 | | 公司现金流量表 | 9 | | 合并股东权益变动表 | 10 - 11 | | 公司股东权益变动表 | 12 - 13 | | 财务报表附注 | 14 - 140 | | 补充资料 | 1-2 | 普华永道 审计报告 普华永道中天审字(2024)第 10106号 (第一页,共七页) 良品铺子股份有限公司全体股东: í 审计意见 (一) 我们审计的内容 我们审计了良品铺子股份有限公司(以下简称"良品铺子公司")的财 务报表,包括 2023年 12月 31日的合并及公司资产负债表,2023年度的合 并及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及 财务报表附注。 (二) 我们的意见 我们认为 ...

良品铺子股份有限公司 独立董事 2023 年度述职报告 1 报告期内，本人认真参加公司董事会和股东大会，履行了独立董事忠 实、勤勉义务。在会议召开前，本人对会议相关审议事项进行较为全面的 调查和了解，并在必要时向公司进行问询，公司能够积极配合并及时进行 回复。在会议召开过程中，本人对提交董事会的议案进行认真审议，就审 议事项与其他董事充分讨论。会议时间之外，还了解公司的日常经营和运 作情况，凭借自身积累的专业知识和经验向公司提出合理化建议，积极促 进董事会决策的客观性、科学性，切实维护了公司和全体股东的利益。 本人尉安宁，作为良品铺子股份有限公司（以下简称"公司"）的独 立董事，在 2023 年度严格按照《公司法》《上市公司独立董事管理办法》 《上市公司治理准则》等法律法规、规范性文件以及公司《章程》、公司 《独立董事工作制度》等相关规定和要求，履行独立董事的职责和义务， 积极参加公司相关会议，并认真审议董事会各项议案，对相关事项发表了 独立意见，切实维护全体股东和公司的利益。现将 2023 年度履行独立董事 职责情况汇报如下： 一、独立董事的基本情况 本人自 2022 年 9 月 15 日经公司 2022 ...

Revenue and Profit Performance - Revenue for the first quarter was RMB 2,451,351,507.26, an increase of 2.79% year-over-year[4] - Operating revenue increased slightly to RMB 2,451,351,507.26 in Q1 2024 from RMB 2,384,725,480.36 in Q1 2023, showing modest revenue growth[20] - Total revenue for Q1 2024 was 2,368,755,116.19, an increase from 2,240,425,729.45 in the previous period[21] - Net profit attributable to shareholders of the listed company was RMB 62,482,768.52, a decrease of 57.98% year-over-year[4] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 54,882,483.47, a decrease of 48.69% year-over-year[4] - Net profit attributable to parent company shareholders was 62,482,768.52, down from 148,689,677.18 in the previous period[22] - Operating profit for Q1 2024 was 89,119,584.98, a decrease from 200,205,319.89 in the previous period[21] - The decrease in net profit was mainly due to price adjustments on some products, leading to a decline in gross margin, and the timing of government subsidies[5] Cash Flow and Liquidity - Net cash flow from operating activities was RMB -54,482,792.43, a decrease of 118.00% year-over-year[4] - The decrease in net cash flow from operating activities was mainly due to the timing of the Spring Festival sales, which resulted in lower sales collections compared to the same period last year[5] - Cash and cash equivalents decreased to RMB 1,522,061,680.09 in Q1 2024 from RMB 1,971,423,858.49 at the end of 2023, reflecting a decrease in liquidity[15] - Cash outflow from investment activities was 31,836,674.37, a significant decrease from 91,000,145.80 in the previous period[24] - Cash outflow from financing activities was 317,435,522.49, more than double the previous period's 159,418,931.00[24] - Net cash flow from financing activities was -317,435,522.49, compared to -121,840,474.10 in the previous period[24] - Cash and cash equivalents at the end of the period were 1,464,636,483.45, a decrease from 1,866,917,053.19 at the beginning of the period[24] - Cash received from sales of goods and services in Q1 2024 was 2,751,040,675.95, a decrease from 2,996,501,132.77 in Q1 2023[31] - Cash received from other operating activities in Q1 2024 was 23,444,718.91, down from 65,392,488.85 in Q1 2023[31] - Total operating cash inflow in Q1 2024 was 2,774,485,394.86, compared to 3,061,893,621.62 in Q1 2023[31] - Cash paid for goods and services in Q1 2024 increased to 1,994,870,557.43 from 1,823,861,069.42 in Q1 2023[31] - Net cash flow from operating activities in Q1 2024 was -54,482,792.43, a significant decline from 302,683,002.10 in Q1 2023[31] - Cash inflow from disposal of fixed assets in Q1 2024 was 1,474,419.55, up from 268,500.68 in Q1 2023[31] Earnings Per Share and Return on Equity - Basic earnings per share (EPS) was RMB 0.16, a decrease of 56.76% year-over-year[4] - Diluted earnings per share (EPS) was RMB 0.16, a decrease of 56.76% year-over-year[4] - Basic earnings per share for Q1 2024 were 0.16, compared to 0.37 in the previous period[22] - Weighted average return on equity (ROE) was 2.48%, a decrease of 3.53 percentage points year-over-year[4] Assets and Liabilities - Total assets decreased to RMB 4,833,028,230.50 in Q1 2024 from RMB 5,521,460,814.80 at the end of 2023, indicating a reduction in asset size[17] - Total assets decreased by 12.47% to 4,833,028,230.50 compared to the end of the previous year[27] - Cash and cash equivalents decreased to RMB 1,522,061,680.09 in Q1 2024 from RMB 1,971,423,858.49 at the end of 2023, reflecting a decrease in liquidity[15] - Accounts receivable increased to RMB 425,716,313.13 in Q1 2024 from RMB 381,088,219.90 at the end of 2023, showing a rise in receivables[15] - Inventory decreased to RMB 382,087,373.56 in Q1 2024 from RMB 641,178,154.21 at the end of 2023, indicating a significant reduction in stock levels[15] - Total liabilities decreased to RMB 2,281,359,466.65 in Q1 2024 from RMB 3,033,965,428.06 at the end of 2023, reflecting a reduction in debt[17] - Fixed assets decreased to RMB 638,043,669.88 in Q1 2024 from RMB 656,318,249.16 at the end of 2023, indicating a reduction in long-term investments[16] - Prepayments increased to RMB 97,024,019.76 in Q1 2024 from RMB 66,406,443.70 at the end of 2023, reflecting higher advance payments[15] - Other receivables increased slightly to RMB 131,390,630.42 in Q1 2024 from RMB 128,153,981.92 at the end of 2023, showing a minor rise in miscellaneous receivables[15] - Retained earnings increased to RMB 1,324,470,485.03 in Q1 2024 from RMB 1,261,987,716.51 at the end of 2023, indicating growth in accumulated profits[17] - Equity attributable to shareholders of the parent company increased by 2.59% to 2,553,766,779.61[27] Non-Recurring Items and Other Income/Expenses - Non-recurring loss from disposal of non-current assets amounted to -47,011.19[28] - Government subsidies recognized in current period totaled 9,490,302.55[28] - Impairment reversal of receivables separately tested for impairment was 2,253,543.87[28] - Other non-operating income and expenses resulted in a loss of -1,648,385.27[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,190[7]

证券代码：603719 证券简称：良品铺子 公告编号：2024-009 良品铺子股份有限公司续聘会计师事务所公告 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。 重要内容提示： 良品铺子股份有限公司（以下简称"公司"）拟聘任的会计师事务所名 称：普华永道中天会计师事务所（特殊普通合伙）（以下简称"普华永道中天"） 一、拟聘任会计师事务所的基本情况 3.诚信记录 （一）机构信息 1.基本信息 普华永道中天及其从业人员近三年未因执业行为受到刑事处罚、行政处罚， 以及证券交易所、行业协会等自律组织的自律监管措施、纪律处分。普华永道中 天近三年因执业行为曾受到地方证监局行政监管措施一次，涉及从业人员二人。 根据相关法律法规的规定，前述监管措施并非行政处罚，不影响普华永道中天继 续承接或执行证券服务业务和其他业务。 普华永道中天前身为 1993 年 3 月 28 日成立的普华大华会计师事务所，经批 准于 2000 年 6 月更名为普华永道中天会计师事务所有限公司；经 2012 年 12 月 24 日财政部财会函[2012]52 号批准， ...

经核查独立董事尉安宁、龚顺荣、李四海的任职经历以及签署的相关自查文 件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公 司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司独 立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 中对独立董事独立性的相关要求。 良品铺子股份有限公司 董 事 会 2024 年 4 月 24 日 良品铺子股份有限公司董事会 关于独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》等要求，良品铺子股份 有限公司（以下简称"公司"）董事会，就公司现任独立董事尉安宁、龚顺荣、 李四海的独立性情况进行评估并出具如下专项意见： ...