关于召开 2025 年半年度业绩说明会的公告 证券代码：603866 证券简称：桃李面包 公告编号：2025-052 桃李面包股份有限公司 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 18 日 （星期四） 至 09 月 24 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tlir@tolybread.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 桃李面包股份有限公司（以下简称"公司"）已于 2025 年 8 月 16 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 2025 年 09 月 25 日 （星期四） 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明 ...

Core Viewpoint - The baking industry is experiencing significant performance divergence, with some companies like Tao Li Bread facing substantial profit declines while others like Li Gao Food are showing steady growth [1][4][14]. Group 1: Company Performance - In the first half of the year, the total revenue of nine listed baking companies in A-shares was approximately 11.03 billion yuan, with a net profit attributable to shareholders of about 595 million yuan [1][4]. - Tao Li Bread, known as the "first stock of bread" in A-shares, reported a net profit of approximately 204 million yuan, a year-on-year decline of 29.7% [2][6]. - The revenue of Tao Li Bread was about 2.61 billion yuan, down 13.55% year-on-year, with a net profit excluding non-recurring gains and losses of approximately 194 million yuan, a decline of 30.03% [6][7]. Group 2: Industry Challenges - The baking industry is facing severe challenges, with trends moving towards chain operations, segmentation, and health-oriented products, emphasizing high cost-performance and differentiated competition [3][14]. - The competition is intensifying, with new entrants in the short-shelf-life bread and general baking products market, leading to increased promotional costs and pressure on profit margins [9][18]. Group 3: Regional Performance - Tao Li Bread's revenue declined across all regions except for the Central China region, indicating a widespread downturn in sales performance [7]. Group 4: Cost and Pricing Pressures - Companies are experiencing pressure from rising costs and sensitivity to end prices, making it difficult to raise prices without impacting profit margins [18]. - The operational challenges include decreased foot traffic and average transaction value in direct sales channels, contributing to revenue declines [10]. Group 5: Food Safety Concerns - Food safety has become a recurring theme in the financial reports of baking companies, with several firms, including Tao Li Bread, facing scrutiny and complaints related to product quality [19][20][25].

Core Viewpoint - The controversial advertisement by Tao Li Bread sparked public outrage due to its perceived "PUA-style marketing," which was seen as condescending and preachy [1][4]. Group 1: Company Response - Tao Li Bread's public relations team quickly responded by retracting the advertisement within a day and issued an apology, acknowledging the mistake and attributing it to leadership decisions [4]. - The company emphasized a shift in marketing strategy, stating that future promotions would be managed by younger team members, indicating a willingness to accept criticism and reflect on their approach [4]. Group 2: Consumer Sentiment - The response from Tao Li Bread was viewed as sincere and effective in calming public sentiment, contrasting with previous instances where brands adopted a more arrogant stance towards consumer feedback [7]. - The incident serves as a reminder for brands that genuine empathy and connection with consumers are more impactful than a superior attitude, especially in an era where consumer sovereignty is on the rise [7]. Group 3: Product Insights - The five-nut mooncake, a traditional product, has polarized opinions, often being sold out during the Mid-Autumn Festival while simultaneously facing calls to be removed from the market [8]. - The composition of five-nut mooncakes can vary significantly, with some manufacturers opting for cheaper ingredients, which has led to negative perceptions among consumers [8][10]. - The historical significance of five-nut mooncakes is noted, with references to literary figures praising its unique taste, suggesting that the product itself is not inherently flawed but rather overshadowed by modern preferences [10].

Core Viewpoint - The recent controversy surrounding the advertisement for "Peach Li Egg Mooncake" highlights the ongoing struggles of the company, which has faced declining profits and revenue growth since 2021, with a notable negative growth forecast for 2024 [1] Group 1: Business Performance - The company's core business remains sluggish, with seasonal products like mooncakes and rice dumplings contributing minimally to overall revenue, accounting for less than 3% in 2024 [2] - Revenue from mooncake products decreased significantly in 2024, with a 14.91% drop in sales volume leading to a 14.95% decline in revenue to 126 million yuan, despite a 22.1% reduction in operating costs [1][2] - The mainstay products, bread and pastries, saw a 12.17% decline in sales volume and a 9.58% drop in revenue to 5.906 billion yuan in 2024, indicating a challenging market environment [2][3] Group 2: Market Dynamics - The company faces challenges from changing consumer preferences towards healthier options, with younger consumers shifting to low-sugar and whole grain products, impacting traditional sweet bread sales [2] - The reliance on traditional supermarket channels has resulted in a 12.64% decline in revenue from these channels in 2024, compounded by competition from emerging sales channels like community group buying [2][3] Group 3: R&D and Marketing Strategy - Despite an increase in R&D spending, the company maintains a marketing-heavy approach, with R&D expenses rising by 6.71% to 33.6977 million yuan in 2023, while sales expenses decreased by 30.81% in the first half of the current year [3][4] - The company has been expanding its product matrix to enhance competitiveness, but this has not translated into improved performance, as revenue fell by 13.55% to 2.611 billion yuan in the first half of the year [4] Group 4: Production and Capacity - The company is expanding its production capacity with 24 operational bases and a capacity of 225,900 tons, but actual production was only 142,400 tons, indicating underutilization [4] - The strategy to build production bases closer to consumption markets aims to address the limitations of short-shelf-life products, but success depends on aligning production with local market preferences [4]

Group 1 - The controversy surrounding the advertisement for "Peach and Li Egg Mooncake" led to its removal after one day, with the company apologizing and promising to improve its review mechanisms [1] - The advertisement aimed to resonate with different age groups by allowing employees to create diverse content, resulting in 20 versions, but one version sparked backlash for its perceived condescension towards consumers [1] - The company primarily operates in the short shelf-life bread industry and also produces mooncakes and other seasonal products, indicating a focus on traditional holiday foods [1] Group 2 - The baking industry faces challenges due to low product differentiation, leading to intense competition and price wars, which can squeeze profit margins [2] - In the first half of 2025, the company reported a revenue of 2.611 billion yuan, a year-on-year decline of 13.55%, and a net profit of 204 million yuan, down 29.7% [2] - The main business segment, bread and pastries, generated revenue of 2.585 billion yuan, a decrease of approximately 400 million yuan compared to the previous year [2] Group 3 - The Chinese baking market is highly fragmented and competitive, with the top five companies holding only 11.2% of the market share, indicating low consumer loyalty [3] - Only 18.3% of surveyed consumers reported purchasing from a single brand, highlighting the need for companies to enhance product innovation and brand building [3]

Company Overview - Taoli Bread Co., Ltd. is located in Shenyang, Liaoning Province, and was established on January 23, 1997. It was listed on December 22, 2015. The company primarily engages in the production and sale of baked goods, with bread and pastries accounting for 99.00% of its main business revenue [1]. Financial Performance - For the first half of 2025, Taoli Bread reported operating revenue of 2.611 billion yuan, a year-on-year decrease of 13.55%. The net profit attributable to shareholders was 204 million yuan, down 29.70% year-on-year [2]. - Since its A-share listing, Taoli Bread has distributed a total of 4.36 billion yuan in dividends, with 1.221 billion yuan distributed over the past three years [3]. Stock Performance - As of September 9, Taoli Bread's stock price increased by 2.10% to 5.84 yuan per share, with a total market capitalization of 9.342 billion yuan. The stock has decreased by 9.74% year-to-date but has seen a 2.64% increase over the last five trading days [1]. - The number of shareholders as of June 30 was 62,800, a decrease of 2.62% from the previous period, while the average circulating shares per person increased by 2.70% to 25,454 shares [2]. Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 14.473 million shares, an increase of 7.3899 million shares from the previous period. The Southern CSI 1000 ETF entered the top ten as a new shareholder with 7.3986 million shares [3].

Core Viewpoint - The controversy surrounding the advertising campaign by Taoli Bread highlights the disconnect between the company's marketing approach and consumer sentiment, leading to public backlash and a potential impact on brand image [3][4][5]. Company Overview - Taoli Bread primarily focuses on bread products, with "short shelf-life bread" as its flagship offering. The company launched its mooncake product line in 2020, generating 126 million yuan in revenue from mooncakes last year, which accounted for only 2.07% of total revenue [3][5]. - The innovative "Egg Mooncake" product was introduced this year, emphasizing a refreshing taste as its main selling point [3]. Financial Performance - Taoli Bread has experienced a decline in both revenue and net profit for four consecutive years. The revenue figures from 2021 to 2024 are as follows: 6.335 billion yuan, 6.686 billion yuan, 6.759 billion yuan, and 6.087 billion yuan, with growth rates of 6.24%, 5.54%, 1.08%, and -9.93% respectively [5]. - The net profit figures for the same period are 763 million yuan, 640 million yuan, 574 million yuan, and 522 million yuan, showing declines of 13.54%, 16.14%, 10.29%, and 9.05% respectively [5]. - In the first half of this year, revenue was 2.611 billion yuan, a year-on-year decrease of 13.55%, while net profit was 204 million yuan, down 29.7% [5]. Research and Development - The company's investment in research and development has significantly decreased, with R&D spending of 22.9684 million yuan last year, down 31.84%, and 10.6605 million yuan in the first half of this year, down 30.81% [5]. - In contrast, advertising and promotional expenses reached 42.96 million yuan, an increase of approximately 40% [5]. Market Trends - In the competitive baking market, health-oriented products such as low-sugar, low-fat, and high-fiber items are becoming mainstream. However, Taoli Bread's recent product launches indicate a slower market response, suggesting a need for better balance in product innovation and market trends [6].

Core Viewpoint - The recent elevator advertisement by Tao Li Bread (603866) has sparked controversy due to its perceived inappropriate messaging, leading to consumer backlash and a decline in stock price [1][5]. Group 1: Advertisement Controversy - The advertisement for the "Five Nut" flavor of the "Egg Moon Cake" product included a phrase that was criticized as "dad-style marketing" and "PUA-style promotion" [1]. - Following the backlash, the advertisement was taken down within a day of its launch, and the company's stock price fell by 2.28% to 5.56 yuan, resulting in a market capitalization of 89.89 billion yuan [1]. - On September 5, the stock price slightly recovered to 5.68 yuan, with a total market capitalization of 90.86 billion yuan [1]. Group 2: Company Response - Tao Li Bread's management acknowledged the failure of the advertisement, attributing it to a lack of understanding of audience sentiment and stating that it was part of an internal creative initiative involving employees of various ages [5]. - The company issued an apology via its official Douyin account, taking responsibility for the misstep and indicating a shift towards younger leadership in future marketing efforts [5]. Group 3: Company Background - Tao Li Bread Co., Ltd. was established in January 1997, with a registered capital of approximately 1.6 billion yuan, and its business scope includes food production and sales [6]. - The company has invested in 42 enterprises, with 32 currently operational, including various regional subsidiaries [6]. - The company has faced previous scrutiny regarding product additives and quality control, including a recall due to excessive bacterial counts in products from its Tai'an factory [5].

Core Viewpoint - The controversy surrounding the advertising campaign of Taoli Bread highlights the disconnect between the company's marketing approach and consumer sentiment, leading to public backlash and potential brand damage [2][5]. Company Performance - Taoli Bread's revenue and net profit growth have been declining for four consecutive years, with revenues of 63.35 billion, 66.86 billion, 67.59 billion, and 60.87 billion from 2021 to 2024, showing a year-on-year growth of 6.24%, 5.54%, 1.08%, and a decline of 9.93% respectively [7]. - The company's net profit for the same years was 7.63 billion, 6.4 billion, 5.74 billion, and 5.22 billion, reflecting year-on-year declines of 13.54%, 16.14%, 10.29%, and 9.05% [7]. - In the first half of 2025, Taoli Bread reported revenue of 26.11 billion, a year-on-year decrease of 13.55%, and a net profit of 2.04 billion, down 29.7% [7]. Product Innovation and Marketing - Taoli Bread launched its mooncake product line in 2020, with the mooncake business generating 126 million in revenue for 2024, accounting for only 2.07% of total revenue [5]. - The company has seen a significant decrease in R&D investment, with 2024 expenditures at 22.97 million, down 31.84%, and 2025's first half at 10.66 million, down 30.81% [8]. - In contrast, advertising and promotional expenses increased to 42.96 million, a rise of approximately 40% [8]. - The recent advertising campaign was criticized for its "preachy" tone, which may further harm the brand's image and lead to a loss of market share [5][8].

5PMA = 10PMA = 20PMA = 30PMA = 5.80 5.73 5.66 5.58 e of the 5.5 ttp://www.blogs 07-14 07-24 这看似想走情怀路线的广告文案，却因将对五仁月饼的喜好与是否遭受过"生活的毒打"相挂钩，被部分消费者认为存在"教育消费者"的嫌疑，从而引发部分 消费者的不满并迅速登上微博热搜。同日，据桃李面包官方客服人员介绍，该广告已陆续下架。随后，桃李面包正式向公众道歉，表示"批评我们都接受， 反思也在进行中，态度端正，挨打立正，文案是由领导拍板确定的"，在致歉声明中，桃李面包还提到"五仁蛋月烧真的挺好吃的，别迁怒它"。 中秋节将至，月饼大战初启，桃李面包却因9月初投放的一则月饼广告文案引发争议。据社交媒体相关信息，桃李面包投放的电梯广告的文案为"有人说五仁 不好吃，我们认为：那是因为你还年轻，还没饱尝过生活的毒打。桃李蛋月烧，等一个有故事的人下单！" 然而，此举未让争议消弭，部分消费者表示理解，认为桃李的产品没问题，但也有一部分消费者认为道歉流于形式、甩锅领导是"避重就轻"。 公开信息显示，桃李面包以面包为主业，"短保面包"是其代表产品，20 ...