证券代码：603866 证券简称：桃李面包 公告编号：2025-026 桃李面包股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.13元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/4/25 | － | 2025/4/28 | 2025/4/28 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 10 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,599,719,155股为基数，每股派发现金红利 0.13元（含税），共计派发现金红 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 6.5 yuan [1] Core Views - The company continues to face operational pressure, but adjustments are expected to yield positive effects in the future [7] - The first quarter of 2025 saw a revenue decline of 14.2% year-on-year, with a net profit decrease of 27.07% [7] - Despite the challenges, some regions have shown signs of recovery, particularly in Central China, where revenue has increased for two consecutive quarters [7] - The company is actively exploring new channels and adjusting its strategies to adapt to market changes, which is anticipated to stabilize operations in the second half of 2025 [7] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 6087 million, 6114 million, 6384 million, and 6719 million respectively, with year-on-year growth rates of -9.9%, 0.4%, 4.4%, and 5.3% [2] - Net profit projections for the same years are 522 million, 506 million, 540 million, and 582 million, with year-on-year growth rates of -9.1%, -3.1%, 6.7%, and 7.8% [2] - The earnings per share (EPS) forecast for 2025 is 0.32 yuan, with a price-to-earnings (PE) ratio of 19 [2][7] - The company's total assets are projected to increase from 7075 million in 2024A to 7896 million in 2027E [14] Market Performance - The company has experienced a significant decline in revenue and profit margins, with a gross margin of 21.97% in Q1 2025, down 1.13 percentage points year-on-year [7] - The net profit margin for Q1 2025 was 7%, reflecting a decrease of 1.23 percentage points compared to the previous year [7] - The company is focusing on cost control, with total expense ratios showing a slight improvement despite the revenue decline [7]

Core Viewpoint - The announcement from the company emphasizes the accuracy and completeness of the quarterly report, ensuring no false records or misleading statements exist [2][7]. Financial Data - The financial statements for the first quarter of 2025 are unaudited, with the company confirming that there were no profits from mergers under common control in the current or previous periods [3][6]. - The report includes a consolidated balance sheet and a consolidated income statement for the period from January to March 2025, with all figures presented in Renminbi [5][6]. Shareholder Information - There are no changes reported in the top ten shareholders or any significant movements in share lending activities during the reporting period [4][5]. Operational Highlights - The company has provided information regarding product categories and distributor situations during the reporting period, although specific figures are not detailed in the announcement [7].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,201,171,488.40, a decrease of 14.20% compared to CNY 1,400,002,318.86 in the same period last year[5] - Net profit attributable to shareholders was CNY 84,037,214.32, down 27.07% from CNY 115,230,925.14 year-on-year[5] - The net profit after deducting non-recurring gains and losses was CNY 79,118,224.77, a decline of 27.41% compared to CNY 108,989,466.10 in the previous year[5] - Basic and diluted earnings per share were both CNY 0.0525, representing a decrease of 27.07% from CNY 0.0720[5] - Operating profit for Q1 2025 was CNY 108,494,030.23, compared to CNY 143,338,498.80 in Q1 2024, indicating a decline of 24.3%[18] - The total comprehensive income for the period was CNY 84,037,214.32, a decrease from CNY 115,230,925.14 in the previous period[19] Cash Flow - The net cash flow from operating activities was CNY 194,508,769.48, slightly up by 0.99% from CNY 192,595,594.70 in the same period last year[5] - Cash inflows from operating activities totaled CNY 1,363,855,531.82, compared to CNY 1,618,097,282.95 in the previous year, reflecting a decrease of approximately 15.7%[21] - Cash outflows for purchasing goods and services amounted to CNY 805,419,145.48, down from CNY 993,719,042.90 in the previous year[21] - The net cash flow from investing activities was negative at CNY -106,313,581.94, compared to a positive CNY 4,478,413.36 in the previous year[22] - Cash inflows from financing activities were CNY 398,946,598.86, an increase from CNY 230,000,000.00 in the previous year[23] - The net cash flow from financing activities was CNY 105,724,543.30, compared to a negative CNY -120,108.32 in the previous year[23] - The ending cash and cash equivalents balance was CNY 372,457,613.88, up from CNY 359,782,887.29 in the previous year[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,253,973,795.68, an increase of 2.53% from CNY 7,074,655,313.64 at the end of the previous year[6] - Total current assets reached CNY 1,186,466,783.71 as of March 31, 2025, up from CNY 1,016,817,156.32 at the end of 2024, an increase of 16.7%[13] - Total non-current assets were CNY 6,067,507,011.97 as of March 31, 2025, slightly up from CNY 6,057,838,157.32 at the end of 2024[14] - Total liabilities increased to CNY 2,037,452,757.80 as of March 31, 2025, compared to CNY 1,942,171,490.08 at the end of 2024, reflecting an increase of 4.9%[15] - Shareholders' equity attributable to shareholders was CNY 5,216,521,037.88, up 1.64% from CNY 5,132,483,823.56[6] - Shareholders' equity rose to CNY 5,216,521,037.88 as of March 31, 2025, compared to CNY 5,132,483,823.56 at the end of 2024, an increase of 1.6%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period was 64,540[9] - The top ten shareholders held a combined 80.71% of the company's shares, with the largest shareholder holding 24.34%[9] Research and Development - The company reported a decrease in research and development expenses to CNY 4,706,593.58 in Q1 2025 from CNY 8,734,597.73 in Q1 2024, a reduction of 46.1%[18] Accounting Standards - The company did not apply new accounting standards starting from 2025[20]

一、报告期经营情况 证券代码：603866 证券简称：桃李面包 公告编号：2025-025 桃李面包股份有限公司 关于 2025 年第一季度经营数据的公告 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。 | 产品类别 | 本期营业收入 | | --- | --- | | 面包及糕点 | 1,191,812,356.47 | | 其他 | 9,359,131.93 | | 总计 | 1,201,171,488.40 | 2、 地区分布 单位：元 币种：人民币 | 区域 | 本期营业收入 | | --- | --- | | 华北地区 | 275,225,142.45 | | 东北地区 | 469,087,535.09 | | 华东地区 | 386,152,459.89 | | 华中地区 | 50,787,036.65 | | 西南地区 | 149,595,340.65 | | 西北地区 | 79,593,085.55 | | 华南地区 | 84,817,613.83 | | 分部间抵销 | -294,086,725.71 | | ...

桃李面包（603866）公告，2025年第一季度营收为12.01亿元，同比下降14.20%；净利润为8403.72万 元，同比下降27.07%。 ...

Core Insights - The company reported a decline in revenue and net profit for the year 2024, marking the first revenue decrease since its listing in 2015 [1][2]. Financial Performance - The total revenue for 2024 was 6.09 billion, a decrease of 9.93% compared to 2023 [2]. - The net profit attributable to shareholders was 522 million, down 9.05% year-on-year [2]. - The net profit after excluding non-recurring gains and losses was 497 million, reflecting a 9.84% decline [2]. - Cash flow from operating activities increased by 23.09% to 998 million [2]. Revenue Breakdown - Core products, including the company's bread and pastries, generated 5.91 billion in revenue, a decrease of 9.58% [5]. - Seasonal products, such as mooncakes, saw a revenue drop of 14.95%, totaling 126 million [5]. Regional Performance - Revenue declined across all regions, with the most significant drop in South China at 25.79% [5][6]. - Revenue by region for 2024: North China (1.37 billion, -10.10%), Northeast (2.41 billion, -14.77%), East China (1.92 billion, -8.22%), Central China (205 million, -0.63%), Southwest (721 million, -5.46%), Northwest (425 million, -4.02%), and South China (339 million, -25.79%) [5][6]. Sales Model Analysis - Direct sales generated 3.63 billion, down 12.64%, while the distribution model brought in 2.46 billion, a decrease of 5.62% [7]. - The overall gross margin improved slightly by 0.60% to 23.39% despite the revenue decline [7]. Distributor Network - The company had a total of 959 distributors at the end of 2024, a net decrease of 26 [8][9]. - The number of distributors in various regions: North China (183), Northeast (274), East China (212), Southwest (130), Northwest (74), South China (33), and Central China (53) [8][9].

Core Insights - The core viewpoint of the article is that Tao Li Bread (SH603866) reported a decline in revenue and net profit for the year 2024, marking the first revenue decrease since its listing in 2015 [1][3]. Financial Performance - In 2024, the company achieved an operating income of 6.09 billion yuan, a year-on-year decrease of 9.93% compared to 6.76 billion yuan in 2023 [2]. - The net profit attributable to shareholders was 522 million yuan, down 9.05% from 574 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was 497 million yuan, a decline of 9.84% from 552 million yuan in 2023 [2]. - The company reported a net cash flow from operating activities of 998 million yuan, an increase of 23.09% from 811 million yuan in 2023 [2]. Revenue Breakdown - The core products, including the Tao Li brand bread and pastries, generated revenue of 5.91 billion yuan, a decrease of 9.58% from the previous year [6]. - Revenue from seasonal products, such as mooncakes, was 126 million yuan, down 14.95% year-on-year [6]. Expense Analysis - Sales expenses amounted to 482 million yuan, a decrease of 12.25% from 549 million yuan in 2023 [7]. - Research and development expenses were 22.97 million yuan, down 31.84% from 33.70 million yuan in the previous year, with a research and development expense ratio of 0.38% [7]. - The number of research and development personnel was 91, accounting for 1.08% of the total workforce [8]. Product Development - In 2024, the company launched several new products, including various types of bread, to adapt to changing consumer preferences and maintain product competitiveness [9]. - Despite increased R&D spending, concerns were raised regarding the lack of blockbuster products in the market, with the company emphasizing its commitment to providing high-quality products and continuous innovation [9].

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

经营调整，静待改善 ——桃李面包（603866.SH）2024 年年报点评 2025 年 4 月 15 日 公司研究 要点 事件：桃李面包公布 2024 年年报，2024 年全年实现营业收入 60.87 亿元，同 比减少 9.93%；归母净利润 5.22 亿元，同比减少 9.05%；扣非归母净利润 4.97 亿元，同比减少 9.84%。其中，24Q4 单季度实现营业收入 14.40 亿元，同比减 少 14.93%；归母净利润 0.87 亿元，同比减少 24.15%；扣非归母净利润 0.83 亿元，同比减少 23.37%。 整体动销承压，优化渠道布局。分品类看，2024 年公司面包及糕点/月饼营业收 入分别为 59.06/1.26 亿元，分别同比-9.58%/-14.95%。受消费环境影响，公司 动销表现整体承压。但公司积极开发新品，豆沙圈面包、豆沙小饼面包等新品呈 现较好表现，产品竞争力持续提升。分区域来看，2024 年公司核心区域华北/ 东北/华东分别实现营业收入 13.68/24.11/19.22 亿元，分别同比-10.10%/ -14.77%/-8.22%。截至 2024 年末，华北/东北/华东区域经销 ...