证券日报网讯2月2日，元祖股份（603886）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司股东总户数为19511户。 ...

Core Viewpoint - Yuanzi Co., Ltd. (元祖股份) is facing significant challenges, with a projected decline in net profit for 2025, indicating a need for strategic adjustments to diversify its revenue streams and enhance competitiveness in the baking industry [2]. Group 1: Financial Performance - The company expects a net profit of 119 million to 143 million yuan for 2025, representing a year-on-year decline of 52% to 43% [2]. - The net profit excluding non-recurring items is projected to be between 95 million and 114 million yuan, down 59% to 51% year-on-year [2]. - In Q3 2025, the company's revenue decreased by 23.63% year-on-year, marking the largest decline in its historical performance for that period [2][8]. Group 2: Revenue Dependence and Market Dynamics - Yuanzi's revenue heavily relies on gift boxes and traditional festivals, with revenue from Chinese and Western pastry gift boxes reaching 1.45 billion yuan and 1.212 billion yuan in 2023 and 2024, respectively, accounting for over 50% of total revenue [6]. - The third quarter typically contributes about 41% of annual revenue, with net profit from this quarter accounting for 88.7% to 91.7% of the annual total, indicating a high dependency on Mid-Autumn Festival sales [6]. - Despite the overall baking market in China projected to grow by 8.8% to 611.07 billion yuan in 2024, Yuanzi's revenue declined by 12.99%, highlighting a disconnect between the company's growth and industry trends [6]. Group 3: Channel Performance - In 2024, online sales increased by 11.55% year-on-year, while offline sales faced significant pressure, declining by 32.79% in the first three quarters [6]. - For the first three quarters of 2025, total revenue fell by 19.10%, with offline sales down 36.29% and online sales down 7.13% compared to the same period in 2024 [8]. Group 4: Store Expansion and Cost Structure - Yuanzi is expanding its store network, with a net increase of over 20 stores in 2025, focusing on both mature and potential markets [9]. - Despite the increase in store numbers, profitability has declined due to high fixed costs associated with new store openings and the initial phase of market cultivation [9]. - The company's sales expense ratio has remained high at around 40% from 2022 to 2024, driven by costs related to direct store operations [9][11]. Group 5: Strategic Adjustments - The company aims to balance traditional seasonal products with innovation, enhancing brand visibility through multi-channel marketing [11]. - The reliance on a direct sales model has resulted in a high-cost structure, which could lead to challenges in achieving effective revenue growth without corresponding profit increases [11].

证券日报网讯1月21日，元祖股份（603886）在互动平台回答投资者提问时表示，截至2026年1月20日， 公司股东总户数为19929户。 ...

Group 1 - The leisure food sector increased by 1.54% on January 20, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the leisure food sector showed significant price movements, with Wancheng Group rising by 6.04% to a closing price of 212.00 [1] Group 2 - The leisure food sector experienced a net outflow of 60.30 million yuan from institutional investors, while retail investors saw a net inflow of 75.82 million yuan [2] - Notable declines were observed in stocks such as Three Squirrels, which fell by 2.07% to a closing price of 24.58 [2] - The trading volume and turnover for various stocks in the sector varied, with significant activity noted in stocks like Haoxiangni and Ximai Food [2] Group 3 - Haoxiangni had a net inflow of 79.89 million yuan from institutional investors, while it faced a net outflow of 78.76 million yuan from retail investors [3] - Ximai Food also saw a net inflow of 10.14 million yuan from institutional investors, with retail investors experiencing a net outflow [3] - The data indicates varying levels of investor interest across different stocks within the leisure food sector, highlighting the dynamics of institutional versus retail investment [3]

Core Insights - Yuan Zu Co., Ltd. is facing significant performance pressure, with projected net profit for 2025 expected to decrease by 52% to 43% compared to the previous year [1][2] - The company anticipates a decline in its net profit attributable to the parent company, forecasting a range of 1.19 billion to 1.43 billion yuan [2] - The company's operational challenges are attributed to a slowdown in consumer demand and intensified industry competition [2][3] Financial Performance - The projected net profit for 2025 is expected to be between 950 million to 1.14 billion yuan, representing a year-on-year decrease of 59% to 51% [2] - The company's net profit for 2025 is expected to return to levels not seen since 2015, indicating a significant regression in financial performance [2][3] - Revenue from various product categories has declined, with cake sales down 17.73%, Western and Chinese pastries down 20.28%, and other categories down 11.04% in the first three quarters of 2025 [3] Store Expansion and Operational Strategy - Yuan Zu plans to increase its number of stores by over 20 in 2025, aiming for a more balanced and sustainable growth model [1][2] - Despite the increase in store numbers, sales revenue has not grown correspondingly, indicating operational inefficiencies [3] - The company is focusing on optimizing its existing store network and enhancing single-store operational quality [2][3] Workforce and Cost Management - The company has seen a reduction in employee numbers from 5,114 in 2022 to 4,667 in 2024, a decrease of 8.74% [8] - There has been a significant drop in sales personnel, with a reduction of approximately 41% in 2024 [8] - Yuan Zu is implementing a conservative human resource strategy to align workforce size with the reduced business scale, aiming to lower operational costs and improve overall efficiency [8][9] Resource Integration - In October 2025, Yuan Zu announced plans to consolidate resources by merging its subsidiaries in Liaoning and Hunan into its Shanghai entity [9] - This merger is expected to enhance operational efficiency, reduce management costs, and maximize company benefits [9]

开拓南部市场 业绩预告显示，元祖股份预计2025年归母净利润为1.19亿—1.43亿元，同比下降52%—43%。 元祖股份的归母净利润，自达到2021年的3.39亿元高点后便开始回落。2022年，元祖股份归母净利润同 比下降21.62%，2024年更出现自2016年上市以来的首次营收与净利双降。 对于2025年业绩预减的主要原因，元祖股份方面解释称，报告期内，在消费市场需求放缓与行业竞争加 剧等多重因素影响下，公司优化现有门店网络、提升单店运营质量，同时积极向高潜力区域投入资源， 构建起更为均衡与可持续的增长格局。由于新市场尚处培育初期，其营收贡献尚未完全显现，且新开门 店相关的租金、薪酬等固定费用投入较高，对整体利润形成压力。 2025年7月，元祖股份曾提出"为优化市场布局，公司积极开拓国内南部市场，同时对成熟市场经营效益 不佳的门店实施优化闭店"。据最新信息，元祖股份已在上海虹桥机场、深圳、泉州等地成功落地首批 门店，2025年全国门店数量同比增长20余家。 在拓展市场、新开门店的同时，2025年，元祖股份还着力产品创新，例如在中秋推出新口味雪月饼，并 在岁末推出圣诞"苹安果"、筹备"马上发""马到成功" ...

Core Viewpoint - Yuan Zu Co., a well-established baking company, anticipates a 52% to 43% decline in net profit attributable to shareholders for the fiscal year 2025, primarily due to high fixed costs associated with new store openings and reliance on seasonal gifting scenarios [1][3][6]. Group 1: Financial Performance - The company expects a net profit of between 119 million to 143 million yuan for 2025, a decrease of 130 million to 106 million yuan compared to the previous year [3]. - Since reaching a peak net profit of 339 million yuan in 2021, the company's net profit has been on a downward trend, with a 21.62% decline in 2022 and a dual drop in revenue and net profit in 2024 [3][6]. - The third quarter has historically been a crucial period for the company, contributing approximately 89%, 92%, and 88% of the annual net profit from 2022 to 2024, but is expected to see a significant decline in 2025 due to the timing of the Mid-Autumn Festival [6][7]. Group 2: Market Expansion and Strategy - Yuan Zu Co. is actively expanding into southern markets, having successfully opened new stores in locations such as Shanghai Hongqiao Airport, Shenzhen, and Quanzhou, with a net increase of over 20 stores nationwide in 2025 compared to 2024 [3][4]. - The company is focusing on product innovation, launching new flavors and themed products to attract consumers, while also optimizing its store network and enhancing operational quality [4][5]. Group 3: Dependency on Seasonal Gifting - The company's business model heavily relies on seasonal gifting, particularly during festivals, which creates cyclical performance issues [6][7]. - To mitigate this dependency, experts suggest that Yuan Zu Co. should expand into non-gifting consumption scenarios and develop daily products that cater to regular consumer needs, thereby creating a balanced profit structure [7].

Core Insights - The company, Yuanzhuo Co., has experienced a decline in annual performance due to multiple factors including a slowdown in consumer demand and intensified industry competition, leading to a focus on optimizing existing store networks and enhancing single-store operational quality [1][2] - The company is investing resources in high-potential areas, successfully opening initial stores in locations such as Shanghai Hongqiao Airport, Shenzhen, and Quanzhou, with a projected net increase of over 20 stores nationwide by 2025 compared to 2024 [1] - Despite the long-term confidence in industry development, the company faces challenges as new market contributions are not yet fully realized, and the fixed costs associated with new store openings are exerting pressure on overall profits [1] Financial Performance - Yuanzhuo Co. has seen only slight growth in revenue and net profit from 2016 to 2023, with a forecasted "double decline" in revenue and net profit for 2024, and an expected "halving" of net profit for 2025, indicating that the traditional festive gift model has reached a growth ceiling [2] - Historically, the third quarter has been a "golden period" for the company's revenue, contributing significantly to annual profits, with third-quarter revenues from 2022 to 2024 being 10.8 billion, 10.84 billion, and 9.42 billion respectively, accounting for approximately 40% of annual revenue [4] - The company's third-quarter report for 2025 shows a revenue of 15.48 billion, a year-on-year decrease of 18.62%, and a net profit of 1.31 billion, down 48.28%, indicating a significant decline in profitability [4][5] Profitability Challenges - The core issue facing the company is the inability to convert high gross margins into actual profits, with an overall gross margin of 63.33% in 2024 and a cake product gross margin of 71.3%, which has not translated into profit growth amid declining revenue [5] - The financial leadership has changed, with the resignation of the former financial head and the appointment of a new, less experienced individual, raising concerns about the ability to manage the current financial complexities and control expenses and debt levels [5]

Core Viewpoint - Yuanzi Co., Ltd. expects a decline in net profit attributable to shareholders for the fiscal year 2025, projecting a range of 119 million to 143 million yuan, representing a year-on-year decrease of 52% to 43% [1] Group 1: Performance Outlook - The company attributes the performance decline to multiple factors, including a slowdown in consumer market demand and intensified industry competition [1] - The company is optimizing its existing store network and enhancing single-store operational quality while actively investing resources in high-potential regions [1] Group 2: Expansion Strategy - Yuanzi Co., Ltd. has successfully opened its first batch of stores in locations such as Shanghai Hongqiao Airport, Shenzhen, and Quanzhou [1] - The company plans to achieve a net increase of over 20 stores nationwide in 2025 compared to 2024, aiming to establish a more balanced and sustainable growth pattern [1] Group 3: Financial Pressure - The new markets are still in the early stages of development, and their revenue contributions have not yet fully materialized, leading to pressure on overall profits due to high fixed costs associated with new store openings, such as rent and salaries [1] Group 4: Future Strategy - The company maintains confidence in the long-term development of the industry and plans to enhance its core competitiveness through targeted marketing and differentiated competition strategies [1] - Yuanzi Co., Ltd. aims to continuously create value for investors [1]

Core Viewpoint - Yuanzi Co., Ltd. (603886.SH) expects a significant decline in net profit for the fiscal year 2025, projecting a decrease of 52% to 43% compared to the previous year, with net profit attributable to shareholders estimated between 119 million to 142.8 million yuan [1] Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses to be between 95 million to 114 million yuan for 2025, reflecting a year-on-year decrease of 59% to 51% [1] Market Strategy - In response to a slowdown in consumer demand and intensified industry competition, the company is optimizing its existing store network and enhancing the operational quality of individual stores [1] - The company is actively investing resources in high-potential regions, successfully opening its first batch of stores in locations such as Shanghai Hongqiao Airport, Shenzhen, and Quanzhou [1] Growth Outlook - The company plans to achieve a net increase of over 20 stores nationwide in 2025 compared to 2024, aiming to establish a more balanced and sustainable growth pattern [1] - Despite the initial phase of new market cultivation, the revenue contribution from these new stores has not yet fully materialized, and the associated fixed costs such as rent and salaries are exerting pressure on overall profits [1] Competitive Strategy - The company maintains confidence in the long-term development of the industry and plans to enhance its core competitiveness through targeted marketing and differentiated competition strategies, actively creating value for investors [1]