（文章来源：证券日报） 证券日报网讯 2月25日，元祖股份在互动平台回答投资者提问时表示，截至2月13日，公司股东总户数 为19242户。 ...

Group 1 - The company, Yuanzhuo Co., reported that as of February 10, 2026, the total number of shareholders is 19,207 [2]

Group 1 - The core point of the article is that Yuanzu Co., Ltd. (603886) reported a total of 19,511 shareholders as of January 30, 2026 [1]

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].

Core Viewpoint - Yuanzi Co., Ltd. (603886) reported that as of January 20, 2026, the total number of shareholders is 19,929 [1] Company Information - The company has engaged with investors through an interactive platform to provide updates on shareholder statistics [1]

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]

Core Viewpoint - Yuan Zu Co., a well-established baking company, anticipates a significant decline in net profit for 2025, projecting a year-on-year decrease of 52% to 43% due to high fixed costs associated with new store openings and reliance on seasonal gifting scenarios [1][2][4]. Group 1: Financial Performance - The expected net profit for 2025 is projected to be between 119 million to 143 million yuan, marking a decline from the peak of 339 million yuan in 2021 [2]. - The company experienced a 21.62% year-on-year decline in net profit in 2022, and for 2024, it faced its first revenue and net profit drop since its listing in 2016 [2]. - The third quarter, traditionally a strong period due to the Mid-Autumn Festival, is expected to see a significant drop in net profit, with a projected decrease of 41.09% year-on-year [4]. 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 total increase of over 20 stores nationwide in 2025 [2][3]. - The company is focusing on product innovation, introducing new flavors and themed products to attract consumers during festive seasons [3]. Group 3: Dependency on Seasonal Gifting - The company's business model heavily relies on seasonal gifting, particularly during major festivals, which creates a cyclical nature in its revenue [4]. - The third quarter's net profit has historically accounted for a significant portion of the annual profit, with figures around 89%, 92%, and 88% from 2022 to 2024 [4]. - Experts suggest that the core issue behind the profit decline is the over-reliance on a single gifting model, necessitating a shift towards more diverse consumption scenarios [4][6]. Group 4: Product and Revenue Structure - The revenue from Chinese and Western-style pastry gift boxes has consistently accounted for over 50% of the company's income [5]. - In 2023, the company set a strategic goal to become the leading cake brand, aiming to increase the proportion of cake business while reducing reliance on seasonal products [5]. - Despite this strategic shift, cake business revenue has also seen a significant decline, with a reported drop of 17.73% year-on-year in the first three quarters of 2025 [5].

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]