Investment Rating - The report maintains a "Buy" investment rating for the company [20]. Core Views - The company has shown significant improvement in profitability, with successful overseas expansion efforts [19]. - The first quarter of 2024 saw a total revenue of 396 million yuan, a year-on-year decrease of 11%, while the net profit attributable to shareholders increased by 9% to 26 million yuan [19]. - The gross margin improved by 7 percentage points to 29.50%, indicating effective cost structure optimization [19]. - The probiotic business continues to develop, with notable growth in overseas markets [19]. Financial Forecasts - The company's main revenue is projected to grow from 1,634 million yuan in 2023 to 3,047 million yuan by 2026, with growth rates of 65.7%, 28.5%, 22.8%, and 18.1% respectively [2][30]. - The net profit attributable to shareholders is expected to rise from 58 million yuan in 2023 to 233 million yuan in 2026, with growth rates of -24.9%, 114.0%, 39.0%, and 36.3% respectively [2][30]. - The diluted earnings per share (EPS) is forecasted to increase from 0.13 yuan in 2023 to 0.54 yuan in 2026 [2][30]. - The return on equity (ROE) is anticipated to improve from 3.0% in 2023 to 11.4% in 2026 [2][30].

证券代码：605388 证券简称：均瑶健康 公告编号：2024-030 湖北均瑶大健康饮品股份有限公司 关于 2023 年年度股东大会会议通知的更正补充公告 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。 一、 股东大会有关情况 1. 原股东大会的类型和届次： 2023 年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 605388 | 均瑶健康 | 2024/4/29 | 二、 更正补充事项涉及的具体内容和原因 湖北均瑶大健康饮品股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日在上海证券交易所网站（www.sse.com.cn）上披露了《湖北均瑶大健康饮品股 份有限公司关于召开 2023 年年度股东大会的通知》（公告编号：2024-027）。原 披露公告中有部分内容需予以修正，相关内容如下： 修正前： | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 A | ...

2024 年第一季度报告 证券代码：605388 证券简称：均瑶健康 湖北均瑶大健康饮品股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期增减 变动幅度(%) | | --- | --- | --- | | 营业收入 | 395,905,330.07 | -11.10 | | 归属于上市公司股东的净利润 | 26,150,321.80 | 9.34 | | 归属于上市公司股东的扣除非经常 | 23,794,077.50 | 28.20 | | 性损益的净利润 | | | | 经营活动产生的现金 ...

Investment Rating - The report maintains a "Buy" investment rating for Junyao Health (605388.SH) [2][3] Core Views - The company has shown robust revenue growth with a total revenue of 1.634 billion yuan in 2023, representing a 66% increase, primarily driven by exclusive patented technologies and new product developments [2][3] - The net profit attributable to shareholders was 58 million yuan, a decrease of 25% due to the timing of the 2024 Spring Festival affecting Q4 sales [2][3] - The report highlights the potential for profit recovery in 2024, with expectations of improved gross margins as raw material costs decline [3] Revenue and Profitability - The total revenue for Q4 2023 was 278 million yuan, a 97% increase year-on-year, but the net profit was negative at -25 million yuan, compared to -2 million yuan in the same period of 2022 [2][3] - The gross margin for 2023 was reported at 24.43% for the year and 22.91% for Q4, reflecting a decrease due to rising raw material costs and market fluctuations [2][3] - The company’s sales and management expense ratios were 11.49% and 7.76%, respectively, both showing a reduction, which contributed to a net profit margin of 3.96% [2][3] Product and Market Performance - The report notes that the lactic acid beverage segment faced short-term pressure, with revenue of 580 million yuan, down 11% year-on-year, due to market fatigue and increased competition [2][3] - The probiotic food segment saw significant growth, with revenue of 155 million yuan, up 206%, largely due to the consolidation of Runying [2][3] - The supply chain business contributed to new growth points, with revenue of 809 million yuan, a 463% increase, benefiting from improved business collaboration and standardization [2][3] Future Outlook - The report projects EPS for 2024-2026 to be 0.29, 0.40, and 0.54 yuan, respectively, with corresponding PE ratios of 28, 20, and 15 times [3] - The company is expected to achieve a revenue target of 400 million yuan for Runying in 2024, contingent on successful order fulfillment [2][3] - The report emphasizes the company's leading position in the ambient lactic acid bacteria industry, enhanced by proprietary core functional strains [3]

Financial Performance - The company achieved a net profit attributable to all shareholders of CNY 57,575,881.73 for 2023, with a cash dividend payout ratio of 74.11%[22] - The company's operating revenue for 2023 was CNY 1,634,102,031.54, an increase of 65.71% compared to CNY 986,104,247.74 in 2022[32] - Net profit attributable to shareholders decreased by 24.97% to CNY 57,575,881.73 from CNY 76,735,843.53 in the previous year[34] - The net profit after deducting non-recurring gains and losses was CNY 30,911,980.31, down 37.33% from CNY 49,325,330.44 in 2022[32] - The net cash flow from operating activities improved to CNY 85,795,398.12, compared to a negative cash flow of CNY -284,388,329.62 in 2022[32] - Total assets increased by 4.56% to CNY 2,502,684,164.15 from CNY 2,393,464,172.50 in the previous year[32] - The company's net assets attributable to shareholders rose to CNY 1,936,638,836.60, a slight increase of 0.80% from CNY 1,921,295,999.38 in 2022[32] - Basic earnings per share decreased to CNY 0.13, down 27.78% from CNY 0.18 in the previous year[32] - Total comprehensive income for the period amounted to CNY 78,882,742.63, compared to CNY 132,696,005.92 in the previous period[197] Revenue and Sales - The total revenue from the top five customers was CNY 196,785,900, accounting for 12.07% of the annual total sales[4] - The company achieved a 205.62% year-on-year increase in probiotic food revenue in 2023, with YJ Runying surpassing 100 million in revenue, marking a turnaround from three consecutive years of losses[58] - A total of 25 new SKUs were launched in 2023, with the introduction of 12 new product categories and optimization of 19 existing SKUs, focusing on gut health with proprietary strains[58] - The company expanded its customer base significantly, adding 1,100 new clients, including 19 clients with over 1 million in revenue and 1 client with over 10 million[58] - The company completed its budget goals for the supply chain segment, achieving double-digit growth in sales revenue and net profit year-on-year[59] - The company achieved total revenue of ¥1,634,102,031.54, representing a year-on-year growth of 65.71%[68] - The main business revenue was 1.63 billion yuan, an increase of 72.28% compared to the same period last year[70] - The revenue from probiotic beverages accounted for 1.93% of total revenue, while probiotic foods contributed 9.51%, and the supply chain segment made up 49.61%[101] Costs and Expenses - The total cost of goods sold amounted to CNY 1,232,402,440.48, representing a 94.44% increase compared to the previous year[2] - The company reported a significant increase in freight costs for probiotic products, rising by 144.29% to CNY 8,445,970.68[2] - The procurement cost for finished goods in the supply chain segment was CNY 695,558,448.40, accounting for 56.44% of total costs[2] - The company’s management expenses increased by 55.52% to ¥126,885,461.25, while R&D expenses rose by 40.12% to ¥25,178,437.93[69] - The cost of sales increased to approximately ¥1.23 billion, up 94.58% from ¥634 million year-on-year, primarily due to increased sales volume[95] Market and Industry Trends - In 2023, China's GDP exceeded 126 trillion yuan, with a year-on-year growth of 5.2%, outperforming the global average growth rate of approximately 3%[57] - The fast-moving consumer goods market showed a slight recovery in 2023, with a year-on-year sales growth rate of 1.2%[57] - The competitive pressure in the food and beverage sector has intensified, with many brands still recovering from previous disruptions[57] - The global probiotic industry is expected to exceed $77 billion by 2025, with China accounting for over 25% of the market share[88] - The global probiotic beverage market is projected to reach ¥272.21 billion in 2023 and ¥439.13 billion by 2030, with a CAGR of 7.07% from 2023 to 2030[88] Strategic Initiatives - The company is focusing on enhancing its core competitiveness and profitability while expanding its probiotic product line as a second growth curve[57] - The company is actively planning new business research and development collaborations and product layouts[57] - The company aims to improve its marketing, channel strategies, and management systems in 2024 to better align with its goal of becoming a global leader in probiotics[59] - The company is committed to building a brand structure that enhances market competitiveness and brand value[156] - The company is targeting a vision of becoming a global leader in probiotics by embracing internationalization, technology, and sustainability in 2024[156] Research and Development - The company applied for 9 new patents and published 3 papers in 2023, increasing its probiotic strain library by over 140 strains[59] - The total R&D investment amounted to CNY 25,178,437.93, representing 1.54% of total revenue, with no capitalized R&D expenditures[116] - The company is focusing on R&D in 18 key probiotic strains to meet consumer demand for high-quality products[156] - The company has developed over 60 local probiotic strains and maintains a resource library of over 4,000 proprietary probiotic strains[93] Operational Efficiency - The company has limited self-owned production capacity, which is a constraint on growth, leading to a reliance on contract manufacturers to supplement production[63] - The company has shifted some production from outsourcing to in-house manufacturing, impacting labor and manufacturing costs positively[78] - The company is emphasizing cost management and aims to shorten accounts receivable periods while improving inventory turnover efficiency[156] Risks and Challenges - The company faced a decline in sales of lactic acid drinks in Q4 2023 due to the concentration of sales around the 2024 Spring Festival[34] - The company faces risks from intensified market competition in the dairy beverage industry, particularly in the ambient yogurt segment, which has attracted numerous brands and increased price volatility of raw materials[187] - The company has not reported any significant risks that could materially affect its operations during the reporting period[34] Corporate Governance - There were no instances of non-operational fund occupation by controlling shareholders or related parties during the reporting period[24] - The audit committee held 6 meetings during the reporting period[198]

证券代码：605388 证券简称：均瑶健康 公告编号：2024-022 关于使用部分闲置自有资金进行投资理财的公告 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。 重要内容提示： ●投资理财金额：湖北均瑶大健康饮品股份有限公司（以下简称"公司"） 及控股子公司使用额度不超过人民币 3 亿元闲置自有资金进行投资理财。 ●投资理财产品类型：银行和金融机构的理财产品、信托产品、基金、债券 等产品。 ●履行的审议程序：2024 年 4 月 17 日，公司召开第五届董事会第五次会议 及第四届监事会第五次会议，审议通过了《关于使用部分闲置自有资金进行投资 理财的议案》，同意公司及控股子公司在保证公司及控股子公司资金安全和正常 生产运营的前提下，使用不超过人民币 3 亿元的闲置自有资金进行投资理财，公 司及控股子公司可在使用期限及额度范围内滚动使用。该事项无需提交股东大会 审议。 ●风险提示：虽然公司及控股子公司选取中低风险的投资品种，但金融市场 受宏观经济的影响较大，不排除该项投资受到市场风险、波动风险、流动性风险 等投资风险影响，投资的 ...

湖北均瑶大健康饮品股份有限公司 监事会议事规则 本公司全体监事应当遵守本规则的规定。 第二条 监事会是公司的常设监督机构，对股东大会负责。 第一章 总则 第一条 为规范公司运作，完善监督机制，维护公司和股东的合法权益，提 高监事会工作效率，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司治理准则》和《湖北均瑶大健康饮品股份有限公司章程》（以下简称 "《公司章程》"）等有关法律、法规、规章以及规范性文件制定本规则。 公司的董事、总经理和其他高级管理人员不得兼任监事。 1 第二章 监事 第三条 公司监事由股东代表和公司职工代表担任。公司职工代表担任的监 事不得少于监事人数的 1/3。 第四条 监事每届任期 3 年，连选可以连任。非职工代表监事候选人名单以 提案的方式提请股东大会表决。 单独或合并持有公司 3%以上股份的股东可以以书面形式向监事会提名推荐 监事候选人，由本届监事会进行资格审查后，形成书面提案提交股东大会选举； 监事会可以提名推荐公司监事候选人，并以监事会决议形式形成书面提案，提交 股东大会选举。监事中的股东代表经股东大会出席会议的股东所持表决权的半数 以上同意选举产生、更换；职工 ...

公司简称:均瑶健康 湖北均瑶大健康饮品股份有限公司 2023 年度内部控制评价报告 湖北均瑶大健康饮品股份有限公司全体股东: 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求(以下简称企业内 部控制规范体系),结合本公司(以下简称"公司")内部控制制度和评价办法,在内部控制目常监督 和专项监督的基础上,我们对公司2023年12月31日(内部控制评价报告基准日)的内部控制有效性进 行了评价。 一. 重要声明 按照企业内部控制规范体系的规定,建立健全和有效实施内部控制,评价其有效性,并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏,并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司代码:605388 3. 是否发现非财务报告内部控制重大缺陷 □是 √否 根据公司非财务报告内部控制重大缺陷认定情况,于内部控制评价报告基准日,公司未发现非财 务报告内部控制重大缺陷。 4. 自内部控制评价报告基准日 ...

湖北均瑶大健康饮品股份有限公司 章程 二〇二四年 | 第一章 | 总则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 5 | | 第四章 | 股东和股东大会 7 | | 第一节 | 股东 7 | | 第二节 | 股东大会的一般规定 9 | | 第三节 | 股东大会的召集 13 | | 第四节 | 股东大会的提案与通知 15 | | 第五节 | 股东大会的召开 16 | | 第六节 | 股东大会的表决和决议 20 | | 第五章 | 董事会 25 | | 第一节 | 董事 25 | | 第二节 | 董事会 29 | | 第三节 | 董事会秘书 34 | | 第六章 | 总经理及其他高级管理人员 36 | | 第七章 | 监事会 37 | | 第一节 | 监事 38 | | 第二节 | 监事会 38 | | 第八章 | 财务会计制度、利润分配和审计 40 | | 第一节 | 财务会计制度 40 | | 第二节 | 利润分配 41 | | 第三节 | 内部审 ...