Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved a revenue of 1.634 billion yuan in 2023, representing a growth of 65.7%, but the net profit attributable to the parent company decreased by 24.9% to 57.58 million yuan [16]. - In Q1 2024, the company reported a revenue of 400 million yuan, a decline of 11.1%, while the net profit attributable to the parent company increased by 9.3% to 30 million yuan [16]. - The integration of Yunyang Runying and the supply chain of Fan Yuan has shown positive effects, with significant revenue growth in various segments [16]. - The company plans to distribute a cash dividend of 0.10 yuan per share and a capital reserve conversion of 0.4 shares per share [16]. Financial Performance Summary - Revenue projections for 2024-2026 are 1.902 billion yuan, 2.253 billion yuan, and 2.587 billion yuan, with growth rates of 16.4%, 18.4%, and 14.8% respectively [2]. - The net profit attributable to the parent company is expected to be 78.10 million yuan, 102.88 million yuan, and 134.49 million yuan for the years 2024-2026, with growth rates of 35.6%, 31.7%, and 30.7% respectively [2]. - The earnings per share (EPS) are projected to be 0.18 yuan, 0.24 yuan, and 0.31 yuan for 2024-2026 [2]. Business Segment Analysis - Probiotics beverage sales are expected to maintain a growth rate of 3% from 2024 to 2026, with price increases anticipated [6]. - The probiotics food segment is projected to see significant growth, with sales growth rates of 85%, 80%, and 40% for 2024-2026, maintaining stable pricing and high gross margins [34]. - The supply chain business is expected to grow at rates of 13%, 10%, and 10% from 2024 to 2026, with a consistent gross margin of 10% [20]. Profitability Metrics - The gross margin for 2023 was 24.4%, with an increase to 29.5% in Q1 2024, indicating a recovery in profitability [16]. - The net profit margin for 2023 was 4%, which improved to 6.5% in Q1 2024 [16]. - The report highlights the impact of business restructuring on profitability, with expectations for gradual recovery as new products are launched and prices are adjusted [16].

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 | ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 395,905,330.07, representing a decrease of 11.10% compared to the same period last year[5]. - Net profit attributable to shareholders of the listed company was CNY 26,150,321.80, an increase of 9.34% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was CNY 23,794,077.50, reflecting a growth of 28.20% compared to the previous year[5]. - The basic earnings per share for the period remained at CNY 0.06, unchanged from the previous year[5]. - In Q1 2024, the company's net profit reached CNY 25,691,096.53, a slight increase from CNY 25,089,016.23 in Q1 2023, representing a growth of 2.4%[24]. - The total revenue for Q1 2024 was CNY 34,518,629.33, compared to CNY 33,477,682.25 in Q1 2023, indicating a year-over-year increase of 3.1%[24]. - Operating profit for Q1 2024 was CNY 34,344,130.23, up from CNY 33,559,160.01 in the same period last year, reflecting a growth of 2.3%[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,287,357,753.55, down 8.60% from the end of the previous year[6]. - The total assets as of March 31, 2024, were CNY 2.29 billion, a decrease of 8.6% from CNY 2.50 billion as of December 31, 2023[19]. - The total liabilities decreased to CNY 354.27 million in Q1 2024, down 37.9% from CNY 569.85 million in Q4 2023[20]. - The company's total equity as of March 31, 2024, was CNY 1.93 billion, slightly up from CNY 1.93 billion at the end of 2023[21]. Cash Flow - The net cash flow from operating activities was negative at CNY -129,488,834.36, with no applicable percentage change due to the nature of the data[5]. - The cash flow from operating activities showed a net outflow of CNY -129,488,834.36 in Q1 2024, worsening from CNY -92,212,326.92 in Q1 2023[28]. - Cash and cash equivalents at the end of Q1 2024 were CNY 225,990,046.68, down from CNY 347,527,068.94 at the end of Q1 2023[29]. - The company reported a significant decrease in cash received from sales, totaling CNY 301,006,032.17 in Q1 2024, compared to CNY 435,936,870.69 in Q1 2023, a decline of 30.9%[27]. - Investment activities resulted in a net cash outflow of CNY -78,431,446.71 in Q1 2024, compared to CNY -225,900,560.30 in Q1 2023, showing an improvement in cash flow management[28]. - The total cash outflow from financing activities was CNY 25,738,935.67 in Q1 2024, compared to CNY 1,510,000.00 in Q1 2023, indicating increased financing costs[29]. Shareholder Information - The top ten shareholders held a total of 32.66% and 24.18% of shares, respectively, with significant pledges on their holdings[10]. - The company's repurchase account holds 2,850,000 shares, accounting for 0.66% of the total share capital as of the reporting period[12]. Business Strategy and Development - The company integrated the domestic probiotic leader Junyao Runying, aiming to transform its business model over the next three to five years[14]. - The company is focusing on optimizing and upgrading existing products to enhance product strength and market competitiveness[13]. - The company is committed to becoming a global leader in probiotics, with a strategic vision to break the foreign monopoly in fermented food and beverages[13]. - The company has established a comprehensive "R&D-production-sales" integrated chain in the probiotic industry, facilitating effective industry layout[12]. - The company’s traditional business of ambient yogurt continues to expand its product categories and optimize existing products[15]. - The company’s probiotic business has shown significant growth, driven by capacity enhancement and competitive advantages in overseas markets[12]. - The company has developed a unique production process for its ambient lactic acid bacteria beverages, enhancing its competitive edge in the market[16]. - The company is focusing on the promotion and application of proprietary functional strains, which is expected to drive product upgrades and optimize overall business competitiveness[16]. Research and Development - The company's R&D expenses increased to CNY 7.33 million in Q1 2024, up 88.5% from CNY 3.88 million in Q1 2023, indicating a strong focus on innovation[23]. - The company's fermentation agent production line has been selected for the 2023 Shanghai Dairy Industry Advantageous Characteristic Industry Cluster Project[15]. Profitability and Cost Management - The company has enhanced its product cost structure, resulting in a noticeable recovery in gross profit margin compared to 2023[15]. - The total operating costs for Q1 2024 were CNY 363.85 million, down 13.2% from CNY 419.22 million in Q1 2023[23]. - The weighted average return on net assets increased by 0.10 percentage points to 1.34%[5].

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 ...

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 ...