Core Points - The first unlock period of the 2024 Restricted Stock Incentive Plan has been achieved, allowing 4 eligible participants to unlock a total of 3.456 million shares, which accounts for 0.33% of the company's total share capital [1][9][10] Summary by Sections Incentive Plan Approval Process - The board of directors and the supervisory board approved the draft of the 2024 Restricted Stock Incentive Plan on March 14, 2024 [1] - The company conducted an internal announcement regarding the incentive plan from March 16 to March 25, 2024, with no objections received [2] - The shareholders' meeting on April 2, 2024, approved the incentive plan and related management measures [2] - The board meeting on April 15, 2024, confirmed that the conditions for granting the restricted stock had been met, with the grant date set for April 17, 2024 [2] Unlock Conditions Achievement - The first unlock period for the restricted stock is defined as the first trading day after 12 months from the grant date until the last trading day within 24 months from the grant date, allowing for 30% of the total granted shares to be unlocked [3] - The first unlock period ended on April 16, 2025, and the conditions for unlocking were confirmed to be met [3][4] Financial and Compliance Conditions - The company did not experience any negative audit opinions or violations of profit distribution regulations in the last fiscal year, thus meeting the unlock conditions [4][5] - The company has not been recognized as an inappropriate candidate by regulatory bodies in the last 12 months, fulfilling the necessary compliance requirements [5] Performance Metrics for Unlocking - The performance metrics for unlocking shares are based on the company's annual revenue and net profit, with specific target values set for each year [6][7] - The company achieved a revenue of 3.287 billion yuan and a net profit of 674 million yuan for the year 2024, meeting the required performance thresholds [6][7] Individual Performance Assessment - Individual performance assessments for the eligible participants are categorized into four levels (A, B, C, D), with corresponding unlocking ratios based on performance scores [8] - The total number of shares that can be unlocked for each participant is calculated based on company-level and individual-level performance metrics [8] Share Structure Changes - Following the unlocking of shares, the company's total share capital remains at 1,052,554,074 shares, with the newly unlocked shares being 3.456 million [9][10] - The share structure before and after the unlocking indicates no significant changes in the overall capital distribution [10] Legal and Compliance Documentation - The company has prepared legal opinions and independent financial advisory reports to support the compliance of the unlocking process [10]

证券代码：000848 证券简称：承德露露 公告编号：2025-027 承德露露股份公司 关于2024年限制性股票激励计划第一个解除限售期 解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、承德露露股份公司（以下简称"公司"） 2024年限制性股票激 励计划（以下简称"本激励计划""《激励计划》"）第一个解除限售 期解除限售条件已经成就，本次符合解除限售条件的激励对象共计4人， 可解除限售的限制性股票数量为345.60万股，占公司当前总股本的 0.33%。 2、本次解除限售股份可上市流通的日期为：2025年5月16日。 一、本激励计划已履行的相关审批程序 （一）2024年3月14日，公司第八届董事会2024年第二次临时会议及 第八届监事会2024年第三次临时会议通过了《关于〈公司2024年限制性 股票激励计划（草案）〉及其摘要的议案》。本激励计划激励对象共计 5人，拟授予激励对象的限制性股票数量共计1,300.00万股，约占公司 2024年限制性股票激励计划公布日公司股本总额105,255.4074万股的 1.2 ...

Group 1: Market Performance - The beverage business in China has shown strong performance in Q1 2025, with PepsiCo reporting net revenue of $17.92 billion and organic revenue growth of 1.2%, while Coca-Cola achieved revenue of $11.129 billion with a 6% organic revenue increase and a net profit of $3.335 billion, up 5% [2] - Domestic beverage companies such as Master Kong, Uni-President, and Nongfu Spring reported significant revenue growth, with Master Kong's beverage revenue at 51.621 billion yuan (up 1.3%), Uni-President at 19.241 billion yuan (up 8.2%), and Nongfu Spring at 42.896 billion yuan [4] Group 2: Product Trends - The beverage industry is experiencing a shift with a decline in packaged drinking water production, which has dropped below 50% market share, while tea beverages and other categories are gaining traction, with tea beverage revenue growth rates of 8.2%, 13.1%, and 32.3% for Master Kong, Uni-President, and Nongfu Spring respectively [4][5] - Juice products are also seeing growth, with Nongfu Spring's juice revenue reaching 4.085 billion yuan (up 15.6%) and Uni-President's juice revenue at 3.605 billion yuan (up 5.9%) [5] Group 3: Marketing Strategies - Beverage brands are increasingly focusing on engaging with younger consumers through innovative marketing strategies, including pop-up stores, music festivals, and interactive campaigns [6][10] - Coca-Cola's "Share a Coke" campaign has been revitalized to resonate with younger consumers, incorporating social elements into its packaging and marketing [9] - Brands like Xiangpiaopiao are also adopting new marketing approaches, such as opening physical stores and leveraging social media to enhance brand visibility and engagement with young audiences [8][11] Group 4: Consumer Insights - The beverage market is characterized by a high penetration rate among younger consumers, particularly those aged 21-25, indicating a need for brands to align their marketing strategies with the preferences of this demographic [7] - The 2024 China Youth Marketing Strategy Report highlights that brands that resonate with young consumers' values and lifestyles are more likely to succeed in the competitive landscape [7][10]

Core Insights - The traditional plant-based protein beverage sector in China has not benefited from the health upgrade trend, with major companies like Yangyuan Beverage and Chengde Lulu reporting significant revenue declines in Q1 2025 [1][2][5] - In contrast, the Danish oat milk brand Oatly has seen a substantial revenue increase of 37.6% in the Chinese market during the same period, highlighting a divergence in performance within the sector [1][5] Company Performance - Yangyuan Beverage reported Q1 2025 revenue of 1.86 billion yuan, a decrease of 19.7% year-on-year, with a net profit of 640 million yuan, down approximately 27% [1] - Chengde Lulu's Q1 2025 revenue was 1 billion yuan, reflecting an 18.4% year-on-year decline, with a net profit of 220 million yuan, down 12.5% [1] - Both companies experienced a revenue increase in Q4 2024, with Yangyuan Beverage growing by 16.1% and Chengde Lulu by 22.7%, but overall annual performance showed a decline [1] Market Dynamics - The decline in traditional plant-based protein beverages is attributed to product aging and lack of innovation, with consumers favoring alternatives like coconut water and herbal drinks [5] - The rise of new competitors in the plant-based beverage market, including nut and snack companies, has further diluted market demand for traditional offerings [5] - Oatly's growth is linked to strategic partnerships and entry into new retail channels, which contrasts with the domestic companies' reliance on traditional retail [5][6] Strategic Initiatives - Yangyuan Beverage is exploring new growth avenues through investments, including a significant 1.6 billion yuan stake in Changjiang Storage Technology, indicating a shift towards diversification [7] - Both Yangyuan and Chengde Lulu are attempting to innovate their product lines, with Chengde Lulu launching new products like "Almond+" and Yangyuan focusing on health-oriented offerings [6][7]

Investment Rating - The report maintains a "Buy" investment rating for Chengde Lululemon (000848.SZ) [1][10] Core Views - The company's Q1 performance was under pressure due to the timing of the Spring Festival, but cost benefits are gradually emerging. The total revenue and net profit for 2024 are projected to be 3.287 billion and 666 million yuan, respectively, with year-on-year growth of 11% and 4% [2][10] - The company is expected to continue its steady growth in almond milk products while launching new products that combine with coffee and tea, aiming to capture the health-conscious market [3][10] - The northern region is leading growth, with direct sales channels performing well, particularly through effective online strategies [4][10] Summary by Sections Q1 Performance - Q1 2025 revenue and net profit were 1.002 billion and 215 million yuan, showing a year-on-year decline of 18% and 13% respectively. The gross margin improved due to lower almond costs, while increased market investment raised expense ratios [2][3] Product Performance - Revenue from almond milk, walnut milk, and almond milk drinks for 2024 were 3.188 billion, 85 million, and 12 million yuan, with year-on-year growth of 11.38%, -2.29%, and 248.62% respectively. The main product, almond milk, continues to grow steadily [3][10] Regional and Channel Performance - Revenue from the northern, central, and other regions for 2024 were 2.990 billion, 191 million, and 106 million yuan, with year-on-year growth of 11.73%, 9.16%, and 2.51% respectively. Direct sales channels showed strong performance, particularly through e-commerce platforms [4][9] Financial Forecast - The company is projected to have EPS of 0.67, 0.76, and 0.82 yuan for 2025, 2026, and 2027, with corresponding PE ratios of 14, 13, and 12 times. The revenue growth rate for 2025 is estimated at 3.3% [10][12]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Views - The company's Q1 performance was under pressure due to the timing of the Spring Festival, but overall revenue and net profit for 2024 showed growth of 11% and 4% year-on-year, respectively [2]. - The company is expected to benefit from cost reductions in almond prices and increased market investment, leading to improved gross margins [2]. - The introduction of new products, particularly the "Lulu Herbal" series, is anticipated to enhance growth prospects [3]. Financial Performance Summary - For 2024, total revenue and net profit are projected at 3.287 billion and 666 million yuan, respectively, with growth rates of 11.3% and 4.4% [12]. - Q1 2025 revenue and net profit were reported at 1.002 billion and 215 million yuan, reflecting declines of 18% and 13% year-on-year [2]. - The gross margin for Q1 2025 improved to 48%, up 4.4 percentage points year-on-year, while the net margin reached 22%, an increase of 1.4 percentage points [2]. Product Performance Summary - The almond milk product line showed steady growth, with revenue increasing by 11.38% year-on-year, while the new product lines, including those combined with coffee and tea, are expected to drive future sales [3]. - The company launched the "Lulu Herbal" product line in March 2025, featuring low-sugar and no-fat formulations aimed at health-conscious consumers [3]. Regional and Channel Performance Summary - Revenue from the northern region grew by 11.73% year-on-year, indicating strong market presence, while direct sales channels performed particularly well due to effective online marketing strategies [4][9]. - The company opened 141 transportation hub stores and 203 school stores, enhancing its market reach [9]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.67, 0.76, and 0.82 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 14, 13, and 12 [10][12].

Group 1: Plant-Based Beverage Industry - The plant-based beverage industry is experiencing a divergence in performance among major companies, with some like Yangyuan Beverage seeing profit growth despite a slight revenue decline, while others like Huanlejia face declines in both revenue and profit [2] - Traditional plant-based beverages are limited by seasonal demand and face competition from emerging categories, necessitating innovation to meet the health-conscious preferences of younger consumers [2] Group 2: Chinese Condiment Industry - The Chinese condiment industry has evolved from a focus on export during the planned economy era to becoming a global rule-maker, with companies like Haitian Flavoring and Lee Kum Kee leading the way [3][4] - The industry is leveraging cultural exports and technological innovation to reshape its landscape, emphasizing quality and innovation to support the globalization of Chinese flavors [4] Group 3: Community Supermarkets - Community supermarkets are gaining traction, with brands like Ole' and Hema NB expanding rapidly, focusing on middle-class consumers and enhancing product quality and efficiency [5] - The core competitiveness of community supermarkets lies in product control and operational efficiency, requiring deep supply chain engagement and digital tool application [5] Group 4: Health and Wellness Trends - There is a growing trend among young consumers towards "light wellness" products, with a focus on health-conscious beverages that are low in sugar and calories [6] - Boxed water products have seen significant sales growth, with products like fig and flaxseed water experiencing a 130% increase in sales [6] Group 5: Instant Food Market - The instant food market is shifting from high-end products to a focus on affordability, with budget products now accounting for nearly 50% of the instant noodle market [7] - Future opportunities lie in diversifying flavors and adjusting strategies to meet the differentiated demands of various market segments [7] Group 6: Aging Population and Bakery Market - The aging population is driving demand for soft-textured baked goods, with health-oriented and age-appropriate products becoming market hotspots [9] - Innovations inspired by Japanese practices, such as low-sugar and low-salt options, are key directions for the industry [9] Group 7: Snack Food Market Forecast - The Chinese snack food market is projected to grow to 972 billion yuan by 2025, with nut snacks holding the largest market share [10] - The industry is witnessing a shift towards health-oriented ready-to-eat products, with e-commerce and live streaming becoming significant growth drivers [10] Group 8: Beverage Market Dynamics - The beverage market is undergoing adjustments, with significant growth in electrolyte water and tea beverages, while packaged water sales are declining [12] - Companies like Nongfu Spring and Eastroc Beverage are experiencing contrasting performance, highlighting the competitive landscape [12] Group 9: Pre-made Dishes Market - The pre-made dishes market is experiencing a cooling phase, with many leading companies facing revenue declines due to changing consumer demands and increased competition [14] - Opportunities remain in local specialties and high-end products, with new retail channels emerging as growth points [14] Group 10: Health Drink Innovations - The market for Chinese herbal health drinks is expanding rapidly, with sales increasing from 0.1 billion yuan in 2018 to an expected 10 billion yuan by 2028 [19] - Companies are focusing on packaging, formulation, and marketing to differentiate themselves in a competitive landscape [19] Group 11: Functional Beverage Market - The functional beverage market is becoming increasingly diverse, with brands like Zhenguanzhuang entering the market with zero-sugar options targeting health-conscious consumers [32] - The collaboration between Zhenguanzhuang and Super Extreme Drink aims to fill market gaps and cater to the preferences of the younger generation [32] Group 12: Snack Food IPO Trends - Recent trends show a surge in snack food companies seeking IPOs in Hong Kong, with brands like Three Squirrels aiming to solidify their market position [21] - These companies face challenges related to competition and growth bottlenecks, despite their ambitions for expansion [21]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

证券代码：000848 证券简称：承德露露 公告编号：2025-026 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 承德露露股份公司（以下简称"公司"）分别于 2024 年 10 月 24 日、2024 年 11 月 11 日召开第八届董事会 2024 年第四次临时会议及 2024 年第三次临时股东大会，审议通过了《关于回购部分社会公众股 份方案的议案》，同意使用公司自有资金或自筹资金，以集中竞价交 易方式，以不超过人民币 11.75 元/股（含）的价格回购本公司部分人 民币普通股 A 股股份，回购的数量不低于 3000 万股（含）且不高于 6000 万股（含），回购的资金额度不超过人民币 70,500 万元（含）， 具体回购数量及回购金额以回购期限届满或回购实施完成时实际回购 的数据为准。回购股份的期限为自公司 2024 年第三次临时股东大会审 议通过本次回购股份方案之日起 12 个月内。 上述内容具体详见公司分别于 2024 年 10 月 25 日、2024 年 11 月 15 日在《中国证券报》《证券时报》《证券日报》及巨潮资讯网 （www.cnin ...

Core Viewpoint - The company reported a revenue of 3.29 billion RMB for 2024, reflecting a year-on-year increase of 11.3%, and a net profit of 670 million RMB, up 4.4% year-on-year. However, Q1 2025 saw a revenue decline of 18.4% year-on-year to 1 billion RMB and a net profit decrease of 12.53% to 220 million RMB. The company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling 315 million RMB, with a cash dividend rate of 47% [1]. Revenue and Profit Analysis - In 2024, the company achieved revenues of 3.19 billion RMB from almond milk, 90 million RMB from walnut milk, and 10 million RMB from almond milk, with respective year-on-year changes of +11.4%, -2.3%, and +248.6%. The sales volume for almond milk, walnut milk, and almond milk increased by 11.5%, 5.0%, and 171.5% respectively [2]. - The company’s gross margin for 2024 was 40.9%, a decrease of 0.5 percentage points year-on-year. The gross margin for Q4 2024 was 39.8%, an increase of 2.1 percentage points year-on-year, while Q1 2025 saw a gross margin of 48.1%, up 4.4 percentage points year-on-year [3]. Cost and Expense Management - The sales and management expense ratios for 2024 were 12.7% and 1.7%, respectively, with increases of 1.1 and 0.6 percentage points year-on-year. The rise in sales expense ratio was primarily due to increased investments in e-commerce operations, new market development, and new product launches [3]. - The net profit margin for 2024 was 20.3%, down 1.3 percentage points year-on-year, while Q1 2025 saw a net profit margin of 21.5%, an increase of 1.4 percentage points year-on-year [3]. Product Development and Market Strategy - The company has successfully implemented an employee stock ownership plan, enhancing management stability and focusing on both short-term and long-term growth. Recent product launches include almond milk, almond coffee, and herbal health drinks, with plans for further product development [4]. - The company is actively expanding its distribution channels, having developed 141 transportation hub stores, 203 school stores, and 9,028 restaurant stores by the end of 2024. The number of distributors increased by 56 to a total of 922 [2]. Future Outlook and Investment Recommendations - The company forecasts net profits of 700 million RMB, 790 million RMB, and 840 million RMB for 2025 to 2027, with corresponding EPS of 0.67 RMB, 0.75 RMB, and 0.80 RMB. The company is expected to benefit from cost pressures easing and new product upgrades potentially leading to category breakthroughs [4]. - A target price of 12.06 RMB is set based on an 18x PE ratio for 2025, with an initial "buy" rating recommended [4].