证券代码：001222 证券简称：源飞宠物 公告编号：2025-020 温州源飞宠物玩具制品股份有限公司 关于召开2024年度暨2025年第一季度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 温州源飞宠物玩具制品股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日在巨潮资讯网上披露《2024 年年度报告》、《2024 年年度报告摘要》及《2025 年第一季度报告》。为便于广大投资者更加全面深入地了解公司经营业绩、发展 战略等情况，公司定于 2025 年 5 月 13 日（星期二）15:00-17:00 在"价值在线" （www.ir-online.cn）举办温州源飞宠物玩具制品股份有限公司 2024 年度暨 2025 年第一季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建 议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 5 月 13 日（星期二）15:00-17:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参加人员 董事长、总经理：庄明允 ...

Summary of Yuanfei Pet's Conference Call Company Overview - **Company**: Yuanfei Pet - **Industry**: Pet Products Key Financial Performance - **Q1 2025 Revenue**: 335 million CNY, up 36.3% YoY - **Q1 2025 Net Profit**: 25 million CNY, down 30% YoY due to product structure adjustments and increased domestic business costs [2][3][10] - **2024 Revenue**: 1.31 billion CNY, up 32% YoY; Net Profit: 164 million CNY, up 30% YoY [3] Revenue Breakdown - **2024 Overseas Revenue**: 85% of total, with North America accounting for 70% [4][8] - **Q1 2025 Overseas Revenue Growth**: 20%-30% YoY in the U.S. market [14] Strategic Adjustments - **Production Shift**: Orders for the U.S. market moved to Cambodia to avoid tariffs; domestic production focuses on Europe and Japan [5][9] - **Tariff Strategy**: New tariffs are passed to customers, with flexible adjustments based on tariff changes [5] Market Expansion - **Target Markets**: Actively expanding in Europe and Japan; participation in trade shows in Germany and Italy [8][9] - **Future Production Capacity**: Cambodia's snack product output expected to reach 1 billion CNY by 2026; toy and accessory products projected at 6.5 billion CNY [9] Brand Strategy - **Brands**: Three main brands - Pikaboo, HelloPet, and Legend Elf, each targeting different market segments [6][12] - **Gross Margin Expectations**: Anticipated to remain between 40%-50% for proprietary brands [12] Product Performance - **Q4 2024 and Q1 2025 Product Growth**: Leashes grew 23% YoY with a gross margin of about 35%; snacks grew 28% with a margin of 15-16% [7][10] - **New Product Development**: Strategy includes expanding product categories to deepen customer relationships and increase sales [4][27] Cost Management - **Sales Expense Increase**: Notable rise in sales expenses due to upfront costs and personnel expansion; expected rational growth throughout the year [4][23] - **R&D Investment**: Increased focus on R&D for high-margin products like leashes and toys [23] Future Outlook - **2025 Revenue Growth**: Expected to maintain double-digit growth, with profit growth aligned with revenue [15] - **Q2 2025 Orders**: Fully booked, with stable shipping trends continuing from Q1 [16] Industry Trends - **Market Dynamics**: The pet industry is experiencing stable growth, but competition is intensifying with new brands entering the market [24] Conclusion - **Investment Recommendation**: Investors are encouraged to monitor Yuanfei Pet's developments as it navigates market challenges and opportunities for growth [32][33]

Group 1: Company Overview and Financial Performance - Wenzhou Yuanfei Pet Toy Products Co., Ltd. reported a revenue of 1.31 billion CNY in 2024, representing a year-on-year growth of 32.16% [4] - In Q1 2025, the company achieved a revenue of 335 million CNY, with a year-on-year increase of 36.3% [4] - The overseas revenue reached 1.124 billion CNY, marking a 27.15% increase compared to the previous year [4] Group 2: Product Categories and Profitability - Pet leashes generated a revenue of 455,985 CNY with a gross margin of 23.20%, showing a slight increase of 0.56% year-on-year [4] - Pet snacks achieved a revenue of 606,609 CNY and a gross margin of 28.17%, reflecting an 8% increase year-on-year [4] - Other pet products reported a revenue of 196,419 CNY with a gross margin of 60.18%, indicating a decrease of 1.89% year-on-year [4] Group 3: Strategic Initiatives and Market Expansion - The company is expanding its overseas production capacity with new factories planned in Cambodia and Bangladesh [3][5] - It has established a domestic sales channel and is gradually launching its own brands, including PIKAPOO, Halawei, and Legend Elf, targeting different consumer needs [7][8] - The company has built a domestic team of over 100 people to support brand operations following the acquisition of Hangzhou Feiyuan Network Technology Co., Ltd. [7] Group 4: Market Trends and Competitive Position - The global pet industry is experiencing stable growth, benefiting the company through its OEM/ODM model with international retail chains [5] - The diversification of product categories and continuous innovation have strengthened the company's competitive edge in the market [6][7]

Core Viewpoint - The company reported strong financial performance in 2024, with significant revenue and profit growth, but faced profit pressure in Q1 2025 due to rising costs and changes in product structure [1][5]. Financial Performance - In 2024, the company achieved revenue of 1.31 billion yuan, a year-on-year increase of 32.2%, and a net profit attributable to shareholders of 160 million yuan, up 30.2% [1]. - The basic EPS for 2024 was 0.87 yuan, with a proposed cash dividend of 0.15 yuan per share (tax included) [1]. - For Q1 2025, the company reported revenue of 330 million yuan, a year-on-year increase of 36.3%, but a net profit of 25.37 million yuan, down 30.6% [1]. Product Segmentation - In 2024, revenue from pet snacks, pet leashes, and other pet products accounted for 46.3%, 34.8%, and 15.0% of total revenue, respectively, with year-on-year growth rates of 28.2%, 23.2%, and 60.2% [2]. - The company’s revenue from overseas markets grew by 27.2%, while domestic revenue surged by 73.4% [3]. Regional and Channel Analysis - In 2024, overseas revenue accounted for 85.8% of total revenue, with a year-on-year increase of 27.2%, while domestic revenue made up 14.2% with a growth of 73.4% [3]. - The company’s revenue from overseas OEM, domestic online, and domestic offline sales accounted for 85.8%, 10.8%, and 3.4% of total revenue, respectively [3]. Cost and Margin Analysis - The gross margin for 2024 increased by 0.7 percentage points to 22.9%, with pet snacks, pet leashes, and other pet products having gross margins of 16.4%, 35.6%, and 11.7%, respectively [3]. - The company’s expense ratio increased by 1.4 percentage points to 6.1% in 2024, with sales, management, R&D, and financial expense ratios showing varied changes [4]. Cash Flow and Inventory Management - By the end of 2024, inventory increased by 62.4% to 290 million yuan, and accounts receivable rose by 56.0% to 270 million yuan [4]. - The operating net cash flow for 2024 was -1.44 million yuan, indicating a net outflow, primarily due to increased cash payments for goods and services [4]. Future Outlook - Despite strong performance in 2024, the company anticipates challenges in 2025 due to rising costs and external trade environment impacts, leading to a downward revision of profit forecasts for 2025-2026 [5]. - The company’s projected net profits for 2025, 2026, and 2027 are 168 million, 195 million, and 225 million yuan, respectively, with corresponding EPS of 0.88, 1.02, and 1.18 yuan [5].

Financial Performance - In 2024, the company's revenue reached 1.31 billion CNY, a year-on-year increase of 32.16%, with a net profit attributable to shareholders of 164 million CNY, up 30.24% [4] - For 2025, projected revenue is 335 million CNY, reflecting a growth of 36.3%, while net profit is expected to be 25.37 million CNY, a decrease of 30.57% [4] Market Strategy - The company implements a dual-drive strategy, promoting simultaneous growth in both domestic and international markets, resulting in a 27.15% increase in overseas revenue (1.12 billion CNY) and a 73.38% increase in domestic revenue (186 million CNY) in 2024 [4] - The company has established two factories in Cambodia, focusing on pet food and pet supplies, which helps mitigate the impact of U.S. tariffs on its business [5] Production Efficiency - Cambodia's geographical advantages allow for effective control of raw material costs, and the availability of a skilled labor force helps reduce labor costs [6] - The company has been enhancing employee training in its Cambodian factories since 2020, leading to improved production efficiency [6] Brand Development - The company launched three proprietary brands in 2024: PIKAPOO, Halawei, and Legend Elf, each targeting different consumer needs and market segments [7] - PIKAPOO focuses on high-cost performance products, Halawei emphasizes functional pet care, and Legend Elf targets high-end nutrition, aiming to increase brand influence and domestic market sales [7]

Summary of Yuanfei Pet's Conference Call Company Overview - **Company**: Yuanfei Pet - **Industry**: Pet Products Key Financials - **2024 Revenue**: 1.31 billion RMB, a growth of 32.2% year-on-year [4] - **2024 Net Profit**: 160 million RMB, a growth of 30% year-on-year [4] - **2025 Q1 Revenue**: 330 million RMB, a growth of 30% year-on-year [4] - **2025 Q1 Net Profit**: 25 million RMB, slight decline due to domestic business growth [4] Revenue Breakdown - **Domestic Sales**: Approximately 30 million RMB in 2024, expected significant growth in 2025 [2] - **Export to the US**: Accounts for about 70% of overseas revenue, primarily from leashes and snacks [6] Product Strategy - **New Brands**: Launched high-end brand "Legendary Elf" targeting premium market, alongside "Pikabu" (dog snacks) and "Hello Wei" (cat litter and food) [2][7] - **Brand Teams**: Each brand has a dedicated team of 10-15 people, with a total domestic team size of around 100 [2][8] Market Positioning - **Production Advantages**: Strong production capabilities in leashes, leveraging resources from the Hangzhou Feiyuan team to enhance channel capabilities [2][9] - **Marketing Strategy**: Focus on platforms like Tmall, Taobao, and Douyin for precise customer targeting [10] Cost and Profitability - **Profit Impact**: Q1 profits affected by increased domestic business share, lower domestic product margins, and rising sales expenses [12] - **Cost Management**: Plans to optimize product structure to enhance overall gross margin without significantly raising prices [17] Overseas Production Capacity - **Cambodia Factory**: New food production lines expected to be operational by mid-2026, with projected output of 1 billion RMB by the end of 2026 [3][13] - **Bangladesh Factory**: Expected to start production in 2026, with multiple product lines planned [14] Competitive Landscape - **Market Competition**: Intense competition in cat litter and cat food markets, with strategies in place to capture market share [9] - **E-commerce Strategy**: Utilizing existing store resources for brand product launches and customer profiling [18] Future Outlook - **Growth Projections**: Anticipated double-digit growth in pet supplies and snacks revenue for the current year [16] - **Long-term Goals**: Focus on developing proprietary brands while gradually improving the profitability of agency business [23] Additional Insights - **Tariff Impact**: Current tariffs have minimal impact on US exports, with 10% tariffs borne by customers [6] - **Brand Development**: Clear targets for brand investment and profitability to ensure performance metrics are met [19] - **Agent Business**: Currently lower profitability compared to direct sales, but expected to improve with strategic brand selections [20] This summary encapsulates the key points from Yuanfei Pet's conference call, highlighting financial performance, product strategies, market positioning, and future growth outlook.

Group 1 - The core viewpoint of the article highlights the strong financial performance of the company in 2024, with a revenue of 1.31 billion and a net profit of 164 million, indicating significant year-on-year growth [1] - The company achieved overseas revenue of 1.12 billion, a 27.15% increase compared to the previous year, while domestic revenue reached 186 million, marking a substantial 73.38% growth [1] - In Q1 2025, the company reported a revenue of 335 million, reflecting a 36.30% year-on-year increase, although net profit decreased by 30.57% to 25.36 million due to increased expenses from domestic business expansion and new product development [1] Group 2 - The company has over 20 years of experience in the pet industry, focusing on the research, production, and sales of pet supplies and food, with a strong position in the pet leash market [2] - The company is expanding its domestic market presence by building sales channels and launching its own brands, including PIKAPOO, while maintaining a comprehensive product matrix in pet supplies and food [2] - The company emphasizes innovation in pet food development, combining functional innovation with market orientation, ensuring products meet both practical needs and market competitiveness [2] Group 3 - The company plans to increase investment in technological innovation and product development to enhance market competitiveness and expand its product lines in pet supplies and food [3] - The company aims to strengthen its online sales channels and increase the number of operational stores, focusing on refined user operations to stimulate consumer demand [3] - The company intends to keep pace with trends in pet supplies, enhancing the functionality and fashion of its dog leashes while expanding its product offerings for dogs [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved impressive performance in 2024 with a revenue growth of 32.2% year-on-year, reaching 1.31 billion yuan, and a net profit growth of 30.2%, amounting to 160 million yuan. However, the first quarter of 2025 saw a revenue increase of 36.3% year-on-year, but net profit declined by 30.6% due to increased costs associated with domestic business expansion and changes in product structure [5][9] - The company primarily focuses on overseas sales, with 85.8% of revenue coming from international markets in 2024, which grew by 27.2% year-on-year. Domestic revenue, however, saw a significant increase of 73.4% [6][9] - The report highlights a concern regarding the external trade environment, particularly the impact of tariffs on the company's operations, as most orders are currently under the FOB model [9] Financial Performance Summary - In 2024, the company's gross margin improved by 0.7 percentage points to 22.9%, with specific product margins for pet snacks at 16.4%, pet leashes at 35.6%, and other pet products at 11.7% [7] - The company experienced a significant increase in inventory, which rose by 62.4% year-on-year to 290 million yuan by the end of 2024, and accounts receivable increased by 56.0% to 270 million yuan [8] - The operating cash flow turned negative in 2024, amounting to -1 million yuan, primarily due to increased cash payments for goods and services, but improved to 25.96 million yuan in the first quarter of 2025 [8] Earnings Forecast and Valuation - The report projects the company's net profit for 2025 to be 168 million yuan, with a slight growth of 2.17% year-on-year, and further growth expected in subsequent years, reaching 225 million yuan by 2027 [10][11] - The estimated EPS for 2025 is 0.88 yuan, with a P/E ratio of 17, which is expected to decrease to 13 by 2027 [10][11] - The report includes a detailed financial forecast, indicating a steady increase in revenue and net profit over the next few years, with a projected revenue of 2.03 billion yuan by 2027 [10][11]

近期源飞宠物（001222）发布2025年一季报，证券之星财报模型分析如下： 销售费用、管理费用、财务费用总计为2150.29万元，三费占营收比为6.42%，同比增加了140.17%。费 用的大幅增加可能是导致利润下滑的原因之一。 应收账款与现金流 本报告期源飞宠物的应收账款为2.11亿元，同比增加了21.17%，且当期应收账款占最新年报归母净利润 比达128.29%，应收账款体量较大，需关注其回收情况。每股经营性现金流为0.14元，同比增加了 197.2%，显示出公司在经营活动中的现金流有所改善。 其他财务指标 毛利率与净利率 公司的毛利率为17.79%，同比减少了20.86%；净利率为9.75%，同比减少了43.04%。毛利率和净利率的 下降反映了公司在成本控制方面面临的挑战。 费用情况 营收与利润 源飞宠物在2025年一季度实现了营业总收入3.35亿元，同比上升36.3%。然而，归母净利润为2536.8万 元，同比下降30.57%，扣非净利润为2486.37万元，同比下降25.6%。这表明公司在营业收入增长的同 时，盈利能力有所下降。 每股净资产为7.08元，同比增加了9.75%；每股收益为0.13元， ...

2025年4月，温州源飞宠物玩具制品股份有限公司（以下简称"源飞宠物"）发布2024年年度报告。报告 期内，公司实现营业收入13.10亿元，同比增长32.16%；净利润1.64亿元，同比增长30.24%。然而，经 营活动产生的现金流量净额为 -143.99万元，同比下降101.11%，这一数据的巨大变化值得投资者关注。 关键财务指标解读 营收稳健增长，市场拓展成效显著 2024年源飞宠物营业收入达1,310,006,121.95元，较上年的991,259,566.05元增长32.16%。从业务板块来 看，宠物用品及食品业务收入占据主导，为1,310,006,121.95元，同比增长32.16%。其中，宠物牵引用 具收入455,985,380.07元，占比34.81%，增速23.20%；宠物零食收入606,609,452.17元，占比46.31%，增 速28.17%；宠物注塑玩具收入50,992,202.89元，占比3.89%，增速高达102.02%；其他宠物产品及其他收 入196,419,086.82元，占比14.99%，增速60.18%。从地区分布看，境外收入1,123,777,743.56元，占比 85. ...