Group 1: Report Overview - The report is about a research on Huanlejia in the food and beverage industry on September 1, 2025 [1][2][16] Group 2: Research Participants - Participating research institutions include CITIC Securities, Dymon Asia, Capital Group, Point 72, Harding Loevner, etc [2][17] Group 3: Core Views - The company adheres to high - quality production of fruit cans and coconut water products, with a focus on product R & D, packaging diversification, and brand renewal [25] - In the first half of 2025, the procurement unit price of raw coconut materials increased by over 30% year - on - year [26] - The company is expanding emerging channels such as snack franchise chains, with the snack franchise chain channel achieving an operating income of 8.78 million yuan in the first half of 2025 [27] - The company has coconut processing projects in Vietnam and plans to invest up to about 21 million US dollars in an Indonesian project, which is expected to enhance the company's supply chain competitiveness [28][29] - The company's semi - annual sales expenses decreased in 2025, and it will continue to optimize cost input [30] Group 4: Research Details 1. Research Basic Information - Research object: Huanlejia; Industry: Food and Beverage; Reception time: 2025 - 09 - 01; Company receptionists: Vice President and Board Secretary Fan Chonglan, Securities Affairs Representative Sun Jiatong, Investment Manager Cai Shuting [16] 2. Detailed Research Institutions - Institutions include CITIC Securities (securities company), Dymon Asia, Capital Group, Point 72, Harding Loevner, Golden Nest, Seahawk, Alpine Fund, Taikang Asset (insurance asset management company), Hua'an Zhongxin, Gao Yi Asset (asset management company), Dongwu Securities Self - operation, CLSA (securities company) [17][18] 3. Main Content Data - **Product Development Plan**: The company focuses on portable, casual, and ingredient - diversified small - package fruit cans and has renewed the coconut water brand. It has also launched new coconut water products to expand the product price range [25] - **Raw Material Cost**: In the first half of 2025, the procurement unit price of raw coconut materials increased by over 30% year - on - year due to increased market demand and higher quality requirements [26] - **Channel Expansion**: The company is expanding snack franchise chains, with the channel achieving an operating income of 8.78 million yuan in the first half of 2025. It also plans to explore opportunities in membership stores and B - end catering channels [27] - **Overseas Project Progress**: The Vietnam coconut processing project achieved an operating income of 3.88 million yuan in the first half of 2025. The company plans to invest in an Indonesian project, and the wholly - owned subsidiary was established on August 13, 2025 [28][29] - **Sales Expense Input**: The company's semi - annual sales expenses decreased in 2025, and it will optimize cost input [30]

每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ （记者 王晓波） 截至发稿，欢乐家市值为77亿元。 每经AI快讯，欢乐家（SZ 300997，收盘价：17.5元）发布公告称，2025年9月1日，欢乐家接受中信证 券等投资者调研，公司副总裁、董事会秘书范崇澜等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，欢乐家的营业收入构成为：饮料行业占比55.73%，罐头行业占比38.66%，其他业务 占比5.61%。 ...

Company Overview - In the first half of 2025, the company achieved operating revenue of 748 million yuan and a net profit attributable to shareholders of 18.55 million yuan [1] - The company focuses on the research, production, and sales of plant protein beverages, fruit canned goods, juice drinks, and lactic acid bacteria beverages [1] - The company has established a dual-driven development strategy centered on fruit canned goods and coconut juice, with a strong market presence in orange and peach canned products [1] Industry Context - The beverage industry is facing cost pressures due to high prices of natural raw materials like fruits and coconuts, influenced by climate and supply-demand dynamics [2] - The plant protein beverage market reached a scale of 135.1 billion yuan in 2022 and is expected to exceed 140 billion yuan by 2026 [2] - Companies with stable procurement mechanisms and supply chain management are better positioned to withstand raw material price fluctuations [2] Strategic Initiatives - The company has mitigated the impact of rising raw material prices by establishing long-term partnerships with key suppliers and developing overseas coconut processing projects [2] - The company is increasing the proportion of high-margin products in its portfolio, such as festive gift boxes of coconut juice and low-sugar fruit canned goods, to enhance profitability [2] Market Trends - Brand influence is crucial during periods of raw material price volatility, with consumers willing to pay more for low-sugar, no-sugar, and natural ingredient beverages [3] - The company is well-positioned to launch high-margin new products during peak seasons, leveraging its established brand recognition in the coconut beverage and fruit canned goods sectors [3] - Despite raw material price fluctuations, the long-term growth trend of the industry remains intact, with structural opportunities in health-oriented consumption and diversified channels continuing to emerge [3]

Group 1: Product Development and Strategy - The company focuses on high-quality canned fruit products, emphasizing portable, casual, and diverse ingredient small-packaged cans [2] - New product offerings include reduced-sugar fruit cans and juice fruit cans, with diverse packaging options such as fruit cups and high-barrier bags [2] - Coconut water products are positioned as healthy beverages, with a brand refresh conducted this year [3] Group 2: Raw Material Cost Changes - The procurement price of fresh coconut juice and coconut water increased by over 30% year-on-year in the first half of 2025 due to rising market demand and higher quality requirements [3] Group 3: Emerging Channel Business Progress - The company is expanding into new sales channels, achieving revenue of 87.82 million yuan from snack specialty chains in the first half of 2025 [3] - Ongoing efforts to enhance communication and product development for membership stores and B-end catering channels to explore business opportunities [3] Group 4: Overseas Coconut Processing Project - A coconut processing project in Vietnam generated revenue of 38.79 million yuan in the first half of 2025 [4] - The company plans to invest up to 3.39756 billion Indonesian rupiah (approximately 21 million USD) in a coconut processing project in Indonesia, with a 12-month construction period [4] Group 5: Sales Expense Management - Sales expenses decreased in the first half of 2025, with plans for refined management and targeted investment strategies based on market conditions [4]

证券代码：300997 证券简称：欢乐家 公告编号：2025-078 欢乐家食品集团股份有限公司 关于设立全资子公司并完成工商注册登记的公告 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。 一、 投资设立全资子公司概述 欢乐家食品集团股份有限公司（以下简称"公司"）根据经营发展及战略规 划需要，使用自有资金人民币 1,000 万元出资设立了全资子公司宿迁众兴利华供 应链有限公司（以下简称"宿迁众兴利华"）。根据《深圳证券交易所创业板股 票上市规则》《公司章程》以及公司《投融资管理制度》相关规定，本次投资设 立全资子公司事项在总经理审批权限范围内，无需提交董事会和股东会审议。 本事项不构成关联交易，也不构成《上市公司重大资产重组管理办法》规定 的重大资产重组。 二、 本次设立全资子公司的基本情况 近日，公司已完成了宿迁众兴利华的工商注册登记手续，并领取了由沭阳县 市场监督管理局颁发的《营业执照》，基本信息如下： 住所：江苏省宿迁市沭阳县花木大世界 1 号营业楼 228 铺 经营范围：许可项目：食品销售（依法须经批准的项目，经相关部门批准后 方可开展经营活动，具体 ...

Core Viewpoint - The company is adapting to changes in sales channels and consumer demands by expanding into emerging channels such as snack specialty chains, with a focus on fruit canned products and coconut juice beverages [1] Group 1 - The company reported that its canned fruit products, including yellow peach and orange canned goods, have entered leading and mid-tier snack specialty chains [1] - In the first half of 2025, the revenue from this channel reached 87.82 million yuan [1] - The company aims to actively promote new product development and partnerships to enhance sales scale in response to market demand [1]

Core Viewpoint - The company anticipates fluctuations in its 2025 mid-year performance due to early-stage marketing reforms, significant increases in raw material procurement costs, changes in product structure, and impacts from diversified channels and businesses [2] Summary by Relevant Sections Performance Factors - The primary reasons for the expected performance fluctuations include the initial phase of marketing reforms, substantial increases in the costs of key raw materials, changes in product structure, and the influence of diversified channels and businesses such as the sale of coconut raw materials [2] Future Plans - The company's key initiatives for the second half of 2025 include: 1. Continuing to deepen marketing reforms by optimizing and upgrading products, channels, and sales to prepare for the peak sales season during important holidays [2] 2. Focusing on the development and reserve of new products based on coconut juice and fruit canned products, tailored to consumer dietary habits, and implementing targeted marketing strategies for different channels [2] 3. Expanding channel and business diversification by developing new products and partnerships to meet the demands of the snack specialty market, while also progressing with overseas coconut processing projects and initial sales of coconut raw materials [2]

Financial Performance - The company reported a total revenue of 748 million yuan for the first half of 2025, a year-on-year decrease of 20.9% [1] - The net profit attributable to shareholders was 18.55 million yuan, down 77.5% year-on-year [1] - In Q2 2025, total revenue was 299 million yuan, a decline of 24.23% year-on-year, with a net profit of -15.70 million yuan, a decrease of 4367.91% [1] - The gross margin was 29.52%, down 17.65% year-on-year, and the net margin was 2.48%, down 71.55% year-on-year [1] - Total operating expenses were 177 million yuan, accounting for 23.73% of revenue, an increase of 4.3% year-on-year [1] - Earnings per share were 0.04 yuan, a decrease of 76.58% year-on-year [1] Cash Flow and Financial Ratios - The company experienced a 370.6% increase in financial expenses due to increased loan interest [2] - The net cash flow from operating activities increased by 79.43% due to reduced procurement and tax expenses [2] - The net cash flow from investing activities increased by 82.65% as asset acquisition expenditures were lower than the previous year [2] - The net increase in cash and cash equivalents rose by 72.33% due to improvements in operating, financing, and investing activities [2] - The company's return on invested capital (ROIC) was 10.29%, indicating average capital returns [3] Business Strategy and Future Plans - The company is focusing on marketing reforms and expanding new channels, particularly in the snack retail sector [3][4] - Plans for H2 2025 include enhancing marketing efforts for seasonal sales and developing new products based on consumer preferences [4] - The company aims to diversify its product offerings, particularly in coconut juice and fruit canned products, to meet varied consumer demands [4] - There is an emphasis on brand innovation and collaboration to reach a broader consumer base [4]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2]. Core Insights - The company is experiencing pressure on traditional channels while making progress in new business areas. The first half of 2025 saw a revenue decline of 20.9% year-on-year, with a net profit drop of 77.5% [4]. - Weak demand and intensified competition are impacting the main business, but emerging businesses are showing positive developments. Beverage revenue fell by 22.1%, while canned food revenue decreased by 24.0% [4]. - The company is preparing for a seasonal sales boost in Q4 2025, focusing on product display and channel expansion [4]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 1854.78 million - 2025E: 1576.56 million - 2026E: 1612.82 million - 2027E: 1695.07 million - Revenue growth rates are projected at -3.53% for 2024, -15.00% for 2025, 2.30% for 2026, and 5.10% for 2027 [2][5]. - **Net Profit Forecasts**: - 2024A: 147.38 million - 2025E: 85.40 million - 2026E: 103.36 million - 2027E: 129.23 million - Profit growth rates are expected to be -47.06% for 2024, -42.05% for 2025, 21.02% for 2026, and 25.03% for 2027 [2][5]. - **Gross Margin**: - 2024A: 34.00% - 2025E: 29.80% - 2026E: 30.80% - 2027E: 31.80% [2][5]. - **Earnings Per Share (EPS)**: - 2024A: 0.34 - 2025E: 0.20 - 2026E: 0.24 - 2027E: 0.30 [2][5]. - **Price-to-Earnings (PE) Ratio**: - 2024A: 51.65 - 2025E: 89.13 - 2026E: 73.65 - 2027E: 58.90 [2][5].

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 748 million CNY and a net profit of 18.55 million CNY, with a gross margin of 29.52% [2] - The increase in production costs amounted to 15.92 million CNY due to fluctuations in raw material prices [4] Group 2: Marketing and Sales Strategy - The company is focusing on marketing reforms and optimizing its marketing system to enhance sales channels [3] - In the first half of 2025, the new snack specialty chain channels generated a revenue of 87.82 million CNY [6] Group 3: Product Development and Innovation - The company is developing new products based on consumer dietary habits, focusing on coconut juice and fruit canned products [3] - The company has launched new products, including coconut water and coconut fruit drinks, to expand its product range [6] Group 4: International Expansion - The company has implemented a coconut processing project in Vietnam, generating a revenue of 38.79 million CNY in the first half of 2025 [6] - A new coconut processing project in Indonesia is planned with an investment of up to 3.40 trillion IDR (approximately 21 million USD) [6] Group 5: Cost Management - The company plans to adjust the selling prices of certain coconut juice products starting July 1, 2025, due to increased raw material costs [4] - The company will continue to optimize its sales expenses and strategies based on market conditions [7]