Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, attributed to a challenging consumer environment and internal channel adjustments [1][2]. Financial Performance - Q1 2025 revenue was 449 million yuan, down 18.52% year-on-year, with a net profit attributable to shareholders of 34 million yuan, down 58.27% year-on-year [1]. - The gross margin and net profit margin for Q1 2025 were 31.38% and 7.63%, respectively, both showing a decline of 7.32 and 7.27 percentage points year-on-year [2]. - The company experienced a net cash flow from operating activities of -67.71 million yuan, reflecting a decrease due to timing differences in procurement payments and increased prepayments for coconut raw materials [2]. Product Performance - Revenue from coconut juice beverage products was 228 million yuan, down 14.6% year-on-year, while revenue from canned fruit products was 155 million yuan, down 25.5% year-on-year [1]. - The decline in revenue for both coconut and canned products was primarily influenced by the overall consumer environment and the company's channel adjustments [1]. Management Changes - The company appointed Mr. Lv Jianliang as Vice President, who has extensive experience in fast-moving consumer goods sales, indicating a strategic focus on channel reform [3]. - The company aims to implement tailored channel strategies based on market conditions and enhance its marketing organization and performance systems [3]. Future Outlook - The company forecasts revenues of 2.022 billion yuan, 2.272 billion yuan, and 2.539 billion yuan for 2025-2027, representing year-on-year growth rates of 9.03%, 12.35%, and 11.76% respectively [4]. - Expected net profits for the same period are projected at 157 million yuan, 187 million yuan, and 220 million yuan, with corresponding year-on-year growth rates of 6.46%, 18.94%, and 17.99% [4].

主业需求承压，新渠道开拓较好，维持"增持"评级欢乐家2025Q1 收入4.5 亿元，同比-18.5%，归母净利 润0.3 亿元，同比-58.3%。 分渠道来看，2025Q1 传统渠道相对承压较大，一方面新零售渠道快速发展，抢占线下传统商超的需 求，另一方面公司主动进行传统渠道网点优化。同时公司积极拥抱零食专营连锁渠道，2024 年与头部 零食专营系统达成合作，2025Q1 积极开拓中腰部零食专营系统，Q1 实现收入4644.6 万元，环比 2024Q4 增加614.9万元，零食量贩渠道保持环比提速，全年预计将实现较好收入增量。 成本上涨叠加业务结构变化导致毛利率下降，费用率有所提升，净利率下降2025Q1 公司毛利率同 比-7.32pct 至31.38%，一方面部分原材料价格有所上涨，另一方面零食专营渠道和原料销售业务毛利率 相对较低。Q1 销售费用率/管理费用率/研发费用率/财务费用率分别同比 +0.14pct/+1.53pct/-0.03pct/+0.36pct，公司期间费用率有所提升。综合来看，Q1 净利率同比-7.27pct 至 7.63%。 收入业绩仍有承压，我们下调2025-2026 年盈利预测， ...

Core Insights - The plant protein beverage market is experiencing intensified competition, leading to a "stronger differentiation" pattern among major companies [1][6] - Traditional plant protein beverages are facing challenges due to low daily consumption penetration and significant seasonal sales fluctuations [1][6] Company Performance - Yangyuan Beverage reported a revenue of approximately 6.058 billion yuan, a decrease of 1.69% year-on-year, but a net profit of about 1.722 billion yuan, an increase of 17.35% [3][4] - Weiweijia's revenue was approximately 3.656 billion yuan, down 9.4% year-on-year, while net profit increased by 96.26% to about 411 million yuan [3][4] - Chengde Lulux achieved a revenue of approximately 3.287 billion yuan, an increase of 11.26%, with a net profit of about 666 million yuan, up 4.41% [3][4] - Huanlejia's revenue was approximately 1.855 billion yuan, down 3.53%, and net profit decreased by 47.06% to about 147 million yuan [3][5] Market Trends - The plant protein beverage industry has seen significant growth, with market size reaching 142.8 billion yuan in 2023, reflecting a compound annual growth rate of 9.8% [6][9] - The market is characterized by a concentration of major players, with the top five companies holding only 58% of the market share, indicating structural opportunities [8][9] - There is a growing demand for healthier products with low sugar, high fiber, and organic certifications, which presents growth potential for the industry [9] Competitive Landscape - The industry is witnessing increased competition from new entrants and product homogeneity, necessitating diversified strategies for differentiation [8][9] - Major companies like Yangyuan Beverage and Chengde Lulux maintain significant market shares due to their established brands and distribution channels [8][9] - Analysts emphasize the importance of functional and refined operations to adapt to changing consumer preferences and market dynamics [6][9]

| 等方面带来新的推动力，但整体团队磨合仍需一定时间。 | | --- | | 3. 公司销售费用投入情况？ | | 2025年第一季度公司销售费用金额同比和环比均有 | | 所下降，公司将继续进行渠道精耕和精细化管理，根据不 | | 同市场情况制定不同的销售策略，结合公司战略及销售 | | 规划更有针对性地进行投入，在费用投放和费用结构上 | | 也会进行一定的优化和调整。 | | 面对市场挑战，公司将以"主动求变"的姿态，聚焦 | | 水果罐头+椰基饮料赛道，持续创新，寻求新动能。加强 | | 品类创新，打造差异化产品矩阵，因地制宜拟定区域政 | | 策，提高产品在消费者面前的曝光度，促进产品销售。对 | | 于体现产品质价比的渠道，公司也会进行接触和开拓。 | | 4. 公司水果罐头和椰子水产品的发展规划？ | | 公司坚持高品质的罐头产品，对水果罐头产品研发 | | 思路主要是在便携、休闲化和配料多元化的小包装罐头 | | 产品，同时随着公司多元化渠道的开拓，希望在该渠道巩 | | 固公司水果罐头产品优势，近期也推出了减糖版等不同 | | 配料的水果罐头产品，以满足不同消费者的需求。同时， | | 在 ...

欢乐家食品集团股份有限公司 证券代码：300997 证券简称：欢乐家 公告编号：2025-038 关于为全资子公司向银行申请融资提供担保的进展公告 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、 担保情况概述 欢乐家食品集团股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召 开第二届董事会第三十次会议和第二届监事会第二十一次会议，于 2025 年 4 月 18 日召开 2024 年年度股东大会，审议通过了《关于公司及子公司 2025 年度融 资和担保额度的议案》，同意就 2025 年度公司及子公司融资总额度进行统一授 权。2025 年度公司及子公司（含分公司）拟向商业银行、外资银行、政策性银行 及其它金融机构申请融资授信额度（包括新增及原授信到期后续展）合计不超过 20 亿元，均为生产经营所需。同时公司及子公司预计为上述综合授信额度提供 不超过人民币 15 亿元的担保。上述授权期限自公司 2024 年年度股东大会审议通 过本事项之日起至 2025 年年度股东大会召开之日止。在上述已审议通过的授权 期限、融资授信额度和担保额度的范围内，公 ...

Core Viewpoint - The company is facing pressure on its main business sales, but the development of new retail channels shows promising results, leading to a maintained "buy" rating [2]. Financial Performance - In Q1 2025, the company's revenue was 450 million yuan, a year-on-year decrease of 18.5%, and the net profit attributable to shareholders was 30 million yuan, down 58.3% year-on-year [2]. - The profit forecasts for 2025-2027 have been adjusted, with expected net profits of 160 million yuan (-50 million), 180 million yuan (-30 million), and 200 million yuan, representing year-on-year growth of 4.9%, 14.5%, and 10.0% respectively [2]. Product Performance - Sales of coconut juice and canned fruit are under pressure, with coconut juice revenue at 230 million yuan (down 14.6% year-on-year) and canned fruit revenue at 160 million yuan (down 25.5% year-on-year) [3]. - The company plans to focus on upgrading the formula and packaging of canned fruit and expanding consumption scenarios, while also pushing coconut juice into snack wholesale channels [3]. Channel Analysis - Traditional channels are experiencing significant decline due to the rapid development of new retail channels, which are capturing demand from offline traditional supermarkets [4]. - The company is actively optimizing traditional channel outlets and has established partnerships with leading snack specialty chains, achieving revenue of 46.446 million yuan in Q1 2025 from snack wholesale channels, an increase of 6.149 million yuan from Q4 2024 [4]. Cost and Profitability - The gross margin decreased by 7.32 percentage points to 31.38% in Q1 2025, attributed to rising raw material prices and lower margins from snack specialty channels [4]. - The net profit margin fell by 7.27 percentage points to 7.63% due to increased expense ratios across various categories [4].

投资评级：增持（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 14.10 | | 一年最高最低(元) | 22.09/9.25 | | 总市值(亿元) | 61.68 | | 流通市值(亿元) | 54.43 | | 总股本(亿股) | 4.37 | | 流通股本(亿股) | 3.86 | | 近 3 个月换手率(%) | 122.32 | 股价走势图 食品饮料/饮料乳品 主业销售仍待改善，零食量贩渠道成效明显 2025 年 04 月 28 日 数据来源：聚源 -48% -24% 0% 24% 48% 72% 2024-04 2024-08 2024-12 欢乐家 沪深300 相关研究报告 《业绩表现仍有承压，零食渠道开拓 进 展 较 好 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《椰子汁销售阶段性承压，新产品、 新渠道稳步开拓—公司信息更新报 告》-2024.8.29 《椰子汁主业提速发展，新增长点坚 定投入 — 公 司 信 息 更 新 报 告 》 -2024.4.29 | | | ——公司信息更新报告 | | --- | --- | ...

Group 1: Business Performance - In Q1 2025, the company's coconut juice products generated revenue of 228 million CNY, accounting for 50.78% of total revenue [2] - The fruit can products achieved revenue of 155 million CNY, representing 34.52% of total revenue [2] - Revenue from the snack specialty channel reached 46.4462 million CNY in Q1 2025 [3] Group 2: Strategic Focus and Future Plans - The company aims to focus on the fruit can and coconut beverage sectors, emphasizing innovation and seeking new growth drivers [4] - Plans include enhancing product differentiation and adapting channel strategies based on regional market conditions [4] - The company will continue to optimize its marketing structure and performance systems to improve operational efficiency [4] Group 3: Product Development - The company is committed to high-quality canned products, with a focus on portable, casual, and diverse ingredient small-packaged fruit cans [5] - Recent product launches include reduced-sugar fruit cans to cater to varying consumer preferences [5] - The coconut water product line will be expanded to include new varieties and price ranges to meet diverse consumer needs [5] Group 4: Management and Cost Structure - The company appointed Mr. Lü Jianliang as Vice President, responsible for marketing, bringing extensive experience from previous FMCG roles [6][7] - In Q1 2025, sales expenses decreased both year-on-year and quarter-on-quarter, with a focus on targeted investment strategies [7] - The procurement prices for fruit raw materials are market-driven, with significant price drops for peaches and slight increases for oranges [7]

证券代码：300997 证券简称：欢乐家 公告编号：2025-037 欢乐家食品集团股份有限公司 关于聘任高级管理人员的公告 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、 关于聘任公司副总裁的情况 欢乐家食品集团股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开第二届董事会第三十三次会议，审议通过了《关于聘任公司副总裁的议案》。 根据公司战略规划及业务发展需要，经公司总裁李子豪先生提名，董事会提名委 员会审核通过，董事会同意聘任吕建亮先生为公司副总裁（简历附后），任期自 董事会审议通过之日起至公司第二届董事会任期届满为止。 二、 备查文件 第二届董事会第三十三次会议决议 特此公告。 欢乐家食品集团股份有限公司董事会 2025 年 4 月 25 日 1 附件： 吕建亮先生简历 吕建亮：男，中国国籍，无境外永久居留权，1976 年 10 月出生，本科学历、 学士学位。曾任桂林西麦食品股份有限公司董事长特别助理、厦门银鹭食品集团 有限公司首席增长官、副总经理；厦门养宴食品科技有限公司创始人；北京惠买 集团副总裁；雅客（中国）有限公司营销 ...