证券代码：300997 证券简称：欢乐家 公告编号：2025-036 欢乐家食品集团股份有限公司 二、 董事会会议审议情况 (一) 审议通过《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，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。 具体内容详见公司同日于巨潮资讯网（www.cninfo.com.cn）披露的《关于聘 任高级管理人员的公告》。 表决结果：9 票同意，0 票反对，0 票弃权 三、 备查文件 第二届董事会第三十三次会议决议公告 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、 董事会会议召开情况 欢乐家食品集团股份有限公司（以下简称"公司"）第二届董事会第三十三 次会议于 2025 年 4 月 25 日以通讯表决方式召开，本次会议的通知于 2025 年 4 月 22 日以电子邮件及书面方式送达全体董事。本次会议由董事长李兴先生主持， 会议应参加董事 9 人，实际参加董事 9 人。本次会议的召集、召开及表决程序符 合《公司法》 ...

Group 1 - The company reported a revenue of 449 million yuan and a net profit of 34.25 million yuan for Q1 2025, indicating steady progress in its annual key initiatives [1] - The company is focusing on optimizing traditional channels and expanding into new channels such as snack specialty chains, achieving a revenue of 46.44 million yuan from these new channels in Q1 2025 [1][2] - The company is undergoing systematic reforms across seven key areas including strategy upgrade, brand renewal, product innovation, channel optimization, sales management, organizational development, and digital empowerment to build core competitiveness [1] Group 2 - The company aims to maintain its advantages in canned fruit and coconut-based beverages while innovating to create a differentiated product matrix [2] - The company’s canned fruit products received recognition as the top-selling canned fruit in China for eight consecutive years, showcasing its core technologies and market acceptance [2] - The company is implementing differentiated sales strategies based on market conditions, achieving significant revenue growth in emerging channels, with 115 million yuan from snack specialty chains in 2024 [2] Group 3 - The consumer industry is experiencing a profound shift from channel-driven growth to user-driven and brand-driven growth, prompting the company to adopt a long-term approach focused on product, brand, and organizational reform [3] - The company is committed to sustainable high-quality development by responding to market changes driven by customer needs [3]

Core Viewpoint - The company demonstrates a strong commitment to reform and innovation in response to market challenges, maintaining a solid foundation for long-term growth and shareholder value creation [1][8]. Group 1: Marketing and Sales Strategy - The company has initiated a comprehensive upgrade of its marketing system, focusing on a four-pronged approach: brand strength, product strength, channel strength, and execution strength to enhance channel sales [2]. - In sales management, the company is strengthening full-process control of frontline operations and increasing the assessment ratio of the C-end sales team [2]. Group 2: Revenue Growth Signals - The company has achieved significant revenue growth in its snack specialty chain channel, with Q1 2025 revenue reaching 46.4462 million yuan, compared to 115 million yuan for the entire year of 2024, indicating strong growth momentum [3]. - The company is successfully entering leading snack specialty systems and expanding into mid-tier chain channels through targeted market research [3]. Group 3: Product Innovation and Quality - The company is pursuing a dual-driven strategy of "fruit cans + coconut-based beverages," with Q1 revenue from coconut juice reaching 228 million yuan, showcasing strong brand power [4]. - The company is innovating its coconut water products and introducing new product categories to meet the demands of young consumers, while also focusing on portable and leisure-oriented fruit can innovations [4]. Group 4: Shareholder Returns - The company implemented a high dividend payout ratio in 2024, with a plan to distribute 3 yuan in cash dividends per 10 shares, resulting in a payout ratio of 85.13% [5]. - The company has established a differentiated cash dividend policy for 2025-2027, ensuring a minimum payout ratio of 20%, 40%, and 80% based on its development stage and major capital expenditure arrangements [5]. Group 5: Market Environment and Institutional Interest - The company has attracted significant institutional interest, with various domestic and international investment firms conducting in-depth research, indicating a strong focus on the company in the capital market [6][7]. - Analysts believe that expanding domestic demand is crucial for stabilizing the economy, and the consumer sector is poised for multiple opportunities as policies to boost consumption are implemented [7]. Group 6: Long-term Value Perspective - The fluctuations in Q1 2025 performance are seen as a temporary phase during the company's strategic transformation rather than a deterioration of fundamentals [8]. - The company's proactive actions in channel expansion, product innovation, and cost control, along with a high dividend policy, are expected to support its long-term value creation for investors [8].

Core Insights - The company, 欢乐家, reported a revenue of 449 million yuan for the first quarter of 2025, representing a year-on-year decline of 18.52% [1] - The net profit for the same period was 34.25 million yuan, which is a significant decrease of 58.27% compared to the previous year [1] Financial Performance - Revenue for Q1 2025: 449 million yuan, down 18.52% year-on-year [1] - Net profit for Q1 2025: 34.25 million yuan, down 58.27% year-on-year [1]

Financial Performance - The company's revenue for Q1 2025 was ¥448,997,763.65, a decrease of 18.52% compared to ¥551,028,964.95 in the same period last year[4] - Net profit attributable to shareholders decreased by 58.27% to ¥34,253,333.33 from ¥82,086,318.37 year-on-year[4] - The net profit excluding non-recurring gains and losses fell by 59.49% to ¥32,514,067.73 from ¥80,269,611.56 in the previous year[4] - Basic and diluted earnings per share decreased by 55.90% to ¥0.0819 from ¥0.1857 year-on-year[4] - The total profit for the current period is 46,859,864.25, down from 109,189,988.20, reflecting a decline of 57.1%[21] - The operating profit for the current period is 47,002,576.65, compared to 109,054,791.43 in the previous period, indicating a decrease of 56.9%[21] - The total comprehensive income for the current period is 32,498,141.68, compared to 83,228,579.20 in the previous period, a decrease of 60.9%[22] Cash Flow and Assets - Operating cash flow turned negative at -¥67,706,343.58, a decline of 69.11% compared to -¥40,037,105.71 in the same period last year[4] - The cash flow from operating activities shows a net outflow of -67,706,343.58, worsening from -40,037,105.71 in the previous period[25] - The company's cash and cash equivalents at the end of Q1 2025 were CNY 640.72 million, a decrease from CNY 657.34 million at the beginning of the period[16] - The cash and cash equivalents at the end of the period stand at 453,981,281.93, a slight decrease from 469,600,777.72 at the end of the previous period[26] - The total assets at the end of the reporting period were ¥1,976,511,975.06, down 3.81% from ¥2,054,739,278.33 at the end of the previous year[5] - The total assets as of March 31, 2025, were CNY 1.98 billion, down from CNY 2.05 billion at the beginning of the period[19] - The total liabilities decreased to CNY 809.91 million from CNY 920.63 million in the previous period[18] Shareholder Equity and Repurchase - Shareholders' equity attributable to shareholders increased by 2.87% to ¥1,166,603,215.85 from ¥1,134,105,074.17 at the end of the previous year[5] - The company repurchased 19,273,430 shares using its own funds through a dedicated securities account[11] - The company repurchased a total of 10,026,525 shares, reducing the total share capital from 447,500,000 shares to 437,473,475 shares[14] Revenue Breakdown - In Q1 2025, the company's coconut juice beverage products generated revenue of CNY 228 million, accounting for 50.78% of total revenue[12] - The company's canned fruit products achieved revenue of CNY 155 million, representing 34.52% of total revenue[12] - The emerging channel, including snack specialty chains, generated revenue of CNY 46.45 million during the reporting period[13] - The total operating revenue for Q1 2025 was CNY 448.99 million, a decrease of 18.6% from CNY 551.03 million in the previous period[20] - Total operating costs for Q1 2025 were CNY 403.99 million, down 9% from CNY 443.47 million in the previous period[20] Market Challenges - The overall product gross margin was 31.38%, a decrease of 7.3 percentage points year-on-year[8] - The decline in revenue and profit was attributed to increased raw material costs and a shift towards lower-margin snack chain channels[8] - The company plans to continue focusing on the fruit canned and coconut beverage sectors while enhancing product differentiation and channel strategies[13]

| 600597 | 光明乳业 | -1.74 | 1.25 | -1936.67 | | --- | --- | --- | --- | --- | | 300997 | 欢乐家 | -2.82 | 2.61 | -1657.76 | | 600127 | 金健米业 | -2.02 | 4.56 | -1653.34 | | 002458 | 益生股份 | -1.58 | 2.20 | -1431.22 | | 600887 | 伊利股份 | 0.24 | 0.38 | -1430.45 | | 605337 | 李子园 | -4.00 | 4.77 | -1330.34 | | 300898 | 熊猫乳品 | -2.47 | 7.76 | -1197.23 | | 600965 | 福成股份 | -4.63 | 3.04 | -1051.64 | | 002329 | 皇氏集团 | -4.64 | 8.37 | -942.10 | | 001219 | 青岛食品 | -2.61 | 4.24 | -919.57 | | 002732 | 燕塘乳业 | -3.37 | 4.77 | -907.97 | | ...

1. 公司 2024 年年度利润分配预案已经公司 2025 年 4 月 18 日召开的 2024 年年度股东大会审议通过。本次利润分配预案为：截至公司第二届董事会第三十 次会议审议利润分配预案当日，公司总股本为 437,473,475 股，扣除公司回购专 用证券账户已回购股份 19,273,430 股后，分配股份基数为 418,200,045 股，向 全体股东每 10 股派发现金红利 3.00 元（含税），预计派发现金红利人民币 125,460,013.50 元（含税），不送红股，不以资本公积金转增股本。如在分配预 案披露之日起至实施权益分派股权登记日期间，公司享有权益分派权的股本总额 发生变动（如公司总股本由于可转债、股份回购、股权激励行权、再融资新增股 1 证券代码：300997 证券简称：欢乐家 公告编号：2025-034 1. 欢乐家食品集团股份有限公司（以下简称"公司"、"本公司"）2024 年 年度利润分配预案为：公司总股本 437,473,475 股，扣除公司回购专用证券账户 已回购股份 19,273,430 股后，分配股份基数为 418,200,045 股，向全体股东每 10 股派发现金红利 ...

根据24 年年报，下调25 年收入、毛利率，上调25 年费用率。公司2025-2027 年每股收益调整为0.42、 0.51、0.58 元（原预测25 年为0.75 元）。结合可比公司，我们认为目前公司的合理估值水平为2025 年 的40 倍市盈率，对应目标价为16.80元，维持买入评级。 风险提示 To B 业务进展较慢风险、饮料业务竞争激烈风险、水果罐头动销不及预期风险、新工厂产能利用率不 及预期风险、原材料价格大幅上涨风险。 消费疲软，收入略承压。分产品看，椰子汁饮料收入9.64 亿元（同比-3.7%），消费疲软导致增长乏 力；水果罐头收入6.27 亿元（同比-11.5%），其中黄桃、橘子罐头收入分别为2.80 亿元和1.79 亿元，同 比均个位数下滑。零食渠道贡献收入1.15亿元（占比18.3%）。分区域看，华中、华东、西南三大核心 区域收入分别同比-11%/+20%/-5%，华东增长势头良好，此外华南地区在低基数下展现较快增速。截至 24Q4 末，公司经销商数量为2236 家，较H1 末增加294 家，多区域增加渠道合作及产品铺货。 零食占比提升，净利率下滑。2024 年，公司毛利率为34.00%（ ...

零食渠道增量，利润率暂时承压 核心观点 盈利预测与投资建议 ⚫ 根据 24 年年报，下调 25 年收入、毛利率，上调 25 年费用率。公司 2025-2027 年 每股收益调整为 0.42、0.51、0.58 元（原预测 25 年为 0.75 元）。结合可比公司， 我们认为目前公司的合理估值水平为 2025 年的 40 倍市盈率，对应目标价为 16.80 元，维持买入评级。 风险提示 To B 业务进展较慢风险、饮料业务竞争激烈风险、水果罐头动销不及预期风险、新工厂 产能利用率不及预期风险、原材料价格大幅上涨风险。 欢乐家 300997.SZ 公司研究 | 年报点评 | 叶书怀 | yeshuhuai@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860517090002 | | 姚晔 | yaoye@orientsec.com.cn | | | 执业证书编号：S0860524090006 | | 23 年量利双升，长期看好结构升级及集中 | 2024-02-02 | | --- | --- | | 度提升：——欢乐家 23 年业绩快报点评 | | | 椰汁罐头双 ...

欢乐家 300997.SZ 公司研究 | 年报点评 零食渠道增量，利润率暂时承压 核心观点 盈利预测与投资建议 ⚫ 根据 24 年年报，下调 25 年收入、毛利率，上调 25 年费用率。公司 2025-2027 年 每股收益调整为 0.42、0.51、0.58 元（原预测 25 年为 0.75 元）。结合可比公司， 我们认为目前公司的合理估值水平为 2025 年的 40 倍市盈率，对应目标价为 16.80 元，维持买入评级。 风险提示 To B 业务进展较慢风险、饮料业务竞争激烈风险、水果罐头动销不及预期风险、新工厂 产能利用率不及预期风险、原材料价格大幅上涨风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,923 | 1,855 | 2,054 | 2,308 | 2,547 | | 同比增长 (%) | 20.5% | -3.5% | 10.7% | 12.4% | 10.4% | | 营业利润(百万元) | 377 | 199 | 2 ...