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]

公司点评 · 食品饮料行业 传统渠道仍承压，新业务取得进展 —— 2025 年中报业绩点评 2025 年 8 月 27 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1854.78 | 1576.56 | 1612.82 | 1695.07 | | 收入增长率% | -3.53 | -15.00 | 2.30 | 5.10 | | 归母净利润（百万元） | 147.38 | 85.40 | 103.36 | 129.23 | | 利润增速% | -47.06 | -42.05 | 21.02 | 25.03 | | 毛利率 | 34.00 | 29.80 | 30.80 | 31.80 | | 摊薄 EPS(元) | 0.34 | 0.20 | 0.24 | 0.30 | | PE | 51.65 | 89.13 | 73.65 | 58.90 | | PB | 6.71 | 6.96 | 6.36 | 5.74 | 资料来源：公司公告，中国银河证券研究院 欢乐 ...

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]

Market Overview - The beverage and dairy sector experienced a decline of 1.4% on August 27, with Zhuangyuan Pasture leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Aluminum Wine Foods: Closed at 40.47, up 6.56% with a trading volume of 139,100 shares and a turnover of 544 million yuan [1] - Yiming Foods: Closed at 24.43, up 5.57% with a trading volume of 292,700 shares and a turnover of 694 million yuan [1] - Liziyuan: Closed at 14.18, up 3.28% with a trading volume of 322,500 shares and a turnover of 448 million yuan [1] - Major decliners included: - Zhuangyuan Pasture: Closed at 9.83, down 3.91% with a trading volume of 98,500 shares and a turnover of 99.2 million yuan [2] - Chengde Lulule: Closed at 8.69, down 3.87% with a trading volume of 452,000 shares and a turnover of 400 million yuan [2] - Xibu Muye: Closed at 11.86, down 3.10% with a trading volume of 198,400 shares and a turnover of 240 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 408 million yuan from institutional investors, while retail investors contributed a net inflow of 459 million yuan [2] - Specific stock capital flows included: - Liziyuan: Net outflow of 24.91 million yuan from institutional investors [3] - Yiming Foods: Net inflow of 18.32 million yuan from institutional investors [3] - Zhuangyuan Pasture: Net outflow of 19.94 million yuan from retail investors [3]

Core Insights - The company reported a revenue of 748 million yuan and a net profit attributable to shareholders of 18.55 million yuan for the first half of 2025 [1] - The company is focusing on two core segments: fruit canned goods and coconut-based beverages, while implementing marketing reforms and optimizing channel strategies [1][2] - The company is expanding into emerging channels such as snack specialty chains and has begun selling products like peach and orange canned goods in major snack retail stores [1] Group 1 - The company is committed to proactive changes in response to industry competition and market environment shifts [1] - The company is enhancing its operational efficiency and management effectiveness through a restructured organizational framework and performance system [1] - The company is leveraging its coconut processing project in Vietnam to support its diversified business layout [1] Group 2 - In the second half of the year, the company plans to improve its overall operational quality by deepening marketing reforms and optimizing product, channel, and sales strategies [2] - The company aims to develop new products based on consumer dietary habits, focusing on taste, health, and functionality, while also preparing for seasonal sales peaks [2] - The company is actively pursuing new product development and partnerships to meet the demands of the snack specialty system market and is steadily advancing its overseas coconut processing project [2]

Company Insights - Company has showcased its latest progress in marketing reform, channel expansion, and brand innovation while releasing its semi-annual report [1] - The company focuses on two core segments: canned fruits and coconut-based beverages, and is committed to enhancing operational efficiency and management effectiveness through a reformed marketing system [1] - The company has entered emerging channels such as snack specialty chains, with products like peach and orange canned fruits and coconut juice now available in leading snack chain stores [1] - The company is leveraging its coconut processing project in Vietnam to support its diversified business layout [1] - New product launches include reduced-sugar canned fruits and coconut water beverages, with a focus on promoting gift beverage markets during festive seasons [1] Industry Insights - The global plant-based beverage market reached $26.8 billion in 2022 and is expected to exceed $70 billion by 2030, with a compound annual growth rate of over 13% [2] - The coconut-based beverage segment is one of the fastest-growing categories, benefiting from trends towards natural, low-sugar, and health-conscious consumption [2] - The company is exploring brand rejuvenation by launching cross-industry collaboration products with popular IPs, enhancing consumer recognition and emotional connection [2] - Industry experts believe that the company's long-term focus on canned fruits and coconut-based beverages, along with diversified channel strategies and brand innovation, positions it for structural breakthroughs during high growth cycles [2]

截至8月8日，欢乐家股东户数1.85万，较上期减少0.19%；人均流通股20846股，较上期增加0.19%。 2025年1月-6月，欢乐家实现营业收入7.48亿元，同比减少20.90%；归母净利润1855.25万元，同比减少 77.50%。 分红方面，欢乐家A股上市后累计派现4.77亿元。近三年，累计派现3.87亿元。 8月26日，欢乐家跌1.36%，成交额1.78亿元。两融数据显示，当日欢乐家获融资买入额1978.12万元， 融资偿还1834.54万元，融资净买入143.58万元。截至8月26日，欢乐家融资融券余额合计9709.05万元。 融资方面，欢乐家当日融资买入1978.12万元。当前融资余额9709.05万元，占流通市值的1.28%，融资 余额超过近一年90%分位水平，处于高位。 融券方面，欢乐家8月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，欢乐家食品集团股份有限公司位于广东省湛江市开发区人民大道中71号欢乐家大厦28层,29 层,31层,32层，成立日期2001年1 ...

近日，欢乐家(300997.SZ)宣布与国民级IP「奶龙」达成合作，推出联名黄桃罐头新品。新品宣发以「桃 气一下，欢乐+1」为主题，将经典果罐产品与潮流IP形象结合，借助情绪价值与场景化消费表达，开辟 了水果罐头行业在年轻群体中的新增长空间。 欢乐家作为水果罐头领域的头部企业，此次合作奶龙，不仅是品牌与IP跨界的尝试，更代表着传统罐头 产业在消费升级与文化赋能背景下的创新探索。欢乐家突破了以往单纯的IP授权逻辑，将「IP×场景×情 绪×产品」深度融合，推动罐头产品完成从储备品向情绪品的转型升级。 通过「奶龙」联名，欢乐家展示了罐头行业在内容化与年轻化方面的可能性：既巩固了传统市场的品质 优势，又打通了情绪消费与文化消费的连接点。业内人士认为，这种跨界创新有望为罐头品类注入长期 的成长动力，推动整个行业健康发展。 展望未来，欢乐家将继续坚持品质为基石，探索更多跨界合作模式，在满足年轻人情绪消费需求的同 时，保持水果罐头品类的稳健发展。(CIS) 从储备品到情绪品，消费场景加速拓展 长期以来，水果罐头以高性价比和长保质期，被视为家庭储备品。然而，在年轻消费群体崛起与情绪消 费趋势兴起的背景下，欢乐家通过「奶龙」联 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its business operations and the need for strategic changes [1][2][3]. Financial Performance - In 25H1, the company achieved operating revenue of 748 million yuan, a year-on-year decrease of 20.90%, and a net profit attributable to shareholders of 19 million yuan, down 77.50% [1]. - For 25Q2, the operating revenue was 299 million yuan, a decline of 24.23%, with a net profit of -16 million yuan, reflecting a drastic year-on-year drop of 4367.91% [1]. - The company's gross profit margin and net profit margin for 25H1 were 29.52% and 2.48%, respectively, both showing a decline compared to the previous year [3]. Business Segment Analysis - Beverage business revenue in 25H1 was 417 million yuan, down 22%, with coconut juice contributing 362 million yuan and other beverages 55 million yuan, down 20% and 34% respectively [2]. - Canned goods revenue was 289 million yuan, a decrease of 24%, with fruit cans generating 276 million yuan, also down 24% [2]. - The company saw a mixed performance across distribution channels, with revenue from distribution, direct sales, and consignment at 561 million, 109 million, and 36 million yuan, respectively, showing a decline in distribution but growth in direct sales [2]. Strategic Initiatives - The company is actively pursuing marketing reforms and exploring new channels, such as snack wholesale, to adapt to market pressures [2][3]. - Plans for the second half of the year include optimizing product, channel, and sales strategies, focusing on enhancing the quality and quantity of effective sales points [3]. - The company aims to diversify its channels and is progressing with overseas coconut processing projects and initial processing sales of coconut raw materials [3]. Profit Forecast - The company forecasts net profits of 92 million, 132 million, and 165 million yuan for 2025-2027, with a projected year-on-year change of -37%, +43%, and +25% respectively [4].

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] - The company has no preferred shareholders or related shareholding information for the reporting period [3] Group 2 - The company announced the repurchase and cancellation of shares, along with changes to registered capital, with details available in specific announcements [3] - The company disclosed its profit distribution plan for the fiscal year 2024, with further details in the relevant announcements [4] - The company completed the election of the board of directors and the appointment of senior management personnel, with details available in multiple announcements [5] Group 3 - The company reported on the expiration of the continuous supervision period, with a summary report available [6] - The company announced the early release of collateral on assets, with details in the relevant announcement [7] - The company plans to renew the accounting firm for the fiscal year 2025, with details available in specific announcements [8] - The company is establishing a wholly-owned subsidiary in Indonesia to develop a coconut processing project, with details in the relevant announcement [8]