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 ...

Core Insights - The company reported a revenue of 1.855 billion yuan for 2024, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 147 million yuan, down 47.06% year-on-year [1] - In Q4 2024, the company achieved a revenue of 515 million yuan, a decline of 16.5% year-on-year, and a net profit of 64 million yuan, down 38.0% year-on-year [1] Revenue Breakdown - Coconut juice beverage revenue was 964 million yuan, a decrease of 3.7% year-on-year, indicating weak consumer demand [1] - Canned fruit revenue was 627 million yuan, down 11.5% year-on-year, with yellow peach and orange canned fruit revenues at 280 million yuan and 179 million yuan, respectively, both showing single-digit declines [1] - Snack channel contributed 115 million yuan, accounting for 18.3% of total revenue [1] - Revenue by region showed a decline in Central China (-11%) and Southwest (-5%), while East China experienced a growth of 20% [1] Profitability and Cost Structure - The company's gross margin for 2024 was 34.00%, down 4.75 percentage points year-on-year, primarily due to the increased proportion of low-margin snack channels and rising coconut raw material costs [2] - The sales expense ratio was 15.8%, up 3.4 percentage points year-on-year, attributed to increased promotional efforts and expansion of personnel in emerging channels [2] - The net profit margin for 2024 was 7.9%, down 6.5 percentage points year-on-year [2] Strategic Initiatives - The company has adopted a "focus on core + innovation breakthrough" strategy, planning to enhance snack channel coverage and promote coconut juice and canned products in leading channels [2] - Short-term plans include developing portable small-pack canned products and coconut water derivatives, while long-term plans involve a coconut processing project in Vietnam to improve raw material self-sufficiency [2] Earnings Forecast - The company has revised down its revenue and gross margin forecasts for 2025, while increasing expense ratio estimates [3] - Adjusted earnings per share for 2025-2027 are projected at 0.42, 0.51, and 0.58 yuan, respectively, with a target price of 16.80 yuan based on a 40 times price-to-earnings ratio for 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a reasonable valuation level of 40 times the earnings per share for 2025 [2][11][5]. Core Insights - The company has adjusted its revenue and gross margin forecasts downward for 2025, while increasing the expense ratio. The earnings per share estimates for 2025-2027 are revised to 0.42, 0.51, and 0.58 CNY respectively, down from an earlier forecast of 0.75 CNY for 2025 [2][11]. - The company reported a revenue of 1.855 billion CNY for 2024, a decrease of 3.5% year-on-year, and a net profit of 147 million CNY, down 47.1% year-on-year. The fourth quarter alone saw a revenue of 515 million CNY, a decline of 16.5% year-on-year [10][11]. - The company is focusing on a strategy of "focusing on core + innovation to break through," aiming to enhance its product offerings and market presence, particularly in the snack channel [10]. Financial Summary - **Revenue Forecasts**: - 2023: 1,923 million CNY - 2024: 1,855 million CNY - 2025: 2,054 million CNY (10.7% growth) - 2026: 2,308 million CNY (12.4% growth) - 2027: 2,547 million CNY (10.4% growth) [4][10] - **Profitability Metrics**: - Gross Margin: - 2023: 38.7% - 2024: 34.0% (down 4.75 percentage points) - 2025: 36.7% - 2026: 37.3% - 2027: 37.7% [4][10] - Net Profit Margin: - 2023: 14.5% - 2024: 7.9% (down 6.5 percentage points) - 2025: 8.9% - 2026: 9.6% - 2027: 10.0% [4][10] - **Earnings Per Share**: - 2023: 0.64 CNY - 2024: 0.34 CNY - 2025: 0.42 CNY - 2026: 0.51 CNY - 2027: 0.58 CNY [4][10] - **Valuation Ratios**: - Price-to-Earnings Ratio: - 2023: 24.4 - 2024: 46.1 - 2025: 37.3 - 2026: 30.6 - 2027: 26.8 [4][10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a reasonable valuation level of 40 times the earnings per share for 2025 [2][11][5]. Core Insights - The company has adjusted its revenue and gross margin forecasts downward for 2025, while increasing the expense ratio. The earnings per share estimates for 2025-2027 are revised to 0.42, 0.51, and 0.58 CNY respectively, down from an earlier forecast of 0.75 CNY for 2025 [2][11]. - The company reported a revenue of 1.855 billion CNY for 2024, a decrease of 3.5% year-on-year, and a net profit of 147 million CNY, down 47.1% year-on-year. The fourth quarter alone saw a revenue of 515 million CNY, a decline of 16.5% year-on-year [10][11]. - The company is focusing on a strategy of "focusing on core + innovation to break through," aiming to enhance its product offerings and market reach, particularly in the snack channel [10]. Financial Summary - **Revenue Forecasts**: - 2023: 1,923 million CNY - 2024: 1,855 million CNY (down 3.5%) - 2025: 2,054 million CNY (up 10.7%) - 2026: 2,308 million CNY (up 12.4%) - 2027: 2,547 million CNY (up 10.4%) [4] - **Profitability Metrics**: - Gross Margin: - 2023: 38.7% - 2024: 34.0% (down 4.75 percentage points) - 2025: 36.7% - 2026: 37.3% - 2027: 37.7% [4] - Net Profit Margin: - 2023: 14.5% - 2024: 7.9% (down 6.5 percentage points) - 2025: 8.9% - 2026: 9.6% - 2027: 10.0% [4] - **Earnings Per Share**: - 2023: 0.64 CNY - 2024: 0.34 CNY - 2025: 0.42 CNY - 2026: 0.51 CNY - 2027: 0.58 CNY [4][11] - **Valuation Ratios**: - Price-to-Earnings Ratio: - 2023: 24.4 - 2024: 46.1 - 2025: 37.3 - 2026: 30.6 - 2027: 26.8 [4][11] - Price-to-Book Ratio: - 2023: 4.6 - 2024: 6.0 - 2025: 4.0 - 2026: 3.6 - 2027: 3.3 [4][11]

中信证券股份有限公司 关于欢乐家食品集团股份有限公司 2024 年度持续督导定期现场检查报告 | 保荐人名称：中信证券股份有限公司 被保荐公司简称：欢乐家食品集团股份 | | --- | | （以下简称"中信证券"或"保荐人"） 有限公司 | | 保荐代表人姓名：李建 联系电话：13910970266 | | 保荐代表人姓名：曾劲松 联系电话：13922854256 | | 现场检查人员姓名：李建 | | 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 | | 现场检查时间：2025 年 4 月 8 日至 2025 年 4 月 9 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段： | | 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 | | 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 | | 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 | | 文件，查看上市公司生产经营场所，对上市公司董事会秘书进行访谈。 | | √ 1.公司章程和公司 ...

中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》的有关要求，对贵公司认真履行了持续督导职责。 基于 2024 年度现场检查，本保荐人提请贵公司关注以下事项： 1、继续严格按照《公司法》《证券法》《深圳证券交易所创业板股票上市规 则》等法律法规的要求，不断完善上市公司法人治理结构，强化风险防范意识， 确保信息披露内容的真实、准确、完整。 中信证券股份有限公司 关于欢乐家食品集团股份有限公司2024年持续督导工作现场检 查结果及提请公司注意事项 欢乐家食品集团股份有限公司： 保荐人：中信证券股份有限公司（盖章） 年 月 日 2、公司应持续、合理的推进募集资金使用，有序推进募投项目的建设及实 施，确保募投项目按照计划进度完成并实现预期收益，如依据公司实际情况确需 延期，应当及时准确地披露延期计划。 3、公司应重点关注业绩下降，合理规划费用投放，精准落实经营战略，有 效平滑成本上涨、市场需求萎缩等不利因素对经营业绩的冲击，及时准确地披露 经营情况及相关变动分析。 附件：《定期现场检查报告》 ...