【私募调研记录】同犇投资调研周大生、劲仔食品

Group 1: Zhou Dasheng - Zhou Dasheng's operations in 2024 and Q1 of this year are impacted by gold price fluctuations, prompting the company to adopt various measures [1] - The company is enhancing research and development of gold and non-gold products, diversifying product offerings, adjusting brand matrix, and advancing retail models and digital transformation [1] - Gross margin improvement is attributed to the increase in self-operated business proportion and product mix optimization, with gold inventory accounting for 70% of total inventory, of which 20% is gold leasing [1] - The "National Treasure" brand will be upgraded to "National Treasure Cultural Collection Gold Products Leader," focusing on comprehensive enhancements in brand, product, and operations [1] - Zhou Dasheng's classic positioning is in the intangible cultural heritage sector, with the "Zhuge Pavilion" adopting a light asset, high gross margin, and high turnover model [1] - 30% of franchise stores are located in first and second-tier cities, while 70% are in third-tier and below cities, with the initial investment in inventory accounting for 90% of store opening costs [1] Group 2: Jin Zai Food - Jin Zai Food reported Q1 2025 revenue of 595 million, a year-on-year increase of 10.27%, with a net profit of 67.55 million [2] - The company is successfully expanding offline channels, with rapid growth in snack specialty channels and stable growth in circulation channels, while online channels have seen a slight decline [2] - The quail egg business is expected to achieve double-digit growth in 2024, with the company implementing differentiated, branded, and long-term development strategies, launching the "Seven Doctors" brand and innovative products [2] - Overseas sales revenue reached approximately 34 million, a 90% year-on-year increase, focusing on breakthroughs in the Southeast Asian market with products tailored to local tastes [2] - Growth in the bean products segment is driven by quality upgrades of traditional dried tofu and the introduction of new products like "Zhou Fresh Fresh" short-shelf-life dried tofu and fresh mixed shaking dried tofu [2] - The deep-sea eel fish segment continues to grow rapidly, achieving double-digit growth in Q1, with a focus on core category research and innovation, as well as expanding new channels and blank points [2] - The company aims to enhance quail egg gross margins through supply chain optimization, innovative product launches, increased brand investment, and improved capacity utilization [2]