乳品、烘焙协同发力 一鸣食品业绩稳健增长

Core Viewpoint - The company emphasizes its commitment to fresh and healthy products, aiming to cater to consumer needs and trends while expanding its brand offerings and services [1] Group 1: Financial Performance - In 2023, the company achieved a revenue of 2.751 billion yuan, representing a year-on-year increase of 4.09% [1] - The net profit attributable to shareholders was 28.9438 million yuan, showing a significant growth of 30.16% year-on-year [1] - For the first quarter of 2025, the company reported a revenue of 654 million yuan, a year-on-year increase of 1.75% [3] - The net profit attributable to shareholders for the same period was 13.3067 million yuan, reflecting a growth of 28.38% year-on-year [3] Group 2: Store Operations - As of the first quarter of 2025, the company had a total of 1,897 operating stores, including 1,407 franchise stores and 490 direct stores, with 10 signed but not yet opened [2] - The number of operating stores decreased by 71 compared to 2024, primarily due to a strategy focused on quality over quantity, leading to the closure of underperforming stores [2] Group 3: Product Strategy - The company is implementing a large product strategy based on consumer scenarios, with its "Jiuanshan Milk" topping sales on the Tmall platform from May to June 2024 [3] - The company is exploring new business models, including "milk bar + light dining," and expanding product lines such as pizza and coffee, which are gaining recognition among young consumers and white-collar workers [3] - The "Thick Pizza" and "Yicheng Coffee" brands are being developed as strategic extensions, with "Thick Pizza" available in approximately 400 stores and "Yicheng Coffee" in 105 milk bar locations [3] Group 4: Future Outlook - The company aims to become the leading brand in China's milk bar chain and a leader in fresh and healthy food, focusing on core products like Jiuanshan Milk, organic milk, and functional baked goods to drive long-term revenue growth [4]