SEAMILD FOODS(SZ:002956) Dong Jian Yan Bao·2025-05-20 15:39Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The oat industry has broad market prospects and growth space, with strong growth momentum in the oat market and an industry competition pattern that needs optimization [32]. - Ximai Food has core competitive advantages, including brand influence, diversified product matrix, comprehensive sales channels, consumer - oriented R & D, full - industry chain advantages, healthy financial status, and excellent corporate governance [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Ximai Food, belonging to the food and beverage industry. The reception time was May 20, 2025. The listed company's reception personnel included the general manager, director, secretary of the board, deputy general manager, financial director, and independent director [17]. 3.2. Detailed Research Institutions - The types of reception objects include institutional relevant personnel, network investors, and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - Potential Products: The company will continue to update and iterate oat + composite products, which have maintained high growth in the past few years and are in line with market trends. It will also continuously introduce new products in the fields of health and oral liquid, such as those in the directions of homologous medicine and food and traditional Chinese health preservation. Additionally, it aims to give more leisure attributes to oat foods and develop more leisure channels [24]. - Core Competitive Advantages: Ximai is the first oat cereal brand in China, with an expanding brand influence. It has a diversified product matrix, a comprehensive online and offline sales channel matrix, and is actively exploring overseas business. It is consumer - oriented in R & D, has full - industry chain advantages, a healthy financial status, and excellent corporate governance [24][25]. - 2025 Employee Stock Ownership Plan and Revenue Target: The company is confident in maintaining a good development trend and will strive to achieve its business goals, although no clear indication of whether the 15% year - on - year revenue growth in 2025 can be achieved is given [25]. - Raw Material Procurement Cost: The company closely monitors market dynamics, and will optimize supply chain management and improve procurement efficiency to reduce cost pressure [26]. - Gross Margin: The company's gross margin in the first quarter of 2025 was basically the same as that of the previous year. It will optimize supply chain management and improve procurement efficiency, and also enhance competitiveness and profitability through product innovation and market expansion [28]. - Overseas Business: The company's overseas business is still in the exploration and cultivation stage and will continue to expand overseas markets [29]. - Industry Position: The company maintains the leading position in the Chinese oat cereal market, ranking first in both offline and online sales [30]. - Oat Industry Development Prospect: The oat market has strong growth momentum, with the Chinese breakfast food market scale of about 1 billion and a steady compound growth rate, and the oat category growing faster. The industry competition pattern needs optimization, and compared with overseas, China's industry concentration has room for improvement [32][33].