证券代码：832023 证券简称：田野股份 公告编号：2025-045 田野创新股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律 责任。 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 27 日 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 活动地点：公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络 远程的方式召开业绩说明会 参会单位及人员：通过网络方式参加公司 2024 年度业绩说明会的投资者 上市公司接待人员： 公司董事长：姚玖志先生 公司董事、总经理：单丹女士 公司副总经理、董事会秘书：张辉先生 公司副总经理、财务负责人：张雄斌先生 公司保荐代表人：张彦忠先生、薛羽先生 三、 投资者关系活动主要内容 本次业绩说明会通过年报视频解读的方式对公司 2024 年度经营情况进行了介绍。 同时，公司在业绩说明会上与投资者进行了互动交流，并就投资者普遍关注 ...

Macro Strategy - The report indicates that the recent interest rate cuts on deposits may exacerbate the pressure on banks' liabilities, with the one-year fixed deposit rate decreasing by 15bps to 0.95% and the three-year and five-year rates down by 25bps to 1.25% and 1.30% respectively [11][12] - The 10-year US Treasury yield has risen to 4.51%, driven by concerns over liquidity and the sustainability of US fiscal conditions, leading to significant declines in the stock market [12][16] - The report highlights that the recent US-China tariff negotiations have positively impacted market confidence, resulting in a substantial increase in US stock prices and a rise in bond yields [16] Fixed Income - The report suggests focusing on the value of interbank certificates of deposit following the recent cuts in deposit rates, as banks may increase the issuance of these instruments to manage liability pressures [3][11] - It notes that the issuance of green bonds totaled approximately 9.46 billion yuan this week, a decrease of 0.853 billion yuan from the previous week, while the trading volume of green bonds increased by 2 billion yuan to 55 billion yuan [5] Industry Insights - The report recommends investing in leading tea brands like Mixue Group, which is expanding its domestic store network and pursuing overseas expansion, as well as other restaurant brands that are expected to benefit from a recovery in consumer spending [7] - In the automotive sector, the report emphasizes the importance of smart vehicle technology, predicting that 2025 will be a pivotal year for the adoption of Level 3 automation, with a projected increase in penetration rates from 10% to over 80% by 2027 [8] - The report identifies key automotive companies and components suppliers that are expected to benefit from the ongoing shift towards smart vehicles, including AI chips and electronic control systems [8][9]

Core Insights - The Chinese coffee market is experiencing rapid growth, with the industry size expected to double from 136.4 billion yuan in 2020 to 202.8 billion yuan in 2024 [4][8] - The rise in coffee consumption is driven by faster lifestyles and social media trends, with consumers increasingly seeking out aesthetically pleasing coffee experiences [4][8] - The market is characterized by diverse consumption scenarios, including chain coffee shops, independent cafes, fast food outlets, tea shops, convenience stores, and self-service coffee machines [8][10][12] Market Dynamics - Chain coffee brands dominate the market, accounting for over 60% of the total coffee shops in China, with the number of coffee shops expected to exceed 1 million by 2024 [10][15] - Major players like Luckin Coffee and Starbucks are expanding aggressively, leveraging digital marketing and loyalty programs to retain customers [10][17] - Independent and specialty coffee shops focus on unique experiences and high-quality offerings, but face challenges in scaling and maintaining profitability [10][25] Competitive Landscape - The competition in the coffee market is intense, with both international brands like Starbucks and local brands like Luckin Coffee vying for market share [15][17] - Luckin Coffee has positioned itself as a cost-effective option, while new entrants like Kudi Coffee are adopting aggressive expansion strategies [19][21] - The market is witnessing a high closure rate of coffee shops, with over 4.5 million stores disappearing in 2024, indicating a challenging environment for many brands [27] Future Trends - The coffee market is expected to continue evolving, with a focus on supply chain management and operational efficiency becoming critical for survival [28][29] - Downstream markets are emerging as new growth areas, but brands must adapt to different consumer preferences and behaviors in these regions [31] - Digitalization and multi-channel marketing are essential for brands to understand consumer needs and enhance the overall customer experience [33][35]

Investment Rating - The report maintains an "Accumulate" rating for the chain restaurant industry [1] Core Insights - The Chinese restaurant market is projected to reach CNY 5.6 trillion in 2024, with a five-year CAGR of 3.6% [4][17] - The chain restaurant sector is experiencing a continuous increase in chain rate, which rose from 12% in 2015 to 20% in 2024, contributing 38% to the growth of the restaurant market [20][41] - The report emphasizes the importance of supply-side drivers, including product innovation and service level enhancement, in sustaining industry growth [32][27] Summary by Sections 1. Industry Overview - The restaurant industry encompasses various formats, including fast food, casual dining, and leisure dining, catering to diverse consumer needs [10] - The market is characterized by a high degree of segmentation, with traditional Chinese cuisine dominating, accounting for 77.1% of the market [12][13] 2. Market Dynamics - The restaurant market's growth is driven by demographic changes, rising incomes, and innovations in food offerings [23][24] - The report notes that the online restaurant market has grown significantly, with a CAGR of 25% from 2015 to 2024, although growth has slowed post-pandemic [20] 3. Competitive Landscape - The concentration of the top 10 chain restaurants (CR10) has increased from 23.7% in 2015 to 30.3% in 2024, indicating a trend towards greater market consolidation [41][42] - Fast food and tea beverage segments are leading in standardization and market share among the top players [41] 4. Segment Analysis - Fast food is experiencing robust growth, with major brands like KFC and McDonald's maintaining significant market presence and expanding their store counts [45][46] - The hot pot segment, led by brands like Haidilao, showcases high standardization and strong social attributes, contributing to its resilience and expansion into international markets [52] 5. International Expansion - The report highlights the potential for Chinese restaurant brands to expand internationally, supported by a large overseas Chinese population and increasing local consumer interest [3][6]

Core Insights - The article discusses the evolving landscape of brand collaborations in the tea beverage industry, particularly around the marketing opportunities presented by events like "520" [2][4] - It highlights a shift from quantity to quality in brand collaborations, with a focus on deeper integration and value creation rather than mere traffic generation [4][6] Brand Collaboration Trends - In the period from May 15 to May 20, 11 leading tea brands launched 7 new product series and engaged in 5 collaborations, including notable partnerships like Mixue Ice Cream and Zhou Dasheng, and Heytea with the civil affairs bureau [2] - Compared to the same period last year, the number of collaborations has decreased, indicating a potential shift in strategy within the industry [4] - In 2024, the number of collaborations among the top 10 tea brands reached 125, up from 106 in 2023, showing a growing trend in brand partnerships [4] Collaboration Strategies - Brands are diversifying their collaboration directions, engaging with various sectors such as film, animation, and gaming, and tailoring their strategies to fit their brand identity [4][10] - For instance, Heytea focuses on fashion brands to enhance cultural resonance, while Bawang Tea Princess collaborates with cultural IPs to strengthen the image of Eastern tea [4][10] Consumer Engagement and Experience - The collaboration between Tea Li Yi Shi and the game "Qian Nv You Hun" stands out for its innovative approach, integrating online and offline experiences to create a multi-dimensional consumer engagement [10][11] - This partnership includes themed stores, interactive promotions, and cross-platform rewards, enhancing user participation and brand visibility [11][14] Long-term Value Creation - The article emphasizes the importance of transforming collaborations into long-term brand assets rather than short-term marketing tactics, suggesting a model of "traffic conversion - emotional sedimentation - value co-creation" [21] - Successful collaborations should resonate with the brand's cultural narrative and foster deeper connections with consumers, which may lead to sustained brand loyalty and market differentiation [16][21]

User Consumption Scenarios - The two classic consumption scenarios for milk tea are self-drinking and social drinking, with distinct user demands and decision-making processes [3][4][5] - In the self-drinking scenario, users make independent decisions based on personal preferences, while in the social scenario, group dynamics influence brand choices [6][10] - Peak ordering times for milk tea on delivery platforms occur between 14:00 and 16:00, indicating a strong social consumption trend during afternoon breaks [3][6] Competitive Analysis - In the self-drinking scenario, milk tea competes with ready-to-drink (RTD) beverages, with acceptable price ranges for milk tea being 10-15 yuan in urban areas [9][12] - The social scenario presents more complex competition, as users are willing to pay a premium (15-30 yuan) for products that fulfill both physiological and social needs [10][12] - The competition landscape includes not only direct milk tea brands but also RTD beverages and coffee, necessitating a broader analysis of pricing strategies [12][13] Product Structure - Milk tea products can be categorized into two main attributes: product attributes (easily replicable and deliverable) and service attributes (localized and dependent on human interaction) [14][18] - The trend indicates a shift towards product attributes in milk tea, with brands attempting to increase service attributes for higher pricing, though this may limit market reach [19][20] Cultural Context - The relationship between product and culture is complex, with tea and coffee cultures not significantly influencing the milk tea market in China [21][25][28] - Brands emphasizing cultural narratives may limit their appeal to broader consumer bases, as most users prioritize taste over cultural associations [29] Product Extension - Brands are encouraged to focus on internal product extensions (new flavors) rather than external (new product categories) to meet user demands effectively [33][34] - The rapid introduction of new products in the milk tea market reflects intense competition, with brands launching numerous new items to attract consumers [41] User Consumption Habits - Milk tea consumption is characterized by a tendency towards variety-seeking, with users willing to try new flavors and products [40][41] - The market is entering a phase of intense competition, leading to a rapid increase in new product launches as brands strive to maintain consumer interest [41] Brand Collaborations - The trend of frequent brand collaborations (149 instances in 2024) serves to enhance brand visibility and attract new consumer segments [42][43] - Collaborations can activate consumer interest in the milk tea category, particularly in the self-drinking scenario where impulsive purchases are common [49] Brand Case Study: Heytea - Heytea's fluctuating market position reflects challenges in maintaining user value amidst increasing competition and changing consumer preferences [50][53] - The brand's reliance on collaborations and pricing strategies indicates a need to clarify its market positioning to sustain growth [53] Membership and Loyalty Programs - The development of membership programs in the tea beverage market is still in its early stages, with many brands struggling to implement effective loyalty strategies [55][56] - A successful membership model requires a shift from customer acquisition to retention, emphasizing the importance of stable consumer relationships [56] Local Economic Model - The local economic model for milk tea shops focuses on meeting specific consumer needs within a defined area, with delivery services expanding market reach [57][58] - Brands are increasingly adopting strategies to enhance order efficiency and customer service capabilities to compete effectively in the market [58] Market Overlap Analysis - Analysis of store overlap among major brands reveals significant competition dynamics, particularly between brands like Luckin Coffee and Bawang Chaji [63][64] - Understanding the competitive landscape and store proximity can inform strategic decisions for market positioning and expansion [64][65]

Core Insights - A new trend of "punk health" is emerging among young consumers, transforming traditional Chinese herbal medicine concepts into modern beverage choices [2][3] - The market for Chinese health drinks has grown significantly, from 0.1 billion yuan in 2018 to 4.5 billion yuan in 2023, with projections to exceed 10 billion yuan by 2028 [2][3] - The rise of health drinks is reshaping the competitive landscape of the beverage market, with products like melatonin sparkling water and ginseng electrolyte water gaining popularity [2][3] Market Dynamics - The average price of Chinese health drinks is around 5-6 yuan per bottle, offering a cost-effective health option compared to 2 yuan for bottled water [3] - Health drinks are becoming a form of emotional consumption for young people, with significant engagement on social media platforms, such as 220 million views for "Chinese health" tags on Xiaohongshu [3][4] - The demand for functional beverages is increasing, with a notable shift from traditional sugary drinks to healthier options like sugar-free tea and herbal drinks [4][10] Competitive Landscape - The market for health drinks is becoming increasingly competitive, with brands like Yuanqi Forest leading the charge by launching health-focused products that quickly sell out [6][7] - New entrants and established brands are entering the health drink space, with Yuanqi Forest's health water series achieving over 1 billion yuan in sales in 2024 [7][8] - Brands are focusing on unique packaging, ingredients, and flavors to differentiate themselves in a crowded market [8][9] Consumer Behavior - Young consumers are increasingly health-conscious, seeking beverages that offer nutritional benefits, improved immunity, and better sleep [10][12] - There is a growing concern over product homogeneity and price wars, as many brands offer similar health drinks with overlapping ingredients [11][12] - Consumer loyalty is low, with buyers often comparing prices and ingredients before making a purchase decision [12][14] Future Trends - The health drink market is expected to continue evolving, with brands needing to find differentiation to capture consumer interest [14] - The industry is moving towards a focus on natural ingredients and functional benefits, as consumers demand more from their beverage choices [8][10]

Investment Rating - The report assigns an "Outperform" rating to several companies including Pop Mart, Anta Sports, Haidilao, and China Feihe, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the F&B and designer toys sectors, including the opening of ChaPanda's first store in France and the launch of promotional activities by GOODME [6][7]. - Key financial results are reported, such as Super Hi International's Q1 revenue of $198 million, a 5% year-on-year increase, and MINISO's Q1 revenue of 4.43 billion yuan, a 19% year-on-year increase [6][7]. Weekly Performance Summary - In the F&B sector, top performers include GOODME (+13.0%), MIXUE (+11.2%), and ChaPanda (+6.3%), while underperformers include Yum China (-4.4%), Haidilao (-7.6%), and Super Hi International (-13.3%) [2][7]. - In the designer toys sector, Pop Mart (+12.3%) and Blokees (+8.9%) performed well, while MINISO (-9.9%) lagged behind [2][7]. Company Highlights - Pop Mart opened its first premium store in Chengdu SKP, enhancing its brand experience [6]. - 52TOYS submitted its IPO prospectus, reporting a 31% year-on-year revenue growth to 630 million yuan in 2024 [6].

New Product Launches - Weiyi launched a summer limited edition mint-flavored yogurt drink, emphasizing a refreshing taste suitable for meals [3] - Nayuki's Tea introduced a new avocado yogurt smoothie, combining avocado and coconut with yogurt for a rich flavor [5] - Starbucks released two new products in collaboration with Mayday, featuring bergamot and peach flavors in their sparkling Americano [6] - Nestlé announced the launch of the "Absolute Deep Black" tea-coffee series, with two new products containing over 15.6% tea polyphenols and zero sugar, fat, or calories [6] - Wei Yi's new product "撞酸厚乳" is designed for fruit and vegetable drinks, utilizing advanced sterilization and emulsification technology [7] - Suida River introduced a new coffee series that combines coffee with jasmine tea for a unique flavor experience [7] - Kang Shifu launched a new sugar-free green tea, highlighting the use of premium spring-picked green tea leaves [7] Industry Events - RUU Coffee, a brand under Ningji, opened franchise opportunities, aiming to meet consumer demand for coffee in afternoon settings [9] - Al lbirds appointed actress Dong Jie as their brand ambassador, enhancing their market presence [11] - Italian restaurant brand Salia opened its first store in Vietnam, marking a significant expansion in the Asia-Pacific region [12] - Danone's Oikos brand launched its first non-refrigerated protein shake, targeting convenience and functionality [12] - Ziyan Foods established a new restaurant management company in Changsha, expanding its operational capabilities [12] - He Tea upgraded multiple store locations, enhancing the customer experience with a new design concept [13] Investment and Financing Trends - Thai food tech company MUU secured strategic financing to advance precision fermentation technology for plant-based dairy alternatives [15] - Sanquan Foods announced plans to merge with its subsidiary Zhengzhou Fast Kitchen to streamline operations and improve efficiency [16] - Green Tea Group listed on the Hong Kong Stock Exchange with an initial share price of HKD 7.19, but saw a decline in stock value shortly after [16] - Decathlon is considering selling approximately 30% of its Chinese business, with a potential valuation exceeding USD 1 billion [19] - Beyond Meat secured USD 100 million in funding to support its strategic initiatives amid industry challenges [20] - Unilever announced an investment of GBP 80 million to build a state-of-the-art fragrance factory in the UK [20] New Food Products - Dongfang Shuye launched a new product, Chenpi White Tea, featuring a zero-sugar formula [24] - Sweet Lala introduced a summer product, Qingmei Shuangshuang Tub, focusing on fresh ingredients [24] - Hippeas released a new plant-based snack, Cheezy Cheddar Pops, catering to the growing demand for healthier snack options [24] - Renyang Yitou Niu entered the children's dairy market with a new A2 milk product line [25] - Oreo launched a new chocolate pretzel flavor, marking its first foray into sweet and salty combinations [28] Beauty and Personal Care Developments - Sephora announced the introduction of Lady Gaga's Haus Labs brand in the Asia-Pacific region, launching 125 makeup products [29] - De Beers decided to close its lab-grown diamond brand Lightbox, refocusing on natural diamonds [29] - Off&Relax appointed actress Jiang Xin as its brand ambassador, promoting a relaxed lifestyle [32]

Core Insights - The article highlights the continuous development of the baking market in China, emphasizing the importance of new product launches and market trends [1][4]. Group 1: New Product Launches - A variety of new baking products have been introduced, including: - Strawberry Ice Cream Castle Cake by Dingdong Maicai - Apple Kale Light Tea by Youhe - Garlic Cheese Sausage Toast by Miqi - Various innovative cakes and pastries from different brands [5][6][7][8]. Group 2: Industry Trends - The "Weekly New Launch" column has become a significant source for market insights, with plans for major upgrades to enhance trend monitoring and integration [4]. - The article mentions the introduction of new products from major brands like Nestlé, Starbucks, and Tims, indicating a trend towards healthier and innovative food options [8][11][12][13][14]. Group 3: Market Performance - The article notes that Zespri, a kiwi giant, achieved a record sales revenue of NZD 5.14 billion (approximately RMB 21.9 billion) for the 2024/25 fiscal year, highlighting the growth potential in the fruit sector [118]. - The convenience store sector in China has seen significant growth, with the number of stores exceeding 1000 for 38 companies, reflecting a 7.7% increase year-on-year [119]. Group 4: Regulatory Changes - New national standards for yogurt are set to be implemented, which will affect the production and labeling of fermented dairy products, indicating a shift towards stricter food safety regulations [120][121]. Group 5: International Expansion - Meituan's Xiaoxiang Supermarket has officially launched in Riyadh, Saudi Arabia, under the name Keemart, showcasing the company's international expansion efforts [122].