Market Overview - The snack food industry has a large market scale with increasing consumer demand, providing significant growth opportunities for the company [1] - The company focuses on core business areas, emphasizing automated production, brand operation, and multi-channel sales [1] Marketing and Brand Strategy - The company has engaged in various marketing activities, including celebrity endorsements and cultural tourism marketing, to enhance brand awareness among younger consumers [2] - Increased marketing investments have been made to support brand building and new product promotion, although short-term effects may not be immediately visible [3] Sales Performance - In the first half of 2025, the company experienced a decline in overall revenue due to the timing of the Spring Festival and a decrease in traditional supermarket business [3] - Despite a rise in sales expenses, the company aims to accelerate new product launches and improve market penetration in the second half of the year [3] Product Development and Innovation - The company has introduced a variety of innovative products, including beans, nuts, and puffed snacks, while also optimizing resource allocation by reducing less efficient products [4] - Continuous product innovation is essential for maintaining competitiveness and addressing market saturation in traditional products [5][6] International Expansion - The company is actively developing overseas markets, particularly in Vietnam and Indonesia, with plans to enhance its core bean product offerings [6] Channel Strategy - The company is expanding new sales channels and optimizing production costs to improve product quality and price competitiveness [7] - A focus on e-commerce platforms, including Tmall, JD.com, and Douyin, is part of the company's strategy to enhance online sales [9] Consumer Trends - The company is responding to consumer demand for high-quality, low-burden snacks by utilizing innovative technologies and optimizing packaging design [10]

证券代码：002991 证券简称：甘源食品 甘源食品股份有限公司 投资者 关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（电话会议） 参与单 位名称 具体参与单位名称见附件 时间 2025 年 8 月 13 日（星期三） 15:00-16:00 地点 公司会议室 公司接 待人员 姓名 董事会秘书 张婷女士 财务总监、董事 涂文莉女士 形式 网络线上 投资者 关系活 动主要 内容介 绍 提问与回答环节 问：公司销售费用的投入情况和相关规划？ 答：公司近年来积极拓展新产品，"甘源"已经从单一豆类产品品牌转型为以 风味豆类、风味坚果和风味小吃为代表的多品类零食品牌，多品类产品同步发 展将助力公司进一步提高销售规模。为加大各渠道新品合作机会，借助品牌重 塑提升产品竞争力，公司相应加大了品牌营销及新品推广相关费用投入。同时 基于海外及直营渠道拓展需求，增加了必要的前期费用投入，部分前置性投入 后续无需持续支出。后续公司将结合市场情况、渠道建设及产品推广的节奏来 合理规划，努力提升销售费用投放的精准性和有效性， 问：公司各渠道拓展及产品合作情况？ 答： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a narrowing decline in revenue, with improved profitability driven by cost control measures [5][7] - The second quarter showed a significant recovery in net profit, with a year-on-year increase of 71% [4][5] - The company is focusing on optimizing its resource allocation and enhancing its operational efficiency [5][6] Financial Performance Summary - For the first half of 2025, total revenue was 3.532 billion yuan, a decrease of 23% year-on-year, while net profit attributable to shareholders was 737 million yuan, down 17% [4] - In Q2 2025, total revenue was 1.741 billion yuan, a decrease of 12% year-on-year, but net profit increased by 71% [4] - The gross margin for H1 2025 was 68.55%, with a slight decrease of 0.01 percentage points, while Q2 2025 saw an increase of 2 percentage points to 68.43% [5] - The company reduced its sales expense ratio by 5 percentage points in H1 and 11 percentage points in Q2, indicating effective cost control [5] Revenue and Profit Forecast - The company expects a further narrowing of revenue decline and an increase in profit margins for the full year 2025 [7] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 0.46, 0.52, and 0.60 yuan respectively, with corresponding price-to-earnings (PE) ratios of 27, 24, and 21 times [7][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company experienced a significant decline in revenue, with a 23.4% year-on-year decrease in H1 2025, amounting to 3.53 billion yuan, while net profit decreased by 17.3% to 740 million yuan. However, Q2 2025 showed signs of recovery with a 71.4% increase in net profit compared to the previous year [1][4]. - The company is expected to narrow the revenue decline for the full year 2025, projecting a single-digit percentage decrease compared to H1 2025 [4]. Summary by Sections Financial Performance - In H1 2025, the main brand "汤臣倍健" generated 1.888 billion yuan in revenue, down 28.32% year-on-year. The "健力多" brand saw a 30.35% decline, generating 411 million yuan, while "Life-Space" domestic revenue fell by 34.43% to 138 million yuan. However, the overseas revenue for LSG increased by 13.46% to 534 million yuan [2]. - The company's gross margin for H1 2025 was 68.55%, slightly down from the previous year, while the net profit margin improved significantly to 21.61% due to effective cost control measures [3]. Cost Management - The sales expense ratio decreased by 4.59 percentage points in H1 2025, reflecting the company's efforts to control costs and reduce advertising expenditures. Management expenses increased slightly due to revenue decline, but overall profitability improved [3]. Future Outlook - The company plans to implement several initiatives to drive performance recovery, including product innovation and channel reform. New products are set to be launched in the second and third quarters of 2025, and the company aims to enhance its online sales and user engagement [4]. - Profit forecasts for 2025-2027 are set at 791 million, 921 million, and 1.024 billion yuan, respectively, with corresponding EPS of 0.46, 0.54, and 0.60 yuan, indicating a positive growth trajectory in the coming years [4].

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with a revenue of 3.532 billion yuan, down 23.43% year-on-year, and a net profit of 737 million yuan, down 17.34% year-on-year [1] - However, the second quarter of 2025 showed signs of recovery, with revenue of 1.741 billion yuan, a decrease of only 11.51% year-on-year, and a significant increase in net profit by 71.44% year-on-year [1][2] Revenue Performance - The overall revenue performance in the first half of 2025 was under pressure, but the decline in the second quarter was significantly narrowed compared to the first quarter [2] - In Q1 2025, the company achieved revenue of 1.792 billion yuan, down 32.29% year-on-year, while Q2 revenue was 1.741 billion yuan, down 11.51% year-on-year [2] - The main brand "汤臣倍健" generated revenue of 905 million yuan in Q2, down 17.0% year-on-year, while the international brand LSG saw a revenue increase of 12.4% year-on-year [2] Profitability and Cost Management - The gross margin improved in Q2 2025, with a gross margin of 68.43%, up 1.68 percentage points year-on-year [3] - The company significantly reduced its sales expense ratio in Q2 2025 to 39.65%, down 10.99 percentage points year-on-year, by optimizing its expense allocation and reducing advertising spending [3] - Advertising expenses for the first half of 2025 were 243 million yuan, down 53.49% year-on-year, contributing to the improved profitability [3] Business Development - The company made progress in its international and infant nutrition segments, expanding its presence in Southeast Asia and enhancing its brand "天然博士" for infant nutrition [4] - The company is focusing on brand upgrades and increasing its market influence while launching new products to create additional growth opportunities [4] Future Outlook - The company aims to enhance operational quality and optimize sales strategies in the second half of 2025, with new products expected to contribute positively to revenue [4] - Projections for net profit from 2025 to 2027 are 784 million yuan, 889 million yuan, and 1 billion yuan, representing year-on-year growth of 20%, 14%, and 12% respectively [4]

Core Viewpoint - The company is expected to achieve a revenue growth rate of 15%-20% year-on-year in the first half of 2025, with profit growth slightly lower than revenue growth due to a high base in the first half of 2024, aligning with market expectations [1] Group 1: Revenue and Profit Forecast - The company anticipates a revenue growth of 15%-20% for 1H25, with the konjac product category maintaining high growth [1] - Adjustments in SKU displays for seasoning noodle products may lead to growth pressure in Q2 [1] - Increased promotional efforts in the channel for 1H25 may offset revenue growth, impacting overall revenue growth rate [1] Group 2: Margin and Cost Management - The company expects an improvement in gross margin compared to 2H24, with management expense ratio likely to narrow year-on-year [1] - The company plans to counteract rising konjac raw material costs through supply chain efficiency and optimization of production personnel [1] - Overall, the pressure on net profit margin is expected to be manageable, with a projected low double-digit year-on-year profit growth for 1H25 [1] Group 3: Organizational Structure and Management Changes - The company has a complete organizational structure, and recent executive changes are expected to have a controllable impact on operations [2] - The new CFO, Yufeng, is expected to maintain stability following the resignation of the previous CFO, Peng Hongzhi [2] Group 4: Market Expansion and New Products - The company anticipates new growth from Sam's Club and overseas channels in the second half of the year [2] - New product launches, including spicy strips and konjac products, are expected to contribute to revenue growth [2] - The company expects to maintain a growth rate in the second half of the year similar to that of 1H25, with significant profit improvement due to a low base in 2H24 [2] Group 5: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with a target price of HKD 17.5 [2] - The current stock price corresponds to a P/E ratio of 20.2/16.4 for 2025/2026, with a target price reflecting approximately 28/23 times P/E for the same years, indicating a potential upside of about 38.7% from the current price [2]

Investment Rating - The report maintains a "Buy" investment rating for Youyou Food [1] Core Views - Youyou Food continues to experience high growth in performance, driven by both product and channel expansion [4][5] - The company is expected to benefit from a low base effect, with projected total revenue for H1 2025 between 746 million to 798 million yuan, representing a year-on-year increase of 41% to 51% [4] - The introduction of new products in the Sam's Club channel is contributing positively to sales, with significant monthly sales figures for key products [5] Summary by Sections Performance Overview - For H1 2025, the net profit attributable to shareholders is forecasted to be between 105 million to 112 million yuan, reflecting a year-on-year growth of 38% to 48% [4] - The second quarter of 2025 is expected to show even stronger growth, with total revenue projected between 363 million to 415 million yuan, a year-on-year increase of 43% to 63% [4] Product and Channel Development - The company has successfully introduced new products such as "Light Enjoy Time" and "Sour Soup Double Crisp" in the Sam's Club channel, with strong sales performance [5] - The penetration rate in the snack wholesale market is steadily increasing, with expectations for significant growth in traditional channels, particularly in previously underserved regions [5] Profit Forecast - The earnings per share (EPS) estimates for 2025 to 2027 have been adjusted to 0.50, 0.61, and 0.72 yuan respectively, with corresponding price-to-earnings (PE) ratios of 25, 20, and 17 times [6] - The company is expected to maintain strong sales momentum in the Sam's Club channel and continue to benefit from the growth in snack wholesale and e-commerce channels [6] Financial Projections - The projected main revenue for 2025 is 1,586 million yuan, with a growth rate of 34.1% [9] - The net profit attributable to shareholders for 2025 is forecasted at 215 million yuan, with a growth rate of 36.4% [9]

Summary of the Conference Call for Haoyue Care Company and Industry Overview - The conference call focuses on Haoyue Care, particularly its performance and developments in the baby care and hygiene products sector, influenced by the growth of its subsidiary, Jieting, and the outlook for Q2 2025 [2][4]. Key Points and Arguments - **Impact of Jieting's Development**: Jieting's performance has significantly influenced Haoyue Care's stock fluctuations, with notable growth during the 618 shopping festival, particularly on Douyin, where growth rates reached nearly five times [2][4]. - **New Product Launches**: Jieting introduced two new products, the Breathable Double U Pro and New Gravity, which have improved sales structure and customer demographics. The pricing for these products has increased, with the Breathable Double U Pro priced between 0.9 to 1 yuan, compared to the previous range of 0.5 to 0.7 yuan [2][5]. - **Market Share Growth**: Haoyue Care's market share has increased from around 4-5% to nearly 10%, driven by strong product capabilities and support from domestic clients. The company anticipates significant growth in its main business due to the increase in birth rates over the past two years [7]. - **Positive Changes in Domestic Fertility Policy**: Recent changes in domestic fertility policies, including the introduction of childcare subsidies, are expected to positively impact Haoyue Care's business outlook and valuation [8]. - **Revenue Projections**: For 2025, Haoyue Care expects its main business revenue to grow by over 10%, with a stable or single-digit growth forecast for the following years. The projected profit for 2025 is approximately 480 million yuan, with the main business contributing around 440 million yuan [9][13]. - **Supply Chain and Manufacturing Efficiency**: The acquisition of Jieting has led to cost reductions and efficiency improvements in the supply chain and manufacturing, which is expected to gradually enhance overall gross margins [10]. - **Performance Verification Period**: The recent decline in Haoyue Care's stock is attributed to the verification period for Q2 performance, with uncertainties regarding profitability despite rising e-commerce growth [11]. - **Long-term Development Indicators**: Key indicators to monitor for Haoyue Care's long-term growth include stable growth in the main business, return on investment (ROI) for Jieting's online efforts, synergy from acquisitions, and improvements in financial reporting quality and gross margins [12]. Additional Important Insights - **Jieting's Market Position**: Jieting is positioned to become a leading brand in the sanitary napkin industry, with a projected market value of 1.5 billion yuan and revenue targets of 900 to 1 billion yuan for the year [13]. - **Investment Logic**: The investment rationale for Haoyue Care revolves around the potential of Jieting's brand development and the relationship between the company's main business and demographic trends influenced by fertility policies [3]. This summary encapsulates the essential insights from the conference call, highlighting the strategic direction and performance expectations for Haoyue Care and its subsidiary, Jieting.

Summary of Li Ziyuan's Conference Call Company Overview - **Company**: Li Ziyuan - **Industry**: Beverage Industry, focusing on functional drinks and dairy products Key Points and Arguments Sales Performance - Significant growth in e-commerce channels, achieving a growth rate of 50-60% in Q1 2025, with both snack wholesale and e-commerce channels exceeding 100% growth in 2024 [2][3] - Despite overall revenue decline in traditional channels, the company expects a net profit growth of over 10% for the year, supported by effective cost control [2][3][6] Product Launches - Introduction of a new vitamin water series, with sales reaching 4-5 million units in May 2025 [2][5] - The company aims to position vitamin water as its second-largest product, targeting sales of 1 billion yuan [5][13] - New vitamin C products have been heavily promoted, with sales of 5 million yuan in May, targeting young consumers such as college students and white-collar workers [7][8] Marketing Strategy - Shift from traditional media advertising to online promotions and celebrity endorsements, including the use of actor Ding Yuxi for vitamin C products [4][10][11] - The company plans to leverage the 618 shopping festival for significant sales boosts, with expectations of reaching sales in the tens of millions [9][10] Cost Management - The company has locked in milk powder costs for the year, ensuring stable gross margins despite market fluctuations [4][19] - Overall cost control measures have led to a gross margin increase of 3-4 percentage points year-on-year [2][3] Market Trends and Competition - The functional beverage market is projected to grow, with a focus on health and nutrition trends [18] - Li Ziyuan's vitamin water differentiates itself with a simple ingredient list, emphasizing zero sugar, fat, and color additives, setting it apart from competitors [8] Future Outlook - The company anticipates a continued focus on expanding its presence in breakfast and small dining channels, particularly in advantageous regions [14][16] - Plans to maintain a high dividend payout ratio while managing capital expenditures due to sufficient existing production capacity [24] Organizational Changes - Management restructuring has occurred, with a younger leadership team taking charge to enhance operational efficiency [12] Financial Guidance - The company maintains its revenue targets despite external pressures, planning to stabilize core product performance through new product launches and channel expansions [26] Community Group Buying - Currently, there are no specific plans for community group buying initiatives [28] Additional Important Information - The company is investing in a spray-drying plant in Yinchuan to secure raw material supply and control costs [19][21] - The marketing strategy reflects a significant shift towards digital platforms, reducing reliance on traditional advertising [22][23]

Core Viewpoint - Xiangpiaopiao Food Co., Ltd. is facing significant performance pressure due to the rise of new tea beverage competitors and the impact of ready-to-drink tea on the traditional brewed tea market, leading to a continuous decline in its performance [1] Financial Performance - In 2024, the company achieved a revenue of 3.287 billion yuan, a year-on-year decline of 9% [1] - The net profit attributable to shareholders was 253 million yuan, down 10% year-on-year [1] - In the first quarter of this year, revenue was approximately 580 million yuan, a year-on-year decrease of 19.98%, with a loss of 18.775 million yuan [1] Business Challenges - The company identified three main reasons for the pressure on its tea business in Q4 2024 and Q1 2025: 1. The external environment affected the sales atmosphere for gift products during the Spring Festival, which significantly impacts the company's gift packaging sales [1] 2. Internal strategy adjustments affected the execution of sales actions [1] 3. The company prioritizes long-term health of channels and sales systems, which has put pressure on seasonal inventory stocking [1] - The current channel inventory and freshness have returned to a healthy state [1] New Product Development - The company is actively launching new products, including "Original Leaf Fresh Brew Light Milk Tea" and "Original Leaf Fresh Brew Milk Tea" (Brown Sugar Pearl / Glutinous Red Bean), creating a new category of "Original Leaf Fresh Brew" milk tea [2] - These products are currently in trial sales in select online and offline regions, with positive feedback received [2] - The company is utilizing "pop-up stores + content marketing" to promote the new products, achieving good consumer feedback and brand visibility [2] Market Competition and Sustainability Concerns - Despite positive trial feedback, the company faces multiple concerns regarding the sustainability of new product growth amid intense competition in the ready-to-drink tea market [3] - Competitors are employing low-price strategies and frequent new product iterations to capture consumer attention, raising questions about the differentiation of the "Original Leaf Fresh Brew" series [3] - The company’s collaboration with leading snack brands is still in the testing phase, and the effectiveness of these partnerships needs time to validate [3] Consumer Behavior and Market Dynamics - The core consumption scenarios for brewed tea (convenience, low price) differ from those for ready-to-drink tea (freshness, experience), raising doubts about consumers' willingness to pay a premium for standardized flavors [4] - The ability to convert positive trial feedback into long-term repurchase remains unverified, particularly after promotional events [4] - The company has indicated a need for further optimization of product content and packaging, suggesting that current offerings may not fully meet market demands [4]