汇嘉时代 20250825 摘要 汇嘉时代北京路购物中心旗舰超市闭店调改后重装开业，通过硬件升级、 商品结构调整（增加鲜食、烘焙等）及引入胖东来商品，销售额达到历 史最高水平，周末日销达 200-220 万元，较调改前增长超 200%。 公司提高员工薪资福利，普通员工工资提升至 4,500 元，课长级别 12,000 元，大型门店店长 30,000 元，并减少工时，增加年休假，自 8 月起落实，显著提升员工积极性。 汇嘉时代计划在下半年逐步推进其他门店的自主性常规性调改，复制北 京路购物中心旗舰超市的成功经验，以提升整体运营水平和市场竞争力。 调改后门店客单量同比增长约 12%，日均成交笔数同比增长超过 230%，生鲜产品（尤其是卤制品和烘焙类）占比增加，大张供应链商 品占比约 50%，东来品占比逐步增加，本地供应商商品占比约 10%。 公司将继续推进自有品牌建设，目前已推出油、大米、生活用纸等自有 品牌，未来将持续拓宽品类，但需提升整体规模以体现毛利率优势。 超市板块毛利率因供应链切换后采购成本降低提升 3-4 个百分点，百货 业态自去年一季度以来业绩呈下降趋势，但超市贡献率逐步增加，对公 司整体业绩的推动 ...

Q2 营收、净利高增，跨境电商与包装业务均表现亮眼。1)分季度： 本报告导读： 公司Q2 扣非净利增速123%，跨境电商及包装业务均表现亮眼，作为AI+电商的重要旗手、后续发展蒸 蒸日上。 投资要点： 维持增持。公 司H1 实现营收32.2 亿元/+31.8%，归母净利1.18 亿元/+63.3%，扣非净利1.13 亿 元/+79.4%。维持预测公司2025-27 年EPS 为0.61/0.83/1.09 元，增速51/37/31%；参考可比公司估值，给 予公司35 倍PE，上调目标价至21.35 元，维持增持。 风险提示：海外通胀及衰退风险，关税及贸易摩擦风险，新业务不及预期等，竞争加剧等。 Q1-2 营收增速分别11.6/55.5%，归母净利增速分别38.2/99.6%，扣非净利增速分别51/123.1%；2)H1 分 板块：①跨境电商营收21.2 亿元/+52.9%、归母净利0.55 亿元/+97.67%，独特的货找人模式、行业内的 深厚积淀、数智化技术优势、加速自有品牌的全球化布局共同驱动高增；②包装业务营收11.2 亿 元/+10.04%，归母净利0.76 亿元/+34.43%，市占率继续稳居国内纸 ...

Group 1 - The core viewpoint of the report is that Nobon Co., Ltd. is positioned as a leading differentiated supplier of water-jet non-woven fabrics, with a comprehensive growth strategy across materials, products, and branding, leading to a "buy" rating [1][5]. - Nobon has been focusing on the water-jet non-woven fabric sector since its establishment in 2002, holding over a hundred domestic and international patents, and offering a wide range of products across various fields including beauty materials, household cleaning, industrial materials, and medical materials [2][3]. - The company is projected to achieve a revenue of 2.24 billion yuan in 2024, with a CAGR of 15.3% from 2019 to 2024, indicating steady revenue growth [2]. Group 2 - The non-woven fabric industry in China is expected to see a supply-demand rebalancing in 2024, driven by capacity reduction and increased consumer hygiene awareness, which will lead to a recovery in profitability [3]. - The production of water-jet non-woven fabrics in China increased from 640,000 tons in 2015 to 1.51 million tons in 2023, with its share of the total non-woven fabric market rising from 13.2% to 18.5% during the same period [3]. - Nobon is leveraging its advanced production processes and R&D capabilities to maintain its leading position in the market, benefiting from strong demand in emerging consumer segments such as cotton soft towels and oral tobacco [3]. Group 3 - Nobon is focusing on three key areas for growth: 1) Roll materials, where technological upgrades are enhancing competitiveness and market share [4]. 2) Finished products, with a strong production capacity and quality control, particularly through its subsidiary, Hangzhou Guoguang [4]. 3) Own brand development, with the launch of the "Xiaozhijia" brand aimed at creating a second growth curve [4]. - The company expects net profits of 130 million yuan, 160 million yuan, and 190 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 28X, 23X, and 20X [5].

Core Viewpoint - Ying Tong Holdings Limited (06883.HK) listed on the Hong Kong Stock Exchange and opened below the issue price, closing at HKD 2.40, a decline of 16.67% from the final offer price of HKD 2.88 [1][2]. Group 1: Listing and Financials - The total number of shares offered was 333,400,000, with 100,020,000 shares for public offering and 233,380,000 shares for international offering [1][2]. - The net proceeds from the offering amounted to HKD 882.52 million after deducting estimated listing expenses of HKD 77.67 million [2][3]. Group 2: Use of Proceeds - The company plans to use the net proceeds for further development of its own brands, including Santa Monica, and for acquisitions or investments in external brands [3]. - Additional plans include expanding direct sales channels, enhancing digital transformation, and increasing brand awareness [3]. Group 3: Financial Performance - For the fiscal years ending March 31, 2023, 2024, and 2025, the company's projected revenues are RMB 1.699 billion, RMB 1.864 billion, and RMB 2.083 billion, respectively [5][6]. - The net profit for the same periods is expected to be RMB 173 million, RMB 206 million, and RMB 227 million, respectively [5][6]. Group 4: Revenue Breakdown - The majority of gross profit comes from perfume sales, with projected gross profits of RMB 738 million, RMB 739 million, and RMB 817 million for the fiscal years ending March 31, 2023, 2024, and 2025 [6][7]. - The revenue contribution from the self-owned brand Santa Monica remains minimal, accounting for only 0.5% of total revenue, with projected income of just over RMB 10 million in fiscal year 2025 [9]. Group 5: Market Position and Challenges - Ying Tong Holdings has established a comprehensive sales network covering over 400 cities in China, including more than 100 self-operated stores and approximately 8,000 retail outlets [9]. - Despite having a strong distribution network, the company faces challenges in building its own brands and has a highly centralized family governance structure, which may limit its transformation path [9].

Core Insights - The development of private labels by domestic supermarkets is on the rise, driven by leading retailers, with an increase in the number and sales proportion of private label products [1][2] Group 1: Growth of Private Labels - The average number of new private label products developed by each retailer increased from 83 in 2022 to 142 in 2024, with an annual update rate of 80% [1] - Private labels are brands designed, developed, and sold by supermarkets, either through in-house production or third-party manufacturing [1] Group 2: Reasons for Embracing Private Labels - Supermarkets aim to create unique memory points and provide differentiated services, catering to consumer demand for unique and scarce experiences [2] - The cost advantage of private labels allows supermarkets to bypass intermediaries, reducing procurement and channel costs, thus enhancing pricing power [2] Group 3: Challenges in Private Label Development - Some supermarkets face challenges such as lack of clear brand strategy, leading to product homogeneity and ineffective market response [2] - Competition among private labels relies not only on cost-effectiveness but also on product quality and purchasing experience [2] Group 4: Importance of Digital Innovation and Quality - Utilizing digital technologies like AI and big data can help supermarkets understand consumer trends and enhance product development, improving customer loyalty [3] - Quality is emphasized as a core competitive advantage, with a focus on reliable raw materials, strict manufacturing processes, and effective after-sales service [3] Group 5: Long-term Commitment to Private Label Development - Building a successful private label requires patience and a long-term strategy, evolving from imitation to establishing a unique product system [3]

Core Viewpoint - The company reported a significant increase in revenue for 2024 but faced a net loss due to underperformance in its subsidiaries and impairment provisions [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.299 billion yuan, a year-on-year increase of 21.78%, but reported a net loss of 77.3161 million yuan, reversing from profit [1]. - For Q1 2025, the company generated a revenue of 324 million yuan, a year-on-year growth of 13.28%, while the net profit was 12.4105 million yuan, down 34.48% compared to the previous year [1]. Subsidiary Performance - The net profit decline in Q1 2025 was primarily attributed to increased losses from the associate company, Weimei Zi, which is currently in a loss position [2]. - Conversely, the subsidiary, Shan'en Kang, achieved a turnaround to profitability in the same quarter [2]. Product Margins - The gross margin for toothbrushes in Q1 2025 was 25.52%, an increase of 1.79 percentage points compared to 2024, while the gross margin for wet wipes was 23.14%, a decrease of 0.4 percentage points [2]. Brand Development Strategy - The company plans to focus its proprietary brand business on three main categories: toothpaste, toothbrushes, and orthodontic oral care products, aiming for scale development while ensuring reasonable profits [2]. - In Q1 2025, the proprietary brand business generated revenue of 27.74 million yuan, a year-on-year increase of 22%, accounting for 8% of total revenue [2]. Overseas Business - In 2024, the overseas business generated revenue of 784 million yuan, representing approximately 60.35% of total revenue [3]. - The company is in the process of establishing a production base in Vietnam, primarily for wet wipes and toothbrushes, with plans for factory renovation already determined [3].

Core Viewpoint - The company has emerged from a significant downturn, with a focus on adapting its strategies and embracing a "high-end cost-performance" approach to regain market share and revenue growth [3][6][20]. Group 1: Company Recovery and Strategy - The company faced a prolonged decline in revenue and profit after its IPO in 2019, marking a peak followed by a four-year low [3][4]. - A pivotal moment occurred in late 2022 when executives recognized that the company's products were priced too high, leading to a strategic shift [5][21]. - The company has successfully leveraged platforms like Douyin (TikTok) to boost sales, achieving 2.2 billion yuan in sales in 2023, surpassing Tmall for the first time [8][6]. Group 2: Organizational Changes and Adaptation - The company adopted a "weaker" mindset to better align with market demands, simplifying processes and adjusting pricing strategies [12][16]. - A focus on small changes and empowering frontline managers has been crucial in driving transformation [18][21]. - The company is expanding its product range with 33 new proprietary brands across various categories, including pet food and convenience products [8][38]. Group 3: Supply Chain and Market Position - The company is building a "super supply chain" to enhance efficiency and reduce costs, with plans to establish four major supply chain bases by the end of the year [23][25]. - The company aims to create a closed-loop system from supply chain to retail, allowing for greater control over production and distribution [25][38]. - The company recognizes the importance of community-based retail, planning to open convenience stores and lifestyle shops to capture local market demand [28][39]. Group 4: Future Outlook and Philosophy - The company emphasizes the need for continuous adaptation and learning from failures, viewing setbacks as opportunities for growth [9][62]. - The leadership believes that true success comes from navigating challenges and maintaining a realistic perspective on future performance [53][62]. - The company is committed to exploring new product categories and maintaining a flexible approach to market changes, ensuring resilience in a competitive landscape [36][44].

Core Viewpoint - Jihong Co., Ltd. is set to launch its IPO, offering 67.91 million shares at a price range of HKD 7.48 to 10.68, with H-shares expected to be listed on May 27, 2023. The company is positioned as the first "AI-driven cross-border social e-commerce A+H stock" and is a leader in both the B2C export e-commerce and paper fast-moving consumer goods packaging industries, showcasing significant multi-dimensional value potential [1]. Industry Overview - Jihong Co., Ltd. operates in the B2C export social media e-commerce sector and the paper fast-moving consumer goods packaging industry, both characterized by large market space and high growth potential. The Chinese B2C export e-commerce market is projected to reach USD 927.6 billion by 2029, accounting for 11.4% of the global market, with a compound annual growth rate (CAGR) of 15.2% from 2024 to 2029 [2]. - The Asian segment of the B2C export e-commerce market is expected to grow to USD 458.4 billion by 2029, with a CAGR of 15.8%, outpacing the overall market growth. Social media is identified as the fastest-growing traffic source in this sector, with the Asian market projected to reach USD 69.5 billion by 2029, growing at a CAGR of 19.0% [2]. Company Strategy and Performance - Jihong Co., Ltd. employs an AI-driven approach to enhance operational efficiency in cross-border e-commerce, effectively reshaping the competitive landscape and reducing costs. This strategy allows for improved product selection, marketing, and user experience, transitioning the competition from resource consumption to algorithm evolution [5]. - The company focuses on the Asian market, particularly along the Belt and Road Initiative, which provides stability against fluctuations in Western markets. Over 80% of its cross-border e-commerce revenue comes from Asia, with minimal exposure to the U.S. market [5]. - Jihong Co., Ltd. has a robust long-term strategy that includes AI-driven e-commerce, proprietary brand development, and international expansion of its packaging business. The company has developed the Giikin system to optimize its operations across the supply chain, achieving a low inventory turnover ratio and high return on investment (ROI) compared to industry averages [8][9]. - The company has established several proprietary brands and is leveraging its marketing data to enhance brand influence and sales efficiency. Its packaging business has also expanded into new markets, collaborating with local firms to strengthen its operational capabilities [9][10]. Financial Performance - In 2024, Jihong Co., Ltd. is projected to generate revenue of CNY 3.366 billion from cross-border social e-commerce, accounting for 60.9% of total revenue, while its paper packaging business is expected to contribute CNY 2.099 billion, or 38% [11]. - The company is anticipated to maintain a gross margin of 60.5% for its cross-border e-commerce segment, supporting an overall gross margin of 43.8%. In Q1 2025, Jihong Co., Ltd. reported a revenue of CNY 1.477 billion, a year-on-year increase of 11.55%, with net profit rising by 38.21% [11]. Conclusion - Jihong Co., Ltd.'s upcoming IPO is expected to enhance its market visibility and provide a platform for international expansion, potentially transforming it from a regional leader to a global player. The company's strategic focus on technology and market positioning is likely to drive its value and attract investor interest [12][13].

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (Jihong Co., 002803.SZ) is set to go public on the Hong Kong Stock Exchange, leveraging its "data + technology" model to drive growth in cross-border e-commerce and packaging services, with projected revenues exceeding 5 billion RMB from 2022 to 2024 and a peak net profit of 332 million RMB [1][2][6]. Group 1: Company Overview - Jihong Co. focuses on ToC precision marketing cross-border social e-commerce and ToB comprehensive marketing design packaging services, establishing a differentiated competitive edge through AI technology [2][6]. - The company has formed deep partnerships with leading fast-moving consumer goods (FMCG) brands such as Yili and Luckin Coffee, and has achieved a leading position in emerging markets like Southeast Asia and the Middle East [2][6][15]. - Jihong Co. ranks second among B2C export e-commerce companies in China with a market share of 1.3% and leads in the paper-based FMCG sales packaging sector with a market share of 1.2% [8][12]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 5.376 billion RMB, 6.695 billion RMB, and 5.529 billion RMB, respectively, with corresponding net profits of 172 million RMB, 332 million RMB, and 184 million RMB [6][15]. - In Q1 2025, Jihong Co. reported a revenue of 1.477 billion RMB, an increase of 11.55% year-on-year, and a net profit of 59 million RMB, up 38.21% year-on-year [15][17]. Group 3: Market Dynamics - The paper-based sales packaging industry is experiencing rapid growth, with the market size expected to reach 613.1 billion RMB by 2024 [9][10]. - The market for paper-based FMCG sales packaging has grown from 145.6 billion RMB in 2020 to an estimated 170.3 billion RMB in 2024, with projections to reach 222.7 billion RMB by 2029 [10][12]. - Environmental policies are enhancing competitive advantages, as the Chinese government promotes the use of eco-friendly alternatives in packaging [12][14]. Group 4: Strategic Initiatives - Jihong Co. plans to invest in technology iteration and overseas capacity expansion through its IPO proceeds, focusing on self-owned brands and eco-friendly packaging to expand its global footprint [1][4][18]. - The company has established a strategic partnership with VENU STRADING FZCO to build a sales network in the Middle East and Africa, focusing on packaging production and trade platforms [16]. - Jihong Co. aims to enhance its market competitiveness through the development of self-owned brands, leveraging its accumulated marketing data and technological advantages [15][17].

Group 1: Financial Performance - In 2024, the company's revenue reached 1.31 billion CNY, a year-on-year increase of 32.16%, while net profit attributable to shareholders was 164 million CNY, up 30.24% [2] - The overseas revenue amounted to 1.124 billion CNY, reflecting a 27.15% increase compared to the previous year [2] - Domestic revenue for 2024 was 186 million CNY, showing a significant growth of 73.38% [3] Group 2: Growth Drivers - The global pet industry is experiencing stable growth, benefiting from the company's OEM/ODM model and strong partnerships with international retailers like Petco and Walmart [2] - The company has enhanced its overseas production capabilities, with facilities in Cambodia and Bangladesh, improving resilience against disruptions [3] - Continuous product innovation and expansion of product categories, including pet leashes, snacks, and toys, have contributed to steady growth [3] Group 3: Market Trends and Future Outlook - The pet food segment generated 607 million CNY in revenue for 2024, growing at approximately 28.17%, accounting for 46.31% of total revenue [5] - The Chinese pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% compared to 2023 [8] - By 2027, the urban pet market is expected to expand to 404.2 billion CNY, with dog and cat markets reaching 189.1 billion CNY and 215.1 billion CNY, respectively [8] Group 4: Challenges and Strategic Adjustments - The company's cost of goods sold increased by 50% in Q1 2025, outpacing revenue growth of 36%, primarily due to expanded domestic operations [3] - The net profit for Q1 2025 was 25.37 million CNY, a decrease of 30.57% year-on-year, attributed to increased sales expenses from domestic market expansion [8] - The company is closely monitoring international trade policies and adjusting its strategies accordingly, while also focusing on promoting its own brands domestically [6]