证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年一季报点评：积极调整，稳扎稳打 2025 年 04 月 24 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,701 | 5,346 | 5,984 | | 同比（%） | 42.87 | 17.56 | 11.64 | 13.71 | 11.95 | | 归母净利润（百万元） | 281.04 | 325.06 | 391.89 | 496.65 | 585.57 | | 同比（%） | 32.39 | 15.66 | 20.56 | 26.73 | 17.90 | | EPS-最新摊薄（元/股） | 1.18 | 1.37 | 1.65 | 2.09 | 2.47 | | P/E（现价&最新摊薄） | 20.75 | 17.94 | 14.88 | 11.74 | 9.96 | 证券分析师 苏铖 ...

4月17日至19日，2025 福布斯中国新零售产业创新与投融资活动在长沙成功举办。此次活动主题为"创 新驱动 共筑未来"，由湖南省商务厅、长沙市人民政府、中国商业联合会联合主办，长沙市商务局、开 福区人民政府、福布斯中国集团、湖南省新零售行业协会共同承办，湖南红网传媒有限公司协办。 系列活动主要包括"潮宗之夜"欢迎仪式、福布斯中国新零售产业创新活动开幕式与主体大会、长沙内外 贸一体化招商推介会、新零售产业投融资项目路演对接会、2023-2024 福布斯中国新零售系列评选授牌 仪式、澳大利亚企业长沙行、新零售产业创新成果展示等多个部分。 于4月17日举办的"潮宗之夜"拉开了本次系列活动的序幕。包括驻华使节及商会、国内外知名企业、投 资机构负责人在内的众多嘉宾，在主办方的组织与陪同下来到了长沙市著名的文化街区——汇聚了浓郁 历史风貌与现代商业气息的潮宗街，并参加了欢迎仪式。湖南省新零售行业协会执行会长兼秘书长甘现 科主持了此次活动。 长沙市开福区人民政府党组成员、副区长易海威致欢迎辞。随后，湖南省新零售行业协会会长叶蓁、福 布斯中国集团商务运营部总经理王伊慧分别发表致辞。 2025福布斯中国新零售产业创新与投融资 ...

截至目前，美团方面尚未对此进行回应。但要注意的是，此前美团方面确实曾多次尝试探索线下零售市 场。例如早在2017年，美团便曾趁着新零售的风潮推出掌鱼生鲜，探索线上线下一体化模式。随后在 2018年又推出小象生鲜项目，并设下了一年开20家店的目标。但就在不久后，小象生鲜所有门店宣告关 停。 此前在今年3月曾有消息源透露，CEO王兴在美团成立15周年之际召开的总监级别以上内部沟通会上， 曾透露其在美团的第二个十年将重点的三个方向，食杂零售就是其中之一。 美团之所以会执着于线下零售市场，自然是为了寻求更多的增量，以及通过更搭建更庞大的业务体系， 来获得更高的抗风险能力。君不见，被美团视为第二增长曲线的即时零售，近年来的市场竞争就已经日 益激烈。 不久前，美团旗下以自营模式运营的即时零售业务小象超市在长沙开城，进一步布局华中市场。在不断 开城的同时，小象超市或许还将拓展到线下，从而打破线上与线下的边界。 继不久前在本月初有传言称，小象超市或开设实体零售店、布局线下市场，并聚焦社区折扣方向、对标 盒马NB后。日前有消息源透露，小象超市或将启动线下业务，但在具体的店型上除了考虑对标盒马NB 之外，还在考察对标盒马鲜生的可 ...

21世纪经济报道记者 唐唯珂 广州报道 4月以来，零售板块资本市场表现活跃，区间涨幅明显，个股涨停频现。其中，国芳集团13天12板。 多维度驱动 近期零售股反复活跃是受到多维度因素驱动。 长期来看，提振消费的政策导向明确。2024年以来，相关部门持续推出全方面、多维度政策刺激，并于 近日出台《提振消费专项行动方案》，从居民端增收减负、以旧换新加力扩围、服务与新型消费提质优 化等方面提出了指导意见，进一步助力消费增长，推动居民消费意愿持续提升。 4月22日早盘，百大集团、翠微股份、跨境通、大连友谊、步步高涨停。21世纪经济报道记者观察到， 今年年初以来，在复杂的宏观经济环境中，资本市场对国内消费零售行业的关注度显著升温，相关板块 反复活跃。同花顺数据显示，自4月1日至4月22日收盘，零售板块累计涨幅达12.89%。 | 零售 881158 | | 板块分时 > | | --- | --- | --- | | ⊙区间回顾 | 区间涨幅 = 主力净流入 ◆ | 成交额 ◆ | | 国芳集团 | 204.11% 7959.31万 | 74.43亿 | | 601086 | | | | 国光连锁 | 111.97% - ...

Core Viewpoint - Alibaba's subsidiary, Hangzhou Alibaba Zetai Information Technology Co., Ltd., plans to reduce its stake in Sanjiang Shopping by up to 16.43 million shares, representing no more than 3% of the total share capital, due to its own business arrangements [1] Group 1: Shareholding Changes - As of the announcement date, Alibaba Zetai holds 32% of Sanjiang Shopping, totaling approximately 175 million shares, making it the second-largest shareholder [1] - After the reduction, Alibaba Zetai will remain the second-largest shareholder, while Shanghai He'an Investment Management Co., Ltd. is the largest shareholder with a 35.42% stake [1] - This marks the first reduction in Alibaba Zetai's holdings since its investment in Sanjiang Shopping in 2016, when it acquired a 32% stake for a total of 2.15 billion yuan, with a holding cost of approximately 11.19 yuan per share [1] Group 2: Market Performance - Following the announcement of Alibaba Zetai's investment in November 2016, Sanjiang Shopping's stock price surged to a historical high of 54.96 yuan, but has since declined significantly, closing at 11.81 yuan on April 22, 2024, with a total market capitalization of 6.468 billion yuan [1] Group 3: Industry Context - In recent years, Alibaba has been gradually exiting traditional retail businesses to focus on core areas such as cloud computing and international e-commerce [2] - Sanjiang Shopping is a major commercial enterprise in Zhejiang Province and a top chain operator in China, primarily operating community fresh supermarkets and other retail formats [2] - The company's revenue has fluctuated significantly from 2020 to the first three quarters of 2024, with revenues of 4.3 billion yuan, 3.925 billion yuan, 4.091 billion yuan, 3.896 billion yuan, and 2.971 billion yuan, and net profits of 122 million yuan, 88.29 million yuan, 156 million yuan, 138 million yuan, and 121 million yuan respectively [2]

Core Viewpoint - The article discusses the dramatic downfall of Hong Jiu Fruit, once a leading player in China's fruit industry, highlighting the criminal charges against its founder and executives for loan fraud and tax evasion, leading to a staggering decline in market value from 600 billion to 27.95 billion HKD, a drop of over 95% [1][2]. Group 1: Company Background - Hong Jiu Fruit was founded by Deng Hong Jiu in 2002, who initially started his career selling fruits after facing significant hardships in his childhood [4][7]. - The company expanded rapidly, capitalizing on market opportunities, including the introduction of seedless watermelons and imported fruits, achieving sales of 1.5 billion in its early years [9][10]. Group 2: Growth and Expansion - By 2017, Hong Jiu Fruit had established itself as a major player, with significant investments and partnerships, including a new fruit wholesale market in Chongqing and multiple rounds of financing totaling over 10 billion [14][15]. - The company reported a revenue increase from 20 billion in 2019 to 150 billion in 2022, marking a growth of over 7 times in four years [15]. Group 3: Financial and Operational Issues - Despite impressive growth figures, the company faced serious financial scrutiny, with allegations of financial fraud surfacing, particularly regarding a suspicious increase in prepayments to shadow suppliers [16][20]. - The company's operational model, which relied heavily on high turnover and leverage, became unsustainable, leading to a significant increase in prepayments that did not align with its revenue growth [20][21]. Group 4: Conclusion and Implications - The collapse of Hong Jiu Fruit serves as a cautionary tale about the risks of rapid expansion driven by capital without solid operational foundations, reflecting broader challenges in China's new consumption sector [21][22]. - The case illustrates the potential pitfalls of financial manipulation in industries characterized by high waste and low standardization, emphasizing the need for rigorous oversight and sustainable business practices [21].

编辑：竺天 审核： Single 来源：新消费智库 新消费导读 "方便面鼻祖"入华40年后"水土不服"。 这是新消费智库第 2 6 2 0 期文章 作者 ： l y y 日清，号称 "泡面鼻祖"， 它曾 在中国市场把 一杯泡面 打造成了 " 精致速食 " 。 早在 1984 年便进入香港开展业务， 1994 年开始在 内地扩张，在广东顺德建厂。几十年来，日清凭借让中国消费者耳目一新的产品体验，受到消费者的青睐，营收一度超过 40 多亿港元， 却 又在短短三年间， 尽显颓势 。 被称为 "泡面鼻祖"的日清食品近期发布的 2024 财年年报 显示， 2024 年 1 月 1 日 -2024 年 12 月 31 日 ，日清食品 实现营业收入 38.12 亿港元，同比下降 0.56% 。 这是日清食品自 2022 年实现 40.25 亿港元营收之后，连续第二年收入下滑。 尽管报告期内日清食品毛利率小幅提升至 34.4% ，但净利润大幅下滑了 39.1% ，仅为 2.01 亿港元，净利润率下滑至 5.3% 。 在报告期内，日清食品报告期内，公司计提了约 1.359 亿港元的非现金减值，其中包括中国内地及香港长寿面、非油 ...

Core Viewpoint - The financial report of Wancheng Group for 2024 shows impressive growth, with revenue increasing by 248% to 32.33 billion yuan and net profit turning positive at 294 million yuan, exceeding market expectations [2][3]. Financial Performance - In Q4 alone, the company achieved revenue of 11.716 billion yuan, a year-on-year increase of 166%, and net profit of 209 million yuan, up 894% year-on-year [5]. - The overall net profit performance is close to the upper limit of the forecast range, indicating strong financial health [3]. - The gross profit margin remains stable around 11%, while the return on equity (ROE) in Q4 reached 20%, doubling from Q3, showcasing the company's strong earning capability [6]. Market Position and Strategy - Wancheng Group's performance comes amid intense competition and price wars in the bulk snack industry, validating its profitability and hinting at significant future cash flow releases as the industry stabilizes [9]. - The company is not solely focused on bulk snacks; it has broader strategic ambitions, aiming to combine elements of successful brands like Pop Mart and Mixue Ice City to capture both the lower-tier market and high-margin emotional value products [10][12]. Expansion and Innovation - The company has rapidly expanded its offline store count to over 13,000, demonstrating its deep understanding of market demand and operational capabilities [6]. - Wancheng's strategy includes tapping into the county economy, leveraging emotional value to create a high-margin business model, and engaging in IP collaborations to attract younger consumers [16][18]. - The recent launch of the "Lai You Pin" discount supermarket model indicates a shift towards a more diverse retail approach, enhancing customer base and average transaction value [30][32]. Future Outlook - Despite concerns about market saturation and competition, Wancheng Group's growth potential remains significant, particularly in lower-tier cities where it holds a dominant market share [27][29]. - The company is positioned to benefit from government policies aimed at boosting consumption, with a focus on quality-price ratio and new consumption trends expected to perform well in the capital market [25][26]. - Wancheng Group's ability to innovate and adapt to market changes suggests that it will continue to be a key player in the retail sector, with potential for further recognition and valuation adjustments in 2025 [35][36].

Core Viewpoint - Meituan's Xiaoxiang Supermarket is re-entering the offline retail space, exploring new store formats similar to Hema's community store brand "Hema NB" and larger store models akin to "Hema Fresh" [4][6][11]. Summary by Sections Meituan's Offline Strategy - Meituan Xiaoxiang Supermarket has restarted its offline business after nearly eight years, initially benchmarking against Hema's community store brand and now considering larger store formats [4][6]. - The company is currently recruiting for various operational roles, indicating a serious commitment to this offline venture [4]. Historical Context - Meituan's initial foray into offline retail began in 2016 with the launch of "Zhangyu Fresh," which later evolved into "Xiaoxiang Fresh" with seven stores opened in 2018 [6][7]. - The company faced challenges, leading to the closure of five stores in 2019 due to a misjudgment of market demand for high-end fresh produce [7][8]. Market Environment and Competition - The current market landscape for offline retail is undergoing a reshuffle, with traditional supermarkets like Walmart and Carrefour either exiting or restructuring their operations [9]. - Competitors such as JD's "JD Seven Fresh" and Hema are expanding their store networks, indicating a trend towards integrating online and offline strategies [8][9]. Financial Performance and Growth - Xiaoxiang Supermarket has seen significant growth, with sales increasing 50 times over four years, and its annual GMV approaching 30 billion yuan [10]. - Despite this growth, the supermarket is currently at a breakeven point or slightly profitable, highlighting the challenges of profitability in the fresh produce sector [10]. Comparison with Hema - Hema has successfully achieved profitability and growth, with plans to open 72 new stores in 2024, focusing on its main business lines [11]. - Xiaoxiang Supermarket aims to differentiate itself from Hema by targeting different customer segments and leveraging its established supply chain [11].

去县城抢人 Fast Reading 盒马创始人侯毅花9年没能完成的目标，新任CEO严筱磊用9个月时间实现了。 2024年最后 天 盒马在 封全员信中披露 公司连续9个月整体盈利 且增长幅度达双位数 顾客 ■ 严筱磊上任后，盒马只聚焦于盒马鲜生和盒马NB两种店型，其他店型都进行了精简和调 整。 ■ 去年一年，盒马新开门店有三分之一开在二三线城市和县城，很多新店成了当地的"排队 王"。 ■ 今年盒马计划再开100家店，但在低线市场，它将面临与多个新零售品牌的竞争。 2024年最后一天，盒马在一封全员信中披露，公司连续9个月整体盈利，且增长幅度达双位数，顾客 数量增长超50%。 从去年3月前的上市计划搁浅、被传卖身，到今年以来大刀阔斧地开店，短短一年间，盒马命运逆 转。2月中旬，马云现身盒马长沙门店，阿里巴巴又在财报业绩会上明确表示，当前没有出售盒马的 计划。 卖身危机被化解的盒马，准备大干一场。 一家公司的成长历程往往呈现扩张探索与资源聚焦的交替循环，松开拳头是寻找新的方向，当明确 了下一阶段的业务重点时，就会握紧拳头。 作者丨高越 如今的盒马，到了重新握紧拳头的时刻。 在长三角区域，盒马新店像雨后春笋一样冒了 ...