登录新浪财经APP 搜索【信披】查看更多考评等级 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：以公司2024年12月31日的总股本1,394,172,800股为基 数，向全体股东每10股派发现金红利0.05元（含税），送红股0股（含税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 （一）主要业务及经营模式 公司以百货零售为主要业务，经营业态包括百货商场、奥特莱斯、购物中心、便利店、专业店、网络购 物平台，经营模式主要有：联销、经销及物业出租。 ■ 注1：购物中心的商业建筑面积是指整个商业综合体用于商业经营的建筑面积，包括百货主力店、商业 街和商铺，公司对商铺采用的是销售返租、统 ...

投资要点： 魔芋势能向上，海外市场打开收入空间。展望后续，我们认为公司在各个方面皆有强化。组织端，公司 根据六大品类的味型，成立了辣味、甜味、健康三个品类事业部，前后拉通了生产、产品和品牌，利于 产品聚焦。供应链端，公司积极布局上游原料，魔芋拥有从一产开始的完备供应链，且2025 年预计将 在国内和泰国继续进行产线建设。收入端，魔芋品类进行了全渠道、全球布局，国内"大魔王"势能向 上，助力公司定量流通渠道发展；海外市场将以品牌"Mowo"打通主流销售渠道，公司期望3-5 年再造 一个盐津铺子。 两大单品快速放量，品类品牌支撑增长。分品类来看，2024 年公司辣卤零食/烘焙薯类/深海零食/蛋类 零食/果干坚果/蒟蒻果冻布丁分别实现营业收入19.62/11.58/6.75/5.80/4.84/3.01 亿元， 同比 +32.4%/+17.3%/+9.1%/+81.9%/+81.5%/+39.1%，其中辣卤零食中的魔芋制品营收8.4 亿元，同比 +76.1%，魔芋及鹌鹑蛋两大单品实现高速成长。2024 年以来公司启动品类品牌战略，"大魔王"麻酱素 毛肚上市16 个月单月月销破亿；"蛋皇"鹌鹑蛋打通高势能渠道，定义高 ...

风险提示：原材料价格大幅波动的风险，新业务拓展不及预期的风险，市场竞争加剧的风险。 盈利能力稳健。24年公司毛利率43.3%，同比+0.1pct；管理费用率/销售费用率分别为4.4%/8.1%，同比 +0.4/+0.1pct。24年公司净利率25.4%，同比+0.8pct；单 24Q4 净利率 21.3%，同比-5.1pct，费用上涨导 致净利有所下滑；单 25Q1 净利率 21.8%，同比+0.3pct。 投资建议：公司持续深化渠道布局，并以用户需求为核心不断创新产品，传统业务稳健成长，无主灯、 新能源等新业务快速发展，存量与增量空间并具。预计公司24-26年EPS分别为3.58/3.88/4.19元；4月25 日收盘价72.02元对应PE分别为20/19/17X，维持"推荐"评级。 海外业务增长强劲，国内市场增速平稳。公司已布局包括东南亚、美洲、中东等20多个国家，建立十余 个优质合作伙伴，在东南亚主要推广开关、灯、浴霸等成熟产品。整体国际化业务平稳增长，未来将在 中东、中欧、东欧、美洲等市场发展。24年公司境内/境外分别营收165.5/2.4亿元，同比分别 +6.8%/+36.8%。公司加大转换器、强弱 ...

Core Viewpoint - The company reported lower-than-expected performance for 2024 and Q1 2025, with a decline in revenue but an increase in net profit for the full year 2024 [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 6.949 billion, a year-on-year decrease of 5.20%, while net profit attributable to shareholders was 586 million, an increase of 16.05% [1] - In Q4 2024, the company reported revenue of 1.661 billion, a year-on-year increase of 0.34%, and net profit of 55 million, a year-on-year increase of 0.13% [1] - In Q1 2025, the company achieved revenue of 1.925 billion, a year-on-year decrease of 8.04%, and net profit of 265 million, a year-on-year increase of 0.7% [1] Group 2: Business Strategy and Operations - The company is optimizing its multi-format operations, with department stores, supermarkets, and electronics contributing 32.71%, 34.22%, and 21.58% to total revenue, respectively [2] - In 2024, the company plans to introduce over 2,000 new brands in department stores and enhance the shopping experience by increasing the share of experiential formats [2] - The company is focusing on direct sourcing for fresh produce and optimizing logistics to enhance its private label offerings, aiming for a private label sales share of over 20% [2] Group 3: Store Structure and Online Channels - The company operates 63 department stores, 19 supermarkets, and 9 electronics stores, with a net reduction of 5, 8, and 3 stores, respectively [3] - The online channel, based on "Tian Gou Wang," generated a GMV of 148 million, with sales reaching 93.05 million [3] - The new management team aims to revamp 20 key stores and open 12 franchise stores in lower-tier cities to drive growth [3] Group 4: Profitability and Cost Control - The company has improved profitability through better supplier collaboration and an increased sales share of high-margin products, achieving gross margins of 39.61% in 2024 and 44.80% in Q1 2025 [4] - The company has effectively managed operating and marketing expenses, with a period expense ratio of 23.68% in 2024 and 22.0% in Q1 2025, both showing a year-on-year decline [4] - The sales, management, and financial expense ratios have shown mixed results, with some categories experiencing slight increases while others decreased [4] Group 5: Investment Outlook - The company maintains a "buy" rating, supported by its strong regional presence and the new chairman's extensive experience in commercial real estate [5] - The company has adjusted its net profit forecasts for 2025-2026 to 672 million and 759 million, respectively, while introducing a new forecast of 821 million for 2027 [5] - The company is expected to maintain a stable dividend payout, with a dividend rate exceeding 50% for 2023-2024 [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605266 证券简称：健之佳 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元币种：人民币 注：2024年，公司实施年度利润分配方案，分派现金股利、以资本公积金转增股本，导致归属于上市公 司股东的所有者权益降低、股份数量增加。公司按照《企业会计准则第34号—每股收益》及应用指南的 规定对上年同期每股收益进行重述。 上述数据相关说明： 1、根据国家统计局数据，3月社会消费品零售总额同比增长4.6%，较上年同期4.7%的增长下降0.1%， 其中中西药品类同比增长仅2.1%；CPI较上年同期下降0.1%，P ...

曼卡龙 20250428 摘要 • 2025 年一季度，中国黄金消费量同比下降 6%，但曼卡龙珠宝营收逆势增 长 42.87%至 7.14 亿元，净利润增长 33%至 4,300 万元，线上渠道增长 60%，线下渠道增长 33%。 • 曼卡龙通过产品创新，精准定位 25-35 岁年轻消费群体，强化品牌心智， 并构建以人工智能和大数据为核心的全渠道运营体系，实现逆势增长。 • 公司电商渠道高增长得益于清晰的品牌定位、强大的产品研发能力和传播 能力。未来将通过提升自研产品占比及内容传播穿透力来推动电商毛利率 增长。 • 小红书平台在公司营销策略中扮演重要角色，用于洞察消费者需求变化， 赋能全渠道，而非仅考核传播转化率，有助于吸引 25~35 岁的女性群体。 • 公司计划在未来三到五年内成为全国领先的珠宝品牌，覆盖全国市场，并 计划未来两年进入中国所有省份及直辖市，不论直营还是加盟。 • 公司持续优化费率，通过收入规模扩张和渠道结构优化，线上业务收入占 比提升，聚焦高 ROI 渠道投放，以及组织结构优化和数字化工具应用，保 证净利率稳定持续增长。 • 公司将通过提升自研产品比例来提高线上毛利率及盈利能力，并扩展更多 ...

迪阿股份有限公司 证券代码：301177 证券简称：迪阿股份 投资者关系活动记录表 编号：2025-001 关于经营区域方面，中国市场作为我们的核心区域，经过 2023-2024 年的持续深耕，已经确立了绝对领先地位。未来我们将进一步强化头部效 应，提升品牌影响力。全球化也是我们的重要战略方向，从巴黎、美国等 市场的初步尝试来看，"一生只送一人"的真爱理念具备跨文化接受度， 这验证了"真爱无国界"的品牌普适性。作为全球珠宝行业中唯一专注于 "真爱"表达的品牌，DR 具备独特的差异化优势。我们将持续推进品牌全 球化进程，致力于成为真正意义上的全球真爱表达标杆品牌。 2、25 年一季度扣非净利润已经转正，但同时也还在继续收缩门店，目前 公司判断门店是否关停有什么样的标准，在 1-2 年维度看，预计门店规模、 收入会达到什么样的稳态，届时的利润预期是什么？ 答：公司通常会综合考虑一个城市的体量（主要是人口数量和 GDP）， 同时考虑各门店所覆盖的商圈、落位以及业绩等来判断是否关停门店。从 效果来看，公司通过 2024 年实施的战略性渠道优化，存量门店运营质量 已实现结构性提升。 关于收入和利润，在当前市场环境下确实 ...

Core Viewpoint - Three Squirrels has submitted an application for a Hong Kong IPO, aiming to become the first snack brand in China to achieve dual listing on A-share and H-share markets, with plans to use the raised funds for global supply chain enhancement, channel expansion, digital capabilities, and strategic investments [1] Group 1: Financial Performance - In 2022-2024, Three Squirrels reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.22 billion RMB respectively, with net profits increasing from 1.29 billion RMB to 4.08 billion RMB [1] - The company achieved a revenue of 139.8 billion RMB in 2024, ranking fourth in China's snack industry, following Mars, Mondelez, and PepsiCo [2] Group 2: Strategic Adjustments - Since April 2022, Three Squirrels has halted store expansion, focusing on closing underperforming stores and enhancing distribution and self-production [4] - The company has introduced a "high-end cost-performance" strategy and a "full-category + full-channel" development approach, launching over 600 new standard product units (SPUs) in 2024 [5] Group 3: Product and Brand Development - The main revenue source remains nuts, but its contribution has decreased from 56.3% in 2022 to 50.5% in 2024, while the revenue from other snacks has increased significantly [5] - The "Three Squirrels" brand saw a 50.57% revenue growth in 2024, while the "Little Deer Blue" brand, targeting children's snacks, achieved profitability and ranked among the top three in its category [6] Group 4: Channel Strategy - Revenue from short video platforms has surged from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024, increasing its share from 9.8% to 24.8% [7] - The company has reduced its offline store count from 1,065 in 2021 to 333 by the end of 2024, with offline store revenue declining during this period [8] Group 5: Future Outlook and Challenges - Three Squirrels plans to invest up to 360 million RMB to acquire control of new snack brands, aiming to expand its offline presence to over 2,000 stores [9] - The company targets a revenue of 20 billion RMB by 2026, indicating significant growth ambitions despite current challenges in maintaining its revenue structure [9] - Sales expenses increased by 50.92% in 2024, outpacing revenue growth, while overall gross margins have fluctuated, indicating potential pressure on profitability [10]

Core Viewpoint - Three Squirrels has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its international strategy and brand image while optimizing its capital structure [1][2]. Company Overview - Three Squirrels ranks fourth in the domestic snack market, with sales trailing only Mars, Mondelēz International, and PepsiCo, making it the leading Chinese company in this sector [1][2]. - Founded in 2012 in Wuhu, Anhui, by Zhang Liaoyuan, the company initially thrived through e-commerce, focusing on nuts and leveraging the Alibaba ecosystem [2]. Financial Performance - The company reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.23 billion RMB for the years 2022, 2023, and 2024, respectively, with net profits of 1.29 billion RMB, 2.20 billion RMB, and 4.08 billion RMB [3]. - After experiencing four years of revenue decline, Three Squirrels saw a significant recovery in performance last year [2][3]. Market Position - In 2024, Three Squirrels held a market share of 1.04% in the Chinese snack industry, with retail sales of 13.98 billion RMB, ranking fourth behind Mars, Mondelēz, and PepsiCo [6][7]. - The top five companies in the snack market accounted for only 5.9% of the total market share, indicating a highly fragmented industry [7]. Product and Revenue Breakdown - The company has shifted to a "full-category + full-channel" strategy, with over half of its revenue still coming from nuts, although this segment's share has slightly decreased [8][10]. - Revenue from nuts increased from 41.07 billion RMB in 2022 to 53.66 billion RMB in 2024, while the share dropped from 56.3% to 50.5% [9]. - Revenue from short video platforms has surged, with income from these channels rising from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024 [5][10]. Sales Channels - Online sales remain the primary revenue source, accounting for approximately 70% of total income, with significant growth from platforms like Douyin [10][11]. - The company has closed numerous physical stores, reducing its total from 1,065 in 2021 to 333 by the end of 2024, while focusing on enhancing its distribution network [11][12]. Strategic Initiatives - The funds raised from the IPO will be used to strengthen the supply chain, enhance sales networks, and expand product offerings [13]. - Three Squirrels is also pursuing a multi-brand strategy, investing in various food categories, including dairy and pet food [10].

Core Viewpoint - The company, Three Squirrels, is recognized as an innovator and representative of the "full category + full channel" business model in China's internet era, aiming to provide high-quality products at competitive prices to consumers [4]. Group 1: Business Model and Market Position - Three Squirrels has evolved from a single nut category to become the largest Chinese-owned snack company, with a projected sales growth rate making it the fastest-growing company among the top five snack firms from 2022 to 2024 [4]. - The "full category + full channel" approach addresses unmet consumer demands, offering better quality and brand recognition compared to major brands and superior product quality compared to private labels, leading to rapid revenue growth [4]. - The company's digital management, rooted in its internet origins, creates a unique competitive barrier and significantly reduces the marginal costs of category innovation [4]. Group 2: Product Portfolio and Innovation - The product range includes nuts, baked goods, snack combinations, meat products, and dried fruits, with over 1,000 Stock Keeping Units (SKUs) available by the end of 2024, including more than 600 new SKUs launched in 2024 [5]. - The company continuously anticipates and responds to market demands and consumer preferences by launching new products under various brands [5]. Group 3: Financial Performance - The revenue figures for Three Squirrels are approximately 7.29 billion RMB in 2022, 7.11 billion RMB in 2023, and projected at 10.62 billion RMB in 2024, indicating a significant increase [5][7]. - The net profit for the same years is reported as approximately 129 million RMB in 2022, 220 million RMB in 2023, and 407 million RMB in 2024, reflecting a strong upward trend in profitability [5][7]. - The gross profit margin has improved from 26.2% in 2022 to 23.8% in 2024, despite fluctuations in sales costs [7].