Core Insights - The company is enhancing its channel diversification strategy to adapt to changing consumer demands and sales channels, particularly focusing on emerging snack specialty chains [1] - The company reported significant revenue from snack specialty channels, achieving 115 million yuan in revenue and 46.4462 million yuan in the first quarter of 2025 [1] - The company has a strong presence in central, southwestern, and eastern China, with these regions accounting for 66.05% of total revenue [1] Group 1 - The company plans to continue optimizing existing sales points and expanding into the catering channel to increase product exposure [2] - The company aims to deepen its channel diversification and brand promotion, focusing on coconut juice and fruit canned products while enhancing brand vitality [2] - The company will advance its dual-driven development strategy for fruit canned goods and coconut juice, while also progressing its coconut processing project in Vietnam [2] Group 2 - The company is committed to improving supply chain management to enhance responsiveness and efficiency [2]

Group 1: Company Progress and Strategy - The company has deepened its channel diversification strategy, entering snack specialty chains, achieving revenue of 1.15 million CNY in 2024 and 46.44 million CNY in Q1 2025 from this channel [2][4] - The company plans to enhance product R&D to offer more personalized and higher value-added products [2][4] Group 2: Management Changes - Mr. Li Xing resigned as president but remains chairman and strategic committee convener; Mr. Li Zihao has been appointed as the new president [3][4] - Mr. Lv Jianliang has been appointed as vice president, responsible for marketing, bringing extensive experience from previous roles in fast-moving consumer goods [3][4] Group 3: Product Development Plans - The company focuses on high-quality canned fruit products, introducing smaller, portable packaging and reduced-sugar options to meet diverse consumer needs [3][4] - Coconut water products are being developed to expand the company's offerings in the ready-to-drink market, with plans for new product categories [3][4] Group 4: Market Position and Sales Strategy - The company has a national layout with factories in multiple provinces, leveraging regional fruit characteristics to maintain a competitive edge [4][5] - In 2024, the company had 2,236 distributors, with 65.07% located in central, southwestern, and eastern China, generating 12.25 billion CNY in revenue, accounting for 66.05% of total revenue [4][5] Group 5: Raw Material Costs and Procurement - The procurement price of peach raw materials decreased by over 30% in 2024 due to a bountiful harvest, while orange prices increased slightly due to lower production [5] - Coconut water and fresh coconut juice are sourced from Southeast Asia, with procurement prices rising due to supply-demand factors [5] Group 6: Sales Strategy and Incentives - The company will continue to refine its sales strategies in 2025, optimizing marketing expenses based on market conditions [5] - Currently, there is no equity incentive plan in place [5]

收入拆分：欧洲、北美地区收入高增，新平台开拓加速分地区来看，公司2024 年欧洲地区实现收入49.0 亿元（+31.3%），北美地区实现收入30.2 亿元（+38.8%），日本地区实现收入0.6 亿元（+29.8%），其 他地区实现收入0.6 亿元（+68.8%）。我们看好公司将欧洲市场作为业务基石，通过仓储布局优化与产 品升级巩固竞争优势，持续提升市场份额。渠道方面，公司2024年 B2C 渠道实现收入68.4 亿元 （+38.4%），B2B 渠道实现收入12.0 亿元（+14.4%），在巩固亚马逊平台头部地位的同时，加速布局 新兴流量阵地，我们看好公司公司精准卡位SHEIN、TikTok、Temu 等新兴渠道红利期，同时多元发展 欧洲本土线上B2C 平台，实现渠道结构从"单极依赖"向"多极共生"升级。 风险提示：海外市场不及预期、海运价格及汇率波动风险、行业竞争加剧。 公司2024 年毛利率为34.7%（-1.7pct），期间费用率为30.1%（+2.2pct），其中销售/管理/研发/财务费 用率分别为24.7%/3.7%/1.0%/0.8%，分别同比+1.5/-0.3/持平/+1.1pct。综合影响下， ...

致欧科技2024 年实现营收81.2 亿元（yoy+33.7%），归母净利润3.3 亿元（yoy-19.2%），低于我们预期 （4.4 亿元），主因海运成本提高。1Q25 实现营收20.9 亿元（yoy+13.6 %），归母净利润1.1 亿元 （yoy+10.3%），利润率环比有所向好。展望后续，美国关税变动对短期业绩带来不确定性，但公司海 外产能布局较快推进，多元化供应链提升抗风险韧性，海外仓网布局持续提升物流效率，渠道结构迈向 多元化，助力公司行稳致远，维持买入评级。 供应链多元化应对不确定性，物流配送体系持续提效为应对贸易摩擦的不确定性，公司供应链全球化策 略已取得积极成效，截至24 年底实现20%的东南亚对美出货，我们预计25 年有望加快推进并逐步覆盖 对美多数出货需求，关税扰动有望逐季缓解。此外，公司积极构建"自营仓+平台仓+三方仓"的全球混 合仓储网络，截至24 年法国、意西前置仓发货比例分别同增30/14pct 至38%/73%，运输时长缩短1-2 天；美国自发订单比例增至28%，平均尾程价格下降4-5 美元/单，有望持续助力公司服务品质提升及费 用结构优化。 渠道结构日益多元化，新品梯度扩张体 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company has experienced pressure on operations since 2024, primarily due to a lackluster overall consumption environment, resulting in a net decrease of 79 franchise stores by the end of 2024 [1][2] - The company is actively expanding its supermarket channel, which contributed to a revenue increase of 89.1% year-on-year, reaching 0.6 billion RMB in 2024 [1][2] - As of Q1 2025, the company has seen a return to positive same-store sales growth, with a 7% year-on-year increase in single-store revenue [1][2] Summary by Sections Financial Performance - In 2024, the company's revenue and net profit attributable to the parent company were 670 million RMB and 90 million RMB, respectively, representing year-on-year declines of 15.9% and 35.4% [1][6] - The gross margin for 2024 decreased by 1.4 percentage points to 25.0%, influenced by raw material cost fluctuations [3] - The net profit margin for 2024 was 13.0%, down 3.9 percentage points year-on-year [3] Revenue Breakdown - In 2024, revenue from various meat categories was as follows: beef 260 million RMB, poultry 120 million RMB, pork 60 million RMB, lamb 10 million RMB, fish 100 million RMB, and shrimp 80 million RMB, with year-on-year declines across most categories [2] - Retail channel revenue in 2024 was 430 million RMB, down 20.4% year-on-year, while wholesale channel revenue was 180 million RMB, down 17.0% [2] Future Outlook - The company expects performance improvements due to product innovation and diversified channel networks, with adjusted earnings per share (EPS) forecasts for 2025 and 2026 at 0.67 RMB and 0.78 RMB, respectively [4] - The target price for the company's stock is set at 26.76 RMB, based on a price-to-earnings (PE) ratio of 40x for 2025 [4][8]

Core Insights - The company reported a revenue of 1.896 billion yuan for 2024, representing a year-on-year increase of 20.16%, with a net profit attributable to shareholders of 133 million yuan, up 15.4% year-on-year [1] - The company experienced a decline in gross margin due to high raw material costs and new factory production, with a gross margin of 37.37% in Q4 2024, down 8.29 percentage points year-on-year [2] - The company is focusing on optimizing product structure and diversifying channels, with significant growth in composite oats and other processed products [4] Financial Performance - For Q4 2024, the company achieved a revenue of 463 million yuan, a year-on-year increase of 4.04%, and a net profit of 25 million yuan, up 8.22% year-on-year [1] - In Q1 2025, the company reported a revenue of 656 million yuan, a year-on-year increase of 15.93%, and a net profit of 55 million yuan, up 21.17% year-on-year [1] - The gross margin for Q1 2025 was 43.65%, a slight decrease of 0.05 percentage points year-on-year [2] Cost and Expense Management - The company adjusted its expense rhythm, resulting in a decrease in expense ratio to 31.89% in Q4 2024, down 11.21 percentage points year-on-year [3] - The selling expense ratio for Q4 2024 was 24.02%, down 12.33 percentage points year-on-year [3] - The net profit margin for Q1 2025 was 8.32%, an increase of 0.36 percentage points year-on-year [3] Product and Channel Strategy - The company is increasing its focus on composite oats and other deep-processed products, with revenue growth of nearly 30% for composite oats and over 170% for protein powder [4] - The company is expanding into new channels, with snack wholesale growth close to 50% and new retail channel GMV sales exceeding 100 million yuan, up 35% year-on-year [4] - The company anticipates improved profit elasticity due to a decrease in raw material prices and an increase in the use of new materials in Q2 [4] Future Outlook - The company projects revenues of 2.290 billion yuan, 2.741 billion yuan, and 3.309 billion yuan for 2025-2027, with year-on-year growth rates of 20.78%, 19.69%, and 20.73% respectively [4] - Expected net profits for 2025-2027 are 177 million yuan, 220 million yuan, and 270 million yuan, with corresponding year-on-year growth rates of 33.17%, 24.23%, and 22.33% [4]

Group 1: Business Performance - In Q1 2025, the apparel business maintained rapid revenue growth, with improved profitability returning to historical normal levels after increased promotional efforts in the previous year [2][3] - Non-apparel business is currently in an adjustment phase, facing significant losses due to market fluctuations, with a focus on reducing losses as a primary goal for 2025 [3][4] Group 2: Cost and Supply Chain Management - The impact of shipping costs on gross margin has decreased since Q4 2024, with a notable reduction in shipping rates expected in the coming quarters [5] - The company has proactively planned for supply chain adjustments in response to trade tensions, establishing a factory in Vietnam to enhance overseas supply chain capabilities [13][14] Group 3: Market Strategy and Expansion - The company aims to deepen its existing product categories while cautiously expanding into new ones, focusing on strong growth areas such as women's and sportswear [7][8] - In 2024, the apparel business achieved a doubling of revenue in the European market, with plans to continue leveraging North American operational strategies in Europe [8] Group 4: Marketing and Pricing Strategies - The marketing strategy for 2025 will focus on optimizing promotional efforts based on previous successes, with an emphasis on data-driven targeting and resource efficiency [11] - A tiered pricing strategy has been implemented in response to increased tariffs, balancing market competitiveness with brand value [12][15] Group 5: Logistics and Operational Efficiency - The logistics business has developed a mature service system, with plans to enhance smart warehousing and expand strategic partnerships with major clients in 2025 [9][10]

| 等方面带来新的推动力，但整体团队磨合仍需一定时间。 | | --- | | 3. 公司销售费用投入情况？ | | 2025年第一季度公司销售费用金额同比和环比均有 | | 所下降，公司将继续进行渠道精耕和精细化管理，根据不 | | 同市场情况制定不同的销售策略，结合公司战略及销售 | | 规划更有针对性地进行投入，在费用投放和费用结构上 | | 也会进行一定的优化和调整。 | | 面对市场挑战，公司将以"主动求变"的姿态，聚焦 | | 水果罐头+椰基饮料赛道，持续创新，寻求新动能。加强 | | 品类创新，打造差异化产品矩阵，因地制宜拟定区域政 | | 策，提高产品在消费者面前的曝光度，促进产品销售。对 | | 于体现产品质价比的渠道，公司也会进行接触和开拓。 | | 4. 公司水果罐头和椰子水产品的发展规划？ | | 公司坚持高品质的罐头产品，对水果罐头产品研发 | | 思路主要是在便携、休闲化和配料多元化的小包装罐头 | | 产品，同时随着公司多元化渠道的开拓，希望在该渠道巩 | | 固公司水果罐头产品优势，近期也推出了减糖版等不同 | | 配料的水果罐头产品，以满足不同消费者的需求。同时， | | 在 ...

Group 1: Business Performance - In Q1 2025, the company's coconut juice products generated revenue of 228 million CNY, accounting for 50.78% of total revenue [2] - The fruit can products achieved revenue of 155 million CNY, representing 34.52% of total revenue [2] - Revenue from the snack specialty channel reached 46.4462 million CNY in Q1 2025 [3] Group 2: Strategic Focus and Future Plans - The company aims to focus on the fruit can and coconut beverage sectors, emphasizing innovation and seeking new growth drivers [4] - Plans include enhancing product differentiation and adapting channel strategies based on regional market conditions [4] - The company will continue to optimize its marketing structure and performance systems to improve operational efficiency [4] Group 3: Product Development - The company is committed to high-quality canned products, with a focus on portable, casual, and diverse ingredient small-packaged fruit cans [5] - Recent product launches include reduced-sugar fruit cans to cater to varying consumer preferences [5] - The coconut water product line will be expanded to include new varieties and price ranges to meet diverse consumer needs [5] Group 4: Management and Cost Structure - The company appointed Mr. Lü Jianliang as Vice President, responsible for marketing, bringing extensive experience from previous FMCG roles [6][7] - In Q1 2025, sales expenses decreased both year-on-year and quarter-on-quarter, with a focus on targeted investment strategies [7] - The procurement prices for fruit raw materials are market-driven, with significant price drops for peaches and slight increases for oranges [7]

2024年，中国中免交出了一份营收与净利润"双降"的成绩单。财报显示，公司全年实现营业收入564.74 亿元，同比下降16.38%；归母净利润42.67亿元，同比大幅缩水36.44%。这一下滑主要归因于核心市场 ——海南离岛免税业务的崩塌。 营收净利双降，海南市场成最大拖累 其一，海南市场"雪崩式"下滑。 海南地区营收从2023年的396.5亿元骤降至288.92亿元，同比降幅达27.13%，占总营收比例由58.71%降 至51.16%。海口海关数据显示，2024年海南离岛免税购物金额、购物人次、购物件数分别同比下降 29.3%、15.9%、35.5%。多重因素叠加导致这一结果： 出境游分流：国际航班恢复后，消费者转向日韩、东南亚等免税购物目的地； 消费降级与国货崛起：贝恩报告显示，2024年中国奢侈品市场出现15年来首次下滑，完美日记、花西子 等高性价比国货挤压进口美妆份额； 竞争加剧：海南免税经营主体增至6家，离岛免税店达12家，中免一家独大格局被打破。 其二，利润端压力凸显。 费用刚性：机场渠道租金随客流恢复上升，叠加存货跌价及合同履约成本减值损失7.4亿元，进一步压 缩利润空间； 四季度恶化：Q4归母 ...