2025.04. 24 本文字数：2191，阅读时长大约4分钟 导读 ： 伴宠机器人、可用再生能源的锂电割草机……中国产品吸引外商的不仅是价格，更多是创新性、可定 制。 作者 | 第一财经 王珍 封图 | 俞倩在广交会接待外国客商 作为中国对外贸易的晴雨表，目前正在广州举行的第137届中国进出口商品交易会（广交会），展馆 里外商云集、人流如鲫。关税变数没有阻挡外商们的采购热情。 做电动工具出口的俞倩中午12点在接待客商的间隙告诉第一财经记者，与往年不同，今年中国的出 口企业没有再把创新产品"藏着、掖着"，而是把创新产品大方地陈列出来、吸引客人，来广交会的客 商也不只是简单地压价，会坐下来细谈产品的定制。 俞倩顺手拿起一个外形有点像游戏机的汽车打蜡机说，她会让同事把汽车美容后市场工具往小家电的 风格去设计。尽管美国市场的出口暂时碰到挑战，但是俞倩说"在内销上已找到感觉，中国市场很 大，拥有汽车的人越来越多，我们也在做自己的品牌"。 更让她兴奋的是，她们展出的电机、控制器等全产业链零配件，激发了外商的定制需求。一位阿根廷 客人提出，能否与她们合作研制用于畜牧业拉牲口的收绳电动工具，她预计两三个月就能研发出新产 品 ...

事件：4 月23 日，公司发布2024 年年报，公司2024 年公司实现营收10.87 亿元，同比增长13.89%；实 现归母净利润1.11 亿元，同比增长23.78%。其中单Q4 实现营收3.21 亿元，同比+29.86%，实现归母净 利润0.23 亿元，同比-0.63%。 公司坚持研发驱动，产品持续创新升级。2024 年公司奶油/巧克力/果酱/香精/其他业务分别实现收入 10.08/0.38/0.26/0.13/0.03 亿元，同比+16.25%/+25.83%/-26.93%/38.31%/-79.57%，分别占比 92.71%/3.49%/2.40%/1.16%/0.24%,占比变化为+1.88/+0.33/-1.34/+0.21/-1.08pct，奶油品类占比持续增 长，其中奶油品类中，含乳脂植脂奶油/植脂奶油/稀奶油分别实现收入4.15/2.77/1.27 亿元，同 比-14.59%/10.16%/24.04%，分别占比41.18%/27.49%/12.64%，占比变化为-14.87/-1.52/+0.79pct。公司在 产品上不断研发创新，并结合市场需求，满足不同客户的不同应用场景需求。 公司积 ...

伴宠机器人、可用再生能源的锂电割草机……中国产品吸引外商的不仅是价格，更多是创新性、可定制。 作为中国对外贸易的晴雨表，目前正在广州举行的第137届中国进出口商品交易会（广交会），展馆里外商云集、人流如鲫。关税变数没有阻挡外商们的采 购热情。 做电动工具出口的俞倩中午12点在接待客商的间隙告诉第一财经记者，与往年不同，今年中国的出口企业没有再把创新产品"藏着、掖着"，而是把创新产品 大方地陈列出来、吸引客人，来广交会的客商也不只是简单地压价，会坐下来细谈产品的定制。 俞倩顺手拿起一个外形有点像游戏机的汽车打蜡机说，她会让同事把汽车美容后市场工具往小家电的风格去设计。尽管美国市场的出口暂时碰到挑战，但是 俞倩说"在内销上已找到感觉，中国市场很大，拥有汽车的人越来越多，我们也在做自己的品牌"。 更让她兴奋的是，她们展出的电机、控制器等全产业链零配件，激发了外商的定制需求。一位阿根廷客人提出，能否与她们合作研制用于畜牧业拉牲口的收 绳电动工具，她预计两三个月就能研发出新产品。"一带一路"沿线，正是她想拓展的新兴市场。 "我们的产品包括伴宠机器人、割草机器人、扫地机器人、电子宠物等"，金大智能业务副总刘郁文告诉第一财 ...

事件概述 公司发布2024 年年报。 2024 年业绩高增，公司多个主要产品全面增长 根据公司年报，2024 年公司实现营收147.95 亿元，同比增长35.4%；实现归母净利润23.04 亿元，同比 增长36.2%。24Q4 公司实现营收37.1 亿元，同比增长60%；实现归母净利润3.68 亿元，同比增长 98.6%。从盈利能力看，公司24Q4 净利率达10.4%，较去年同期同比提升2.6pct。从产品结构看，公司 2024 年主业实现了全面增长。24 年手工具实现营收100.7 亿元，同比增长40.5%；电动工具实现营收 14.4 亿元，同比增长36.5%；工业工具实现营收32.3 亿元，同比增长22.1%。 参考最新业绩报告，我们调整 25-26 年盈利预测，25-26 年营业收入由167/197 亿元调整至182、223 亿 元，归母净利润由26.2/30.1 亿元调整至29.6/35.8 亿元，EPS 由2.17/2.50 元调整至2.48/2.99 元，新增27 年盈利预测，预计27 年公司实现营业收入270 亿元，归母净利润41.8 亿元，EPS 为3.50 元。公司 2025/4/21 日收 ...

扮演着"童年回忆"角色的AD钙奶，其产品款式在面市数十年后不降反升。除深耕该赛道的经典老将娃哈哈之外，官宣 回归的乐百氏、以及新入局的李子园、三只松鼠、盼盼食品都为这一细分市场再添热度。"复古"与 "创新"并重的消费 回潮，带来的不仅是怀旧氛围，也有减糖、低价、联名中携带的的AD钙奶"新一代"基因。 据品牌官网介绍，2023年12月，乐百氏重启AD钙奶项目，首批推出乐百氏双歧因子AD钙奶和经典原味AD钙奶，两款 产品上线3小时售罄5万件；次年 5月，乐百氏粒粒果AD钙奶回归上市，首批现货当日售罄。 布局AD钙奶赛道的还有不断丰富饮料产品线的盼盼食品，以及月前宣布进军饮料市场的三只松鼠。其中，盼盼食品 选择以联名放大曝光量，并发文称与奶龙合作，推出联名款AD钙奶，上架线上商超；三只松鼠钙铁锌AD钙奶也在上 新时突出自己的差异性——商品详情页显示，该产品宣称"配方全新升级"，并于瓶身印有"特别添加铁、锌、叶黄素 酯"同时，还将"硬折扣"风格推至前位——220g*8瓶装钙铁锌AD钙奶在品牌天猫旗舰店标价10.01元，折合每瓶1.25 元。 "在充满机遇的饮料赛道中，我们看到了消费者对于高品质、个性化、高性价比饮料的 ...

以下文章来源于摩登消费 ，作者付艳翠 摩登消费 . 潮趣消费指南，摩登生活方式。 作者： 付艳翠 来源：摩登消费 （ID：modengxiaofei ) 在"你旺我旺大家旺""再看，就把你喝掉""三年二班李子明同学"等广告营销下，中国旺旺一度给 80、90后的童年记忆打下了深深烙印。 "我小时候每年过年家里都要买旺旺大礼包，记得有一年买大礼包送游戏光盘，我非常喜欢。它的 名字我现在还记得——《热血躲避球》，之后的日子我将这款游戏打通了一次又一次。"90后辰辰 向「摩登消费」回忆道。 从几年前开始，辰辰购买中国旺旺的频率越来越少。 "现在买旺旺产品的时候不多，就过年时偶尔看见好玩的产品才买。"辰辰表示，不是不喜欢旺旺 了，只是因为几年前她脸上开始长痘，就再不敢买类似的零食了。 当曾经旺旺的忠实粉丝们成长到需要控糖的年纪，中国旺旺终于遇到了"中年危机"。 中国旺旺2024财年上半年（截至2024年9月30日止6个月）业绩显示，其营收为108.77亿元，同 比下滑3.5%。事实上，自2012年旺旺集团营收首次突破200亿元后，旺旺营收至今仍在该数值上 下徘徊，总营收依然未超越2021年时的239.8亿高位。 距离旺 ...

Core Viewpoint - Shanghai Ziyan Food Co., Ltd. reported a revenue of 3.363 billion yuan and a net profit of 346 million yuan for 2024, showing a year-on-year growth of 4.5%, positioning itself favorably in a slowing restaurant industry [1] Group 1: Financial Performance - The company achieved a revenue of 3.363 billion yuan and a net profit of 346 million yuan, with a net profit growth of 4.5% year-on-year [1] - The company’s performance is notable given the overall slowdown in the restaurant industry and declining consumer spending in first and new-tier cities [1] Group 2: Product Innovation - Ziyan Food's product performance is driven by R&D innovation, with R&D investment increasing by 91.78% year-on-year [2] - The company launched localized products such as "Little Fat Bucket" and "Spicy Rabbit Legs" to cater to young consumers, ensuring quality control through a comprehensive internal tasting process [2] - Collaborations with retailers like Costco and Sam's Club have expanded the product ecosystem, enhancing market presence [2] Group 3: Supply Chain Management - The company is enhancing its supply chain through automation and the use of IoT, big data, and AI to improve cold chain logistics [3] - Strategic partnerships with suppliers like Charoen Pokphand Group and long-term collaborations with major suppliers ensure quality and cost control of raw materials [3] Group 4: Market Strategy - Ziyan Food is focusing on expanding its brand presence in non-first-tier cities through initiatives like the "Super Development City Plan" and "Campus Special Channel Strategy" [4] - The company plans to open 350 new university stores by 2025, capitalizing on high foot traffic and consumer spending in these locations [4] - Internationally, Ziyan Food is expanding into markets like Melbourne, with plans to enter Sydney and Brisbane, aiming for global growth [4] Group 5: Strategic Focus - The current strategic focus remains on "scale first," with expectations for profitability to be released by 2025 through product differentiation and channel penetration [5] - Long-term, the company aims to balance scale expansion with profitability quality, leveraging R&D innovation and supply chain efficiency as dual engines for sustainable growth [5]

Core Viewpoint - Mingyue Lens achieved steady growth in revenue and profit for 2024, but the growth rate has slowed compared to previous years, and some business segments face challenges [1][4]. Revenue and Profit - The total revenue for Mingyue Lens in 2024 was 770 million yuan, representing a year-on-year increase of 2.88%, a significant decline from the 20.17% growth rate in 2023 [4]. - The net profit attributable to shareholders was 177 million yuan, up 12.21% year-on-year, while the net profit excluding non-recurring items was 152 million yuan, increasing by 11.67% [4]. - The gross profit margin improved to 58.56%, an increase of 0.98 percentage points from the previous year, indicating effective product structure optimization and cost control [4]. - Research and development expenses rose to 34.99 million yuan, a 24.96% increase, reflecting ongoing investment in technology and product development [4]. Products and Market - The core product "Mingyue" brand performed well in 2024, particularly the PMC Ultra Bright series, which saw a revenue increase of 45.6%, accounting for 54.6% of regular lens revenue [5]. - The myopia prevention product "Qing Song Kong" series achieved annual sales of 172.72 million yuan, a year-on-year growth of 29.5% [5]. - The company launched the new generation Qing Song Kong Pro 2.0 series, increasing the number of micro-lenses from 1,295 to 1,329, with an efficiency rate of 73.82% [5]. - Despite strong performance from star products, the company faces challenges in market expansion, with 2,707 direct sales customers and 66 distribution customers, indicating a need for better coverage of small and medium clients [6]. Dividends and Shareholder Returns - Mingyue Lens plans to distribute cash dividends of 100 million yuan for 2024, representing 56.77% of net profit attributable to shareholders, marking the fourth dividend distribution since the company went public [7]. - The proportion of dividends to net profit has increased from 37.97% in 2023, indicating a stronger focus on shareholder returns alongside improved profitability [7]. - However, concerns about the company's growth potential remain due to slowing revenue growth and challenges in market expansion, which may pressure long-term development [7].

Core Viewpoint - The strategic partnership between JinSai Health and Alibaba Health aims to enhance resource integration and achieve significant sales targets in the nutrition and health sector, particularly focusing on youth health development [1][5]. Group 1: Strategic Cooperation - The agreement emphasizes the joint development of annual strategic new products by leveraging data insights to identify market demands in the nutrition and health segment [4]. - Alibaba Health will provide comprehensive operational support through its platform traffic and digital marketing capabilities, while JinSai Health will utilize its R&D strengths to drive product innovation [4][6]. - Both companies plan to invest in marketing initiatives, including live streaming and targeted advertising, to enhance brand penetration and consumer awareness [4]. Group 2: Focus on Youth Health - The collaboration specifically targets the youth nutrition and health sector, with a commitment to delivering scientific and professional nutritional solutions to families [5]. - Alibaba Health will allocate resources to support JinSai Health in creating a youth health IP, promoting social responsibility through customized health education and joint public welfare activities [5]. Group 3: Industry Leadership and Long-term Vision - JinSai Health is recognized as a leading player in the nutrition and health field, while Alibaba Health's extensive user base and digital capabilities position it as a key growth platform [6]. - The partnership signifies a shift from short-term sales focus to long-term value creation, with a commitment to regular communication and strategy optimization [6]. - Both companies aim to drive innovation and enhance user experience, contributing to the intelligent and precise development of the nutrition and health industry in China [7].

Core Viewpoint - The orthopedic implant medical device market in China is experiencing continuous growth, driven by an aging population, increased traffic accidents, and a rising demand for quality health care. The market size has expanded from 36.7 billion RMB in 2020 to 54.8 billion RMB in 2023, with projections to reach 59.2 billion RMB in 2024 [1][10]. Industry Definition and Classification - Orthopedic implant medical devices are surgical instruments implanted in the human body to replace, support, fix, or enhance bone, joint, and spinal tissues, aimed at restoring or improving bone function, promoting healing, alleviating pain, and enhancing the quality of life [2]. Industry Chain Analysis - The industry chain includes upstream raw material supply, midstream manufacturing, and downstream consumer demand. Upstream materials include metals, inorganic non-metals, polymers, and carbon materials, with a gradual increase in domestic supply. Midstream companies manufacture various orthopedic implants, while downstream distributors deliver products to medical institutions [4]. Industry Development History - The development of the orthopedic implant medical device industry in China can be divided into four stages: the embryonic period (early 20th century), the initial period (post-1949 to mid-1980s), the rapid development period (mid-1980s to early 21st century), and the market expansion and import substitution period (early 21st century to present) [6]. Current Industry Development Status - By the end of 2024, the population aged 65 and above in China is expected to reach 220 million, marking a significant increase in demand for orthopedic implants, particularly in the spinal and joint implant sectors [8][10]. Market Segmentation - The market segmentation shows that trauma products account for 38%, joint products 32%, spinal products 23%, and sports medicine products 5%. The trauma segment benefits from widespread applications in treating common orthopedic conditions, while the joint segment is driven by the aging population and increasing joint disease prevalence [12]. Key Companies Analysis - The competitive landscape features several key players: - Weigao Orthopedics offers a wide range of products across various orthopedic fields and emphasizes innovation [14]. - Spring Medical focuses on joint products and is expanding its business [14]. - Dabo Medical excels in trauma products and is venturing into other areas [14]. - Sanyou Medical specializes in spinal products and is extending its product line [14]. - Kelly Tai is focused on minimally invasive spinal products [14]. - Aikang Medical is known for its innovations in joint products [14]. Future Development Trends - The industry is expected to see accelerated import substitution, with domestic companies closing the technology gap with foreign brands and gaining market share due to cost advantages and better local service [19]. - Product innovation is increasing, driven by advancements in clinical medicine and materials science, leading to the development of smaller, more precise implants and the use of new materials [20][21]. - Research on bioactive materials is gaining momentum, with a focus on materials that promote bone growth and healing, enhancing the performance and stability of orthopedic implants [22].